BRP Country Manual Trustee
France
| SOURCE OF CHANGES | ANSWERS |
|---|---|
| Law/Regulation | No |
| New Position of the Authorities | Yes |
| Evolution of Expert’s interpretation | No |
BRP has published its latest Country Manual Trustee for
France
Regulatory Summary and Behaviour Template
Material changes
Following the publication of the decision rendered by the French Court de Cassation on the 15th of November 2023 some answers regarding activities undertaken with qualified prospects have been changed. Indeed, the decision confirms that the exceptions, listed under Article 341-2 of the MFC, to the direct marketing rules can also be used by third-countries and non-passported EEA financial institutions. As a consequence, the rules concerning direct marketing do not apply, notably, to contacts with qualified prospects, in and into France. The monopoly rules remain however relevant when activities take place on the French territory.
You will find below a summary of the main changes:
In France:
The Country Manual also reflects the exception to the direct marketing rules when it comes to existing clients, i.e. when (independently of the client’s qualification) the offered transactions correspond, by virtue of their characteristics, risks, or amounts involved, to transactions usually carried out by such clients
Presenting the Bank or Company in general terms and providing the Bank’s or Company’s annual report and press reviews to qualified prospects, in France actively and passively are now permitted on an occasional basis;
Prospecting activities relating to banking services undertaken occasionally with qualified prospects in France, actively or passively, are now a grey zone. A cautious approach is recommended as they could be qualified as negotiation of banking services, due to the broad interpretation of the concept of negotiation by the French authorities;
Prospecting activities relating to investment services performed in France are also a grey zone, for the same reason as just stated, when undertaken actively with qualified prospects. On a qualified prospect’s initiative, however, these activities seem permitted on the French territory on an occasional basis as reverse solicitation is recognised as a formal exception to the monopoly rules.
Into France:
Presenting the Bank or the Company in general terms, providing the Bank’s or Company’s annual report and press reviews, and undertaking prospecting activities relating to banking and investment services to or with qualified prospects into France actively are now permitted on an occasional basis;
Due to the monopoly rules, active negotiation activities into France are a grey zone for qualified prospects but seem permitted if undertaken on their initiative. The activities should in any case remain occasional, due to the “bundle of indicators” method used by the French authorities to determine if a licensable activity has been undertaken on the French territory. The Bank should, in particular, avoid systematically sending contracts to be signed in France.
Non-material changes
Some content has been reworded, without introducing any material changes.
Regulatory Summary
This document has now a more user-friendly layout and reflects the changes contained in the RT.
For more information, please contact us: info@brpsa.com
Geneva, July 2nd, 2025