Order No. 2013-544 dated 27 June 2013 on credit institutions and financing companies (OJ n°0148 dated 28 June 2013) implements the provisions of Basel III in French law and contributes to the harmonisation of the rules applicable to credit institutions within the European Union. The Order amends for example, Article L.511-1.-I of the Monetary and Financial Code, which now distinguishes between two types of banking institutions: credit institutions and financing companies. The financing company status allows institutions whose business is to grant credits for their own account but do not collect repayable funds from the public to continue to do business in France benefitting from a less restrictive prudential regime.
The Order shall come into force on 1st January 2014.