(Order of December 20, 2012 setting the date of introduction of the single register of intermediaries referred to in Article L.546-1 of the Monetary and Financial Code).
The new system regulating the activity of intermediaries in Banking Transactions and Payment Services (IOBSP) stemming from the law on banking and financial regulation dated October 22, 2010 entered into force on January 15, 2013. It makes mandatory the registration of IOBSPs in a register held by the French Register for Insurance Intermediaries (Organisme pour le Registre des Intermédiaires en Assurance or “ORIAS”).
The request for registration must be made with ORIAS by or before April 15, 2013. Besides the administrative penalties that can be entered by the Prudential Control Authority (Autorité de Contrôle Prudentielle or “ACP”), noncompliance with the registration requirement by IOBSPs is punishable by up to two years in prison and a fine of up to €6,000 (Article L. 546-4 of the Monetary and Financial Code).