FRANCE Law and Practice Contributed by: Damien Luqué, Martin Jarrige de la Sizeranne and Sacha Tartarin, Lacourte Raquin Tatar
requests for authorisations or communication regarding internal control. EU Developments Regarding the EU framework, many regulations and directives are expected to affect credit insti - tutions in the coming years. CRR III & CRD VI CRR III and CRD VI will gradually come into application from 1 January 2025 to 11 January 2026. These amendments to the capital requirements framework finalise the transposition of the Basel III standards into EU law, aiming at strengthening the resilience of EU credit institutions. AML/CFT package The new EU AML/CFT package was published in the Official Journal of the EU on 19 June 2024 and consists of one Directive and two Regula - tions: • Directive No 2024/1640 of 31 May 2024 on the mechanisms to be implemented by mem - ber states to prevent the use of the financial system for the purposes of money laundering or terrorist financing (AMLD VI) which is to be implemented gradually, with a first implemen - tation date on 10 July 2025; • Regulation No 2024/1624 of 31 May 2024 on preventing the use of the financial system for the purposes of money laundering or terrorist financing (AMLR), which will gradually come into application starting from 10 July 2027; and
• Regulation No 2024/1620 of 31 May 2024 establishing the Authority for AML/CFT (AMLA) which will gradually come into appli - cation starting from 26 July 2024. The AMLD VI provides, for instance, for the establishment of registers of information on bank accounts. The ALMR sets out provisions relating to AML policies, procedures and internal controls. Regarding the AMLA, it is planned that this new authority will have powers of regula - tions, oversight and enforcement. Consumer credit Directive The Directive No 2023/2225 of 18 October 2023 on credit agreements for consumers, which repeals Directive 2008/48/EC, must be imple - mented by 20 November 2025 and will be appli - cable on 20 November 2026. The Directive contains numerous provisions that will have an impact on credit institutions granting consumer credit, particularly regarding pre-con - tractual information, advertising and information requirements regarding the cost of credits. MiCA Regulation The Regulation No 2023/1114 of 31 May 2023 on markets in crypto assets (MiCAR) has been fully applicable since 30 December 2024. MiCAR includes various provisions concerning credit institutions, particularly by providing for a simplified regime for credit institutions contem - plating providing crypto-asset services or offer - ing asset-referenced tokens to the public and applying for their admission to trading.
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