Banking and securities law
Legal regime for payment cards: developments and challenges (PSD1, PSD2, PSR1)
By Raphaël MORENON13 August 2025The payment card, once a simple withdrawal and payment tool, has become a central instrument in our economy. Its legal regime, initially fragmented and based on ordinary contract law, has undergone far-reaching changes under the impetus of European Union law. These developments have resulted in a dense regulatory framework designed to harmonise practices, enhance the security of transactions and protect consumers. To navigate this complex environment, the assistance of a lawyer with expertise in payment services law is often essential. Our comprehensive guide to payment cards in French banking law offers a first approach to the essential concepts that need to be mastered. Developments in the legal framework for payment cards in France From a few scattered provisions to a body of rules harmonised at European level, the legal regime governing payment cards has become increasingly complex, made necessary by technological developments and the need to...
Payment cards: the complete legal guide to French banking law
Banking and securities lawThe payment card has become an essential tool in economic life, simplifying day-to-day transactions for individuals and businesses alike. Behind its ease of use, however, lies a dense legal framework that defines the rights and obligations of each player: the cardholder, the card issuer and the...Banking and financial canvassing: legal framework and obligations
Banking and securities lawCanvassing for banking and financial services is a commercial practice governed by a strict set of rules designed to protect savers and borrowers. Often perceived as intrusive, this sales method is nevertheless legal if it complies with a set of precise obligations. Our firm has observed that many disputes arise from a lack of understanding of...Scope of usury legislation: loans concerned and exclusions
Banking and securities lawThe rules on usury, which aim to cap interest rates on loans, provide essential protection for borrowers. However, its scope is far from universal and has undergone major changes, creating a complex legal landscape in which some transactions are covered and others excluded. Understanding exactly which loans...Penalties for usury: deciphering the criminal and civil consequences
Banking and securities lawRegulations on usury are designed to protect borrowers against manifestly excessive interest rates. When a loan is deemed to be usurious, the consequences for the lender are not limited to a simple contractual correction. French law has put in place an arsenal of sanctions, both criminal and civil...Usurious rate: constituent elements and methods for calculating the TEG and TAEG
Banking and securities lawThe total effective interest rate (TEG), replaced for some loans by the annual percentage rate (TAEG), represents much more than a simple percentage in a loan agreement. It expresses in figures the total and real cost of the loan to the borrower. Its determination is governed by legal and mathematical rules...The regulation of usury under French law: a complete guide for borrowers and professionals
Banking and securities lawRegulations on usury protect borrowers against excessive interest rates, a practice as old as credit itself. For individuals and businesses alike, a loan is a structural commitment, but its terms and conditions can sometimes conceal costs that exceed legal thresholds. Navigating the complexities...Structure of securitisation assets and liabilities: receivables, securities and transfer mechanisms
Banking and securities lawSecuritisation is a sophisticated financial engineering operation that transforms illiquid assets into marketable securities. To better understand securitisation in its entirety, it is essential to look at the structure of the vehicle that carries it out: the securitisation vehicle (SPV). Its effectiveness...Rights and obligations of security holders and shareholders in securitisation: what the law says
Banking and securities lawInvesting in a securitisation transaction, while potentially lucrative, involves the investor in a complex legal framework. Whether you hold fund units, securitisation company shares or debt securities, your position is defined by a set of precise rights and obligations. Mastery of...Credit enhancement mechanisms and asset/liability management in securitisation: an in-depth approach
Banking and securities lawSecuritisation is a sophisticated financial technique that goes well beyond the simple pooling of assets. For such an operation to succeed and inspire investor confidence, it must be accompanied by robust risk management mechanisms and secure financial flows. This is where asset/liability management and financial...Taxation of securitisation in France: issues for securitisation undertakings and investors
Banking and securities lawSecuritisation is a powerful financial engineering tool, making it possible to transform illiquid assets into marketable securities. While understanding the key mechanism of securitisation is a first step, mastering the tax implications is a determining factor both for the entities that use it and for the...Post-IPO support: stabilisation and liquidity contracts
Banking and securities lawGoing public is a decisive step for a company, but the success of the operation is not measured solely on the day of the first listing. The period that follows is just as decisive in building investor confidence and ensuring the company's long-term value.Non-regulated markets: Alternext and Marché Libre for IPOs
Banking and securities lawGoing public is a decisive step in a company's growth, but the road to the financial markets can seem complex. For many small and medium-sized enterprises (SMEs), the requirements of regulated markets are a major obstacle. Fortunately, there are alternatives: Multilateral Trading Facilities (MTFs),...IPO prospectus: legal obligations and responsibilities
Banking and securities lawThe prospectus is the cornerstone of any initial public offering. This dense, regulated document has a dual mission: to inform potential investors and to engage the responsibility of the company going public. Inaccurate information or omissions can have considerable legal and financial consequences....Admission to trading on regulated markets: procedures and conditions
Banking and securities lawListing on a regulated market is a decisive step in the life of a company, often marking a transition to a new dimension of growth and recognition. This process, far from being a mere formality, is a demanding one that subjects the company to a set of strict rules designed to...Initial public offering: the complete legal guide for companies
Banking and securities lawAn Initial Public Offering (IPO) is a transformative step for a company, giving it access to the capital markets. Far from being a simple financial operation, it is a complex legal process, requiring meticulous preparation and the involvement of many players. The aim of this article is to...1988 Ottawa Convention on International Factoring: in-depth analysis
Factoring, Banking and stock exchange lawFactoring is a valuable financial management tool for companies wishing to optimise their cash flow by transferring their trade receivables to a specialised institution, the factor. When a company's customers are located abroad, the operation becomes more complex and takes on an international dimension. International factoring and its...The Financial Stability Board (FSB) and global financial governance
Banking and securities lawThe stability of the global financial system is a major issue, and its ups and downs can affect the real economy and, consequently, businesses and individuals. At the heart of the post-2008 crisis surveillance architecture is a unique institution, the Financial Stability Board (FSB). Although less well known to the...The Basel Committee: agreements, missions and influence on banking regulation
Banking and securities lawAt the heart of global financial stability, the Basel Committee is a key body, albeit one that is often misunderstood by the general public. Born of a desire for international cooperation in the face of crises, its influence on banking practices is considerable. It is one of the pillars of the international financial institutions that work...The Bank for International Settlements (BIS): a little-known player in financial regulation
Banking and securities lawAt the heart of the global financial ecosystem are players whose influence is as decisive as their name is unknown to the general public. The Bank for International Settlements (BIS) is one such entity. Often overshadowed by the International Monetary Fund or the World Bank, it is nonetheless a key player in the...The World Bank: a player in economic development and financial stability
Banking and securities lawThe World Bank is an institution whose name is familiar, but whose workings and real impact are often misunderstood. A central player among the international financial institutions, it plays a decisive role in financing development and ensuring global economic stability. Its action, which goes far beyond...
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