Banking and securities law
FIA professional associations: role, authorisation and AMF supervision
By Raphaël MORENON12 August 2025The status of financial investment adviser (FIA) is one of the cornerstones of investor protection in France. Far from being a simple individual title, it forms part of a dense regulatory ecosystem, overseen by the Autorité des marchés financiers (AMF). At the heart of this system are the professional associations, bodies whose role is often misunderstood by the general public, but whose mission is fundamental. As we discussed in our comprehensive guide to the status of financial investment adviser (FIA), membership of such an association is a sine qua non for practising. This article explores in detail the role, licensing requirements and supervision of these associations, which are the profession's first-level regulators. Understanding how they operate is essential to grasping the scope of the guarantees offered to investors and the obligations placed on professionals, a familiar area for our firm offering advice...
The International Monetary Fund (IMF): missions and impact on global financial stability
Banking and securities lawThe International Monetary Fund, or IMF, is a familiar name, often associated with major global economic crises. Yet its precise role and real influence on national economies, and by extension on businesses, are often poorly understood. As a central player among the world's financial institutions, the...International financial institutions: key players in global regulation and stability
Banking and securities lawGlobalisation has transformed the financial sector into a complex and interdependent worldwide network. Faced with daily transactions that exceed the gross domestic product of large nations, purely state supervision is showing its limits. A local financial failure can quickly trigger a global shockwave, as the...Structured (toxic) loans: classification, validity and liability claims
Banking and securities lawThe lure of historically low interest rates has often led borrowers, whether local authorities, healthcare institutions or entrepreneurs, to turn to financing solutions presented as more advantageous. Structured loans, often referred to as "toxic" loans, have proved to be formidable arrangements. Built on...Bank liability and tax-free property loans: risks and obligations
Banking and securities law, Banking liabilityBorrowing to finance a rental property investment, often as part of a tax exemption scheme, is a common asset management strategy. These operations, which are presented as advantageous, are based on a delicate financial balance: the rental income and tax benefits are supposed to cover the repayments on the loan....Bank liability and life insurance loans: intermediaries' specific obligations
Banking and securities law, Banking liabilityFinancial packages combining a bank loan with a life insurance policy are common investment solutions, often presented as advantageous asset transactions. This type of arrangement, in which a loan, often a bullet loan, is used to finance a life insurance investment pledged to the bank, is based on the hope that the...Legal nature of bank del credere: definition and details
Banking and stock exchange law, DucroireThe bank del credere, a guarantee mechanism that is often misunderstood, nevertheless represents a powerful legal tool for securing commercial transactions. It is a form of undertaking by which a credit institution guarantees payment of a claim to its beneficiary, usually a seller, in the event of default by the debtor. This guarantee,...Cooperation and competition between credit institutions: legal issues
Banking and securities lawThe banking sector operates on an apparent paradox: intense competition coexists with indispensable collaboration. Credit institutions, while rivals on the market, are forced to cooperate to ensure the operation of common infrastructures and to carry out large-scale financial operations. This duality places...Credit institution law: a comprehensive guide to banking institutions in France
Banking and securities lawThe French banking and financial sector is characterised by a dense ecosystem and rigorous regulation. For businesses and individuals alike, understanding who is authorised to provide banking services is an essential prerequisite. The term "credit institution" covers a wide range of different situations, shaped by history, the...Digital assets and NFT: are they miscellaneous assets? Regulatory issues
Brokerage, Banking and securities lawThe emergence of cryptocurrencies and NFTs has shaken up the investment landscape, creating new opportunities but also a real legal headache. These new types of assets are struggling to find their place in regulatory frameworks designed long before their existence. One question is particularly acute: can they...Penalties applicable to intermediaries and financial investment advisers
Brokerage, Banking and securities lawThe atypical nature of the property investment sector attracts many savers looking for a return. However, this world is strictly regulated to protect investors. Intermediaries in miscellaneous goods (IBDs) and financial investment advisers (CIFs) operating in this market are subject to strict regulations....Financial investment adviser (FIA) and miscellaneous assets: legal framework and responsibilities
Brokerage, Banking and securities lawThe Financial Investment Adviser (FIA) is a key player in wealth management and investment advice. Their role is not confined to traditional financial instruments; it also extends to advising on transactions in miscellaneous assets, those atypical investments (wine, works of art, containers, etc.) whose value can be...Intermediaries in various goods: standard or simplified regime and detailed obligations
Brokerage, Banking and securities lawInvestments in atypical assets such as wine, works of art or manuscripts are attracting a growing number of savers and entrepreneurs. However, the legal framework surrounding these transactions is dense and often misunderstood. Intermediaries in various goods (IBDs), the key players in this market, are subject to strict regulations...Miscellaneous property: definition, scope and transactions subject to regulation
Brokerage, Banking and securities lawThe world of so-called "atypical" investments, such as wine, works of art, manuscripts or even diamonds, attracts many investors with its often high promised returns. However, this attraction can mask significant risks, especially in the absence of a clear protective framework. To address this issue, the law...Miscellaneous goods intermediaries: the complete guide to AMF regulations
Brokerage, Banking and securities lawAtypical investments, ranging from wine to works of art to containers, represent a complex and often opaque investment universe for the uninitiated. At the heart of this ecosystem is the intermediary in miscellaneous goods (IBD), a player whose activity is strictly regulated by the Autorité des marchés financiers...The players in a securitisation transaction: roles, responsibilities and interdependencies
Banking and securities law, SecuritisationBy its very nature and purpose, a securitisation transaction involves a number of players whose roles are distinct but closely interdependent. Understanding who does what, and why, is fundamental to understanding the structure of these financial arrangements. Far from being a simple transaction, securitisation is a veritable ecosystem in which...STS securitisation: simple, transparent and standardised for the European market
Banking and securities law, SecuritisationIn the wake of the 2008 financial crisis, the word "securitisation" has long been associated with opaque and risky finance. Yet this financing tool remains essential to the economy, enabling banks and companies to transform illiquid assets such as loan portfolios into securities...Recovery of securitised receivables: issues and legal developments
Banking and securities law, SecuritisationThe life of a receivable does not end with its transfer. When a company transfers a portfolio of receivables to a financing organisation as part of a securitisation transaction, a key question arises: who is legally entitled to claim payment from the debtor? The answer, far from being...The legal framework for securitisation vehicles in France: securitisation funds and securitisation companies
Banking and securities law, SecuritisationSecuritisation is a sophisticated financial mechanism based on legal vehicles specifically designed to isolate assets and issue securities. For companies seeking to optimise their balance sheet or access new sources of finance, understanding how these entities work is essential. In France, special purpose vehicles...Securitisation: understanding this key mechanism in banking and finance law
Banking and securities law, SecuritisationSecuritisation is a financial mechanism that is often perceived as complex and sometimes associated with past economic turbulence. Yet it is a powerful and structuring financing tool for banks and large companies alike. Understanding its fundamental principles enables us to grasp how assets, such as receivables, can be...Sale with right of repurchase: practical applications and risks of requalification
Banking and stock exchange law, repurchase agreementsAn ancient legal tool, the sale with right of redemption has surprising and sophisticated applications in today's financial world. Originally designed for real estate transactions, it has been rediscovered by the capital markets for its flexibility. This mechanism allows for the temporary transfer of ownership of securities, offering solutions for...
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