Banking and securities law
Financial investment adviser (FIA): full legal guide to status and obligations
By Raphaël MORENON12 August 2025The financial investment adviser (FIA) is a key player for many savers and investors. Their role, governed by strict regulations, is to provide personalised advice to guide financial decisions that are often complex and involving. Anyone wishing to entrust part of their assets to a professional needs to have a clear understanding of the FIA's status, remit and, above all, obligations. The purpose of this article is to provide you with a clear and concise overview of this status, covering the key aspects that are developed in greater detail in our dedicated publications. If you have any specific questions, our firm, which has a strong practice in banking and financial law, is at your disposal. What is a financial investment adviser (FIA)? The status of financial investment adviser is a relatively recent regulatory development, designed to professionalise advice and protect investors. Its definition and...
BRRD Directive: the European framework for banking recovery and resolution
Banking and securities law, European Banking ResolutionThe 2008 financial crisis highlighted the need for better supervision of bank failures to protect taxpayers and economic stability. The European BRRD (Bank Recovery and Resolution Directive), initially adopted in 2014 (Directive 2014/59/EU) and revised by BRRD II in 2019 (Directive (EU)...The Single Resolution Mechanism (SRM): operation and role of the CRU and FRU
Banking and securities law, European Banking ResolutionAt the heart of the Banking Union, the Single Resolution Mechanism (SRM) has been set up to manage the failure of the largest banks in the participating Member States in a centralised and harmonised way. This mechanism, which is structured around the Single Resolution Board (SRB) and the Resolution Fund (RF),...Understanding European banking resolution: protecting deposits and stability
Banking and securities law, European Banking ResolutionA bank failure may seem like a distant event, but its repercussions have the potential to affect every citizen. To prevent systemic financial crises, such as the one in 2008, and to safeguard depositors' savings without taxpayers having to pay, Europe has set up the Banking Union and its supervisory mechanism...ACPR: Status, organisation and international cooperation explained
Autorité de contrôle prudentiel et de résolution, Banking and securities lawThe Autorité de Contrôle Prudentiel et de Résolution (ACPR) is a key player in the French financial landscape. Attached to the Banque de France, this authority oversees the banking and insurance sectors, contributing to financial stability and consumer protection. Understand its status, its...The ACPR's powers and sanctions: What you need to know
Autorité de contrôle prudentiel et de résolution, Banking and securities lawThe Autorité de contrôle prudentiel et de résolution (ACPR) plays a central role in the stability of France's banking and insurance sectors. Understanding the scope of its powers, from preventive measures to disciplinary sanctions, is essential for the entities it supervises. This article sets out the ACPR's prerogatives in detail, shedding light on the...Understanding the ACPR: Role, missions and supervision of the banking and insurance sector
Autorité de contrôle prudentiel et de résolution, Banking and securities lawThe Autorité de Contrôle Prudentiel et de Résolution, better known by its acronym ACPR, is a key institution in the French financial landscape. Whether you are a bank customer, an insurance policyholder or the director of a financial institution, understanding its role and missions is essential. This article summarises the key points concerning...Tasks and powers of the ECB within the Single Supervisory Mechanism (SSM)
Banking and securities law, Single supervisory mechanismSince the financial crisis of 2007-2008 and the ensuing sovereign debt crisis, the European Union has undertaken a far-reaching reform of banking supervision. The creation of the Banking Union, and within it the Single Supervisory Mechanism (SSM), marked a major turning point. This mechanism entrusts...MSU: understanding the principles and scope of single banking supervision
Banking and securities law, Single supervisory mechanismThe European Banking Union, conceived in response to the financial turmoil of 2007-2008 and the sovereign debt crisis that followed, represents a major step forward in financial integration within the European Union. At the heart of this union is the Single Supervisory Mechanism (SSM), an integrated system...The Single Supervisory Mechanism (SSM): role and operation explained
Banking and securities law, Single supervisory mechanismThe European banking landscape has been profoundly reshaped in recent years, particularly since the financial crises that have shaken the global economy. At the heart of this transformation is the Banking Union, an ambitious project aimed at strengthening the solidity of banks and harmonising their supervision within the eurozone...Understanding the free movement of capital and payments in the EU
Banking and securities lawThe free movement of capital and payments is one of the four fundamental freedoms guaranteed by the European Union Treaties. This freedom is often overlooked by businesses and individuals, yet it plays a decisive role in the smooth running of the European internal market. Our firm regularly observes situations where...Disputes between factor and third parties: analysis of legal solutions
Factoring, Banking and stock exchange lawFactoring generates conflicts of rights between the factor and various third parties. In these situations, claims are made against the same receivables or their proceeds. The resolution of these conflicts depends on precise legal principles and nuanced case law. Conflicts with other creditors Chronological priority between creditors The conflict between the factor and...International factoring: legal framework and practical aspects
Factoring, Banking and stock exchange lawInternational factoring meets the growing needs of exporting companies. It secures their cross-border operations while optimising their cash flow. Its legal framework is more complex than that of domestic factoring, and requires in-depth analysis to master its subtleties and risks. The legal framework for international factoring The Ottawa Convention of...The enforceability of exceptions in factoring: risks and protection
Factoring, Banking and stock exchange lawFactoring exposes the factor to a major legal risk: the enforceability of defences. This mechanism allows the assigned debtor to raise defences against the factor that could have been raised against the original creditor. This legal reality complicates collection and can compromise the effectiveness of the financing. The principle and limits...Factoring and insolvency proceedings: protection of rights and obligations
Factoring, Banking and stock exchange lawThe opening of insolvency proceedings disrupts the legal relationships between the parties to a factoring contract. Protecting the rights of each party becomes a crucial issue. How can the effectiveness of the factoring mechanism be preserved in the face of the mandatory rules of insolvency proceedings? What strategies can the parties deploy to secure their position? To...Factoring framework agreement: legal analysis of obligations and guarantees
Factoring, Banking and stock exchange lawThe factoring agreement forms the contractual basis of the relationship between the company and the factor. This framework contract sets out the rights, obligations and guarantees of the parties. Its legal analysis reveals a sometimes delicate balance between the protection of the factor and the interests of the member company. Let's take a look at its key features. Legal features of the factoring agreement...The legal mechanisms of factoring: subrogation and cession Dailly
Factoring, Banking and stock exchange lawFactoring is a strategic financial lever for many companies. For a full understanding of the concept, including its limitations and potential disputes, see our guide to general factoring. This process is based on complex legal foundations that determine the rights and obligations of the parties involved. The security of this operation...Understanding bank discounting: a practical guide for French businesses
Banking and securities law, DiscountingCash management is a key concern for any business, whatever its size or sector of activity. Waiting for customers to pay can sometimes create significant financial stress. Bank discounting is one of the oldest and most common mechanisms used by companies...Banker's recourse for unpaid discounted bills: focus on reversal
Banking and securities law, DiscountingAlthough bank discounting is a valuable cash management tool for companies, it also involves a significant risk: the principal debtor (the drawee of the bill or the issuer of the cheque) fails to pay on the due date. When this happens, the bank that advanced the funds...Bills of exchange and cheques: which securities can be discounted by your bank?
Banking and securities law, DiscountingBank discounting, as we saw in our general presentation of this mechanism, is based on the mobilisation of a receivable before its maturity. However, to be eligible for this credit operation, the receivable must generally be materialised, incorporated in a specific security that the company gives to its bank. The nature...Bank discounting: definition, how it works and what's at stake for your company
Banking and securities law, DiscountingFinancial oxygen is essential to the smooth running of any business. It is a constant challenge to obtain liquidity quickly in order to cope with cash flow shortfalls, finance the operating cycle or seize a development opportunity. Among the tools available to companies to mobilise their trade receivables before they are paid off are...
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