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Legal & regulatory

Haut Comité Juridique de la Place financière de Paris


Conception : Agence Isabelle Delacre - Copyright 2024

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. The revision of the payment services directive 2 (PSD2)

Working Group chaired by Frédérick Lacroix

09/23   RA57A - Report  Download


In 2007, the first Payment Services Directive (PSD1) was published with the aim of creating a Single Payment Area in the European Union, an objective pursued in 2015 by the second Payment Services Directive (PSD2). With the rapid and continuing growth of payment technologies, particularly dematerialised payments, the need to review the current legal framework for payment services has become apparent less than four years after the entry into force of the PSD2. The HCPJ proposes twenty-one recommendations for the future European framework for payment services. Some of these recommendations are included in the European Commission's proposal for a directive (PSD3) and regulation (PSR) published at the end of June 2023.





. Supplementary report on the legal aspects of changes to benchmarks

Working Group chaired by Pierre Minor

31/01/20   RA30A - Report  ➡  Download


The HCJP addressed the legal issues raised by changes to the main benchmarks LIBOR, EURIBOR and EONIA. These developments have brought to light new legal issues which the HCJP wished to develop in this report. After recalling the findings of the previous report (I) and taking stock of developments to date (II), the HCJP makes new recommendations such as delaying the end of the transition period of the Benchmark Regulation and recommending that the authorities take measures to mitigate the risks identified and facilitate the transition (III).




. How to apply the floor for the calculation of weighted assets in the context of the implementation of the finalised Basel III agreement in Europe

Working Group co-chaired by Andrew Bernstein and Stéphane Puel

09/12/19   RA28A - Report  ➡  Download


Credit institutions and certain investment firms are required to comply with regulatory capital requirements which are calculated as a percentage of risk-weighted assets (RWAs). In response to the increasing use of this approach, an output floor mechanism for calculating RWAs was introduced in the final version of Basel III. In this report, the HCJP, in response to a request for an opinion on the strict legal conformity of the above-mentioned third approach to implementing the output floor with the finalised Basel III text, considers that the output floor complies, from a legal point of view, with the text of the Basel Accord and justifies it.




. TLAC Group report

Working Group chaired by Andrew Bernstein

30/05/16   RA02A - Report  ➡  Download


The TLAC (Total Loss Absorbing Capacity) regulation aims to improve the resolvability of systemic credit institutions by absorbing their losses while preserving their operating liabilities. On 27 December 2015, the government published a draft new article of the Monetary and Financial Code aimed at changing the hierarchy of creditors of credit institutions. The HCJP considers, in this report, that the bill will allow these institutions, through the issuance of debt instruments, to raise non-regulatory capital funds that will be eligible for TLAC requirements and that the approach adopted in this way does not raise any legal difficulties.




. Banking monopoly report

Working Group chaired by Jacques Delmas-Marsalet

14/03/16   RA01A - Report  ➡  Download


The report investigates whether the “banking monopoly” was at the origin of distortions of competition and arbitrage leading to the relocation of operations unfavorable to the Place de Paris and seeks to determine what measures could be taken to remedy this. The HCJP notes that, in general, the current regime of the “banking monopoly” results from the overlapping of numerous texts coupled with often complex judicial and administrative interpretations. The deposit monopoly and the payment monopoly need only clarification, while the credit monopoly requires some legislative and regulatory changes.




. The contractual recognition of measures suspending early termination rights in cross-border derivative contracts, securities lending and repurchase agreements

Working Group chaired by Michel Prada

15/12/15   AV04A - Opinion  ➡  Download


On 19 October 2015, the CPA referred a request to the HCJP for an opinion on the contractual recognition of early termination suspension measures for derivative contracts, securities lending and repurchase agreements delivered in a cross-border context. The report responds to the question of the advantages/disadvantages of the different types of possible promotional rules and expresses its views on the scope of a rule suspending the termination rights of any party to a contract with an institution under resolution by commenting on the possible extension of the law to other provisions of the Bank Recovery and Resolution Directive (BRRD).





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