relative à l’épargne et à la sécurité financière...

Final report, October 11, 20011

SECTION 5 - FRANCE

1. Introduction

Law n° 99-532 on savings and financial security (relative à l’épargne et à la sécuritéfinancière) was adopted by the French Parliament on June 25, 1999 (the 'Law'). Part II of theLaw concerns the reinforcement of financial protection systems. Section 78 of the Law (PartII, Chapter V) implements Directive 97/5 EC on Cross-Border Credit Transfers ('theDirective'). Section 78 of the Law has been incorporated as an integral part of the BankingLaw n° 84-46 of January 24, 1984 concerning the activity and control of credit institutions.

Section 78 of the Law provides a power to the Comité de la Réglementation Bancaire etFinancière (Banking and Financial Regulatory Committee) to adopt regulations inimplementation of the Law which are applicable to and binding upon credit institutions.

On January 24, 1999, the Banking and Financial Regulatory Committee adopted Regulationn° 99-09 ('the Regulation'). The Regulation entered into force on August 14, 1999, the lastdate for implementation of the Directive.

The Regulation was enacted in application of the Banking and Financial RegulatoryCommittee's regulatory and supervisory powers. These powers derive from Law n° 84-46 ofJanuary 24, 1984. That law provides that the Banking and Financial Regulatory Committeemay enacts measures applicable to and binding upon credit institutions.

The Banking and Financial Regulatory Committee is also responsible for ensuringcompliance with legislation, professional regulations and conduct of credit institutions (andinvestment undertakings). The Banking and Financial Regulatory Committee's Regulationsare, consequently, legally binding upon credit institutions.

In December 2000, French financial law was codified. Section 78 of the Law is, accordingly,now included in the new French Monetary and Financial Code ('the Financial Code') asSection L 133-1. Together, the Law (codified as Section L 133-1) and the Regulationrepresent the first statutory regime for France governing paper-based and electronic cross-border credit transfers.

2. Transposition Table

A table appears at page 11 below outlining the provisions of the Regulations corresponding tothose of the Directive.

3. Key Differences between Directive 97/5 and the Regulation

French implementing legislation reflects both the spirit and wording of the Directive.

The most notable difference between the two regimes lies in the fact that French legislationintroduces a regime of no-fault liability. Such a system is still somewhat exceptional for theFrench legal system. The system of no-fault liability applicable to cross-border credit


transfers does not, of course, exclude a separate action based on the fault of the creditinstitution.

Section L 133-1 provides that the Banking and Financial Regulatory Committee has powersto adopt implementing provisions to give further effect to Section L 133-1. These powerswere exercised in adoption of the Regulation.

Obligations of intermediary institutions in the event of failed cross-border credit transfers arenot extensively regulated in French implementing legislation. Liability is imposed generally -upon institutions with which customers (i.e. either the originator or beneficiary of a cross-border credit transfer) have contractual links. The relationship between an intermediaryinstitution and the originating or beneficiary institution are not directly regulated by Frenchlegislation implementing the Directive.

The concept of a 'value date' does not appear expressly in the Regulation, although theconcept is well known to, and used in practice by, French credit institutions. In addition,French implementing legislation makes no explicit reference to the exchange rate applicableto a cross-border credit transfer and, instead, simply refers to the criteria for calculation of theexchange rates used. The implementing legislation also fails to refer to the MoneyLaundering Directive (Directive 91/308/EEC) as required by Article 9 of the Directive.

Article 10 of the Directive requiring Member States to ensure that there are effective andadequate complaints and redress procedures has not yet been transposed (see also 5. below).

A number of provisions are included in French implementing legislation which go beyond theterms of the Directive:

• a specific time period is provided in relation to provision of information to the customersubsequent to the request for a cross-border credit transfer;

• the beneficiary possesses an express right to compensation for late cross-border credittransfers;

• no exemption is provided to credit institutions from the obligation to pay compensationfor delays in completion of credit transfers - even where the delay was attributable to theoriginator himself, or to the beneficiary (although it should be noted that the creditinstitution's exemption is retained in cases of non-execution of cross-border credittransfers);

• French implementing legislation specifies that the amount of the refunds must include theamount of the cross-border credit transfer plus costs, and a specified interest rate, for adetermined period of time.

A tabulated summary of the main differences between French implementing legislation andthe Directive appears at Sections 3.1 and 3.2 below. Section 3.3 describes those provisions ofthe French implementing legislation which stem from legislative instruments other than theDirective.


3.1 Provisions Which Have Not Been Adequately Transposed into National Law

Directive 97/5 National Provisions Comment on DifferenceArticle 2: provides a definition of 'intermediaryinstitution'.

The concept of 'intermediary institution' isused, but no definition is provided.

In practice, the definition of 'intermediary institution' derives fromFrench banking practice, and is unlikely to differ from thedefinition laid down in the Directive.

Article 2: provides a definition of 'cross bordercredit transfer'.

The concept of 'cross border credit transfer' isused, but no definition is provided.

The definition used in France derives from French bankingpractice.

Article 2: provides a definition of 'originator'. The concept of 'originator' is used, but nodefinition is provided.


Article 2: provides a definition of 'beneficiary'. The concept of 'beneficiary' is used, but nodefinition is provided.


Article 2: provides a definition of 'customer'. The concept of 'customer' is used, but nodefinition is provided.


Article 3: provides for a 'value date' whereapplied by the institution.

French implementing legislation includes noexpress provision relating to the 'value date'.

The 'value date' will be that generally applied as a matter ofbanking practice.

Article 3: requires an indication of thereference exchange rate used.

Articles 3 and 4 of the Regulation requirereference to the criteria for calculation ofexchange rates.

This does not appear to constitute strict transposition of theDirective.

Article 4: provides for the use of a 'value date'where applied by the credit institution.

Article 4 (c): refers to the date when the clientaccount has been debited; Article 4 (d) refersto the date when the beneficiary account hasbeen credited.

The 'value date' will be defined by French banking practice,namely, the date identified by the institution as the date of credit(in practice one day later than the actual credit) or of debit (inpractice several days before the actual transaction).

Article 4: relates to the obligation tocommunicate the exchange rate.

Articles 3 and 4 of the Regulation refer to thecriteria against which exchange rates arecalculated.

This appears to be an omission in French implementinglegislation.

Article 8: requires intermediary institutionshaving accepted a credit transfer to respect theobligation to refund the amount of the cross-border credit transfer including costs andinterest to the institution which instructed it tocarry out the order.

No equivalent provision. French implementing legislation is silent in this regard.


Directive 97/5 National Provisions Comment on DifferenceArticle 9 provides that the situation of forcemajeure, as defined by the Directive, iswithout prejudice to Directive 91/308/EEC onMoney Laundering.

No equivalent provision. Express reference to Directive 91/308/EEC has been omitted fromthe Act.

Article 10 of the Directive requiringMember States to ensure that there areeffective and adequate complaints andredress procedures

No equivalent provision. French implementing legislation is silent in this regard.


3.2 Provisions which go Beyond the Scope of the Directive

Directive 97/5 National Provisions Comment on DifferenceArticle 4: relates to the provision ofinformation in writing / electronic means andin a readily comprehensible form.

The Regulation provides greater detail on theform and timing of the provision of theinformation (laying down a maximum of twomonths for the institution to provide thecustomer with the subsequent information).

A time period of two months within which a credit institutionmust furnish the customer with the information is more specificthan the terms of the Directive.

Article 4: relates to the amount of all chargesand commission fees payable by the customer.

Article 4 of the Regulation: refers to theamount of all charges and commission feespayable as well as any other charges, if any,applied by the institution.

French implementing legislation appears to be more detailed thanthe Directive - as it foresees the possibility of other charges.

Article 6: requires the originator’s institutionto compensate the originator for late transfers.

Article 9 of the Regulation: compensation iscalculated for a specified period of time -applicable both to the originator and thebeneficiary.

French implementing legislation provides rights also in relation tothe beneficiary who has expressly stated rights to obtaincompensation for late transfers.

Article 6: states that no compensation ispayable by an institution when the delay isattributable to the originator or the beneficiary.

The Regulation does not contain suchexclusion from the obligation to paycompensation for late transfers, but does retainthat exemption where delays are not performedat all.

French legislation establishes a statutory no-fault liability regime.

Article 7: provides that where a breach of theduty to execute a transfer is due to thebeneficiary institution, the beneficiaryinstitution is liable to credit the beneficiary athis own cost.

Under French implementing legislation therefund must include the amount of the transfer,the costs incurred and the application of thestatutory interest rate between the date ofacceptance of the transfer and the date ofpayment.

French implementing legislation is more detailed than theDirective in relation to calculation of refunds.


3.3 Provisions which Stem from Other Legislative Acts

Directive 97/5 National Provisions Comment on DifferenceArticle 6: provides for payment ofcompensation, and the time period taken intoaccount for the calculation of compensation.

Under French implementing legislation, delaysin the execution of transfers will create rightsfor customers even without any fault on thepart of the credit institution.

French law provides specific rules on the time periods for andconditions of payment of compensation. A no-fault liabilityregime is established. In addition to the statutory no-fault regime,generally applicable principles of French law will apply –including the fault-liability regime of the Civil Code.

Article 9: force majeure requirement. No equivalent provision. No specific provision is needed in the transposition text. Theconcept of force majeure is a generally applicable principle ofFrench contract law.


3.4 Comments

Section L133-1 and the Regulation seem to be in keeping with the essential thrust of theDirective. There would not appear to be any fundamental discrepancies between these twoinstruments and the Directive. The limited number of differences listed above would seemunlikely to give cause for action by the European Commission, as they are broadly in keepingwith the aim of the Directive of enabling rapid, reliable and cheap credit transfers and are notunduly restrictive.

The aim of the provisions going beyond the Directive is to give improved protection to thecustomer/consumer.

4. Jurisprudence

As indicated above, implementation of the Directive has resulted in the adoption of the firststatutory regime for paper-based and electronic cross-border transfers. To date, perhapsunsurprisingly given the date of adoption of the Regulation, there has been no case law oninterpretation of either French implementing legislation or the Directive itself.

5. Existing Complaints and Redress Procedures

5.1 Introduction

The Regulation deals with the provision of information to customers prior to the performanceof cross-border credit transfers. Article 3 of the Regulation also makes provision forcomplaints and redress procedures, although the Regulation does not establish a new systemof complaints / redress procedures.

In the past, the French Association of Banks (Association Française des Banques) hasattempted to establish a mediation system applicable to credit institutions (based on a similarmediation system in place in the insurance sector, and established on the initiative of theFrench Federation of Insurance Undertakings (Fédération Française des Sociétésd’Assurance)). As a result of the failure to establish a mediation process applicable to creditinstitutions, a number of individual credit institutions have decided to designate individualmediators (see Section 5.2 below).

In early 2001, the French Association of Banks became the French Banking Federation(Fédération Bancaire Française). This organisation now represents both commercial creditinstitutions and 'mutual' and co-operative credit institutions.

A draft Bill has been presented to the French Parliament which includes provisions onmediation in the framework of financial transactions - and which would create the system ofcomplaints and redress systems required by the Directive.

Although individual mediation systems differ in their rules of operation, generally mediationwill imply that both the credit institution and the customer must accept the decisions of themediator (although individual complainants will always retain the right to initiate court


proceedings on the same facts). In practice, some mediation systems established byindividual credit institutions are non-binding (see Section 5.2 below).

5.2 Individual initiatives

According to the Fédération des Banques Françaises, Crédit Lyonnais, Société Générale, laBanque pour le Développement des PME and La Poste are credit institutions which have setup individual mediation initiatives. By way of illustration, three of these systems aredescribed below.

5.2.1 Crédit Lyonnais

Crédit Lyonnais was the first French credit institution to accept an independent mediator inorder to resolve complaints raised by its customers.

The bank applies 'best efforts' in order to resolve customer complaints. At an initial stage, thecustomer discusses his problem with the customer service department of his branch.Subsequently, complaints may be passed to the Communication and Quality Department ofCrédit Lyonnais, and eventually to the Central Management of Crédit Lyonnais.

If the dispute remains unsolved, it may be submitted to a mediator, without prejudice to thecustomer's right to initiate court proceedings. However, once court proceedings are initiatedthe mediator will no longer be competent to rule on the complaint. Where competent, themediator delivers its (reasoned) decision in writing. This decision will includerecommendations for resolving the complaint, although the opinion of the Crédit Lyonnaismediator is not binding upon the parties.

5.2.2 Société Générale

Its Chief Executive Officer appoints the mediator of Société Générale. The mediator is aperson not associated with Société Générale, with competence in the sector. The SociétéGénérale mediator is not competent for complaints relating to the general strategy of thebank, or concerning the financial performance of products linked to specific markets.Complaints may be submitted by any natural person seeking to defend its private (i.e. non-commercial) interests.

The Société Générale mediator is competent to examine complaints where earlier efforts toresolve the dispute 'amicably' (i.e. through the customer service department of the branchconcerned) have failed. Decisions of the mediator are not legally binding, although the bankitself tends to accept them.

5.2.3 La Poste

In 1995, La Poste established a mediation system for disputes relating both to its mailactivities as well as to its financial activities. The 1995 system updates a pre-existing Protocolagreed between La Poste and the French consumers’ association in 1989.

The mediator of La Poste is competent to examine complaints where internal and non-contentious (i.e. non-judicial) attempts to resolve the dispute have failed. In addition, themediator is competent in all cases where La Poste has failed to respond to a complaint within


two months or more when it is a non-domestic matter. A complaint to the mediator of LaPoste is without prejudice to a customer's right to bring a legal action based on the samefacts.

The mediator has jurisdiction to deal with complaints from:

(i) individuals, applying through consumer organisations;

(ii) professionals and commercial undertakings;

(iii) selected directors of La Poste itself;

(iv) public organisations.

The La Poste mediator has powers to request documentation, and to investigate offices of LaPoste.

The mediator may make suggestions for resolving the complaint. The mediator will deliverits opinion within two months from the date the complaint is filed. The decision is notbinding upon either party. However, if La Poste refuses to be bound by the decision, it mustcommunicate this position (via the La Poste Director, or General Director) to the consumersassociation, and to the mediator himself.

6. Future Complaints and Redress Procedures

A Bill is currently before the French Parliament to reform, inter alia, certain aspects of thebanking/customer relationship. More specifically, Title II of the Bill is entitled 'improving therelationships between banks and their clients', and provides that credit institutions mustappoint one or more mediators.

The Bill lays down certain minimum requirements to be followed by credit institutions'mediation systems. For example, mediators will be required to deliver an opinion on acomplaint within two months. In addition, the Bill would provide that evidence obtainedduring the mediation process may not be used before the courts unless the other party agrees.All mediation will be free of charge. The Bill will require that each mediator send theGovernor of the Bank of France (and the President of the Consultative Committee set up byArticle L 614-6 of the Financial Code) an annual report reporting on the results of themediation system.

The Bill also provides for the establishment of a Banking Mediation Committee to examinemediators' annual reports. According to the Bill the Committee will draft a 'mediationstatement' to provide guidance to credit institutions. The Committee will also be empoweredto issue recommendations to credit institutions and mediators.


7. Stakeholder Opinion on the Regulations and the Directive

7.1 Redress Systems

Three of the private mediation systems described above responded to the Questionnaire onthe operation of the Directive over the preceding twelve months.

• the Banque du Développement des PME ('BDPME') does not serve private customers.In relation to its commercial customers, the BDPME indicated that it had received nocomplaints relating to cross-border credit transfers;

• the mediation system of Crédit Lyonnais confirmed that no complaints had beenreceived in relation to cross-border credit transfers;

• the mediation system of Société Générale also confirmed that no complaints had beenreceived in relation to cross-border credit transfers.

In practice, the mediators tend to direct comments and observations to the customer servicedepartment of the relevant branch. These contacts are considered to be frequently successfulin finding a solution to complaints - as a result of which the number of cases in whichmediators must deliver a formal opinion are reduced.

7.2 Stakeholder Research

Respondents to the Stakeholder Questionnaire confirmed the absence of a redress schemepursuant to Directive 97/5/EC. A good level of awareness was, however, demonstrated of thefact that some individual credit institutions have established their own complaint/redressschemes. Respondents noted the frequency of complaints concerning the costs of cross-border credit transfers, as well as the delays and errors occurring in performing cross-bordercredit transfers.

One respondent called for the broadcast of television commercials informing consumers ofthe costs and delays involved in making cross-border credit transfers.

8. Contacts

• Crédit Lyonnais mediator :

Mr. Pierre RIVIERECrédit Lyonnais5 Place de la Pyramide92 081 PARIS LA DEFENSE• Tel: +33 1 49 07 34 51


• Société Générale, mediator:

Mrs. SCRIVENERService relations avec la clientèleTour SGPAEN/SRC92 972 PARIS LA DEFENSETel: +33 1 42 14 20 00

• Banque du Développement des PMEs, mediator

Mr. Gérard LOUSTAU27-31 Avenue du Général Leclerc94710 MAISON ALFORTTel: +33 1 41 79 88 46

• La Poste, mediator

Mr. François ARON21 Rue Richelieu75001 PARISTel: +33 1 42 86 80 53

Transposition of Directive 97/5/EC on Cross-Border Credit Transfers in France

Directive 97/5/EC Member State’s Legislation1 2 3 4 5 6 7

Article 1 Text Appli-cability2

Reference

Article(A; P;S; N)1

Content Remarks

1 A = article; P = paragraph; S = sentence; N = number;2 N = normal (mandatory requirement to be transposed); O = option (mandatory requirement with an option for transposition); D = discretion; n.a.: not applicable

12Final report, October 11, 2001

ScopeA: 1 The provisions of this Directive shall apply

to cross-border credit transfers in thecurrencies of the Member States and theEURO up to the equivalent of EURO 50000 ordered by persons other than thosereferred to in Article 2 (a), (b) and (c) andexecuted by credit institutions or otherinstitutions.

N P:1L133-1.

A:1 P:1-P:2 R99

Credit institutions, investment undertakings,branches in France of foreign credit institutions,foreign investment undertakings, foreign financialundertakings, the Treasury, financial services of LaPoste, the Bank of France, emitting institute ofFrench overseas territories (Institut d’émission desdépartements d’outre-mer et Institut d’émissiond’outre-mer), deposits and consignments fund(Caisse des dépôts et consignations) comply withthe following provisions when they execute cross-border credit transfers within the EEA, in thecurrency of one of the States belonging to the EEA,ordered by clients or to their benefit.

The amount of transfers is as a maximum equal tothe equivalent of € 50,000.

L133-1 provides adefinition of thepersons ordering across-border credittransfer. Thedefinition isbroader than theDirective. L133-1 expresslyadds other specificinstitutions for thesake of clearnessand completenessas permitted by theDirective.

DefinitionsA: 2N: a

For the purpose of this directive:'credit institution' means an institution asdefined in Article 1 of Council Directive77/780/EEC and includes branches, withinthe meaning of the third indent of thatarticle and located in the Community, ofcredit institutions which have their headoffices outside the Community and whichby way of business execute cross-bordercredit transfers;

N P:1L133-1

Credit institutions, investment undertakings,branches in France of foreign credit institutions,foreign investment undertakings, foreign financialundertakings, the Treasury, financial services of LaPoste, the Bank of France, emitting institute ofFrench overseas territories (Institut d'émission desdépartements d'outre-mer et Institut d'émissiond'outre-mer), deposits and consignments fund(Caisse des dépôts et consignations) comply withthe following provisions when they execute cross-

French law lists theentities required tocomply with therules on cross-border credittransfers within theEEA.However, theFrench texts oncross border credit




Reference

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Content Remarks



A:1 P:2R99

border credit transfers within the EEA, in thecurrency of one of the States belonging to the EEA,ordered by clients or to their benefit.

While executing these transfers, credit institutions,investment undertakings and branches of creditinstitutions, investment undertakings or foreignfinancial institutions located in France must complywith the provisions defined in the Regulation.

transfer do notdefine creditinstitutions,financialinstitutions, orinvestmentcompanies. Theyimplicitly refer tothe definitionsprovided in theFinancial Code.

A: 2N: b

'other institution' means any natural or legalperson, other than a credit institution, thatby way of business executes cross-bordercredit transfers;

N No equivalent provision.

A: 2N: c

'financial institution' means an institution asdefined in Article 4 (1) of CouncilRegulation (EC) No 3604/93 of 13December 1993 specifying definitions forthe application of the prohibition ofprivileged access referred to in Article 104aof the Treaty;

N P:1L133-1

Credit institutions, investment undertakings,branches in France of foreign credit institutions,foreign investment undertakings, foreign financialundertakings, the Treasury, financial services of LaPoste, the Bank of France, emitting institute ofFrench overseas territories (Institut d'émission desdépartements d'outre-mer et Institut d'émissiond'outre-mer), deposits and consignments fund(Caisse des dépôts et consignations) comply withthe following provisions when they execute cross-border credit transfers within the EEA, in thecurrency of one of the States belonging to the EEA,ordered by clients or to their benefit.

L133-1 refers toforeign financialinstitutions butdoes not includewording for Frenchfinancialinstitutions.Foreign financialinstitutions aredefined in SectionL511-21 of theFinancial Code asnon-credit




Reference

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Content Remarks



A:1 R99 Transfers which are as a maximum the counter-value of €50,000.

institutions.

A: 2N: d

'institution' means a credit institution orother institution; for the purposes ofArticles 6, 7 and 8, branches of one creditinstitution situated in different MemberStates which participate in the execution ofa cross border transfer shall be regarded asseparate institutions;

N No provision. No definition assuch is provided inthe Financial Code.The Financial Codeprovides a list ofthe transactions thateach type ofinstitution isentitled to execute.In doing so, theFinancial Code listsauthorised activitiesof creditinstitutions andfinancialundertakings aswell as differentdefinitions ofspecificinstitutions.

A: 2N: e

'intermediary institution' means aninstitution which is neither that of theoriginator nor that of the beneficiary andwhich participates in the execution of across-border credit transfer;

N N:3 L133-1N:4L133-1

'intermediary institution' is not defined in theFinancial Code or in the Regulation, but theexpression is used in L133-1.

No expressdefinition. It is amatter of bankingpractice.




Reference

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Content Remarks



A: 2N: f

'cross-border credit transfer' means atransaction carried out on the initiative ofan originator via an institution or its branchin one Member State, with a view tomaking available an amount of money to abeneficiary at an institution or its branch inanother Member State; the originator andthe beneficiary may be one and the sameperson;

N 'cross-border credit transfer' is not defined in theFinancial Code or in the Regulation. Transfer is notdefined either.

No expressdefinition. It is amatter of bankingpractice.

A: 2N: g

'cross-border credit transfer order' means anunconditional instruction in any form, givendirectly by an originator to an institution toexecute a cross-border credit transfer;

N No provision.

A: 2N: h

'originator' means a natural or legal personthat orders the making of a cross-bordercredit transfer to a beneficiary;

N N:3L133-1

A:4 R99A:8 P2R99A:9 N1R99

'originator' is not defined in the Financial Code orin the Regulation.

A: 2N: I

'beneficiary' means the final recipient of across-border credit transfer for whom thecorresponding funds are made available inan account to which he has access;

N N:1L133-1N:2L133-1N:3L133-1

'beneficiary' is used but not defined in the FinancialCode or in the Regulation.




Reference

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Content Remarks



A:3 R99A:4R99A:8 P2R99

A: 2N: j

'customer' means the originator or thebeneficiary, as the context may require;

N P:1L133-1A:3 R99A:44R99

'customer' is used but not defined in the FinancialCode or in the Regulation.

A: 2N: k

'reference interest rate' means an interestrate representing compensation andestablished in accordance with the rules laiddown by the Member State in which theestablishment which must pay thecompensation to the customer is situated;

N A:9 P:1R99

A:1 R99

The compensation for delays in executing crossborder credit transfers is calculated by theimplementation of the statutory interest rate to theamount of the transfer for the period of the delaywhich is defined as follows…

The refund for the non execution of the transfer isconstituted of the amount of the non executedtransfer, plus on the one hand, the amount of thecosts due to this transaction and on the other hand,the implementation of the statutory interest rate tothe amount of the transfer for the period expressedin days between the date of acceptance of thetransfer and the date of the payment of this amount.This refund is capped at 12 500 euro.

'reference interestrate ' is not used assuch by L133-1 andthe Regulation. TheRegulation uses thestatutory interestrate which isdefined in Lawn°75-619 of 11July, 1975, andwhich is widelyused. The statutoryinterest rate isannually changedby Decree and is anaverage of thereturn for the lasttwelve months ofthe thirteen-weeks-




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Content Remarks



fixed-rate bonds ofthe Treasury. InCourt proceedings,it may be increasedby five points afterthe expiry of a two-month period. Thisis in compliancewith the Directivewhich allows forrules to beestablished by theMember State.

A: 2N: l

'date of acceptance' means the date offulfilment of all the conditions required bythe institution as to the execution of thecross-border credit transfer order andrelating to the availability of adequatefinancial cover and the information requiredto execute that order.

N A:2 R99 'date of acceptance' means, in relation to a cross-border credit transfer, the date upon which theconditions required by an institution to execute thetransfer are fulfilled. These conditions are: theexistence in advance of an available and sufficientfinancial cover; the information necessary for theexecution of the order including informationnecessary for checks and required by statute.

The necessaryinformation toexecute the order iscopied from theDirective.

The checksrequired by statuteare normal businessrequirements forany order given bya client to his bank.




Reference

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Content Remarks



Prior information on conditions forcross-border credit transfers

A: 3S: 1

The institutions shall make available totheir actual and prospective customers inwriting, including where appropriate byelectronic means, and in a readilycomprehensible form, information onconditions for cross-border credit transfers.This information shall include at least:

N A:3 P:1R99

A:6 R99

A:7 R99

The institution must inform its customers inadvance in writing. Institutions may include suchinformation in the general conditions.

The information may be provided by electronicmeans with the agreement of the customer.

The information provided in advance by theinstitutions to customers is contractually binding forthe execution of the transactions defined in the text.

Prior information must include:A: 3S: 2

-indication of the time needed, when across-border credit transfer order given tothe institution is executed, for the funds tobe credited to the account of thebeneficiary’s institution; the start of thatperiod must be clearly indicated,

N A: 3 P:3R99

(a) for transfers which have been issued, themaximum time period between the date ofacceptance and the date when the beneficiaryaccount has been credited;

A: 3S: 3

-indication of the time needed, upon receiptof a cross-border credit transfer, for thefunds to be credited to the account of theinstitution to be credited to the beneficiary'saccount,

N A:3 P: 4R99

(b) for received transfers, the maximum time periodbetween the date of receipt of the funds by theinstitution holding the beneficiary bank account andthe date when the beneficiary account is credited;

A: 3S: 4

-the manner of calculation of anycommission fees and charges payable bythe customer to the institution, including

N A:3 P: 5R99

(c) the calculation of the commission fees andcharges payable by the customer.




Reference

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where appropriate the rates,A: 3S: 5

-the value date, if any, applied by theinstitution,

N No reference to the value date is made. Dates of value aregenerally appliedby institutions.Therefore, it shouldappear in the text.

A: 3S: 6

-details of the complaint and redressprocedures available to the customer andarrangements for access to them,

N A:3 P:6R99

(d) the complaint and redress procedure available; No specificcomplaint andredress proceduresare available tocustomers for crossborder transfers(see sections 5 and6 above).

A: 3S: 7

-indication of the reference exchange ratesused.

N (e) as the case may be, the conditions under whichthe exchange rates are calculated for the executionof the transfer order.

Information subsequent to a cross-border credit transfer

A: 4S: 1

The institutions shall supply theircustomers, unless the latter expressly forgothis, subsequent to the execution or receiptof a cross-border credit transfer, with clearinformation in writing, including whereappropriate by electronic means, and in areadily comprehensible form. Thisinformation shall include at least:

N A:4 R99 Institutions inform their clients in writingsubsequently to each transaction carried out underthe Regulation.

This information must be communicated to theclient or be put at its disposal by means of a specificnotice in each bank statement sent. The informationmust be clearly detailed and linked to each relevanttransaction. Information must be communicated at

The Regulation ismore detailed onthe forms andtiming of theinformation. Itstates a maximumperiod of twomonths which doesnot appear in the




Reference

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Content Remarks



A:6 R99

the latest two months after the execution of thetransaction.

Institutions must provide the client with thefollowing information:

The information may be also provided by electronicmeans.

Directive.

A: 4S: 1

-a reference enabling the customer toidentify the cross-border credit transfer,

N A:4 R99 Institutions inform their clients in writingsubsequently to each transaction carried out underthe Regulation.

This information must be communicated to theclient or be put at its disposal by means of a specificnotice in each bank statement sent. The informationmust be clearly detailed and linked to each relevanttransaction. Information must be communicated atthe latest two months after the execution of thetransaction.

This is anequivalentprovision with thetwo-month periodwhich goes beyondthe Directive.

A: 4S: 1

-the original amount of the cross-bordercredit transfer,

N A:4 P:2R99

(a) the amount of the cross-border credit transfer asit appears in the order of transfer given by theclient;

A: 4S: 1

-the amount of all charges and commissionfees payable by the customer,

N A:4 P:3R99

(b) the amount of all charges and commission feespayable as well as any other charges, if any,applied by the institution.

This is morecomplete than theDirective as itforesees thepossibility of othercharges.




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A: 4S: 1

-the value date, if any, applied by theinstitution.

N A: 4 P:4 P:5R99

(c) the date when the client account has beendebited; (d) the date when the client account hasbeen credited.

The value date isgenerally the datewhen the recordingon an accountenters into effectwhether it is acredit or a debit.Debit transactionshave a value one orseveral days beforetheir recording onan account whereascredit transactionshave a value one orseveral days aftertheir recording onan account.

Under theRegulation, banksare not required tostate the value date(if any) as it is notrequired by statute.

A: 4S: 2

Where the originator has specified that thecharges for the cross-border credit transferare to be wholly or partly borne by the

N A:3 P:1P:5 R99

Prior to the cross-border credit transfer, theinstitutions must inform their customers aboutconditions for the cross-border credit transfers. This




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beneficiary, the latter shall be informedthereof by his own institution.

A:4 P:3R99

A:8 R99

information may be communicated in theframework of the general conditions.

Institutions communicate in writing to their client,after each cross-border credit transfer the followinginformation:… The amount of all costs and fees andany other remuneration, if any, applied by theinstitution…

The relevant institutions must execute the orders fortransfers that they accepted for their full amount,except if the originator specified that costs andcharges of the transfer were to be fully or partiallyborne by the beneficiary.

A: 4S: 3

Where any amount has been converted, theinstitution which converted it shall informits customer of the exchange rate used.

N A:3 P:7R99

A:4 R99

As the case may be, the criteria under which theexchange rates or rates are determined for theexecution of the order of transfer.

As the case may be, the exchange rate used.

The information onthe exchange rateused is notcompulsory underFrench provisions('as the case maybe').

Specific undertakings by the institutionA: 5 Unless it does not wish to do business with

that customer, an institution must at acustomer's request, for a cross-border credittransfer with stated specifications, give anundertaking concerning the time needed forexecution of the transfer and the

N A:3 P:1R99

Prior to the cross-border credit transfer, theinstitutions must inform their customers aboutconditions for the cross-border credit transfers. Thisinformation may be communicated in theframework of the general conditions.

Informationprovided inadvance by theinstitutions issufficient, as thiscomplies with the




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commission fees and charges payable, apartfrom those relating to the exchange rateused.

A:3 P:2R99

A:3 P:3R99

A:3 P:4R99

A: 3 P:5R99

Specifically, this information must mention thefollowing:



(c) the calculation of the commission fees andcharges payable by the customer.

requirements laiddown in Article 5of the Directive.

Obligations regarding time takenA: 6P: 1S: 1

The originator's institution shall execute thecross-border credit transfer in questionwithin the time limit agreed with theoriginator.

N A:3 P:3R99

A:3 P:4R99

A:4 P:4R99



For the originator, the date of debit on the account.




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A:4 P:5R99

A:7 R99

For the beneficiary, the date of credit on theaccount.

The prior information provided by the institutionsto the customer is contractually binding for theexecution of transactions defined in the text.

A: 6P: 1S: 2

Where the agreed time limit is not compliedwith or, in the absence of any such timelimit, where, at the end of the fifth bankingbusiness day following the date ofacceptance of the cross-border credittransfer order, the funds have not beencredited to the account of the beneficiary'sinstitution, the originator's institution shallcompensate the originator.

N N:1L133-1

A:9 P:1R99

A:9 N: 1R99

Delays in the execution of cross-border credittransfers for an amount fixed by the RegulatoryBanking and Financial Committee give rights, evenwithout any fault, and without prejudice to thenormal basis of claims and no later than fourteenbusiness days after the execution of the transfer, tocompensation whose calculation is defined in theRegulation.

The compensation is calculated for the period ofdelay as such:

(1) for the originator, the delay which gives rightsto compensation from his institution is defined asthe period, in days, between on the one hand, theend of the delay agreed at Article 3 for issuedtransfers, or in the absence of such period the end ofthe fifth banking business day following the date ofacceptance of the transfer order as defined inArticle 2 of the Regulation and, on the other hand,the date when the funds have been credited on theaccount of the beneficiary institution;

L 133-1(1)establishes theprinciple ofcompensation. Forthe originator, theRegulation mainlycopies theDirective,particularly, thefifth bankingbusiness daydefault period. TheRegulation addsprovisions fordelays affecting thebeneficiary.




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A:9 N:2R99

(b) For the beneficiary, the delay which gives rightsto compensation from its institution is defined asthe period, in days, between on the one hand, theend of the period agreed at Article 3 for receivedtransfers, or in the absence of such period, the endof the banking business day which follows the datethe funds have been credited on the account of thebeneficiary institution, and on the other hand, thedate when the funds have been credited on thebeneficiary’s account.

A: 6P: 1S: 3

Compensation shall comprise the paymentof interest calculated by applying thereference rate of interest to the amount ofthe cross-border credit transfer for theperiod from:-the end of the agreed time limit or, in theabsence of any such time limit, the end ofthe fifth banking business day following thedate of acceptance of the cross-bordercredit transfer order, to-the date on which the funds are credited tothe account of the beneficiary's institution.

N N:1L133-1

A: 9 P:1R99

A:9 N: 1R99

Delays in the execution of cross-border credittransfers for an amount fixed by the RegulatoryBanking and Financial Committee give rights, evenwithout any fault, and without prejudice to thenormal basis of claims and no later than fourteenbusiness days after the execution of the transfer, tocompensation whose calculation is defined in theRegulation.

Compensation for the delay in executing crossborder credit transfers is calculated by applicationof the statutory interest rate to the amount of thetransfer for the delay period defined as:(1) for the originator, the delay which gives rightsto compensation from its institution is defined asthe period, in days, between on the one hand, theend of the delay agreed at Article 3 for issued cross-border credit transfers, or in the absence of such

L133-1 grants abroad right tocompensation as itis not subject tofault. The evidenceof fault is alwaysdifficult forcustomers. L133-1sets up a very strictregime for bankswhich must pay theoriginator or thebeneficiary within adefined period oftime. This does notprejudice theapplication of theliability regime for




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A:9 N:2R99

period which, the end of the fifth banking businessday following the date of acceptance of the cross-border credit transfer order as defined in Article 2of the Regulation and, on the other hand, the datewhen the funds has been credited on the account ofthe beneficiary institution;(2) for the beneficiary, the delay which give rightsto compensation from its institution is defined asthe period, in days, between on the one hand, theend of the period agreed at Article 3 for receivedcross-border credit transfers, or in the absence ofsuch period, the end of the banking business day

fault.

A: 6P: 1S: 4

Similarly, where the non-execution of thecross-border credit transfer within the timelimit agreed or, in absence of any such timelimit, before the end of the fifth bankingbusiness day following the date ofacceptance of the cross-border credittransfer is attributable to an intermediaryinstitution, that institution shall be requiredto compensate the originator's institution.

N N:1L133-1

which follows the date the funds have been creditedon the account of the beneficiary institution, and onthe other hand, the date when the funds have beencredited on the beneficiary’s account.

Any delay in the execution of cross-border credittransfers for an amount fixed by the RegulatoryBanking and Financial Committee gives rights,even without any fault, and without prejudice to thenormal basis of claims and no later than fourteenbusiness days after the execution of the cross-border credit transfer, to compensation whosecalculation is defined in the Regulation.

French provisionsdo not distinguishbetween theinstitutions as theydo not require anyfault. When theoriginatorcomplains, he willaddress his claim tohis institution.When the




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A: 6P: 3

No compensation shall be payable pursuantto paragraphs 1 and 2 where the originator'sinstitution or, as the case may be, thebeneficiary's institution can establish thatthe delay is attributable to the originator, or,as the case may be, the beneficiary.

beneficiarycomplaints, he willdirect his claim tohis institution. Noinstitution couldargue it is someoneelse's fault. There isno provision for thecompensationbetween theintermediaryinstitution and theoriginator'sinstitution or thebeneficiary'sinstitution. Thisdoes not mean thatthere is no possiblecompensation butthe normal claimprocesses should beused in order to getit.

A: 6P: 2S: 1

The beneficiary's institution shall make thefunds resulting from the cross-border credittransfer available to the beneficiary withinthe time limit agreed with the beneficiary.

N A:3 P:1R99

Prior to the cross-border credit transfer, theinstitutions must inform their customers on theconditions for the cross-border credit transfers. Thisinformation may be communicated in theframework of the general conditions.




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A:3 P:4R99

A:4 P:5R99

A7 P:1R99

(b) for received transfers, the maximum time periodbetween the date of receipt of the funds by theinstitution holding the beneficiary bank account andthe date when the beneficiary account is credited;Institutions must inform their clients in advance inwriting about the conditions under which the cross-border credit transfers will be executed.

For the beneficiary, the date of credit on hisaccount.

For the cross-border credit transfers received, themaximum time period between on the one hand, thedate of receipt of the funds by the beneficiary'sinstitution, and on the other hand, the date when thebeneficiary's account is credited.

The information communicated previously to thecustomer and mentioned in Article 3, binds theinstitution which has provided such information forthe execution of the cross-border credit transfer.

A: 6P: 2S: 2

Where the agreed time limit is not compliedwith or, in the absence of any such timelimit, where, at the end of the bankingbusiness day following the day on whichthe funds where credited to the account ofthe beneficiary's institution, the funds havenot been credited to the beneficiary's

N N:1L133-1

Delays in the execution of cross-border credittransfers for an amount fixed by the RegulatoryBanking and Financial Committee give rights, evenwithout any fault, and without prejudice to thenormal basis and no later than fourteen businessdays after the execution of the cross-border credittransfer, to compensation whose calculation is

The domesticprovisions providefor a compensationregime without theneed to prove thefault of theinstitution. The




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account, the beneficiary's institution shallcompensate the beneficiary.

A:9 P:1R99

A:9 N: 2R99

defined in the Regulation.

The Regulation defines the calculation of thecompensation for the delay in executing cross-border credit transfers by application of thestatutory interest rate to the amount of the transferfor the delay period defined as such:

(2) For the beneficiary, the delay which give rightsto a compensation from its institution is defined asthe period, in days, between on the one hand, theend of the delay agreed at Article 3 for receivedtransfers, or in the absence of such period, the endof the banking business day which follows the datethe funds have been credited on the account of thebeneficiary institution, and on the other hand, thedate when the funds have been credited on thebeneficiary's.

delay is in itselfsufficient to createa legal obligationupon the institutionto paycompensation.Provisions on thecalculation of thecompensation fordelay are copiedfrom the Directive.

A: 6P: 2S: 3

Compensation shall comprise the paymentof interest calculated by applying thereference rate of interest to the amount ofthe cross-border credit transfer for theperiod from:-the end of the agreed time limit or, in theabsence of any such time limit, the end ofthe banking business day following the dayon which the funds were credited to theaccount of the beneficiary's institution, to

N A:9 P:1R99

A:9 N:1R99

The compensation is calculated …for the period ofdelay as such:

(1) for the originator, the delay which gives rightsto compensation from his institution is defined asthe period, in days, between on the one hand, theend of the delay agreed at Article 3 for issuedtransfers, or in the absence of such period the end ofthe fifth banking business day following the date ofacceptance of the transfer order as defined in




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-the date on which the funds are credited tothe beneficiary's account.

A:9 N:2R99

Article 2 of the Regulation and, on the other hand,the date when the funds have been credited on theaccount of the beneficiary institution;

(b) For the beneficiary, the delay which gives rightsto compensation from its institution is defined asthe period, in days, between on the one hand, theend of the period agreed at Article 3 for receivedtransfers, or in the absence of such period, the endof the banking business day which follows the datethe funds have been credited on the account of thebeneficiary institution, and on the other hand, thedate when the funds have been credited on thebeneficiary’s account.

A: 6P: 3

No compensation shall be payable pursuantto paragraphs 1 and 2 where the originator'sinstitution or, as the case may be, thebeneficiary's institution can establish thatthe delay is attributable to the originator or,as the case may be, the beneficiary.

N N:1L133-1

Delays in the execution of cross-border credittransfers for an amount fixed by the RegulatoryBanking and Financial Committee give rights, evenwithout any fault, and without prejudice to thenormal basis and no later than fourteen businessdays after the execution of the cross-border credittransfer, to compensation whose calculation isdefined in the Regulation.

No equivalentprovision sinceFrench law imposesno fault liability.

A: 6P: 4

Paragraphs 1, 2 and 3 shall be entirelywithout prejudice to the other rights ofcustomers and institutions that haveparticipated in the execution of a cross-border credit transfer order.

N N:1L133-1

Any delay in the execution of cross-border credittransfers for an amount fixed by the RegulatoryBanking and Financial Committee gives rights,even without any fault, and without prejudice ofany other claims and no later than fourteen businessdays after the execution of the cross-border credit

Due to the term 'any other claims',customers may gobefore a mediator ifthere is one orbefore the




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transfer, to a compensation whose calculation isdefined in the Regulation.

competent Courtsto defend theirrights.

Obligation to execute the cross-bordertransfer in accordance with instructions

A: 7P: 1S: 1

The originator's institution, anyintermediary institution and thebeneficiary's institution, after the date ofacceptance of the cross-border credittransfer order, shall each be obliged toexecute that credit transfer for the fullamount thereof unless the originator hasspecified that the costs of the cross-bordercredit transfer are to be borne wholly orpartly by the beneficiary.

N A:8 R99 The institutions must execute the accepted orders ofcross-border credit transfers mentioned in theRegulation, for the full amount, unless theoriginator has specified that the costs of thetransfers are to be borne wholly or partly by thebeneficiary.

Provisions copiedfrom the Directive.

A: 7P: 1S: 2,3

The first subparagraph shall be withoutprejudice to the possibility of thebeneficiary's institution levying a charge onthe beneficiary relating to theadministration of his account, in accordancewith the relevant rules and customs.However, such a charge may not be used bythe institution to avoid the obligationsimposed by the said subparagraph.

N No provision.

A: 7P: 2S: 1

Without prejudice to any other claim whichmay be made, where the originator'sinstitution or an intermediary institution hasmade a deduction from the amount of the

N No provision. Omission, butappears to beminor.




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cross-border credit transfer in breach ofparagraph 1, the originator's institutionshall, at the originator's request, credit, freeof all deductions and at its own cost, theamount deducted to the beneficiary unlessthe originator requests that the amount becredited to him.

A: 7P: 2S: 2

Any intermediary institution which hasmade a deduction in breach of paragraph 1shall credit the amount deducted, free of alldeductions and at its own cost, to theoriginator’s institution or, if the originator’sinstitution so requests, to the beneficiary ofthe cross-border credit transfer.

N No provision.

A: 7P: 3

Where a breach of the duty to execute thecross-border credit transfer order inaccordance with the originator's instructionshas been caused by the beneficiary'sinstitution, and without prejudice to anyother claim which may be made, thebeneficiary's institution shall be liable tocredit to the beneficiary, at its own cost,any sum wrongly deducted.

N N:4L133-1

A:10R99

The refund is at the expense of the beneficiaryinstitution if the non-execution is caused by thisinstitution or from an intermediary institutionchosen by it.

A refund for failure to execute the cross-bordercredit transfer, consists of the amount of the nonexecuted transfer, plus the costs incurred by thetransaction, plus the application of the statutoryinterest rate to the amount of the transfer, for theperiod calculated in days between the date ofacceptance of the transfer and the date of thepayment.

The refund fromthe beneficiary'sinstitution isidentical to therefund due by theoriginator'sinstitution. Frenchprovisions are moredetailed and infavour of thecustomer.




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Obligation upon institutions to refund inthe event of non-execution of transfers

A: 8P: 1S: 1

If, after a cross-border credit transfer orderhas been accepted by the originator'sinstitution, the relevant amounts are notcredited to the account of the beneficiary'sinstitution, and without prejudice to anyother claim which may be made, theoriginator's institutions shall credit theoriginator, up to EURO 12 500, with theamount of the cross-border credit transferplus:-interest calculated by applying thereference interest rate to the amount of thecross-border credit transfer for the periodbetween the date of the cross-border credittransfer order and the date of the credit, and-the charges relating to the cross-bordercredit transfer paid by the originator.

NA:10R99

A:10P:2 R99

The refund for failure to execute the cross-bordercredit transfer, is constituted of the amount of thenon executed transfer, plus the costs incurred by thetransaction, plus the application of the statutoryinterest rate to the amount of the transfer, for theperiod calculated in days between the date ofacceptance of the transfer and the date of thepayment.

The refund is capped at € 12 500.

Domesticprovisions start tocalculate the delayfrom the date of theacceptancewhereas, theDirective starts itfrom the date of thetransfer order. Thedifference is quasinon-existent as thedate of the transferorder is deemed tobe the date wherethe conditions forthe transfer arefulfilled.

The cap is copiedfrom the Directive.

A: 8P: 1S: 2

These amounts shall be made available tothe originator within fourteen bankingbusiness days following the date of hisrequest, unless the funds corresponding tothe cross-border credit transfer have in themeantime been credited to the account of

N P:2L133-1

Cross-border credit transfers which are notexecuted give rights, even without any fault, andwithout prejudice of the normal means of claimsand no later than fourteen business days after thereceipt of a demand, to a refund whose calculationis defined in the Regulation.

The refund is notpayable if thetransfer is executedin between therequest and the endof the fourteen-day




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the beneficiary's institution.A:10P:3 R99

The refund is not payable when, without prejudiceto compensation for delays in the executionmentioned in Article 9, the transfer has beenexecuted after the receipt of the request of refundand before the end of the time period for thepayment mentioned in 2° of article 93-3 of the Lawof the 24 January 1984 (time period of 14 days forthe payment of the refund).

period open to theinstitution to paythe customer.

A: 8P: 1S: 3

Such a request may not be made beforeexpiry of the time limit agreed between theoriginator's institution and the originator forthe execution of the cross-border credittransfer order or, in the absence of any suchtime limit, before expiry of the time limitlaid down in the second subparagraph ofArticle 6 (1).

N A:7 R99 The institutions are contractually bound by theinformation communicated in advance to thecustomer for the execution of cross border credittransfers mentioned in Article 3 of the Regulation.

A: 8P: 1S: 4,5

Similarly, each intermediary institutionwhich has accepted the cross-border credittransfer order owes an obligation to refundat its own cost the amount of the credittransfer, including the related costs andinterest, to the institution which instructed itto carry out the order. If the cross-bordercredit transfer was not completed becauseof errors or omissions in the instructionsgiven by that institution, the intermediaryinstitution shall endeavour as far as possible

N No provision Normal claimsprocedures betweenthe intermediaryinstitutions willapply. Nothingexpressly stated.




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to refund the amount of the transfer.A: 8P: 2

By way of derogation from paragraph 1, ifthe cross-border credit transfer was notcompleted because of its non-execution byan intermediary institution chosen by thebeneficiary's institution, the latterinstitution, shall be obliged to make thefunds available to the beneficiary up toEURO 12 500.

N N:4L133-1

A:10P:2 R99

The refund is borne by the beneficiary's institutionif it did not make the cross-border credit transfer orif it chose an intermediary institution.

The refund is capped at €12500.

A: 8P: 3S: 1

By way of derogation from paragraph 1, ifthe cross-border credit transfer was notcompleted because of an error or omissionin the instructions given by the originator tohis institution or because of non-executionof the cross-border credit transfer by anintermediary institution expressly chosenby the originator, the originator's institutionand the other institutions involved shallendeavour as far as possible to refund theamount of the transfer.

N N:3L133-1

The refund is not due if the non-execution ariseseither from an error or an omission of the originatorin providing the instructions to the institution or inchoosing the intermediary institution. The relevantinstitutions must apply their best efforts to facilitatethe refund of the originator's funds.

A: 8P: 3S: 2,3

Where the amount has been recovered bythe originator's institution, it shall beobliged to credit it to the originator. Theinstitutions, including the originator'sinstitution, are not obliged in this case torefund the charges and interest accruing,and can deduct the costs arising from therecovery if specified.

N No provision.




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Situation of force majeureA: 9 Without prejudice to the provisions of

Directive 91/308/EEC, institutionsparticipating in the execution of a cross-border credit transfer order shall be releasedfrom the obligations laid down in thisDirective where they can adduce reason offorce majeure, namely abnormal andunforeseeable circumstances beyond thecontrol of the person pleading forcemajeure, the consequences of which wouldhave been unavoidable despite all efforts tothe contrary, which are relevant to itsprovisions.

N No provision. The notion of forcemajeure is wellknow in French lawand will apply as ageneral principle ofcontract law.

The Frenchimplementinglegislation also failsto make referenceto Directive91/308/EEC.

Settlement of disputesA: 10 Member States shall ensure that there are

adequate and effective complaints andredress procedures for the settlement ofdisputes between an originator and hisinstitution or between a beneficiary and hisinstitution, using existing procedures whereappropriate.

N A:3 P:6R99

The information prior to the execution of a cross-border credit transfer must include 'procedures forcomplaints and claims processes in force'.

L133-1 and theRegulation do notset up a newresolution disputesystem. Nomediator orarbitrator is set up.

ImplementationA: 11P: 1S: 1,2

Member States shall bring into force thelaws, regulations and administrativeprovisions necessary to comply with thisDirective by 14 August 1999 at the latest.They shall forthwith inform the

N A:11R99

This Regulation shall enter into effect on the 14August 1999.




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Commission thereof.A: 11P: 1S: 3,4

When Member States adopt theseprovisions, they shall contain a reference tothis Directive or shall be accompanied bysuch reference on the occasion of theirofficial publication. The methods of makingsuch reference shall be laid down byMember States.

N References to the Directive have been provided inthe recitals of the Regulation.

A reference to theDirective wasprovided in therecitals of the Lawn°99-532 of the 25June, 1999 on thesavings andfinancial safety.This Law containedonly a singleimplementationSection amongseveral otherprovisions nothaving a direct linkto it. This singleimplementationSection is nowcodified in theFinancial Codeunder L133-1.

A: 11P: 2

Member States shall communicate to theCommission the text of the main laws,regulations or administrative provisionswhich they adopt in the field governed bythis Directive.

N

BRU: 111515 v01 10/11/2001

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