Regulatory Alerts2017-07-21
Decision No. 2017-02 of July 21, 2017 on the Sanction Procedure for Failure to Comply with Certain Monetary Policy Counterparty Obligations
The Governor of the Bank of France issued Decision No. 2017-02 to establish a formal sanction procedure for monetary policy counterparties failing to comply with specific obligations under the Governor's Decision No. 2015-01. The regulation mandates an independent investigative unit to conduct inquiries, ensures counterparties' rights to defense and oral hearings, and defines a two-tier decision-making process involving the Director General and the Governor. It further outlines strict timelines for enforcement, the application of simplified procedures for minor breaches, and the conditions under which sanctions become final and executable.
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