Regulatory Alerts2020-01-02
Decision No. 2020-01 on the Sanction Procedure for Non-Compliance with Certain Monetary Policy Counterparty Obligations
The Governor of the Bank of France issued Decision No. 2020-01 to establish a comprehensive sanction procedure for monetary policy counterparties failing to meet specific obligations. The framework mandates preliminary controls, a formal investigation phase by an independent unit, and a final decision-making process by the Director General, while guaranteeing counterparties rights to defense, legal assistance, and administrative review. The decision also defines strict statutes of limitations for initiating proceedings and executing sanctions, ensuring compliance with Eurosystem standards.
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