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Additional supervision of credit institutions and investment firms.

Directive 2002/87/EC aims to strengthen the supervision of financial groups which carry out their activities in several financial sectors, and frequently in different Member States. It promotes the harmonization of their control by national authorities whose action it coordinates. Ordinance no. 2004-1201 of November 16, 2004, transposed its legislative provisions identically in the texts applicable to the banking sector and those relating to the insurance sector. The new provisions of the Insurance Code and the Monetary and Financial Code are thus harmonized in order to create a coherent framework for the control of financial conglomerates, regardless of their dominant position. However, the transposition of the directive is not limited to Ordinance 2004-1201.

Even more recently, instruction no. 2005-04 from the Banking Commission of November 21, 2005, specified the procedures for implementing the technical system.

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Law firm of Maître Grégory DAMY , lawyer at the bar of Nice. Bank right