Banking and Financial Newsletter – July 2026
| Banque Finance |
1. Banking services
1.1. Texts and Publications by authorities
– FR | AMF | 8 June 2026 | Public consultation on a draft recommendation regarding money market fund liquidity
The AMF has launched a public consultation on a draft recommendation aimed at strengthening the resilience of money market funds by clarifying its expectations regarding weekly liquidity levels beyond the applicable regulatory thresholds. In particular, the draft introduces reference levels of 20% for variable net asset value (VNAV) money market funds and 40% for certain constant net asset value (CNAV) money market funds, while also reinforcing monitoring and reporting obligations vis-à-vis the AMF where these thresholds are exceeded for a prolonged period. The consultation remains open until 3 August 2026.
– FR | AMF | 10 June 2026 | Public consultation on the eligibility of certain assets for UCITS portfolios
The AMF has launched a public consultation on proposed amendments to its policy regarding the eligibility of certain assets for inclusion in UCITS portfolios. The proposed changes notably concern delta-one certificates referencing commodities, precious metals or crypto-assets and could, subject to certain conditions, allow UCITS to invest in such instruments. Conducted in the context of the European Securities and Markets Authority’s (ESMA) ongoing work and the entry into application of the MiCA Regulation, the consultation may have significant implications for asset managers’ investment policies, risk management frameworks and compliance controls. Stakeholders were invited to submit their comments by 3 July 2026.
1.2. Case Law
– FR I French Constitutional Council | 19 June 2026 | Decision No. 2026-1207 QPC |Bank fees on estates: statutory cap upheld, mandatory free-of-charge regime struck down
In a decision dated 19 June 2026, the French Constitutional Council upheld the principle of capping bank fees charged in connection with the administration of a deceased customer’s estate, while striking down the provisions requiring such services to be provided free of charge in certain cases (including simple estates, low-value estates and estates involving the death of a minor). The Court held that a blanket prohibition on charging such fees constituted a disproportionate interference with the freedom to conduct a business and the contractual freedom of credit institutions.
In practice, banks remain entitled to charge estate administration fees, provided they comply with the applicable statutory cap. The decision is therefore expected to require institutions to review their pricing schedules and estate administration procedures.
– FR | Paris Judicial Court | 22 May 2026 | Case No. 24/09224 | Fraudulent card payments and the exclusive application of the payment services regime
In a judgment dated 22 May 2026, the Paris Judicial Court ordered a bank to reimburse fraudulent card payments made as part of the so-called “lost phone” scam, whereby fraudsters impersonate a customer’s child. The Court held that the evidence relied upon by the bank was insufficient to establish gross negligence on the part of the customers within the meaning of Articles L. 133-18 et seq. of the French Monetary and Financial Code.
The Court also reaffirmed the exclusive nature of the statutory regime governing unauthorised payment transactions, thereby excluding any additional claim for compensation in respect of non-material damage. This decision illustrates the courts’ close scrutiny of social engineering fraud schemes and the evidential standard required to establish a payer’s gross negligence.
– FR | Paris Judicial Court | 12 May 2026 | Case No. 24/05220 | Bank adviser impersonation scam: gross negligence established
2.AML/CFT
– UE | CJEU | 21 May 2026 | Cases C-684/24 and C-685/24, Across Fiduciaria / Unione Fiduciaria | Access to beneficial ownership information relating to fiduciary mandates
In its judgment of 21 May 2026, the Court of Justice of the European Union (CJEU) held that public access to information on the beneficial owners of fiduciary mandates may only be granted where the applicant demonstrates a legitimate interest. The Court thus confirmed that the objective of transparency for AML/CFT purposes must be balanced against the protection of fundamental rights and the right to privacy.
The judgment is consistent with the CJEU’s previous case law restricting unrestricted public access to beneficial ownership registers and echoes the French Decree of 24 April 2026, which sets out the conditions governing access to the French beneficial ownership register.
2. Digital and Data protection
– EU | ESAs | 3 June 2026 | First annual report on major ICT-related incidents reported under DORA
The European Supervisory Authorities (ESAs) have published their first annual report on major ICT-related incidents reported under the Digital Operational Resilience Act (DORA). Based on an aggregated analysis of incidents reported by financial entities, the report highlights the sector’s growing reliance on digital infrastructure and third-party ICT service providers, as well as the frequently cross-border nature of such incidents. It underscores the need for financial institutions to strengthen their incident detection, management and reporting frameworks, as well as their governance arrangements for digital operational resilience.
4. Digital finance
– FR | Decree No. 2026-420 of 29 May 2026 | Transfer of ownership and pledging of crypto-assets
Decree No. 2026-420 of 29 May 2026 sets out the rules applicable to the transfer of ownership and the pledging of crypto-assets. In particular, it provides that the transfer of ownership takes place when the registration on the distributed ledger technology (DLT) becomes irreversible, in accordance with the applicable consensus mechanism. The text also establishes the framework for the creation of pledges over crypto-assets, thereby strengthening legal certainty for financing and security transactions involving digital assets.
These clarifications are of particular interest to crypto-asset service providers (CASPs), financial institutions, and stakeholders using crypto-assets as collateral.
– EU | ESMA | 23 June 2026 | MiCA: Orderly withdrawal of unauthorized crypto-asset service providers
ESMA has published a statement clarifying the arrangements for the withdrawal of crypto-asset service providers (CASPs) that would not be authorised at the end of the transitional period provided for under the MiCA Regulation. As of 1 July 2026, these providers will be required to cease any new activity within the European Union and organise an orderly withdrawal of their services, while ensuring customer protection and compliance with their obligations, particularly regarding AML/CFT requirements.
This publication calls on financial institutions to ensure that their crypto partners are authorized or to manage the risks associated with the withdrawal of non-compliant operators.