United States: Actualité juridique : juillet – août 2019

BANQUE & FINANCE

Réforme des sanctions civiles du TEG

La loi n° 2018-727 du 10 juillet 2018 a prévu des ordonnances pour réformer le régime du taux effectif global, dont l'une pour les sanctions civiles. Celles-ci étaient en effet diverses en cas de défaut ou d'erreur du TEG : nullité de la stipulation contractuelle et substitution du taux légal au taux conventionnel ; déchéance du droit aux intérêts avec ou sans pouvoir modérateur du juge. Cette diversité était source de difficultés et méconnaissait la règle de proportionnalité, la déchéance du droit aux intérêts dans sa totalité pouvant apparaître comme bien sévère pour le banquier. L'ordonnance n° 2019-740 du 17 juillet 2019 clarifie et harmonise les sanctions en cas de défaut ou d'erreur du TEG, aussi bien pour les crédits aux particuliers que pour les crédits aux entreprises, et donc même pour les crédits non soumis au Code de la consommation. Désormais, l'unique sanction réside dans la déchéance du droit aux intérêts « dans la proportion fixée par le juge, au regard notamment du préjudice pour l'emprunteur ». Cette réforme n'est assortie d'aucune disposition transitoire de sorte que la question de son application aux instances en cours se pose.

Épargne retraite

L'article 71 de la loi PACTE du 22 mai 2019 a introduit, dans le Code monétaire et financier, un chapitre consacré aux plans d'épargne retraite. Cette réforme a été précisée par le décret n° 2019-807 du 30 juillet 2019 portant réforme de l'épargne retraite ainsi que par l'arrêté du 7 août 2019 portant application de la réforme de l'épargne retraite. Le décret définit notamment la liste des instruments financiers éligibles aux produits d'épargne retraite et prévoit que soient proposées aux épargnants des allocations d'actifs adaptées à leur horizon de placement de long terme. Le décret met également en application le dispositif du forfait social réduit sur les versements des employeurs en épargne retraite, à condition que l'épargne soit orientée vers le financement des petites et moyennes entreprises. Par ailleurs, le décret modifie les modalités de calcul de la valeur de rachat ou de transfert des contrats d'épargne retraite exprimés en points, afin de tenir compte de la généralisation d'une possibilité de sortie en capital des produits d'épargne retraite.

MARCHÉ DE CAPITAUX

Adhésion aux chambres de compensation

L'article L. 440-2 du Code monétaire et financier prévoit, dans son 7, que certains organismes ou entreprises, qui n'appartiennent pas aux catégories mentionnées aux 1 à 6 de ce même article, peuvent adhérer à une chambre de compensation à condition qu'ils soient supervisés par l'Autorité des marchés financiers ou l'Autorité de contrôle prudentiel et de résolution ou par des autorités homologues d'un autre État membre de l'Union européenne ou partie à l'accord sur l'Espace économique européen ou d'un pays tiers figurant sur une liste arrêtée par le ministre chargé de l'économie, que leur adhésion soit justifiée au regard du risque systémique et qu'au moins trois participants à la chambre de compensation concernée entrent dans les catégories des établissements de crédit, des entreprises d'investissement, des organismes publics ou des entreprises contrôlées opérant sous garantie de l'État. Ces conditions ont été précisées par le décret n° 2019-858 du 20 août 2019 relatif aux conditions d'adhésion d'organismes ou entreprises à une chambre de compensation. Ce décret, qui a été pris pour l'application de l'article 84 de la loi no 2019-486 du 22 mai 2019 relative à la croissance et la transformation des entreprises, est entré en vigueur le 23 août 2019.

Les pays tiers visés par le 7 de l'article L 440-2 sont, aux termes de l'arrêté du 20 août 2019 portant désignation des pays tiers mentionnés au 7 de l'article L. 440-2 du code monétaire et financier, la Suisse, les États-Unis et le Japon.

Contracts for differences

Lors de son conseil du 23 mars 2018, (Décision (UE) 2018/796 de l'Autorité européenne des marchés financiers du 22 mai 2018 de restriction temporaire des contrats sur différence dans l'Union conformément à l'article 40 du Règlement (UE) n° 600/2014 du Parlement européen et du Conseil (modifiée et renouvelée par Décision (UE) 2018/1636 du 23 octobre 2018) ; Décision (UE) n° 2019/155 de l'Autorité européenne des marchés financiers du 23 janvier 2019 renouvelant la restriction temporaire de la commercialisation, la distribution ou la vente de contrats sur différence aux clients de détail), l'ESMA avait décidé d'une restriction sur la commercialisation, la distribution ou la vente de certains CFD aux investisseurs de détail. Cette restriction se traduisait notamment par des limites à l'effet de levier dont une limite spécifique pour les CFD sur les crypto-monnaies, l'interdiction pour les fournisseurs de CFD d'inciter le public à l'investissement dans ces produits et un avertissement sur les risques attachés aux produits autorisés ».

Les mesures de l'ESMA ont été remplacées par des mesures prises par les autorités compétentes : v. Opinion ESMA of 26 March 2019 on the product intervention measure relating to contracts for differences proposed by the Authority for the Financial Markets of the Netherlands, ESMA35-43-1780 ; Opinion ESMA of 13 June 2019 on the product intervention measures relating to contracts for differences proposed by Commissione Nazionale per le Società e la Borsa of Italy, ESMA35-43-1971 ; Opinion ESMA of 24 June 2019 on the product intervention measures relating to contract for differences proposed by Comisión Nacional del Mercado de Valores of Spain, ESMA35-43-1935 ; opinion of 24 June 2019 on the product intervention measures relating to contracts for differences proposed by the Finanau un kapitāla tirgus komisija of Latvia, ESMA35-43-1975 ; Opinion ESMA of 24 June 2019 on the product intervention measures relating to contracts for differences proposed by the Hellenic Capital Market Commission of Greece, ESMA35-43-1988 ; Opinion ESMA of 24 June 2019 on the product intervention measures relating to contracts for differences proposed by the Financial Conduct Authority of the United Kingdom, ESMA 35-43-1961 ; Opinion of 28 June 2019 on the product intervention measures relating to contracts for differences proposed by the Autorité des Marchés Financiers of France, ESMA35-43-1990 ; Opinion of 28 June 2019 on the product intervention measures relating to contracts for differences proposed by the Finansinspektionen of Sweden, ESMA35-43-1999 ; Opinion ESMA of 11 July 2019 on the product intervention measures relating to contracts for differences proposed by the Česká národní banka of the Czech Republic, ESMA35-43-1983 ; Opinion ESMA of 23 July 2019 on the product intervention measures relating to contracts for differences proposed by Finanstilsynet of Denmark, ESMA35-43-1985 ; Opinion ESMA of 23 July 2019 on the product intervention measures relating to contracts for differences proposed by the Financial Supervision Commission of Bulgaria, ESMA35-43-1980 ; Opinion ESMA of 23 July 2019 on the product intervention measures relating to contracts for differences proposed by the Hrvatska agencija za nadzor financijskih usluga of Croatia, ESMA35-43-2042 ; Opinion of ESMA of 30 July 2019 on the product intervention measures relating to contracts for differences proposed by the Bundesanstalt für Finanzdienstleistungsaufsicht of Germany, ESMA35-43-1986 ; Opinion of ESMA of 30 July 2019 on the product intervention measures relating to contracts for differences proposed by the Malta Financial Services Authority of Malta, ESMA35-43-1994 ; Opinion of ESMA of 30 July 2019 on the product intervention measures relating to contracts for differences proposed by the Magyar Nemzeti Bank of Hungary, ESMA35-43-2054 ; Opinion of ESMA of 30 July 2019 on the product intervention measures relating to contracts for differences proposed by the Komisja Nadzoru Finansowego of Poland, ESMA35-43-1995 ; Opinion of ESMA of 23 August 2019 on the product intervention measures relating to contracts for differences proposed by the Agencija za trg vrednostnih papirjev of Slovenia, ESMA35-43-2063.

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