CRD VI in France: publication of the transposing ordinance
Following the European Commission’s letter of formal notice dated 27 March 2026 regarding France’s failure to transpose the CRD VI Directive by the deadline of 11 January 2026, France swiftly adopted Ordinance No. 2026-255 dated 8 April 2026, published on 9 April 2026.
The Ordinance clarifies and completes the draft transposition framework, following review by the French Council of State (Conseil d’État), and provides key clarifications for cross-border financing activities of third country financial institutions in France.
Key developments include:
• Implementation of EU seamless regulatory framework for the access by third-country institutions to the French lending market;
• Enlargement of exemptions from the French banking monopoly, including a carefully framed recognition of reverse solicitation in lending activities;
• Clarification on the carve out for institutions of certain countries benefiting from the OECD dual banking system
• A phased implementation timeline, with full application of branch requirement and exemptions as of 11 January 2027, transitional provisions until 11 July 2026, and a filing deadline to the French supervisor on 10 November 2026.
The Ordinance confirms a pragmatic yet structured approach: while EU-level harmonisation is reinforced, the operational impact in France remains manageable, alongside enhanced legal certainty for market participants.
This note updates our newsflash dated 23 February 2026 in light of the final Ordinance text and provides insight into the practical impact of the text in cross border lending activities from third countries.
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