Intermediary in banking operations and payment services: Intermediary in participative financing.

Summary The regulation of IOBSPs, IFPs and ALPSIs has not been the subject of a comprehensive and in-depth study. The author gives precisely the tool to master the legal regime applicable to these intermediaries, by producing the jurisprudence of the last fifteen years, for the most part unpublished. The regulation, incomplete and sectorial, has been transformed into a very heavy body of legal rules, while adopting a more homogeneous legislation with the movement of <, mifidisation , which is still brought to extend significantly since the entry into force of the MIFID II directive. The transposition of the fourth anti-money laundering directive and of the PSD 2 is the culmination of a system that remains eminently difficult to implement in practice. At the heart of the various reforms is the protection of the consumer - a notion that has evolved recently - and the constant search for more control, with the development of the digitization of operations and the emergence of new players who intervene only remotely.For intermediaries, principal establishments, clients and their respective advisors, the difficulties result mainly from the successive and cumulative implementation of European standards, national legislation, or those emanating from several regulatory authorities, and rules of ethics or good professional practice. These provisions are not always explicit and it can be difficult to understand which rules are to be applied or how they are to be respected. This poses a problem of legibility and predictability of the applicable rules - whether of hard law or soft law - with all the consequences in case of litigation, whether judicial or administrative. [Source: 4th cover].