engagement de non détention de fonds

English translation: undertaking not to hold funds

08:10 Jul 20, 2018
French to English translations [PRO]
Bus/Financial - Finance (general)
French term or phrase: engagement de non détention de fonds
Hi,
This is a little blurb at the bottom of a letter from a bank, which also includes the registered capital, RCS number, phone and fax numbers, etc. It is followed by "absence de garantie financière" which will be in another question.
I believe it is a standard requirement today to include this on official correspondence .
Can someone provide a nice rendering in English?
Thank you.
Idna
Local time: 12:26
English translation:undertaking not to hold funds
Explanation:
www.lpalaw.com/newsletters-lpa/08/index_eng.html
As the licence holders were only transferring funds held on behalf of others, escrow accounts are now irrelevant to those who undertake not to hold funds.

https://www.federalreserve.gov/SECRS/2007/December/.../OP......
Dec 4, 2007 - bank has no protection from state law liability if it decides not to hold funds. Bank of America would expect to hold all garnished funds until the ...

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Note added at 6 hrs (2018-07-20 14:17:29 GMT)
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I agree with philgoddard's comment above that "it seems a funny thing for a bank to say."
Selected response from:

B D Finch
France
Local time: 12:26
Grading comment
Thanks for the third time!
4 KudoZ points were awarded for this answer



Summary of answers provided
3undertaking not to hold funds
B D Finch
3 -1undertaking/commitment of non-fund holding
Kevin Oheix
Summary of reference entries provided
It has to do with the carte professionelle (agent immobilier)
Steve R
OBLIGATION LÉGALE D'AFFICHAGE
Daryo

Discussion entries: 2





  

Answers


6 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
undertaking not to hold funds


Explanation:
www.lpalaw.com/newsletters-lpa/08/index_eng.html
As the licence holders were only transferring funds held on behalf of others, escrow accounts are now irrelevant to those who undertake not to hold funds.

https://www.federalreserve.gov/SECRS/2007/December/.../OP......
Dec 4, 2007 - bank has no protection from state law liability if it decides not to hold funds. Bank of America would expect to hold all garnished funds until the ...

--------------------------------------------------
Note added at 6 hrs (2018-07-20 14:17:29 GMT)
--------------------------------------------------

I agree with philgoddard's comment above that "it seems a funny thing for a bank to say."

B D Finch
France
Local time: 12:26
Works in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 135
Grading comment
Thanks for the third time!

Peer comments on this answer (and responses from the answerer)
neutral  Daryo: roughly the right idea, but these are not bankers but estate agents and property managers. "undertaking not to hold client's funds" more accurate?
1 day 8 hrs
  -> Agree!
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3 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): -1
undertaking/commitment of non-fund holding


Explanation:
That is to say ; the promise (agreement) of non-possession of funds (other resources).

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Note added at 7 heures (2018-07-20 15:41:38 GMT)
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It could also be a "covenant" (formal agreement).

Bank covenant compliance, for example.

Kevin Oheix
France
Local time: 12:26
Native speaker of: Native in FrenchFrench
PRO pts in category: 4

Peer comments on this answer (and responses from the answerer)
neutral  philgoddard: This is the literal translation, but it doesn't really answer the question. And it seems a funny thing for a bank to say.
1 hr

disagree  Daryo: some basic reality check: what would be "commitment of non-fund holding" be as form of "bank covenant compliance"??? Did they pledge to be a "non-banking bank"???
1 day 10 hrs
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Reference comments


7 hrs peer agreement (net): +2
Reference: It has to do with the carte professionelle (agent immobilier)

Reference information:
Some banks seem to have a carte professionelle, e.g. https://www.neuflizeobc.fr/fr/images/Brochures/Rapport_RSE_2...

Generally, holders of a carte professionelle have to take out a financial guarantee with an insurer or a bank. However, they do not need that if they give an undertaking not to hold client money and state "non-détention de fonds" and "absence de garantie" on their business correspondence.
https://www.guichet-entreprises.fr/fr/fiches-activites/batim...

Steve R
United Kingdom
Specializes in field
Native speaker of: Native in EnglishEnglish
Note to reference poster
Asker: Once again, thanks for clearing things up Steve.


Peer comments on this reference comment (and responses from the reference poster)
agree  B D Finch: Now it makes sense!
2 mins
agree  Daryo: exactly!
1 day 6 hrs
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20 hrs
Reference: OBLIGATION LÉGALE D'AFFICHAGE

Reference information:
[e-Mo juridique] Obligation légale d'affichage « Non-détention de fonds » et « Absence de garantie financière »

Depuis le 1er juillet dernier, en tant que professionnel de l’immobilier exerçant une activité sans maniement de fonds (titulaire d’une carte « Non-détention de fonds » ou « Absence de garantie financière »), vous avez l’obligation de faire figurer la mention suivante sur tous vos documents à usage professionnel : « l’agence immobilière (nom de votre agence) ne doit recevoir ni détenir d'autres fonds, effets ou valeurs que ceux représentatifs de sa rémunération ou de sa commission.»

CAS 1 : CARTE ABSENCE DE GARANTIE FINANCIERE
Vous êtes professionnel de l’immobilier « non-détenteur de fonds » n’ayant pas souscrit de garantie financière :
...

CAS 2 : CARTE NON-DETENTION DE FONDS
Vous êtes professionnel de l’immobilier « non-détenteur de fonds » ayant souscrit une garantie financière
...

CE QUE DIT LA LOI …
Article 1 du décret n°72-678 du 20 juillet 1972 fixant les conditions d'application de la loi n° 70-9 du 2 janvier 1970, modifié par décret n°2015-702 du 19 juin 2015 - art. 16 et art. 2

« La carte délivrée aux personnes ayant déposé la déclaration sur l'honneur (…) porte, pour l'activité concernée par la déclaration sur l'honneur, la mention : " Non-détention de fonds " ainsi que, le cas échéant, la mention : " Absence de garantie financière ".

Article 94 du décret n°72-678 du 20 juillet 1972 fixant les conditions d'application de la loi n° 70-9 du 2 janvier 1970 réglementant les conditions d'exercice des activités relatives à certaines opérations portant sur les immeubles et fonds de commerce

« Lorsque le titulaire de la carte professionnelle a souscrit la déclaration prévue au 6° de l'article 3 ou au 4° de l'article 80, les documents et affiches mentionnés aux deux précédents articles indiquent, pour l'activité concernée, que l'intéressé ne doit recevoir ni détenir d'autres fonds, effets ou valeurs que ceux représentatifs de sa rémunération ou de sa commission. Cette indication figure également dans toute publicité commerciale émanant du titulaire.
Une affiche comportant cette mention est apposée, en évidence, dans la vitrine ou sur le panneau publicitaire extérieur, s'il en existe un.
L'indication mentionnée à l'alinéa précédent est portée en utilisant des caractères très apparents. »


https://www.galian.fr/fr/actualites/obligation-legale-daffic...

Daryo
United Kingdom
Specializes in field
Native speaker of: Native in SerbianSerbian, Native in FrenchFrench
PRO pts in category: 148
Note to reference poster
Asker: Thanks Daryo.

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