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French financial regulators have unexpectedly intervened in local convergence with international accounting standards. In March 2002, the European Council in Barcelona reaffirmed its willingness to converge financial services by 2003 and implement an effective globalization of the capital markets by 2005. Subsequent calls for European listed companies to harmonize their financial reporting were enacted the same year when the European Commission approved Regulation 1606–2002. Pressure on listed companies reached a new height when, quite unexpectedly, the French stock market regulator, the Commission des Opérations de Bourse, and the supervisory arm of the Banque de France, the Commission Bancaire, jointly published new recommendations on the appropriate accounting treatment of deconsolidation structures and asset sales.sales.

France's draft law on financial security, adopted on May 06, 2003 undoes the effect of court decisions that have made future flow deals impossible. These rulings, from the country's Supreme Court, said that any proceeds generated from future receivables arising after insolvency proceedings of an originator had begun would be captured in the bankruptcy estate of the insolvent originator and would not belong to the assignee. The draft law reverses this position, confirming the legal efficacy of the assignment at law, irrespective of the date upon which the receivable has arisen or will fall due. The draft law also amends the FCC law so that the assignment of receivables to an FCC is enforceable against third parties regardless of the law governing the receivables and that of the country of residence of the obligors.