Key Benefits:
The Minister of Economy, Finance and Industry,
Given Directive 2006 /48/EC of the European Parliament and of the Council of 14 June 2006 On access to the activity of credit institutions and its financial year;
In view of Directive 2006 /49/EC of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and institutions Credit;
Having regard to Regulation 1606 /2002/EC of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards;
In the light of the monetary and financial code;
In view of the decree of 20 February 2007 on Capital requirements applicable to credit institutions and investment firms;
In view of the regulation of the Committee on Banking Regulation No. 90-02 of 23 February 1990 on own funds;
In view of the regulation of the Committee on Banking Regulation No. 90-15 of 18 December 1990 on the accounting of interest rate or currency exchange contracts;
In view of the Rules of Procedure of the Committee on Banking Regulation 91-05 of 15 February 1991 Relating to the solvency ratio;
In view of the Regulation of the Committee on Banking Regulation No 92-12 of 23 December 1992 on the provision of banking services abroad by credit institutions having their registered office in France;
In view of the Regulation of the Committee on Banking Regulation No 93-05 of 21 December 1993 on the control of major risks;
In view of the Regulation of the Committee on Banking Regulation n ° 95-02 of 21 July 1995 on the Prudential supervision of market risks;
In view of the Regulation of the Committee on Banking and Financial Regulation n ° 96-15 of 20 December 1996 on the minimum capital of investment service providers;
Seen Regulation of the Committee on Banking and Financial Regulation n ° 97-02 of 21 February 1997 on the internal control of credit institutions and investment firms;
In view of the Rules of Procedure of the Regulatory Committee N ° 97-04 of 21 February 1997, as amended on the management standards applicable to investment firms other than holding companies;
In view of the Regulation of the Committee on Banking Regulation and N ° 98-04 of 7 December 1998 concerning the takeovers of investment undertakings other than holding companies in existing or established undertakings;
In view of the Committee's Rules of Procedure Banking and Financial Regulation n ° 99-06 of 9 July 1999 on the resources and operation of the deposit guarantee fund;
In view of the Regulation of the Banking and Financial Regulation Committee No. 99-07 of 9 July 1999 Amendments relating to the guarantee of deposits or other repayable funds received by branches of credit institutions;
Having regard to the Rules of Procedure of the Committee on Banking and Financial Regulation n ° 99-15 of 23 September 1999 concerning Resources and the operation of the securities guarantee mechanism;
In view of the regulation of the Committee on Banking and Financial Regulation n ° 99-16 of 23 September 1999 on the guarantee of securities held, for the account Investors, by a branch in France of a credit institution or an investment firm, having its head office abroad;
In view of the Regulation of the Banking and Financial Regulation n ° 2000-03 of 6 September 2000 amended on consolidated prudential supervision;
In view of the Regulation of the Committee on Banking and Financial Regulation n ° 2002-13 of 21 November 2002 on electronic money and currency institutions Electronic;
In the opinion of the Advisory Committee on Financial Legislation and Regulations dated 16 October 2006;
In view of the opinion of the Autorité des marchés financiers as of November 20, 2006,
Stop:
Article 1 The abovementioned Regulation No 90-02 is amended as follows:
-the end of the first paragraph is replaced by the following: ' Sum of which shall be deducted under the conditions defined in this Regulation the interests, claims And any other element of own funds referred to in Article 6, the securitisation positions referred to in Article 6a, the commitments referred to in Article 6 ter and the elements referred to in Article 6c " ;
-the third Paragraph shall be replaced by the following: ' This Regulation shall apply to credit institutions, financial companies and investment firms, non-portfolio management companies and outside enterprises Any investment that does not own funds or customer-owned securities and which exclusively provides the investment service referred to in Article L. 321-1.1 of the Monetary and Financial Code, hereinafter referred to as "taxable establishments". ;
-in the fourth paragraph, the expression: Or subconsolidated " Is added after the expression: " Those institutions subject to IFRS are those subject to prudential supervision on a consolidated basis " ;
-the The following paragraph shall be added at the end of Article 1: The own funds of credit institutions and investment firms other than holding companies shall at no time become less than the amount of the Minimum capital provided by the rules applicable to them ".
A of Article 2 (a) of Regulation No 90-02 Above, after the dash: " The funds for which the Banking Commission has determined that they fulfil the conditions for inclusion in basic own funds', the following paragraph is added: ' For Originating Subject Institutions Net gains arising from the capitalisation of the future income of securitised assets and which constitute the credit enhancement of securitisation positions are not included. "
In the fifth paragraph of Article 2a of the Regulation No 90-02 referred to above, the word ' In particular " Is added after the word: " Reflecting " In the expression in parentheses: " Reflecting changes in previous years ".
In Article 4 of Regulation No 90-02 the following subparagraph is added:
" For the application of the Decree of 20 February 2007 concerning the requirements of Own funds applicable to credit institutions and investment firms, the positive amounts resulting from the difference between the sum of the value adjustments and the collective impairments relating to the relevant exhibitions and The expected losses calculated in accordance with Article 68 of the said order, up to a maximum of 0.6 % of the amounts of their weighted exposure.
Value adjustments and collective impairments in the above calculation cannot Be included in the supplementary own funds only in accordance with the preceding paragraph. For this purpose, the weighted exposure amounts do not include those calculated for the 1 250 % weighted securitisation positions in accordance with Title V of the Order of 20 February 2007. "
The following Article 5a is added to Regulation No 90-02 above:
" The deductions referred to in Articles 6, 6 bis And 6 c below shall be made for 50 % of their amounts on the basic own funds and 50 % of their amounts on the supplementary own funds after taking into account the limits provided for in Article 5. To the extent that half of the total of the items referred to in Articles 6, 6a and 6c exceeds the total of the additional own funds, that excess shall be deducted from the total of the basic own funds.
By way of derogation from the preceding paragraph and to the December 31, 2012, taxable institutions may make the deductions referred to in item 6 of Article 6 on the whole of own funds where equity, subordinated debt or any other component of own funds have been Acquired before 1 January 2007. "
The following Article 5 ter is added to Regulation No 90-02 above:
" I. For the purposes of Title VII of The decree of 20 February 2007, the own funds shall be constituted by the basic and complementary own funds remaining available after coverage of the requirements due to credit risk and operational risk in accordance with the 20 February 2007, to which the additional own funds defined in III below are added.
For the purposes of determining the basic and complementary own funds remaining available, the deductions prescribed in Article 6 ter shall be charged by Priority for complementary own funds.
II. -The additional own funds remaining available after cover of the requirements due to credit risk and operational risk in accordance with the 20 February 2007 decree and the additional own funds defined in III below Shall not exceed 250 % of the residual basic own funds in order to comply with the requirements referred to in Articles 292-1 to 292-3 of the Order of 20 February 2007.
The limit of 250 % of the residual own funds referred to in the preceding paragraph shall be Lowered to 200 % where the taxable establishment is an investment firm (Regulation No 97-04 of 21 February 1997
. -The supplementary own funds include:
(a) The intermediate benefits derived from the negotiation portfolio determined according to the evaluation rules laid down in Title VII of the decree of 20 February 2007, net of all charges Foreseeable and reduced dividends, if any, from the net losses of their activities which are not related to their negotiating portfolio, provided that none of these amounts have already been taken into account in the calculation of the funds for the Title of this Regulation;
(b) subordinated loans of an initial duration greater than or equal to two years, which meet the following conditions:
-these borrowings must be paid in full and the loan agreement shall not contain any Provision that the debt may be repaid in advance of the agreed maturity, unless otherwise agreed by the General Secretariat of the Banking Commission; and
-neither the principal nor the interest of such subordinated loans shall be refunded or paid if Reimbursement or payment implies that the institution's own funds cease to comply with the overall requirement laid down in Article 2 of the decree of 20 February 2007.
Subject establishments must notify the General Secretariat of The Banking Commission all repayments on subordinated loans as soon as their own funds become less than 120 % of the overall requirement.
The portion of subordinated debt that is no longer included in own funds The progressive reduction prescribed in section 4 (d) of this Regulation may be included in the elements referred to in this paragraph, provided that the above requirements are met.
IV. -The sum of the own funds within the meaning of Article 1 of this Regulation used to cover the requirements arising from credit risk and operational risk in accordance with the decree of 20 February 2007, and of the own funds defined in the The first three paragraphs of this Article constitute the overall own funds of the institution. "
The first sentence of Article 6-I of Regulation No 90-02 is replaced by the following:" The Interests, subordinated claims taking one of the forms referred to in points c and d of Article 4 and III (b) of Article 5b of this Regulation, and any other component of own funds on establishments referred to in points (i) to (iii) the f of Article 1 of Regulation No 2000-03 of 6 September 2000 shall be deducted under the following conditions: '
The expression ' And any other component of own funds " Is added after the expression: " Subordinated debt " The first and second indents of Article 6-I and the first paragraph of Article 6-II.
The expression: The sum of the elements referred to in Articles 2 to 4, which shall be calculated taking into account the limits laid down in Article 5 ', at the end of the First paragraph of Article 6-II, is repealed.
Article 6a of Regulation No 90-02 is replaced by The following Article 6a:
" For the purposes of the application of the decree of 20 February 2007, taxable establishments shall deduce the securitisation positions weighted to 1 250 % in accordance with Title V of the said order when these headings are not included In the calculation of the weighted exposure amounts. "
In the first paragraph of Article 6ter, the expression:" Off-balance sheet commitments " Is replaced by the expression: " Off-balance-sheet commitments ".
In Article 6-IV, subparagraph (a), the expression" Referred to in Annex VIII to Regulation No 95-02 as amended of 21 July 1995 on prudential supervision of market risks' Is replaced by the expression: " Referred to in Annex I to this Regulation '.
The following Annex I is added to Regulation No 90-02 referred to:
' List of recognised assessment bodies and minimum accepted rating categories referred to in item IV of Article 6 Ter:
You can view the table in OJ
n ° 51, 01/03/2007 text number 13
The following Article 6 c is added to Regulation No 90-02 referred to:
" For the purposes of the February 20, 2007 Order, institutions subject to the internal credit risk rating approaches Deduct the following:
-the negative amounts resulting from the difference between the sum of the value adjustments and the collective impairments relating to the affected exposures and the expected losses calculated in accordance with Article 68 of the said Order;
-the amounts of the expected losses calculated in accordance with Article 67-1 of the said order for exposures on shares whose weighted amounts are calculated according to the simple weighting method '.
In the first paragraph of Article 7 of Regulation No 90-02 referred to above, " "C" Is added to the end of expression " Referred to in Articles 1 to 6 ".
At the end of Article 7 of Regulation No 90-02 the following paragraph shall be added:
' By way of derogation from paragraphs 2 and following of this Article and until 31 December 2012, the institutions shall Subject to a supplementary capital adequacy requirement may make the deductions referred to in II of Article 6 on the totality of equity where interest, subordinated debt or any other Component of own funds was acquired before December 31, 2006. This provision shall enter into force on 31 December 2006. Article
of Regulation No 90-02 repealed by Regulation No 94-03 of 8 December 1994 is replaced by the following Article 8: ' The provisions of Articles 4 e, 6 bis and 6c shall apply only in the context of the 20 February 2007 ".
The following paragraph is inserted after the second paragraph of Article 14 of Regulation No 90-02:
" The Banking Commission may also, where circumstances warrant, grant a time limit to an establishment The taxable person whose own funds have become less than the amount referred to in Article 1 for the taxable establishment to regularise its situation or cease its activities.
A of Article 5-3 of Regulation No. 90-15 referred to above, the expression: " Annex 3 to Regulation No 91-05 of 15 February 1991 on the solvency ratio ' Is replaced by The expression: " Title VI of the decree of 20 February 2007 on capital requirements applicable to credit institutions and investment firms'
At the end of Article 1 of Regulation No 91-05 referred to above, the paragraph Added: " This Regulation shall apply only in the conditions referred to in Title X of the Order of 20 February 2007 on capital requirements applicable to credit institutions and investment undertakings and In Article 14 of the Regulation of the Committee on Banking and Financial Regulation n ° 2002-13 on electronic money and electronic money institutions'.
In the eleventh indent of Article 2 of Regulation 91-05 referred to above, the expression " Or subconsolidated " Is added after the expression " Taxable establishments that are subject to Prudential supervision on a consolidated basis'.
In the third indent of Article 11 of Regulation 92-12 referred to above, the expression ' No. 91-05 dated February 15, 1991 Amended solvency ratio " Is replaced by the expression " Decision of 20 February 2007 on capital requirements for credit institutions and investment firms'.
Article 1 (1.2) of the Regulation No 93-05 is repealed.
Article 1 (1.4) of Regulation No 93-05 is replaced by the following Article 1 (1.4
: This Regulation shall also apply, under the conditions laid down in Chapter VI of the 20 February 2007 on capital requirements applicable to credit institutions and investment firms, to investment firms referred to in Article L. 531-4 of the monetary and financial code other than companies Portfolio management referred to in Article L. 532-9 of the same code and other than investment firms that hold neither fund nor customer-owned securities that exclusively provide the investment service referred to in the article L. 321-1.1 of the same code. '
The first sentence of the second paragraph of Article 2 of Regulation No 93-05 is replaced by the following: ' Except as otherwise provided in this Regulation, the definitions referred to in Title I of the Order of 20 February 2007 shall apply to this Regulation. '
The first sentence of the third paragraph of Article 2 of Regulation No 93-05 is replaced by the following: ' For the purposes of this Regulation, a risk is defined as an asset or an off-balance-sheet item Annex II to the decree of 20 February 2007 where these elements are subject to the risk of failure of a counterparty. '
The second, third, fourth and fifth indents of Article 4.1 of Regulation No 93-05 are repealed and Replaced with the following dashes:
" -claims and non-balance sheet items on central or central banks for which a weighting of 0 % applies in accordance with the provisions referred to in Title II of the 20 February 2007;
-claims and off-balance-sheet items on international organisations or multilateral development banks for which a weighting of 0 % applies in accordance with the provisions referred to in Title II of the 20 February 2007;
-claims on regional or local authorities and public sector entities for which a weighting of 0 % applies in accordance with the provisions referred to in Title II of the Order of 20 February 2007;
- Interests held in entities in the insurance sector within the meaning of Article L. 517-2-I of the said code up to a maximum of 40 % of the equity of the credit institution holding the interest. '
In the last indent of Article 4 (1) of Regulation No 93-05 referred to above, the expression ' Low-risk balance sheet items referred to in Annex II to Regulation No 91-05 referred to above ' Is replaced by the expression: " Low risk off-balance-sheet items Referred to in Annex I to the Order of 20 February 2007 '.
The second indent of Article 4.2 of Regulation No 93-05 referred to above Is replaced by the following dash:
" -claims on regional or local authorities and public sector entities in the Member States for which a weighting of 20 % applies in accordance with the provisions referred to in Title II of The Order of 20 February 2007 '.
The first three indents of Article 4.3 of Regulation No 93-05 are replaced With the following provisions:
" -real estate loans made for the acquisition or development of a dwelling that is or will be occupied or leased by the borrower, secured by a first mortgage or a security of effect The decrease in the amount of the claims resulting from the application of the weighting cannot, however, exceed 50 % of the venal value of the property or the likely amount that would result from the introduction of the mortgage;
-contracts of Rental-financing and financial leasing in respect of immovable property under the conditions set out in Article 21 of the Order of 20 February 2007;
-non-balance sheet items of moderate risk referred to in Annex I to the Order of 20 February 2007. "
In Article 4.4 of Regulation No 93-05 the first sentence of the second indent is replaced by the provisions " All accounts receivable, all capital leases and financial leases and all off-balance sheet items not cited above. '
Article 4.6 of Regulation No 93-05 is replaced by: ' For the purposes of this Article, financial leasing contracts shall, by way of derogation from the rules applicable to their accounting assessment, be taken into account in respect of Outstanding amounts determined on the basis of the so-called financial accounting. '
Article 4.7 of Regulation No 93-05 is replaced by ' Where a financing lease or a financial leasing contract is established with a counterparty that is likely to be affected, under Article 4.1, 4.2 or 7 of these Regulations, a weight less than that referred to in section 4.3 or section 4.4, only the consideration for the consideration is applied. '
In the last indent of Article 4.2, in the first paragraph of Article 4.5 and in Article 7 of Regulation No 93-05 referred to above, the expression ' Off-balance sheet items " Is replaced by the expression: " Off-balance sheet items ".
The first sentence of the second paragraph of Article 4.5 of Regulation No 93-05 is replaced by the following sentence: " The risks referred to in Annex II to the Order of 20 February 2007 shall be calculated in accordance with one of the methods described in Title VI of that Order. '.
The first indent of Article 5.1 of Regulation No 93-05 is replaced by the following:
" -securities issued by central governments or central banks, for which a weighting of 0 % Shall apply in accordance with the provisions referred to in Title II of the Order of 20 February 2007;
" -securities issued by international organisations or multilateral development banks for which a weighting of 0 % applies In accordance with the provisions referred to in Title II of the Order of 20 February 2007;
" -securities issued by regional or local governments and public sector entities for which a weighting of 0 % applies in accordance with Provisions referred to in Title II of the Order of 20 February 2007. "
The following provisions are added at the end of the second indent:" Also included are cash received in exchange for securities linked to a credit linked notes (CLN) issued by the seller of Protection, as well as loans and deposits with the establishment of the same counterparty which are the subject of balance sheet compensation in accordance with the provisions of Chapter 4 of Title IV of the aforementioned decree ".
The second paragraph of Article 6 of Regulation No 93-05 is replaced by the following:
" Third party, you need to Hear:
-the central administrations or central banks of the states, for which a weighting of 0 % applies in accordance with the provisions referred to in Title II of the decree of 20 February 2007;
-the organisations International or multilateral development banks for which a weighting of 0 % applies in accordance with the provisions referred to in Title II of the Decree of 20 February 2007;
-regional or local administrations and Public sector entities in the Member States for which a weighting of 20 % applies in accordance with the provisions referred to in Title II of the Decree of 20 February 2007;
-credit institutions. "
The following paragraph is added after the first paragraph of Article 12 of Regulation No 93-05 mentioned above:" The Establishments address the risks associated with the use of risk reduction techniques referred to in Articles 5 and 6 under the conditions laid down in Regulation 97-02 ".
Article 13 is repealed
At the end of Article 1 of Regulation 95-02 above, the following paragraph is added: " This Regulation shall apply Only in the conditions referred to in Title X of the Order of 20 February 2007 on capital requirements applicable to credit institutions and investment undertakings and Article 14 of the Rules of Procedure of the Committee of Banking and financial regulation n ° 2002-13 on electronic money and electronic money institutions ".
In the third paragraph of Article 1 of Regulation 95-02 referred to above, the expression " Or subconsolidated " Is added after the expression: " Those institutions subject to IFRS are those that are subject to IFRS Prudential supervision on a consolidated basis ".
Articles 5 to 8 of the aforementioned Regulation 96-15 are repealed
Article 4 (f) of the Regulation No 97-02 referred to above, the expression ' In Article 2.2 and Annexes II to V-2 of Regulation No 95-02 referred to above ' Is replaced by the expression: " Articles 292-1 and 292-2 of the decree of 20 February 2007 on capital requirements Applicable to credit institutions and investment firms and to Chapters 3, 4, 5 and 8 of Title VII of the said Decree ".
In Article 4 (j) of Regulation No 97-02 above, the following expression is added at the end of the Phrase: " Including events of low probability of occurrence but at high risk of loss ".
The following subparagraphs are added to Article 4 of Regulation 97-02 above:
" (s) Risk of concentration: risk, direct or Indirect, resulting from the granting of credits to the same counterparty, to counterparties regarded as the same beneficiary within the meaning of Article 3 of Regulation No 93-05, to counterparties operating in the same economic sector or area Or the application of credit risk reduction techniques, in particular of security rights issued by the same issuer.
(t) Residual risk: the risk that the techniques of Reduction of the credit risk recognised for the implementation of the 20 February 2007 decree had less than expected effectiveness. "
At the end of Article 11.3 of Regulation 97-02 referred to above, the following paragraph is added:" In this context, the body The Executive defines procedures to ensure segregation of duties and to prevent conflicts of interest. "
The following Article 17a is added to Regulation 97-02 above:
" Subject companies must Have reliable, effective and comprehensive systems and procedures for the ongoing evaluation and maintenance of the amounts, types and distribution of internal capital as they deem appropriate given the nature and level of risk
These systems and procedures must be subject to regular internal control, to ensure that they remain comprehensive and proportionate to the nature, size and complexity of their Activities. "
Article 18 (c) of Regulation No 97-02 is replaced by the following paragraph c:" To apprehend and Control the risk of concentration using documented procedures; "
The following subparagraphs (d) and (e) are added to Article 18 of Regulation 97-02 above:
" (d) To apprehend and control residual risk through procedures Documented;
e) To verify the adequacy of the diversification of commitments to their credit policy. ".
The following Article 24a is added to Regulation 97-02 above:
" When the subject companies are Originators or sponsors in the framework of arrangements or securitisation transactions, the risks associated with these assemblies or operations must be assessed and dealt with in the framework of appropriate procedures, in particular to ensure that their substance Economic is fully taken into account in risk assessment and management decisions. "
A of Article 25 of Regulation No 97-02 referred to above, the expression" In Article 5 of Regulation No 95-02 above " Is replaced by the expression: " Articles 298 to 303 of the decree of 20 February 2007 ".
In subparagraph (b) of the said article, the expression" In Article 7 of Regulation No 95-02 referred to above ' Is replaced by the expression: " In Article 294 of the Order On 20 February 2007 '.
At the end of Article 30 of Regulation No 97-02 referred to above, the following paragraph shall be added: ' The Subject companies must be able to communicate to the Banking Commission the impact on their own funds of a sudden and unexpected change in interest rates relative to their non-bargaining activities on the basis of Assumptions determined by the Banking Commission. "
At the beginning of Article 31 of Regulation 97-02 referred to above, the following paragraph is added:" The Companies Require policies and procedures to measure and manage their liquidity risk on a permanent and prospective basis. Different scenarios should be considered. Assumptions underlying the management of this risk must be reviewed on a regular basis. Contingency plans to deal with any liquidity crisis must be put in place. "
In the first paragraph of Article 32-1 of Regulation No 97-02 referred to above, the expression" The economic environment According to the business cycle " Is added after the expression: " Market environment ".
First Paragraph of Article 43 of Regulation No 97-02 referred to above, the expression ' And the financial companies monitored on a consolidated basis " Is added after the expression: " Enterprises subject to ".
In the second paragraph of Article 43 Of Regulation 97-02 referred to above, the expression ' And the financial companies " Is added after expressions: " Enterprises subject to ".
The following paragraph shall be added before the last paragraph of Article 43 of Regulation 97-02 above:
" This report also includes:
a) An appendix describing assumptions and principles As well as the results of crisis simulations conducted by companies subject to Articles 116 and 349 of the decree of 20 February 2007;
b) An annex specifying the methods implemented, including Crisis simulations, in order to understand the risks associated with the use of credit risk reduction techniques recognised for the application of the decree of 20 February 2007, in particular the risk of concentration and the residual risk.
Article 1 of Regulation 97-04 is repealed and replaced by the following Article 1:" The investment firms referred to in Article L. 531-4 Of the monetary and financial code, other than the holding management companies referred to in Article L. 532-9 of the same code and other than investment undertakings which hold neither fund nor customer-owned securities, and which Provide exclusively the investment service referred to in Article L. 321-1.1 of the same code, shall continue to hold own funds defined in accordance with Article 5b of Regulation No 90-02 of an amount at least equal to the total of the positions Customers divided by 150. Total customer positions incorporates regulated market positions of financial instruments and over-the-counter positions, as well as, for other positions:
-cash account balances and cash position balances Discovered on behalf of customers whose retention is effective with the enterprise;
-in the case of other customers, the sum of the buyer and seller positions, plus the debit balance of the settlement accounts or decreased from the Credit balance of settlement accounts. '
In the first paragraph of Article 5 of Regulation No 97-04 referred to above, the expression ' As defined in the amended Regulation 95-02 " Is replaced by: " As defined in Regulation No 90-02 referred to ".
The expression: " And other than investment firms that hold neither fund nor customer-owned securities And which supply exclusively the investment service referred to in Article L. 321-1.1 of the same Code " Is added:
-under Regulation 98-04 above, after the expression: " Portfolio management companies " ;
-in item 1 of the Regulation No 98-04, after the expression: " Other than the holding companies referred to in Article L. 532-9 of the same code ".
In the first paragraph of point 2.2.1 of the Annex to the Regulation No 99-06 referred to above, the expression ' To 9 % of the total denominator provided for in Article 4 of Regulation No 91-05 referred to above or, where appropriate, to 112.5 % of the overall capital requirement laid down in Regulation No 95-02 ' Is replaced by The expression: " To 112.5 % of the overall capital requirement determined in accordance with Article 2-1 of the decree of 20 February 2007 on capital requirements applicable to credit institutions and investment firms In
second paragraph of point 2.2.1 of the Annex to Regulation No 99-06 referred to above, the expression ' To 6 % of the total denominator provided for in Article 4 of Regulation No 91-05 referred to above or, where appropriate, 75 % of the overall capital requirement Provided for by Regulation No 95-02 ' Is replaced by the expression: " 75 % of the overall capital requirement determined in accordance with Article 2-1 of the Order of 20 February 2007 "
In Article 4 of Regulation No 99-07 referred to above, the expression " Regulations Nos 91-05 and 95-02 referred to above " Is replaced by the expression: " Of the Order of 20 February 2007 concerning the capital requirements applicable to Credit institutions and investment firms ".
In the first paragraph of point 2.2.1 of the Annex to Regulation No. 99-15 the expression: " 9 % of the total denominator Provided for in Article 4 of Regulation No 91-05 referred to above or, where appropriate, 112.5 % of the overall capital requirement laid down in Regulation No 95-02 ' Is replaced by the expression: " To 112.5 % of the total specified equity requirement In accordance with Article 2-1 of the decree of 20 February 2007 on capital requirements applicable to credit institutions and investment firms'.
In the second paragraph of point 2.2.1 of the Annex to Regulation No 99-15 above, the phrase: " To 6 % of the total denominator provided for in Article 4 of Regulation No 91-05 referred to above or, where appropriate, 75 % of the overall capital requirement laid down in Regulation No 95-02 ' Is replaced by the expression: " To 75 % of the overall capital requirement determined in accordance with Article 2-1 of the decree of 20 February 2007 ".
In the fourth paragraph of point 2.2.1 of the Annex to Regulation No 99-15 referred to above, the expression: When an adherent is not subject to compliance with the solvency ratio or to respect for capital adequacy, but is subject to the requirements The first indent of Article 1 of Regulation No 97-04 referred to above ' Is replaced by the expression: " When an adherent is subject to the capital requirement provided for in Article 3 (1) (b) of the Order of 20 February 2007. The expression: " That note is calculated by replacing the general capital requirement of Regulation No 95-02 referred to above by the capital requirement laid down in the first indent of Article 1 of the aforementioned Regulation ' Is replaced by the expression: " That note shall be calculated by replacing the global requirement of own funds determined in accordance with Article 2-1 of the Order of 20 February 2007 by the requirement of own funds provided for in Article 3 (1) (b) of the aforementioned Order. '
In the third paragraph of Article 4 of Regulation No 99-16 referred to above, the expression " Of Regulations Nos. 91-05 and 95-02 referred to above " Is replaced by the expression: " The decree of 20 February 2007 on capital requirements applicable to credit institutions and investment firms
In Article 1 of Regulation No 2000-03 referred to above, the expression ' And by the decree of 20 February 2007 on capital requirements applicable to credit institutions and investment firms' Is added at end of The paragraph a;
In the first indent of I-4 of the Annex to Regulation No 2000-03 referred to above, the expression ' And the Order of 20 February 2007 " Is added after the expression: " For businesses in the banking and services sector Regulation 91-05, 95-02, 97-04 ".
In Article 3.1 of Regulation No 2000-03 referred to above, the expression: ' And the Order of 20 February 2007 " Is added after the expression: " No. 95-02 ".
In the third paragraph of Article 2a, the expression " Of the first subparagraph " Before the expression: " Of Article 4 " Is deleted.
A Article 1 of Regulation No 2000-03 referred to above, the following two paragraphs shall be added at the end of subparagraph (d
: Mothers in the European Union are considered to be parent undertakings which are not subsidiaries of another Credit institution, investment company or financial company established in a Member State of the European Union or in another State Party to the European Economic
. Member companies that are not subsidiaries of another credit institution, investment firm or financial company established in the same Member State. "
The expression:" Or investment services referred to in Article L. 321-1 of the same code " Is added at the end of paragraph (iii) of paragraph f.
In Article 2 of Regulation 2000-03 above:
a) The expression: And other than investment firms that hold neither fund nor customer-owned securities that exclusively provide the service Investment referred to in Article L. 321-1.1 of the same Code " Is added after the expression: " Other than the holding companies referred to in Article L. 532-9 of the same Code " ;
b) The expression: " And the provisions relating to The assessment of the adequacy of the internal capital referred to in Article 17a of Regulation No 97-02 ' Is added after the expression: " Must be on a consolidated basis the management ratios ".
The following Article 3.6 is added to Regulation 2000-03 above:
" Where credit institutions approved in more than one Member State are to Parent undertakings several financial companies having their headquarters in different Member States and that each of these Member States welcomes at least one of these credit institutions, the supervision on a consolidated basis is carried out by the The competent authorities of the credit institution with the highest total balance sheet. "
The first paragraph of Article 4 of Regulation 2000-03 is repealed.
The following Article 4.1 is added :
" The credit institutions or investment firms included in the consolidation shall not be subject to compliance on an individual basis or, where appropriate, under-consolidated management ratios, as well as provisions relating to The assessment of the adequacy of the internal capital referred to in Article 17a of Regulation No 97-02, since:
(a) There are no significant obstacles to the transfer of own funds or the reimbursement of liabilities by the parent undertaking;
(b) The parent company declares to the Banking Commission that it guarantees the undertakings made by its subsidiary and that the subsidiary is subject to prudent management, unless the risks of the subsidiary are not significant;
c) Systems Risk assessment, measurement and control within the meaning of Regulation No 97-02 relating to the internal control of the parent undertaking covers the subsidiary;
d) The parent undertaking holds more than 50 % of the voting rights attached to the holding of shares Or has the right to appoint or revoke the majority of the members of the executive body, within the meaning of Article 4 (a) of Regulation No 97-02, of the subsidiary
Mother declares to the Banking Commission, with the undertaking referred to in b, the list of the subsidiaries concerned. Without prejudice to the provisions of Article 5, the Banking Commission may object to it when the conditions referred to in subparagraphs (a) to (d) above are not met.
The parent undertaking shall communicate to the Banking Commission any element May affect compliance with these conditions. Without prejudice to the provisions of Article 5, if it considers that these conditions are no longer complied with, the Banking Commission may at any time impose on all or some of the relevant institutions concerned to comply with the requirements referred to in Article 5. First paragraph on an individual basis or, where appropriate, sub-consolidated. "
The following article 4.2 is added:
" Parent companies are not subject to respect on an individual basis of management ratios as follows:
a) There are no significant obstacles to the transfer of own funds or to the Repayment of liabilities to the parent undertaking;
(b) The risk assessment, measurement and control systems within the meaning of Regulation No 97-02 relating to internal control, implemented on a consolidated basis, cover the parent undertaking concerned. "
The following item 4.3 is added:
" Art. 4.3. -When the objectives of prudential supervision justify it, the Banking Commission requires credit institutions and investment firms included in the consolidation with respect to management ratios, as well as Provisions relating to the assessment of the adequacy of the internal capital referred to in Article 17a of Regulation No 97-02, on a sub-consolidated basis where they themselves, or, where appropriate, their parent undertaking, if they are a financial company, A credit institution, a financial institution or a holding company, within the meaning of Article L. 532-9 of the Monetary and Financial Code, established in a third country. "
The second paragraph of Article 4 of Regulation No 2000-03 is added at the end of Article 4.3 above. The word: " However " At the beginning of the second paragraph of Article 4 shall be deleted.
Article 5 of Regulation No 2000-03 above, the phrase: " And the provisions on the assessment of the adequacy of the internal capital referred to in Article 17a of Regulation No 97-02 ' Is added after the expression: " The Banking Commission may also decide The management ratios'.
In Article 7 of Regulation No 2000-03 referred to above, the sentence: ' This assessment is carried out in accordance with the provisions on the securitisation of the decree of 20 February 2007. " Is added at the end of the second paragraph after the expression: " Transfers of the resulting risks ".
Article 10 of Regulation No 2002-13 referred to above: And the 20 February 2007 on capital requirements for credit institutions and investment firms " Is added after the expression: " And n ° 95-02 referred to ".
This Order will be published in the Official Journal of the French Republic
Done at Paris, February 20, 2007.
Thierry Breton
