Key Benefits:
Prime Minister,
On the report of the Minister of Economy, Finance and Industry,
In view of the trade code, including articles L. 225-218 to L. 225-242 and L. 232-1 to L. 232-8;
In view of the monetary and financial code, in particular Articles L. 511-38 and L. 613-13;
In light of Decree No. 67-236 of 23 March 1967, as amended on commercial companies;
In the light of Decree No. 69-810 of 12 August 1969 amending the rules on public administration relating to the organisation of the profession and the professional status of the members of the auditors of companies;
In light of Decree No. 84-709 of 24 July 1984, as amended Law No. 84-46 of 24 January 1984 on the activity and control of credit institutions,
Describes:
Article 27 of Title IV of the decree of 24 July 1984 referred to above, the words: Credit institutions and investment firms " Are replaced by the words: " Credit institutions, companies Investment and financial companies ".
At the end of the above Article, a paragraph shall be added as follows:
" The provisions of this Title shall apply to the financial companies subject to the supervision of the Banking Commission Having their registered office in a State Party to the Agreement on the European Economic Area, for those responsible for the statutory audit of the consolidated accounts and taking into account the applicable foreign law. "
Article 28 of the same decree, the word: " Agency " Is replaced by the word: " Branch " And the words: " Credit institutions and investment firms having their registered office abroad " Are Replaced with the words: " Credit institutions not having their registered office in a State Party to the Agreement on the European Economic Area ".
Section 29 of the Order is replaced by the following:
" Art. 29. - Any credit institution, financial company or investment company subject to the supervision of the Banking Commission shall make known to the Banking Commission the names of the auditors it proposes to designate
When informing the Banking Commission of its intention to designate as auditors a company of auditors established and registered in accordance with the rules laid down in Article L. 225-218 of the Commercial Code, the establishment of Credit, the investment firm or the financial company shall specify the name of the associated accounting officer, shareholder or officer, responsible for the mission on behalf of that company. It shall inform the Banking Commission of any subsequent changes to this situation.
The Banking Commission shall have a period of two months to make known to the credit institution, the investment firm or the financial company, Its opinion on the proposal for the appointment of the External Auditor. In the absence of a reply from the Banking Commission within the prescribed period, its opinion shall be deemed favourable.
If the Banking Commission considers it necessary, it may request additional information by registered letter with a request for an opinion from the Commission. Receipt addressed to either the institution, the investment firm or the financial company concerned or to the proposed auditor. In the latter case, it shall inform the credit institution, the investment firm or the financial company concerned and fix in its request for further information a response period, which may not be less than one month. The period laid down in the preceding paragraph shall then be suspended until further information is received.
The Banking Commission may also take into account in its assessment the information relating to the Commissioner of the proposed accounts Or, where appropriate, to the person in charge of the mission, which is forwarded to it by the Securities and Exchange Commission pursuant to Article L. 631-1 of the Monetary and Financial
. May be taken only after the proposed auditor has been invited to make known his or her comments. It shall be notified by registered letter with the request for notification of receipt to the credit institution, the investment firm or the financial company concerned and to the proposed auditor. A copy of this notification shall be sent to the regional company of which the auditor is a member.
The officers of the credit institution, the investment firm or the financial company shall communicate the notice of the Banking Commission to the appropriate body to designate the auditors. "
Section 30 of the Order is replaced by the following:
" Art. 30. - The adverse or qualified opinion is justified. In particular, it may be based on the fact that the Commissioner of the proposed accounts does not present all the necessary guarantees of experience, competence or independence required for the performance of his duties in the light of the person responsible for the The nature and characteristics of the activity of the credit institution, the investment firm or the financial company concerned. "
Section 31 of the Order is replaced by the following:
" Art. 31. - The provisions of Articles 27 to 30 of this Decree shall apply to the appointment and renewal of the members of the Board of Auditors as well as of the alternates. "
Section 32 of the Order is replaced by the following:
" Art. 32. - When the Banking Commission intends to proceed, pursuant to Article L. 511-38, paragraph 1, of the Monetary and Financial Code, to the designation of an additional auditor in a credit institution, a company Of an investment or a financial company, it shall inform the officers and the Commissioners of the accounts in functions by registered letter with a request for notification of receipt. The Banking Commission shall, within a time limit of not less than one month before deciding on the appointment of a Commissioner of the accounts, put the officers and the auditors in a position to submit their written observations. Additional. "
A new section 38-1 is inserted in the same order:
" Art. 38-1. -The agreements concluded by the Banking Commission pursuant to Article L. 613-13 of the Monetary and Financial Code with authorities responsible for a mission similar to that entrusted to the Banking Commission in France are published in the Journal Official. "
The Minister of Economy, Finance and Industry is responsible for the execution of this Decree, which will be published in the Official Journal of the French Republic.
Done at Paris, February 28, 2002.
Lionel Jospin
By the Prime Minister:
The Minister of Economy,
Finance and Industry,
Laurent Fabius
