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Summary
Community Regulation n ° 1606/2002 of 19 July 2002 on international accounting standards provides that companies making public use of savings will establish and publish their consolidated accounts in accounting standards International. The order of 20 December 2004, taken on the basis of the law of 9 December 2004 on the simplification of the law, adapted the provisions of the trade code concerning the accounting of commercial companies to the provisions of that regulation. This order, taken on the basis of the abovementioned enabling legislation (4 ° of Article 28 and Article 91), amends the law applicable to undertakings governed by the Insurance Code and the Monetary and Financial Code and comprises four Articles.AMENDMENT INSURANCE CODE: Articles L. 310-14 and L. 345-2AMENDMENT MONETARY AND FINANCIAL CODE: L. 511-36, L. 735-1-1, L. 745-1-1, L. 755-1-1 and L. 765-1-1
Keywords
ECONOMY, SECTION 38, ESTABLISHMENT, ACCOUNT CONSOLIDATOR, BUSINESS, INSURANCE, CREDIT, COMMUNITY SETTLEMENT , INTERNATIONAL ACCOUNTING STANDARDS, CERTIFICATION, CONTROL, STATUS, REGULATORY COMMITTEE ACCOUNTANT, TITLE OF CREANCE, REGULATION, APPLICATION, OVERSEAS, ARRETE , ORDER
Legislative Folders
JORF n ° 175 of 29 July 2005 page 12356
text n ° 15
Order No. 2005-861 of 28 July 2005 on the establishment of Consolidated accounts for insurance companies and credit institutions NOR: ECOX0500085R ELI: https://www.legifrance.gouv.fr/eli/ordonnance/2005/7/28/ECOX0500085R/jo/texte
Alias: https://www.legifrance.gouv.fr/eli/ordonnance/2005/7/28/2005-861/jo/texte
The President of the Republic,
On the report of the Prime Minister and the Minister of Economy, Finance and Industry,
Given the Constitution, in particular Article 38;
In view of Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards;
Given the code of insurance;
Vu The code of commerce;
Given the monetary and financial code;
In view of Law No. 2004-1343 of 9 December 2004 on the simplification of the law, in particular the 4 ° of its Article 28 and Article 91;
In view of Order No. 2004-1382 of 20 December 2004 Adaptation of legislative provisions relating to the accounting of undertakings to Community provisions in the field of accounting regulation, in particular Article 7;
In the opinion of the Advisory Committee on Legislation and Financial regulation as of March 23, 2005;
In view of the opinion of the National Council Accounting as of March 24, 2005;
Seeing the Referral to the General Council of Mayotte dated June 14, 2005;
Seeing the Referral to New Caledonia as of June 17, 2005;
Seeing the Referral to the Assembly of Polynesia French as of 16 June 2005;
Seeing the referral to the territorial assembly of Wallis and Futuna Islands of 20 June 2005;
The Council of State heard;
The Council of Ministers heard,
Ordonne:
Item 1
I. -The code of insurance is thus amended:
1 ° In the second paragraph of Article L. 310-14, the word: Also " Is deleted. In the same paragraph, after the words: " Request certification. ", insert the following sentence:" It may request the certification of reprocessing operations, in accordance with procedures laid down by regulation, for the calculation of the adjusted solvency margin of undertakings applying the international accounting standards adopted by regulation The European Commission. "
2 ° The first sentence of the first subparagraph of Article L. 345-2 is replaced by the following:
" Enterprises subject to the control of the State pursuant to Article L. 310-1 and having their registered office in France, the undertakings referred to in Article L. 310-1-1, the insurance group companies defined in Article L. 322-1-2 and the undertakings referred to in Article L. 310-1-1. Joint holding financial companies as defined in Article L. 334-2 of Article L. 334-2 shall establish and publish consolidated or combined accounts in accordance with the rules laid down by Regulation of the Accounting Regulation Committee. However, they are exempt from complying with these rules when they use the international accounting standards adopted by regulation of the European Commission. "
II. -Where only their debt securities are admitted to negotiations on a regulated market, the mutual insurance companies referred to in Article L. 322-2-1 of the Insurance Code may not establish and publish their consolidated accounts according to the International accounting standards adopted by regulation of the European Commission as from the first financial year beginning on 1 January
. -Where only their credentials are admitted to negotiations on a regulated market, the bodies on which the obligation to establish and publish combined accounts under the last paragraph of Article L. 345-2 of the Code of Insurance may use the international accounting standards adopted by regulation of the European Commission only from the first financial year beginning on 1 January 2007. Item 2
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I. -Article L. 511-36 of the Monetary and Financial Code is replaced by the following:
" Art. L. 511-36. -When establishing their accounts in a consolidated form, the credit institutions shall do so in accordance with the rules laid down by the Rules of Procedure of the Accounting Committee taken after the opinion of the Advisory Committee on Legislation and Financial regulation. However, they are exempt from complying with these rules when they use the international accounting standards adopted by the European Commission Regulation. "
II. -Where only their credentials are admitted to negotiations on a regulated market, credit institutions which do not fall within the scope of Article 7 of the aforementioned order of 20 December 2004 may not establish and Publish their consolidated accounts in accordance with international accounting standards adopted by regulation of the European Commission only from the first financial year beginning on 1 January 2007.
Item 3
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I. -The provisions of Article L. 511-36 of the Monetary and Financial Code are, subject to the adaptation provided for in II of this Article, applicable to Mayotte, French Polynesia, New Caledonia and the Wallis and Futuna Islands In their article 2.
II. -In Articles L. 735-1-1, L. 745-1-1, L. 755-1-1 and L. 765-1-1 of the Monetary and Financial Code, a paragraph so worded is added:
" In Article L. 511-36, the words: "regulation of the European Commission are replaced by the words:" decree of the Minister responsible for the economy. "
Article 4
The Prime Minister, the Minister of Economy, Finance and Industry, and the Minister for Overseas Responsible for the application of this Order, each of which will be published in the Official Journal of the French Republic.
Done at Paris, July 28, 2005.
Jacques Chirac
By the President of the Republic:
Prime Minister,
Dominique de Villepin
Minister of Economy,
Finance and Industry,
Thierry Breton
The Minister for Overseas,
François
Baroin
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