Key Benefits:
Publics concerned: credit institutions, investment companies, financing companies and any entity that may apply for approval as a credit institution, investment company or financing company.
Subject: conditions of access to banking and financial activities and exercise of these activities.
Commencement: This Order comes into force on 1 January 2014.
Notice: The purpose of this Order is to adapt various regulations of the Banking and Financial Regulation Committee on access to banking and financial activities and their exercise in order to: (i) transpose Directive 2013/36/EU of 26 June 2013 on access to the activity of credit institutions and investment companies (CRD IV); (ii) take into account the new status of funding corporation created by theOrder No. 2013-544 of 27 June 2013 relating to credit institutions and financing companies.
References: the provisions of this Order are available on the website Légifrance (http://www.legifrance.gouv.fr).
Minister of Economy and Finance,
Having regard to Regulation (EU) No. 575/2013 of the European Parliament and Council of 26 June 2013 concerning prudential requirements for credit institutions and investment companies and amending Regulation (EU) No. 648/2012 as well as corrigenda published in the Official Journal of the European Union of 2 August 2013 and 30 November 2013;
Considering Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and investment companies, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC;
Vu le monetary and financial codeincluding articles L. 511-12-1, L. 511-22 to 511-28, L. 611-1 and L. 611-3 fromOrder No. 2013-544 of 27 June 2013 relating to credit institutions and financing companies;
Considering the amended decision of 5 September 2007 on activities other than investment services and related services that may be carried out by investment companies other than portfolio management companies;
Having regard to the Regulation of the Committee on Banking Regulation No. 86-21 of 24 November 1986 amended on non-bank activities;
Having regard to the regulation of the amended Banking Regulation Committee No. 90-06 of 20 June 1990 relating to the participation of credit institutions in the capital of enterprises;
Having regard to the regulation of the Committee on Banking Regulation No. 92-12 of 23 December 1992 amended on the provision of foreign banking services by credit institutions and financial institutions with their head office in France;
Having regard to the Regulation of the Committee on Banking Regulation No. 92-13 of 23 December 1992 amended on the provision of banking services in France by credit institutions and financial institutions having their headquarters in the other Member States of the European Communities;
Having regard to the Regulation of the Committee on Banking Regulation No. 92-14 of 23 December 1992 as amended relating to the minimum capital of credit institutions;
Having regard to the regulation of the amended Banking and Financial Regulation Committee No. 96-15 of 20 December 1996 relating to the minimum capital of investment service providers;
Having regard to the amended Regulation of the Banking and Financial Regulation Committee No. 96-16 of 20 December 1996 relating to changes in the situation of credit institutions and investment companies other than portfolio management companies;
In light of the Advisory Committee on Financial Legislation and Regulations dated 11 December 2013,
Stop it!
The above-mentioned Regulation of the Banking Regulation Committee No. 86-21 of 24 November 1986 is amended as follows:
1° Article 1:
(a) The words: "No 85-16 referred to above" are replaced by the words: "From the Banking Regulation Committee No. 90-06 of 20 June 1990";
(b) A second preambular paragraph was added:
"The financing companies referred to in II of Article L. 511-1 of the Monetary and Financial Code may, under the conditions set out in these Regulations, normally carry out activities other than credit transactions defined in Article L. 313-1 of this Code, transactions related to their activity referred to in Article L. 311-2 of that Code or take-offs in the capital of enterprises, held under the conditions laid down in Article L. 511-2 of the same Code and by the regulation of the Banking Regulation Committee No. »
2° Article 2:
(a) In the first paragraph, after the words: "A credit institution", the words "or a financing company" are inserted;
(b) In the fifth paragraph, after the words: "bank operations" are added the words: "for which it is approved";
(c) In the sixth preambular paragraph, after the words "of the establishment", the words "of credit or of the financing company" are inserted and the words "of depositors" are replaced by the words "of the clientele";
(d) In the seventh paragraph, after the words: "The establishment", the words "credit or the financing company" are inserted;
3° Article 5 is reinstated as follows:
“Art. 5. - When, in accordance withArticle L. 515-1 of the Monetary and Financial Code, a financing company shall, respectively, have an approval of payment establishment, electronic currency establishment or investment company, not subject to the ceiling provided for in the first paragraph of Article 3:
1° Products from the provision of payment services defined in Article L. 314-1 and related services referred to in Article L. 522-2 of this Code;
2° Products from the issuance and management of electronic currency as defined in Article L. 315-1 and the services referred to in Article L. 526-2 of this code;
3° Products from the provision of investment services referred to in section L. 321-1 and related services referred to in section L. 321-2 of that code.
By derogation from the September 5, 2007 decision on activities other than investment services and related services that may be carried out by investment companies other than portfolio management companies, where a financing company has an investment enterprise approval, the annual amount of all products derived from the activities referred to in section 4 of this Order shall not exceed the 10 per cent cap of the net banking product provided for in this regulation. » ;
4° Section 6 is repealed.
The above-mentioned Regulation of the Banking Regulation Committee No. 92-12 of 23 December 1992 is amended as follows:
1° Article 1:
(a) In the first paragraph, the words: "European Communities" are replaced by the words: "European Union";
(b) At the penultimate paragraph, the words "of the first paragraph of this article" are deleted;
2° Article 2:
(a) In the first paragraph, after the words: "objected to 1°", the words "of this article" are inserted;
(b) The second paragraph is replaced by the following:
"It also transmits the amount and composition of the credit institution's own funds, the sum of the requirements of its own funds under Article 92 of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 and, where applicable, details on the deposit guarantee system that aims to ensure the protection of the depositors of the branch. » ;
3° Article 3 is repealed;
4° Article 4 is supplemented by a paragraph to read:
"When the proposed amendment relates to one of the information referred to in the 2nd to 4th of Article 1, the institution concerned shall also notify the competent authorities of the host Member State at least one month before its realization. » ;
5° In the last paragraph of Article 5, the words "is communicated to the Autorité de contrôle prudentiel et de résolution" are replaced by the words "it is communicated to it";
6° Section 6 is replaced by the following:
"A credit institution that begins or ceases to operate through branches in one or more States not members of the European Union, with the exception of the Principality of Monaco, informs the Autorité de contrôle prudentiel et de résolution. » ;
7° In Article 7, the words: "For the purposes of Article 23, paragraphs 2 to 7, of Directive 2000/12/EC of 20 March 2000 and in concern" are replaced by the word: "In order" and the words: "European Communities" are replaced by the words: "European Union";
8° Article 8:
(a) In the first paragraph, the words "Community" are replaced by the words "European Union";
(b) It is added a paragraph to read:
"This section applies equally to subsidiaries of any financial institution. » ;
9° Article 9:
(a) In the second paragraph, the words "in Article 2" are replaced by the words "in the first and third paragraphs of Article 2";
(b) It is added a paragraph to read:
"It also transmits the amount and composition of the financial institution's own funds and the total amounts of exposure to risk, calculated in accordance with Article 92, paragraphs 3 and 4, of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013, of the credit institution that is its parent company. » ;
10° In the first paragraph of Article 11, the words: "European Communities" are replaced by the words: "European Union";
11° The second paragraph of Article 12 bis is deleted.
The above-mentioned Regulation of the Banking Regulation Committee No. 92-13 of 23 December 1992 is amended as follows:
1° In the title of the Regulation, the words: "European Communities" are replaced by the words: "European Union";
2° Article 1:
(a) In the first paragraph, the words: "European Communities" are replaced by the words: "European Union";
(b) The fifth paragraph (4°) is replaced by the following:
"4° the amount and composition of the credit institution's own funds and the sum of the requirements of its own funds imposed under Article 92 of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013; » ;
(c) In the seventh paragraph, the words: Act No. 84-46 modified referred to above are replaced by the words: "from monetary and financial code » ;
3° In the first paragraph of Article 2, the words: "European Communities" are replaced by the words: "European Union";
4° Article 3:
(a) In the first paragraph, the words: "Communities" are replaced by the words: "European Union";
(b) The third paragraph is replaced by the following:
"for the creation of a branch, the information provided for in 1°, 2°, 3° and 5° of Article 1st, the amount and composition of the financial institution's own funds and the total amounts of exposure to risk, calculated in accordance with paragraphs 3 and 4 of Article 92 of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013, of the parent company's credit institution. » ;
(c) In the fourth paragraph, the words "second and third" are replaced by the words "seventh and eighth";
5° Article 4:
(a) In the first paragraph, after the words: "establishment", the words "credit or financial institution" are inserted;
(b) In the second paragraph, the words: "is immediately notified, in French, to it" are replaced by the words: "he is immediately notified, in French";
6° In Article 6, the words: "European Communities" are replaced by the words: "European Union" and the words: "the said law" are replaced by the words: "this code".
The above-mentioned Regulation of the Banking Regulation Committee No. 92-14 of 23 December 1992 is amended as follows:
1° In the title of the Regulation, the word "minimum" is replaced by the word "initial" and, after the words "credit institutions", are added the words "and financing companies";
2° Article 1:
(a) In the first paragraph, after the word "capital", the word "initial" is inserted;
(b) In the second paragraph (a):
― in the first sentence, after the words: "foresight", the words are inserted: "specialized credit institutions and" and the words: "below and specialized financial institutions" are deleted;
― in the second sentence, the words: "the aforementioned article" are replaced by the words: "Article R. 515-1 of the same code";
(c) In the third paragraph (b), after the words "funds", the word "refundable" and the words ", as well as financial companies other than those referred to in c and d below" are deleted;
(d) In the fourth paragraph (c), the words: ", financial companies whose approval is limited to the exercise of bond transactions, financial companies whose bank transactions are limited to the exercise of scriptural currency transactions in cash including a credit transaction" are deleted;
3° Section 2 is replaced by the following:
“Art. 2. - The financing companies mentioned in theArticle L. 511-1 of the monetary and financial code must have an initial released capital or an amount paid at least equal to:
(a) 2.2 million euros for financing companies other than those mentioned in b;
(b) 1.1 million euros for financing companies whose approval is limited to the exercise of bail. » ;
4° Articles 3 and 4 are repealed;
5° In Article 5, the words: "European Communities" are replaced by the words: "of the European Union or party to the agreement on the European Economic Area" and the word: "minimum" is replaced by the word: "initial";
6° In Article 6, the words: "European Communities" are replaced by the words: "of the European Union or party to the agreement on the European Economic Area" and the word: "minimum" is replaced by the word: "initial";
7° Section 7 is replaced by the following:
“Art. 7. - For the purposes of this Regulation, capital includes the elements mentioned in paragraph 1 (e) of Article 26 of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013. » ;
8° Section 7 bis is repealed.
The above-mentioned Regulation of the Banking and Financial Regulation Committee No. 96-15 of 20 December 1996 is amended as follows:
1° In the title of the regulation, in Article 1, in the first, second and third paragraphs of Article 2, in the first paragraph of Article 3, in the first paragraph of Article 3 bis and in Article 3 ter, the word "minimum" is replaced by the word "initial";
2° In article 3 bis, a paragraph is added as follows:
"For the purposes of this Article, the detention of non-market positions, within the meaning of 86 of Article 4, paragraph 1, of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013, relating to financial instruments for the purpose of investing equity is not considered to be a clean account in the provision of these services. » ;
3° Section 4 is replaced by the following:
“Art. 4. - For the purposes of this Regulation, capital includes the elements mentioned in paragraph 1 (e) of Article 26 of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013. »
The above-mentioned Regulation of the Banking and Financial Regulation Committee No. 96-16 of 20 December 1996 is amended as follows:
1° In the title of the regulation, after the words: "credit institutions" are inserted the words ", financing companies";
2° In article 1, after the words: "credit institutions" are inserted the words: ", financing companies";
3° Article 2:
(a) At the b of the 3rd of 2.2, the references: "2006/48/CE, 85/611/EEC, 92/49/EEC, 2002/83/EC or 2005/68/EC" are replaced by the words: "2004/39/EC, 2009/65/EC, 2009/138/EC, 2013/36/EU or Regulation (EU) No. 575/2013 of the European Parliament and the Council of 26 June 2013";
(b) At 4° of 2.2, the word "he" is replaced by the word "she";
(c) At the 5th of 2.2, the word "opposite" is replaced by the word "opposite";
(d) At 7° of 2.2:
in the first paragraph, the words: "the same credit institution or the same investment company" are replaced by the words: "the same subject business";
the second paragraph is deleted;
(e) In the first paragraph of 2.4, the words: "a subject business" are replaced by the words: "a credit institution or an investment company" and the word "this one" is replaced by the word: "this one";
4° In the first sentence of the first paragraph of Article 5, after the words: "credit institutions" are inserted the words: "or financing companies" and after the words: "resolution", are inserted the words: "identity, the amount of participation and";
5° In chapter I, article 6 is re-established as follows:
“Art. 6. - Subject companies shall inform the Autorité de contrôle prudentiel et de résolution, as soon as they are aware, of any operation concerning them referred to in 2.1. of section 2. » ;
6° In the fifth paragraph of Article 7, after the words: "a credit institution", the words "or a financing company" are inserted;
7° In the first paragraph of Article 9, the words: "effective direction determination" are replaced by the words: "effective direction";
8° The first paragraph of section 12 is replaced by the following provisions:
"Financial institutions within the meaning ofArticle L. 511-21 of the Monetary and Financial Code, with the exception of finance companies, payment institutions and electronic currency institutions, which have their head office in France and which directly or indirectly hold an effective control over one or more subject companies, must immediately declare to the Autorité de contrôle prudentiel et de résolution the modifications of their situation concerning :".
This Order comes into force on 1 January 2014.
The present order will be issued in the Official Journal of the French Republic.
Done on 23 December 2013.
Pierre Moscovici
