Key Benefits:
Publics concerned: savers, companies, small and medium-sized enterprises, medium-sized enterprises, credit institutions, Caisse des dépôts et consignations, Banque de France, Postal Bank, investment companies, insurance companies.
Purpose: development of the rules applicable to the Share Savings Plan (PEA) and implementation of the Share Savings Plan for the financing of small and medium-sized enterprises and intermediate-sized enterprises (PEA-PMEs).
Entry into force: the text comes into force on the day after its publication.
Notice: the Order sets out the terms and conditions for the implementation of the Share Savings Plan for the financing of small and medium-sized enterprises and medium-sized enterprises. It provides the rules for the terms and conditions for the plan to be opened, which will be identical to those applicable to the Share Savings Plan. It states that the thresholds set by the legislator for the eligibility of companies to the PEA-PME (less than 5,000 employees, on the one hand, annual turnover less than 1,500 million euros or total balance sheet less than 2,000 million euros, on the other hand) are valued on the basis of the accounts of the company issuing the securities concerned and, where applicable, of the companies with which it constitutes a group. These thresholds are valued on the date on which the securities are acquired or for the funds, on the date on which it makes its investments. The securities of companies that would cross these thresholds can therefore be maintained in the EAP-MEP, whether the investment is made live or through funds.
The Order amends the rules applicable to the Share Savings Plan to simplify the mentions that must be included in the contract and specify the reporting obligations that weigh on plan managers.
References: this decree is taken for the application of theArticle 70 of Act No. 2013-1278 of 29 December 2013 Finance for 2014.
The monetary and financial code Amended by this decree can be consulted, in its drafting, on the website Légifrance (http://www.legifrance.gouv.fr).
The Prime Minister,
On the report of the Minister of Economy and Finance,
Considering Commission Regulation (EC) No. 800/2008 of 6 August 2008 declaring certain categories of aid compatible with the common market pursuant to Articles 87 and 88 of the Treaty;
Vu le insurance codeincluding its article R. 321-1;
Vu le General Tax Codearticles 150-0 A, 150-0 D, 157, 200 A and 1765, and articles 91 quater G to 91 quater K of its annex II;
Vu le monetary and financial codeincluding articles L. 221-30 to L. 221-32-3;
Vu la Act No. 2013-1278 of 29 December 2013 for 2014, including its article 70;
Considering the advice of the Financial Legislation and Regulatory Advisory Committee dated 20 February 2014,
Decrete:
Article D. 221-109 of the monetary and financial code is amended as follows:
1° In the second paragraph, after the word "spouse", the words are inserted: "or partners bound by a civil pact of solidarity" and the amount: "132,000 euros" is replaced by the amount: "150,000 euros";
2° The third paragraph is replaced by the following:
“Articles L. 221-30 to L. 221-32 of this code and articles 150-0 A, 150-0 D, 157,200 A and 1765 the general tax code is mentioned in this contract. »
Section D. 221-112 of the same code is replaced by the following provisions:
"Art. D. 221-112.-The Bank of France collects statistical information relating to equity savings plans, as defined by an order of the Minister responsible for the economy, from the content of the account-conservatives, under the provisions of Article L. 141-7.
"This information is collected for the previous calendar year before the end of February of each year. They are communicated by the Bank of France to the Minister responsible for the economy before the end of April of the same year. »
After article R. 221-113 of the same code, a 6 bis section is inserted as follows:
“Section 6 bis
"The Share Savings Plan for Small Financing
and medium-sized enterprises and enterprises
"Art. D. 221-113-1. - The opening of a Share Savings Plan for the financing of small and medium-sized enterprises and medium-sized enterprises is subject to a written contract between the subscriber and one of the organizations mentioned in Article L. 221-32-1.
"This contract informs the subscriber that it can only be opened by a plan by taxpayer or by each of the spouses or partners bound by a civil solidarity pact subject to a common taxation and that the amount of payments on the plan is limited to 75,000 euros. It also indicates the consequences of non-compliance with one of these conditions.
“Articles L. 221-32-1 to L. 221-32-3 of this code and articles 150-0 A, 150-0 D, 157, 200 A and 1765 the general tax code is mentioned in the contract.
"The contract provides the conditions under which the licensee may obtain the transfer of its plan to another organization, including the costs incurred.
"Art. D. 221-113-2. - Operations authorized under the plan insurance code are the operations that fall within the activity branch of Article R. 321-1 of this code.
"Art. D. 221-113-3. - I. The opening date of the plan is the first payment.
“II. ― When the plan is opened to an organization other than an insurance company, the plan's management organization shall credit the cash account to the licensee's payments, the amount of cash products that are generated by the values on the associated securities account, the refunds and the amount of sales of those values. It shall debit the account the amount of subscriptions or acquisitions of the values in the associated securities account and the amount of cash withdrawals. Management fees may also be charged to the cash account. This account cannot present a debtor balance.
"III. ― When the plan is opened to an insurance company, the manager organization records in the plan the cash payments and purchases of the subscriber.
"Art. D. 221-113-4. - The Bank of France collects statistical information on equity savings plans, as defined by the decree of the Minister responsible for the economy, from account-conservatives, as part of the provisions of Article L. 141-7.
"This information is collected for the previous calendar year before the end of February of each year. They are communicated by the Bank of France to the Minister responsible for the economy before the end of April of the same year.
"Art. D. 221-113-5. - I. The number of employees, the turnover and the total balance sheet of the issuing company of the securities listed in the plan, referred to in 2 of Article L. 221-32-2, are valued under the conditions set out in Articles 1, 3, 5 and 6 of Schedule I to Regulation (EC) No 800/2008 of the Commission of 6 August 2008 declaring certain categories of assistance compatible with the common market pursuant to Articles 87 and 88
“II. ― Where the principal purpose of the securities issuing company is to hold participations in other companies, compliance with the conditions mentioned in I is appreciated at the level of that corporation and each of the companies in which it holds participations.
"III. ― The data used to determine the eligibility of the securities of the issuing company in the plan are those relating to the last accounting year, filed at the office of the commercial court or made public by an equivalent device, and which precedes the date of acquisition of the securities. They are calculated on an annual basis.
"IV. ― The holder of the plan requesting the registration of titles in the plan justifies their eligibility with the organization manager.
"Art. D. 221-113-6. - I. For the purposes of a, b and c of 3 of Article L. 221-32-2, the number of employees, the turnover and the balance sheet referred to in 2 of the same article shall be determined in accordance with Article D. 221-113-5.
"The data used to determine the eligibility of the plan are those relating to the last accounting year, filed at the office of the commercial court or made public by an equivalent device, which precedes the date of registration of the securities concerned to the assets of the collective investment agency. They are calculated on an annual basis.
“II. ― In order to allow holders of shares or shareholders of the collective investment organizations mentioned in the 3 of Article L. 221-32-2 to justify the eligibility of their investment in the plan, these organizations or, in the absence of a legal personality, their manager or their representative in respect of third parties, in a document intended for the information of the subscribers and to be produced in the Autorité des marchés financiers en vue de
"They also indicate in their annual or semi-annual reports, whose administration may request communication, the share of investment of their assets in securities referred to in the previous paragraph actually carried out under the year or semester concerned.
"III. ― Holders of shares or shareholders of collective investment organizations justify the eligibility of their investment by the production, upon request of the administration, of the document provided for in the first paragraph of the II.
"Art. D. 221-113-7. - The provisions of sections 91 quater G to 91 quater K of Schedule II to the General Tax Code are applicable to the Share Savings Plan for the financing of small and medium-sized enterprises and intermediate-sized enterprises. »
The Minister of Economy and Finance is responsible for the execution of this Order, which will be published in the Official Journal of the French Republic.
Done on March 4, 2014.
Jean-Marc Ayrault
By the Prime Minister:
Minister of Economy and Finance,
Pierre Moscovici
