Key Benefits:
Publics concerned: credit institutions.
Subject: adaptation monetary and financial code regulations to enable the implementation of the single monitoring mechanism (MSU) of credit institutions.
Entry into force: the text comes into force on the day after its publication.
Notice: theOrder No. 2014-1332 of 6 November 2014 bringing various provisions for adapting legislation to the single monitoring mechanism of credit institutions has carried out adaptations within the area of the law, necessary to enable the implementation of the European Regulation entrusting the European Central Bank (ECB) with specific missions related to the prudential surveillance policies of credit institutions. This decree complements, at the regulatory level, these adaptations.
References: the provisions of monetary and financial code Amended by this decree may be consulted, in their drafting, on the website Légifrance (http://www.legifrance.gouv.fr).
The Prime Minister,
On the report of the Minister of Finance and Public Accounts,
Having regard to Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 concerning prudential requirements for credit institutions and investment companies and amending Regulation (EU) No. 648/2012;
In view of Council Regulation (EU) No. 1024/2013 of 15 October 2013 entrusting the European Central Bank with specific missions relating to prudential supervision policies of credit institutions;
Vu le monetary and financial code ;
Vu le Decree No. 2014-1657 of 29 December 2014 taken for application ofArticle L. 511-45 of the Monetary and Financial Code ;
Having regard to the advisory committee on financial legislation and regulations dated 13 March 2015;
The State Council (Finance Section) heard,
Decrete:
Book V of the monetary and financial code is thus amended:
1° Article R. 511-2-1:
(a) I is replaced by the following:
"I.-The Autorité de contrôle prudentiel et de résolution or the European Central Bank, as the case may be, shall take action on a request for approval under Article L. 511-10 within six months of its receipt.
"When the request is incomplete, the European Central Bank or Authority shall, as the case may be, decide within six months of receiving all the necessary information. However, the total time allowed to the Authority or the European Central Bank, as the case may be, to make its decision may not exceed twelve months from the date of receipt of the original application. » ;
(b) In II, after the words: "the Authority" are added the words: "due control and resolution";
2° In the first paragraph of Article R. 511-3, the words: "In addition to the collective approval referred to in Article R. 515-1, the Autorité de contrôle prudentiel et de résolution may, for mutualist and cooperative networks," are replaced by the words: "For mutualist and cooperative networks, the European Central Bank may, on the proposal of the Autorité de contrôle prudentiel et de résolution et";
3° Article R. 511-3-1:
(a) The first paragraph of I is replaced by the following:
"Before issuing special conditions an authorization or transmitting to the European Central Bank a draft decision to issue an authorization to take part or take control or to grant approval to a credit institution that is:"
(b) In the last paragraph of I, the words: "by the Authority for prudential control and resolution" are replaced by the words: "by the European Central Bank or the Authority for prudential control and resolution, as appropriate";
(c) In the second sentence of the second sentence, the words: "The Autorité de contrôle prudentiel et de résolution" are replaced by the words: "the European Central Bank";
4° In R. 511-3-4, the words "can't oppose" are replaced by the words: "not transmits to the European Central Bank a proposal for an opposition decision";
5° Article R. 511-5 is repealed;
6° Section 7 of Chapter I of Title I, section R. 511-16-2, from Decree No. 2014-1657 of 29 December 2014, becomes article R. 511-16-4;
7° The second sentence of the first paragraph of Article R. 512-55 is supplemented by the words: "or the European Central Bank, as appropriate";
8° In the first paragraph of Article R. 512-55-1, after the words: "the Authority for prudential control and resolution" are inserted the words: "or the European Central Bank, as appropriate" and, after the words: "it is replaced", the words: "if applicable" are deleted;
9° Article R. 515-1 is repealed;
10° Article R. 532-17:
(a) In the first sentence of the first paragraph, the words: "investment service providers mentioned" are replaced by the words: "investment companies mentioned";
(b) In the second paragraph, the words "in article L. 532-20-1" are replaced by the words "in articles L. 532-20-1 and L. 532-21-3";
(c) It is added a paragraph to read:
"The Autorité de contrôle prudentiel et de résolution is the recipient of the notifications of free establishment and free provision of services of the credit institutions mentioned in articles L. 532-18 and L. 532-18-1. It immediately informs the Autorité des marchés financiers. » ;
11° Article R. 532-18 is repealed;
12° In article R. 532-20:
(a) In the first sentence of the first paragraph, the words: "All service providers" are replaced by the words: "Invest companies", the words: "and communities governed by Article 73 of the Constitution," are replaced by the words: "outre-mer departments, the Department of Mayotte and Saint-Martin," and the words: "the Community" are replaced by the words: "the Union"
(b) At the penultimate paragraph, the words: "The interested investment service provider" are replaced by the words: "The interested investment company";
(c) In the last paragraph, the words: "the interested provider" are replaced by the words: "the interested investment company";
13° Article R. 532-21:
(a) In the first sentence of the first paragraph, the words "of the service provider" are replaced by the words "of the company";
(b) The third sentence of the first paragraph is replaced by the following:
"She advises the Autorité des marchés financiers and the company concerned. » ;
(c) In the first sentence of the second paragraph, the words "service provider" are replaced by the words "business";
(d) In the third paragraph, the words: "When a service provider" are replaced by the words: "When a company", the words: "the Community" are replaced by the words: "the Union", the word "it" is replaced by the word ", it" and the words "accredited to" are replaced by the words: "accredited for";
(e) It is added a paragraph to read:
"If the investment company intends to use related agents, the Autorité de contrôle prudentiel et de résolution communicates, at the request of the competent authority of the host State and within a reasonable time, the identity of the related agents to which it intends to use in that State. » ;
14° In article R. 532-22:
(a) In the first paragraph, the words "as well as the provider concerned" are replaced by the words "as well as the company concerned";
(b) In the second paragraph, the word "he" is replaced by the word "she";
15° In the first paragraph of article R. 532-23:
(a) In the first sentence, the words: "the provider concerned" are replaced by the words: "the company concerned";
(b) In the second sentence, the word "He" is replaced by the word "She";
16° In paragraph 2 of chapter II, section 3, of title III, an article R. 532-23-1 is added as follows:
"Art. R. 532-23-1.- Credit institutions which, having their head office in the territory of Metropolitan France, overseas departments, the Department of Mayotte and Saint-Martin, wish to establish a branch in another Member State to provide investment services are subject to the procedure provided for in I of Article L. 511-23 for financial transactions, subject to the observations and notices of the Autorité to the financial transactions » ;
17° In article R. 532-26:
(a) In the first paragraph of I, the words: "Every service provider" are replaced by the words: "Every company", the words: "that it" are replaced by the words: "that it" and the words: "if it" are replaced by the words: "if it";
(b) The second paragraph of I is deleted;
(c) The third paragraph of I is replaced by the following:
"The Autorité de contrôle prudentiel et de résolution may request the investment company referred to in the first paragraph any information on the terms and conditions for carrying out the activities it plans to undertake in the free provision of services. » ;
(d) In the last paragraph of I, the words "the interested provider" are replaced by the words "the interested company";
(e) In the second paragraph of II, the words: "When a provider" are replaced by the words: "When a company", the words: "in a State of the European Union or a State Party to the Agreement on the European Economic Area" are replaced by the words: "in a Member State of the European Union or in another State Party to the Agreement on the European Economic Area" and the word: "it" is replaced by the word "it"
(f) The last paragraph of II is deleted;
18° The second and third sentences of R. 532-27 are replaced by the following:
"The Autorité de contrôle prudentiel et de résolution informs the authority of the host State that was designated as a point of contact. » ;
19° Subparagraph 1 of paragraph 3 of subsection 3 of section 2 of chapter II of title III of Book V adds an article R. 532-27-1 to read as follows:
"Art. R. 532-27-1.-The credit institutions which, having their head office in the territory of Metropolitan France, overseas departments, the Department of Mayotte and Saint-Martin, wish to provide for the first time investment services in another Member State of the European Union or in another State Party to the agreement on the European Economic Area are subject to the procedure provided for in Article II of the European Union. »
Book VI of the same code is amended as follows:
1° In section 4 of chapter II of title I, an article R. 612-21-1 is added as follows:
"Art. R. 612-21-1. - When the prudential and resolution control authority proposes to the European Central Bank to withdraw the approval of the credit institution in question, it shall, in advance, obtain the advice of the resolution panel when the credit facility is subject to one of the resolution measures provided for in Article L. 613-31-16. » ;
2° In subsection 1 of chapter II, section 7, of title I, an article R. 612-51-1 is added as follows:
"Art. R. 612-51-1. - Where, in the cases provided for in the eleventh paragraph of Article L. 612-39 and the last paragraph of Article I of Article L. 612-40 where the Autorité de contrôle prudentiel et de résolution has proposed to the European Central Bank that the approval of a credit institution be withdrawn, the European Central Bank has decided not to issue such withdrawal, the Autorité shall forthwith communicate this decision to the President of the sanctions commission and, in accordance with the terms set forthin
" Subject to the following provisions of this article, the Sanctions Commission shall again deliberate on the same matter under the conditions provided for in articles R. 612-38 to R. 612-51.
"In accordance with the terms set out in I of Article R. 612-9, the rapporteur shall specify to the establishment the time limit available to him, which shall not be less than thirty free days from the receipt of the decision of the European Central Bank, to transmit to the president of the sanctions commission his written comments thereon.
"The members of the sanctions commission who have acted as rapporteur or participated as a deliberative member of the previous review on the merits of the case may not exercise this function or participate in the deliberations of the commission during the new review following the decision of refusal of the European Central Bank to declare the withdrawal of approval. »
Mutual bond companies that, on the date of publication of this Order, were granted collective approval with a mutual bank or cooperative bank are deemed to be registered as a financing company. In this case, compliance with the rules of the Minister responsible for the economy taken for the application of theArticle L. 611-1 of the monetary and financial code as well as the provisions of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 referred to above is collectively appreciated with the mutualist or cooperative bank to which it grants the exclusivity of its bonds.
I. - After the first paragraph of each article R. 745-1, R. 755-1 and R. 765-1 of the monetary and financial code, a paragraph is inserted as follows:
"R. 511-2-1, R. 511-3 and R. 511-3-4 are applicable in their version effective 1 January 2015. »
II. - In the first paragraph of each of the articles R. 746-2, R. 756-2 and R. 766-2 of the same code, the words "of section D. 612-23" are replaced by the words "of articles D. 612-23, R. 612-21-1 and R. 612-51-1".
III. - Article 3 of this decree is applicable in New Caledonia, French Polynesia and the Wallis and Futuna Islands.
The Minister of Finance and Public Accounts and the Minister of Overseas are responsible, each with respect to him, for the execution of this Order, which will be published in the Official Journal of the French Republic.
Done on May 20, 2015.
Manuel Valls
By the Prime Minister:
Minister of Finance and Public Accounts,
Michel Sapin
Minister of Overseas,
George Pau-Langevin
