Key Benefits:
Publics concerned: third-party finance companies, natural persons and co-ownership unions.
Subject: This Order sets out the regime applicable to third-finance companies referred to in the 8 of Article L. 511-6 of the Monetary and Financial Code.
Entry into force: the decree comes into force on the day after its publication.
Notice: the decree provides that third-party financing companies may exercise credit activity, after authorization of the prudential control and resolution authority (ACPR).
The latter appreciates, in order to authorize the credit activity, the adequacy of the third-party funding company's program of activities, its organization, the management rules it provides and the technical and financial means it has. It ensures the establishment of an internal control system appropriate to credit transactions whose minimum components are specified by this decree.
The RTA also ensures a permanent monitoring of compliance with a number of provisions to ensure the security of borrowers in dealings with third-party finance companies.
References: this decree is taken for the application of theArticle 23 of Act No. 2015-992 of 17 August 2015 relative to the energy transition for green growth. The text as amended by this decree is available in its drafting on the website Légifrance (http://www.legifrance.gouv.fr).
The Prime Minister,
On the report of the Minister of Ecology, Sustainable Development and Energy, the Minister of Finance and Public Accounts and the Minister of Housing, Land Equality and Rurality,
Vu le monetary and financial codeincluding article L. 511-6;
Vu le building and housing codeincluding articles L. 381-1 and L. 381-2;
Vu le Consumer code ;
Vu la Act No. 65-557 of 10 July 1965 establishing the status of co-ownership of built buildings;
Considering the opinion of the Advisory Committee on Financial Legislation and Regulation dated 24 September 2015;
Considering the opinion of the Local Finance Committee dated 29 September 2015;
Considering the advice of the National Standards Assessment Board dated 13 October 2015,
Decrete:
Chapter VIII of title I of book V of the monetary and financial code is supplemented by section 6 of the book:
“Section 6
« Third-party financing companies
"Subsection 1
“Authorization
"Art. R. 518-70.-The authorization referred to in 8 of Article L. 511-6 shall be issued by the Autorité de contrôle prudentiel et de résolution in accordance with the provisions of this subsection.
"Art. R. 518-71.-I.-To issue its authorization, the Autorité de contrôle prudentiel et de résolution takes into account the program of activities of the third-financing corporation, its organization, the rules of management and the technical and financial means it plans to implement to ensure a sound and prudent management of the credit transactions it carries out and manages.
"The Autorité also appreciates the ability of the applicant third-party financing company to achieve its development objectives under conditions that ensure respect for the interests of its customers, in particular with regard to the applicable provisions of Consumer code and articles 26-4 to 26-10 of Act No. 65-557 of 10 July 1965 referred to above.
"The Autorité denies authorization if there are reasonable grounds to believe that the third-party financing company is not fit to ensure a sound and prudent management of the credit transactions it carries out and manages, or to ensure respect for the interests of its customers, or if the information provided is incomplete.
"The third-party financing company must meet the conditions of its authorization at any time.
"II.-The Autorité de contrôle prudentiel et de résolution may withdraw the authorization:
« 1° be upon request of the third-finance company;
« 2° Either ex officio, where the author no longer complies with the conditions of his authorization or the rules referred to in R. 518-73 to R. 518-74.
"Subsection 2
“Management rules
"Art. R. 518-72.-The executives of the third-party financing company referred to in 8 of Article L. 511-6 must possess the honesty, competence and experience necessary for their functions. The Authority appreciates compliance with this condition under conditions fixed by order of the Minister responsible for the economy.
"Art. R. 518-73.-The initial capital released from the third-party financing company mentioned in Article L. 511-6 cannot be less than 2 million euros.
"Art. R. 518-74.-For their credit activity, third-party financing companies are subject to the following obligations:
« 1° Include in their statutory object the loan activity for the energy renovation of the housing, according to the authorization given to them, pursuant to article R. 518-70;
« 2° Implement, as part of their lending activity, an internal control that must include, inter alia, the rules for the selection and monitoring of risks, the separation of decision-making and control functions, the signature by a duly authorized person for the granting of loans, the designation of an internal control officer and the indicators for monitoring the results of the activity, under conditions established by order of the Minister responsible for the economy;
« 3° Establish rules and procedures to ensure respect for the interests of its clients, including the applicable provisions of Consumer code and articles 26-4 to 26-8 of Act No. 65-557 of 10 July 1965 referred to above ;
« 4° To certify their annual accounts by an External Auditor. »
In section R. 381-12 of the Construction and Housing Code, the words: "or a financing corporation" are replaced by the words: ", a financing corporation, or a third-financing corporation with the authorization referred to in section R. 518-70 of the monetary and financial code".
The Minister of Ecology, Sustainable Development and Energy, the Minister of Finance and Public Accounts, and the Minister of Housing, Land Equality and Rurality are responsible, each with respect to it, for the execution of this Order, which will be published in the Official Journal of the French Republic.
Done on November 25, 2015.
Manuel Valls
By the Prime Minister:
Minister of Finance and Public Accounts,
Michel Sapin
Minister of Ecology, Sustainable Development and Energy,
Royal
Minister of Housing, Land Equality and Rurality,
Sylvia Pinel
