Region

Jurisdiction

Regulator

2008-01-28

Instruction No. 2008-03 of January 28, 2008 amending Instruction No. 2007-01 of January 18, 2007 regarding the electronic signature of certain documents transmitted to the Banking Commission

The Banking Commission issued Instruction No. 2008-03 to amend the regulatory framework for the electronic signature of documents transmitted to the Commission. The amendments extend the validity deadline to June 30, 2008, clarify the scope of authorized signatories for non-executive personnel, and expand delegation rights to affiliated financial entities within consolidated groups. Furthermore, the instruction reinforces the ultimate responsibility of executive directors for the quality of transmitted information and mandates their ability to sign electronically.

France

Autorite de Controle Prudentiel et de Resolution

BANKING COMMISSION

Instruction No. 2008-03 amending Instruction No. 2007-01 of January 18, 2007 regarding the electronic signature of certain documents transmitted to the Banking Commission (Policy on signature modified in annex on April 26, 2007)

The Banking Commission,

Having regard to Article 1984 of the Civil Code;

Having regard to Article L.571-4 of the Monetary and Financial Code;

Having regard to the regulation of the Committee for Banking and Financial Regulation No. 2000-03 of September 6, 2000, as amended, regarding prudential supervision on a consolidated basis;

Decides:

Article 1 - Instruction No. 2007-01 of the Banking Commission regarding the electronic signature of certain documents transmitted to the Banking Commission is amended as follows:

In Article 2, first paragraph, the expression "December 31, 2007" is replaced by "June 30, 2008";

Article 3 is amended as follows:

In the first paragraph, the expression ", its functions in the institution and the documents it is authorized to sign" is replaced by "and its functions in the institution.";
In the first paragraph, the sentence "For persons other than executives, the documents they are authorized to sign are specified" is added;
In the second paragraph, the expression "and of Article L. 532-2 4" is inserted after the expression "of paragraph 2 of Article L. 511-13";
After the second paragraph, a new paragraph is inserted drafted as follows "Executives may also delegate authority to the financial company, the mixed holding financial company, a credit institution, or another entity mentioned in Article L. 613-2 of the Monetary and Financial Code established in France and belonging to the same group subject to a supervision on a consolidated or sub-consolidated basis within the meaning of CRBF Regulation No. 2000-03 regarding prudential supervision on a consolidated basis and to the supplementary supervision of a position in the institution. In this case, the executives of the delegating institution as well as the agents designated by them pursuant to the preceding paragraph are authorized to sign";
After the third paragraph, a new paragraph is inserted drafted as follows "Regardless of the delegations granted, the executives of the institutions subject to the control of the Banking Commission remain responsible for the quality of the information transmitted in their name and must be able to proceed under their own electronic signature to the transmission of information."
In the fourth paragraph, the word "one" replaces "three".

Article 2 - This instruction enters into force immediately.

Paris, January 28, 2008

The President of the Banking Commission,

Jean-Paul REDOUIN