Regulatory Alerts2024-12-17
Instruction No. 2024-I-18 of 17 December 2024 on Prudential Discounts for Credit Buyers Replacing Instruction No. 2024-I-06
The Autorité de Contrôle Prudentiel et de Résolution (ACPR) issued Instruction No. 2024-I-18 to replace previous prudential discount rules, specifically targeting credit buyers and their French representatives. The instruction mandates that these entities submit a specific CESSION report to the ACPR using Excel format via email, with a submission deadline of 25 calendar days for semi-annual collections and quarterly requests. This regulatory framework, which applies national accounting standards, enters into force on 1 January 2025 to enhance supervision of credit transfers, particularly during crises.
PRUDENTIAL CONTROL AND RESOLUTION AUTHORITY
Instruction No. 2024-I-18 on Prudential Discounts for Credit Buyers Replacing Instruction No. 2024-I-06 of 19 April 2024 on Prudential Discounts for Credit Managers, Credit Institutions, Branches of Credit Institutions from Third Countries, Financing Companies and Credit Buyers
The Prudential Control and Resolution Authority (ACPR), Having regard to Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions; Having regard to the Monetary and Financial Code, in particular Articles L. 54-11-26, L. 54-11-31, L. 612-2, L. 612-24, R. 54-11-5 to R. 54-11-7; Having regard to Ordinance No. 2005-1516 of 8 December 2005 relating to electronic exchanges between users and administrative authorities and between administrative authorities; Having regard to the Decree of 3 November 2014 relating to prudential supervision on a consolidated basis; Having regard to the Accounting Standards Authority Regulation No. 2014-07 of 26 November 2014 relating to the accounts of companies in the banking sector; Having regard to the opinion of the Prudential Affairs Consultative Committee of 27 November 2024, DECIDES
Article 1: The following entities are subject to this instruction: 1° Credit buyers as defined in point 3 of Article L. 54-11-1 of the Monetary and Financial Code; 2° Representatives in France of credit buyers, where the latter are not domiciled in the Union or do not have their statutory seat or, if they have no statutory seat under their national law, their central administration in the Union, designated pursuant to Article L. 54-11-30 of the Monetary and Financial Code.
Article 2: The entities referred to in Article 1 shall communicate to the ACPR a specific report named CESSION on a semi-annual basis. The ACPR may require the entities referred to in Article 1 to communicate the CESSION report to it on a quarterly basis whenever it deems necessary, in particular to monitor transfers that may take place during a crisis period. The CESSION report is set out in Annex I to this instruction. These reports are prepared in accordance with national accounting standards.
Article 3: The entities referred to in Article 1 shall submit the CESSION report using an Excel spreadsheet format (xls) transmitted by email to the following address: remises-cession-credit@acpr.banque-france.fr The submission deadline applicable from the CESSION report collections finalized on 30 June 2025 shall be 25 calendar days. In the event that the ACPR requires the entities referred to in Article 1 to communicate the CESSION report to it on a quarterly basis, the applicable quarterly submission deadline shall be 25 calendar days.
Article 4: This instruction shall enter into application on 1 January 2025. Paris, 17 December 2024 The Designated President, Denis BEAU