Instruction No. 2009-03 of June 19, 2009, on the Ratio of Electronic Money Liabilities to Own Funds and Placement Rules (Consolidated Version)

Instruction No. 2009-03 of June 19, 2009, on the Ratio of Electronic Money Liabilities to Own Funds and Placement Rules modified by Instructions No. 2021-I-22 of December 6, 2021 and No. 2025-I-05 of May 22, 2025

The Banking Commission,

Having regard to the Monetary and Financial Code, particularly Article L. 613-8;

Having regard to Regulation No. 90-02 of February 23, 1990, as amended, of the Banking and Financial Regulation Committee on own funds;

Having regard to Regulation No. 90-06 of June 20, 1990, as amended, of the Banking and Financial Regulation Committee on credit institutions' shareholdings in companies;

Having regard to Regulation No. 91-05 of February 15, 1991, as amended, of the Banking and Financial Regulation Committee on the solvency ratio;

Having regard to Regulation No. 95-02 of July 21, 1995, as amended, of the Banking and Financial Regulation Committee on the prudential supervision of market risks;

Having regard to Regulation No. 2002-13 of November 21, 2002, as amended, of the Banking and Financial Regulation Committee on electronic money and electronic money institutions;

Having regard to Instruction No. 90-01 of April 1, 1990, as amended, of the Banking Commission on the calculation of own funds;

Having regard to Instruction No. 91-02 of March 22, 1991, as amended, of the Banking Commission on the calculation of the solvency ratio;

Having regard to Instruction No. 94-07 of March 14, 1994, as amended, of the Banking Commission on the accounting of securities transactions;

Having regard to Instruction No. 94-09 of October 17, 1994, as amended, of the Banking Commission on documents submitted to the Banking Commission;

Having regard to Instruction No. 2004-02 of October 11, 2004, as amended, of the Banking Commission on the ratio of electronic money liabilities to own funds;

Having regard to Instruction No. 2004-03 of October 11, 2004, of the Banking Commission on placement rules;

Having regard to Instruction No. 2007-02 of March 26, 2007, as amended, of the Banking Commission on own fund requirements applicable to credit institutions and investment firms;

CONSOLIDATED INSTRUCTION

Decides:

Chapter 1 - Common Provisions

Article 1 Electronic money institutions defined in Article L. 526-1 of the Monetary and Financial Code, hereinafter referred to as subject institutions, shall declare and report their financial commitments corresponding to liabilities representing electronic money on the MON_ELECT table, the model of which is set out in the annex to this instruction. Electronic money is defined in Article L. 315-1 of the Monetary and Financial Code.

Article 2 The MON_ELECT table shall be prepared four times a year based on figures finalized on the last day of each quarter. It shall be sent to the General Secretariat of the Prudential Control and Resolution Authority no later than the 25th day of the month following the finalization date.

When these documents reflect the activity of permanent branches established either in overseas departments, overseas territories, or abroad, they must reach the General Secretariat of the Prudential Control and Resolution Authority no later than the last day of the month following the finalization date.

Article 3 The calculation elements mentioned below are extracted from the statutory accounts of the subject institutions.

Article 4 The calculation elements of own funds are determined in accordance with Article 34 of the Decree of May 2, 2013, on the prudential regulation of electronic money institutions.

Subject institutions shall declare their own funds in the COREP statements C 01.00 to C.05.02 provided for by Commission Implementing Regulation No. 2021/451 of December 17, 2020.

Article 5 The amount of own funds is calculated on the finalization date under the conditions prescribed by the Decree of May 2, 2013, on the prudential regulation of electronic money institutions.

Chapter 2 – Ratio of Electronic Money Liabilities to Own Funds

Article 6 Subject institutions shall report the calculation elements of the ratio defined in Article 35 of the Decree of May 2, 2013, on the prudential regulation of electronic money institutions on the MON_ELECT table.

Article 7 Subject institutions shall calculate the ratio between the amount of own funds and the amount of financial commitments corresponding to liabilities representing electronic money under the conditions of Article 35 of the Decree of May 2, 2013, on the prudential regulation of electronic money institutions.

They shall report this ratio on the MON_ELECT table.

Chapter 3 - Placement Rules

Article 8 Subject institutions shall report the placements referred to in Article 38 of the Decree of May 2, 2013, on the prudential regulation of electronic money institutions on the MON_ELECT table.

Article 9 Subject institutions shall calculate the ratio between the amount of their duly valued placements and their financial commitments corresponding to liabilities representing electronic money. They shall report this ratio on the MON_ELECT table.

Article 10 Subject institutions shall report additional data relating to their placements on the MON_ELECT table.

Article 11 Subject institutions shall calculate the ratio between the amount equal to twenty times their own funds and the total amount of placements. They shall report this ratio on the MON_ELECT table.

Chapter 4 - Miscellaneous Provisions

Article 12 The MON_ELECT table shall be completed in euros and sent to the General Secretariat of the Prudential Control and Resolution Authority via electronic transmission in XML – XBRL format according to the technical specifications necessary for their processing as defined by the General Secretariat of the Prudential Control and Resolution Authority, under the conditions set by Instruction No. 2025-I-05 of the Prudential Control and Resolution Authority.

Article 13 Instructions No. 2004-02 and No. 2004-03 of the Banking Commission are repealed as of June 30, 2010, the date of entry into force of this instruction.

Paris, June 19, 2009

The President of the Banking Commission,

Jean-Paul REDOUIN