Regulatory Alerts2008-01-10
Instruction No. 2008-01 of January 10, 2008 Amending Instruction No. 2007-02 of March 26, 2007 on Capital Requirements for Credit Institutions and Investment Firms
The Banking Commission issued Instruction No. 2008-01 to amend the capital requirements framework for credit institutions and investment firms. The amendment exempts establishments belonging to groups supervised on a consolidated basis within the European Economic Area by another competent authority from submitting specific annexed statements, provided they supply equivalent data in a format approved by the Commission. This measure facilitates regulatory compliance by allowing alternative reporting methods that verify adherence to French capital adequacy standards.
BANKING COMMISSION Instruction No. 2008-01 amending Instruction No. 2007-02 of March 26, 2007 on capital requirements applicable to credit institutions and investment firms
The Banking Commission,
Having regard to Council Directive 2006/48/EC of the European Parliament and of the Council of June 14, 2006 relating to the taking up and pursuit of the business of credit institutions;
Having regard to Council Directive 2006/49/EC of the European Parliament and of the Council of June 14, 2006 on the capital adequacy of credit institutions and investment firms;
Having regard to the Monetary and Financial Code, particularly Article L. 613-8 thereof;
Having regard to the Order of February 20, 2007 on capital requirements applicable to credit institutions and investment firms;
Having regard to the Regulation of the Committee on Banking and Financial Regulation No. 2000-03 of September 6, 2000, as amended, on prudential supervision on a consolidated basis;
Having regard to Instruction No. 2007-02 of March 26, 2007 on capital requirements applicable to credit institutions and investment firms;
Decides:
Article 1 - After the last paragraph of Article 2.1 of Instruction No. 2007-02 of March 26, 2007, the following paragraph is added:
"Establishments subject to this instruction that belong to a group whose consolidated supervision within the European Economic Area is exercised by another competent authority may refrain from submitting the statements attached to this instruction, provided they supply, in another format and under conditions specified by decision of the Banking Commission, sufficient information to verify compliance with the regulatory standards applicable in France regarding capital requirements."
Article 2 - This Instruction enters into force immediately.
Paris, January 10, 2008
The President