Regulatory Alerts2004-10-11
Instruction No. 2004-04 of October 11, 2004 amending Instruction No. 2000-07 of September 4, 2000 on the control of large exposures and gross risks
The Banking Commission issued Instruction No. 2004-04 to amend the regulatory framework for monitoring large exposures and gross risks. The amendment specifically exempts electronic money institutions defined under Regulation No. 2002-13 from reporting eight times their own funds on line 103 of the large exposures control statement. This change took effect immediately upon publication on October 11, 2004.
BANKING COMMISSION
Instruction No. 2004-04 amending Instruction No. 2000-07 of September 4, 2000 on the control of large exposures and gross risks
The Banking Commission, Having regard to the Monetary and Financial Code, particularly Article L.613-8 thereof, Having regard to Regulation No. 93-05 of December 21, 1993, as amended, of the Committee for Banking and Financial Regulation concerning the control of large exposures, Having regard to Regulation No. 2002-13 of the Committee for Banking and Financial Regulation of November 21, 2002 concerning electronic money and electronic money institutions, Having regard to Instruction No. 2000-07 of September 4, 2000 on the control of large exposures and gross risks, Decides:
Article 1 – The following paragraph is inserted into Article 1 of Instruction No. 2000-07:
"Electronic money institutions defined in Article 2 of Regulation No. 2002-13 shall not report eight times their own funds on line 103 of the 'control of large exposures and gross risks' statement – mod. 4003 NC or – mod. 4003-C, the model of which is set out in Annex I to this instruction."
Article 2 – This instruction shall enter into force immediately.
Paris, October 11, 2004 The President of the Banking Commission, Hervé HANNOUN