Regulatory Alerts2011-11-23
Instruction No. 2011-I-19 of November 23, 2011 on the Approval Procedure for a Code of Good Conduct
The Prudential Supervision and Resolution Authority issued Instruction No. 2011-I-19 to establish the procedural requirements for professional associations seeking approval of a code of good conduct. The instruction mandates that applications be submitted in French with supporting documentation proving representativity and legal authority, while ensuring the code's provisions are precise rather than merely declarative. It further outlines the process for submitting amendments to approved codes and confirms the publication of the instruction in the Authority's official register.
PRUDENTIAL SUPERVISION AND RESOLUTION AUTHORITY
Instruction No. 2011-I-19 dated November 23, 2011 on the approval procedure for a code of good conduct
The Prudential Supervision and Resolution Authority, Having regard to the Monetary and Financial Code, in particular Articles L. 612-29-1, R. 612-29-1 and R. 612-21; Having regard to the internal regulations of the Prudential Supervision and Resolution Authority, in particular Articles 21-1 to 21-6; Having regard to the opinion of the Prudential Affairs Consultative Committee dated November 4, 2011; Having regard to the explanatory document "Transparency Policy" of the Prudential Supervision and Resolution Authority, in particular point 2.2; Having consulted the Consultative Committee on Commercial Practices; Decides:
Article 1 When a professional association submits a code of conduct to the Prudential Supervision and Resolution Authority for approval, it must demonstrate that it meets the conditions set forth in Article L. 612-29-1 of the Monetary and Financial Code. To this end, it must in particular submit to the Prudential Supervision and Resolution Authority its statutes, the names of its officers, and any elements justifying its representativeness. However, the provisions of the preceding paragraph do not apply to associations listed on the list mentioned in Article 21-1 of the internal regulations of the Prudential Supervision and Resolution Authority and published in the Official Register.
Article 2 - The request for approval of a code of good conduct is submitted in accordance with the procedures set forth in this instruction and its annex. Where applicable, it is accompanied by the elements mentioned in the first paragraph of Article 1.
Article 3 - The request must be drawn up in French in two copies and sent to the following address:
PRUDENTIAL SUPERVISION AND RESOLUTION AUTHORITY Commercial Practices Supervision Department 66-2790 4, place de Budapest CS 92459
75 436 PARIS Cedex 9
And in electronic form to the following address: 2790-SECRETARIAT-UT@acpr.banque-france.fr
The request for approval must be signed by the duly authorized representative of the association. It must be accompanied by proof attesting to the authorization to submit the request to the Prudential Supervision and Resolution Authority.
Article 4 - The provisions for which the association requests approval must be drafted precisely and must not constitute mere declarations of principle.
Article 5 - A professional association wishing to submit a supplement to its approval request must notify the Prudential Supervision and Resolution Authority in accordance with the procedures provided for by this instruction and its annex. When an association has adopted an amendment to an approved code of conduct, the request for approval of the amendment must be drawn up in accordance with the procedures provided for by this instruction and its annex.
Article 6 - This instruction will be published in the Official Register of the Prudential Supervision and Resolution Authority.
Paris, November 23, 2011 The President of the Prudential Supervision and Resolution Authority [Christian NOYER]