Regulatory Alerts2010-03-08
Instruction No. 2010-07 of the Banking Commission amending Instruction No. 2000-09 on information regarding the anti-money laundering and counter-terrorist financing prevention system
The French Banking Commission issued Instruction No. 2010-07 to amend reporting requirements for investment firm branches located in other EU or EEA states. The amendment mandates that these branches submit specific financial tables, an internal control report, and a detailed activity description to the Commission annually by April 30. A transitional provision allows for a delayed submission date of August 25, 2010, for the initial report under the new rules.
Official Texts of the Banking Commission
Instruction No. 2010-07 of the Banking Commission amending Instruction No. 2000-09 of October 18, 2000, regarding information on the system for preventing money laundering and terrorist financing
The Banking Commission,
Having regard to the Monetary and Financial Code;
Having regard to Regulation No. 97-02, as amended, of the Banking and Financial Regulation Committee of February 21, 1997, relating to internal control of credit institutions and investment firms;
Having regard to Instruction No. 2000-09, as amended, of October 18, 2000, regarding information on the system for preventing money laundering and terrorist financing;
Having regard to Instruction No. 2009-07 of November 30, 2009, regarding information on the system for preventing money laundering and terrorist financing;
Decides:
Article 1
The following article is added after Article 4 of Instruction No. 2000-09:
« Article 5
By way of exception to Articles 1 and 3, second paragraph, branches of investment firms having their registered office in another Member State of the European Union or a party to the Agreement on the European Economic Area shall submit to the Banking Commission, no later than April 30 of each year, only Tables B1, B4, and B5, as well as the report on the conditions under which internal control is ensured in the fight against money laundering and terrorist financing, established in application of Articles 42 and 45 of Regulation No. 97-02.
They shall also submit before the same date a description of the branch's activity, including:
- an annual balance sheet and income statement of the branch,
- the full-time equivalent staff, defined as persons working effectively for the branch, whether or not they belong to its staff, counted, in the case of part-time work, pro rata temporis to their working time for the branch during the year in question;
- a description of the branch's organization, including an organizational chart, with mention of the different units, their affiliation, their role, and their staff numbers;
- the mention of the investment services effectively exercised during the year in question;
- activity indicators for the year in question, namely the number of clients and their distribution by categories as well as the number and volume of transactions, with a breakdown by types of transactions. The branch selects the relevant client categories and types of transactions with regard to its activity and the risks of money laundering or terrorist financing.
These information items are finalized on December 31 of each calendar year. »
Official Bulletin of the CECEI and the Banking Commission • No. 25 • March 2010 | 4
OFFICIAL TEXTS OF THE BANKING COMMISSION Instruction No. 2010-07 amending Instruction No. 2000-09
Article 2
By way of derogation from Article 1, the submission in 2010 of the report on the conditions under which internal control is ensured in the fight against money laundering and terrorist financing, as well as the description of the branch's activity, must be carried out no later than August 25, 2010. This first submission may not include the points provided for by Article 42 c), d), and h) of the aforementioned Regulation.
Paris, March 8, 2010
The President of the Banking Commission
Jean-Paul REDOUIN