Instruction No. 2022-I-23 of December 9, 2022, on Information to be Transmitted to the ACPR by Land Credit Companies and Housing Finance Companies Regarding European Guaranteed Bond Labels

PRUDENTIAL CONTROL AND RESOLUTION AUTHORITY

Instruction No. 2022-I-23
Regarding the information to be transmitted to the Prudential Control and Resolution Authority by land credit companies and housing finance companies in the context of the granting of the "European Guaranteed Bond" and "High-Quality European Guaranteed Bond" labels Amended by Instruction No. 2025-I-05 of May 22, 2025

The Prudential Control and Resolution Authority, Having regard to the Monetary and Financial Code, in particular Articles L. 513-23, L. 513-26-1,
L. 513-32, L. 612-2 and L. 612-24;
Having regard to Regulation No. 99-10 of the Banking and Financial Regulations Committee of July 9, 1999, as amended, regarding land credit companies and housing finance companies; Having regard to Instruction No. 2022-I-05 regarding the information to be transmitted to the Prudential Control and Resolution Authority by land credit companies and housing finance companies in the context of the granting of the "European Guaranteed Bond" and "High-Quality European Guaranteed Bond" labels; Having regard to Instruction No. 2022-I-03 regarding the coverage ratio of land credit companies and housing finance companies and the regulatory statements mentioned in Article 10 of Regulation CRBF No. 99-10 of July 9, 1999; Having regard to the opinion of the Prudential Affairs Consultative Commission of November 29, 2022, DECIDES

Article 1:
The institutions subject to this instruction are credit institutions authorized as land credit companies, within the meaning of Article L. 513-2 of the Monetary and Financial Code, and housing finance companies, within the meaning of
Article L. 513-28 of the same Code.

Article 2:
To benefit from the "European Guaranteed Bond" label for their covered bond issuances, the institutions subject to this instruction provide the Secretariat General of the Prudential Control and Resolution Authority with the following information:

• for the issuance program, all elements attesting to compliance with the conditions for obtaining the "European Guaranteed Bond" label for the securities that will be issued under said program;
• a report of agreed procedures by the specific controller regarding compliance with the criteria allowing for the labeling of European Guaranteed Bonds;
• where applicable, confirmation by a legal opinion that the submission of covered bonds to the provisions of foreign law does not hinder the implementation of the legal and regulatory provisions applicable to land credit companies, French housing finance companies, and the institution mentioned in III of Article 13 of Law No. 85-695 of July 11, 1985, transposing Directive (EU) 2019/2162 of the European Parliament and of the Council of November 27, 2019 concerning the issuance of covered bonds and public supervision of covered bonds, in particular regarding the legal privilege provided for in Article L. 513-11 of the Monetary and Financial Code.

These information must be transmitted electronically to the Secretariat General of the Prudential Control and Resolution Authority.

Article 3:
To benefit from the "High-Quality European Guaranteed Bond" label, the institutions subject to this instruction submit a request specifying that the institution wishes to benefit from the "High-Quality European Guaranteed Bond" label and provide the Secretariat General of the Prudential Control and Resolution Authority with the following information:

• for the issuance program, all elements attesting to compliance with the conditions for obtaining the "High-Quality European Guaranteed Bond" label for all securities that will be issued under said program;
• a report of agreed procedures by the specific controller regarding compliance with the criteria of Article 129 of Regulation (EU) No 575/2013 of June 26, 2013, as amended by Regulation (EU) No 2019/2160 allowing for the labeling of High-Quality European Guaranteed Bonds;
• where applicable, confirmation by a legal opinion that the submission of covered bonds to the provisions of foreign law does not hinder the implementation of the legal and regulatory provisions applicable to land credit companies, French housing finance companies, and the institution mentioned in III of Article 13 of Law No. 85-695 of July 11, 1985, transposing Directive (EU) 2019/2162 of the European Parliament and of the Council of November 27, 2019 concerning the issuance of covered bonds and public supervision of covered bonds, in particular regarding the legal privilege provided for in Article L. 513-11 of the Monetary and Financial Code.

These information must be transmitted electronically to the Secretariat General of the Prudential Control and Resolution Authority.

Article 4:
For publication purposes by the Prudential Control and Resolution Authority, institutions transmit to the Secretariat General of the Prudential Control and Resolution Authority on a quarterly basis:

• the list of all ISIN codes of financial instruments not yet matured and issued after July 8, 2022, within the framework of the program for which the Prudential Control and Resolution Authority has granted the possibility to use the "European Guaranteed Bond" label or the "High-Quality European Guaranteed Bond" label in accordance with Articles 2 and 3 of this instruction. These codes correspond to the ISIN code assigned at the time of issuance of the instrument or, when it is a continuous issuance, to the ISIN code created before July 8, 2022, to which the issuance is attached;
• for financial instruments not identified by an ISIN code, the list of all references allowing the identification of each issuance relating to private placements not yet matured and carried out after July 8, 2022, within the framework of the program for which the Prudential Control and Resolution Authority has granted the possibility to use the "European Guaranteed Bond" label or the "High-Quality European Guaranteed Bond" label in accordance with Articles 2 and 3 of this instruction.

These information are transmitted electronically to the Secretariat General of the Prudential Control and Resolution Authority on the "OneGate" portal of the Bank of France accessible at the following address: https://onegate.banque-france.fr, under the conditions set by the Prudential Control and Resolution Authority Instruction No. 2025-I-05.

Article 5:
For each covered bond, including those relating to private placements, issued within the framework of a program for which the Prudential Control and Resolution Authority has granted the possibility to use the "European Guaranteed Bond" label or the "High-Quality European Guaranteed Bond" label in accordance with Articles 2 and 3 of this instruction, the institutions subject to this instruction keep all related contractual documents available to the Prudential Control and Resolution Authority.

Article 6:
The reports of agreed procedures by the specific controller regarding compliance with the criteria allowing for the labeling of European Guaranteed Bonds or the labeling of High-Quality European Guaranteed Bonds mentioned in Articles 2 and 3 of this instruction are updated on an annual basis.

Article 7:
The institutions subject to this instruction inform the Secretariat General of the Prudential Control and Resolution Authority without delay of any element that could call into question compliance with the labeling criteria for "European Guaranteed Bond" or "High-Quality European Guaranteed Bond."

Article 8:
The provisions of this instruction do not apply to land bonds, housing finance bonds, and bonds mentioned in III of Article 13 of Law No. 85-695 of July 11, 1985, issued before July 8, 2022.

Article 9:
Instruction No. 2022-I-05 of March 9, 2022, regarding the information to be transmitted to the Prudential Control and Resolution Authority by land credit companies and housing finance companies in the context of the granting of the "European Guaranteed Bond" and "High-Quality European Guaranteed Bond" labels is repealed. References to the repealed Instruction No. 2022-I-05 found in other instructions shall be understood as references to this instruction.

Article 10:
This instruction is published in the Official Register of the Prudential Control and Resolution Authority. It enters into force the day following its publication.

Paris, December 9, 2022

The Designated President,
Denis BEAU