Instruction No. 2017-I-05 of March 6, 2017, on Application Forms for Exemption from Mandatory Collateral Exchange for Intragroup OTC Derivative Transactions

PRUDENTIAL CONTROL AND RESOLUTION AUTHORITY

Instruction No. 2017-I-05 on application forms for exemption from mandatory collateral exchange applicable to intragroup transactions involving over-the-counter derivative contracts modified by Instruction No. 2024-I-13 of October 24, 2024

The Prudential Control and Resolution Authority, Having regard to Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories ("EMIR"), in particular Articles 11(3), 11(6), 11(8) and 11(10); Having regard to the Monetary and Financial Code, in particular Articles L. 612-24 and L. 612-1 II 1°; Having regard to the opinion of the Prudential Affairs Advisory Committee dated March 6, 2017; DECIDES

Article 1

The following terms are defined below:

• "subject entities" means financial counterparties, within the meaning of Article 2(8) of the EMIR Regulation, which are subject to the supervision of the Prudential Control and Resolution Authority;
• "declaring entities" means those subject entities that submit the declaration using the form set out in the annex to this Instruction.

Article 2

Subject entities wishing to benefit from the exemptions from mandatory collateral exchange provided for in Articles 11(6), 11(8) and 11(10) of the EMIR Regulation, in the context of intragroup transactions involving over-the-counter derivative contracts, within the meaning of Article 3 of the same Regulation, must request authorization from the Prudential Control and Resolution Authority.

To this end, declaring entities must complete the "application form" set out in the annex to this Instruction and transmit it in xls format via the portal accessible at the following address: https://acpr-portail.banque-france.fr.

In accordance with Article 32(3) and 32(8) of Commission Delegated Regulation (EU) No 2016/2251 of 4 October 2016, the processing period for applications begins on the date of receipt of all information elements referred to in the form mentioned in the preceding paragraph.

Article 3

This Instruction enters into force upon its publication.

Done in Paris, March 6, 2017

The President of the Prudential Control and Resolution Authority, François VILLEROY de GALHAU

Annex: Application form for exemption from mandatory collateral exchange (collateral) provided for in Article 11 of the EMIR Regulation and its annex.