Instruction No. 2022-I-05 of March 9, 2022, regarding information to be transmitted to the ACPR by land credit companies and housing finance companies for European Guaranteed Bond labels (repealed)

PRUDENTIAL CONTROL AND RESOLUTION AUTHORITY

Instruction No. 2022-I-05 regarding information to be transmitted to the Prudential Control and Resolution Authority by land credit companies and housing finance companies in the context of granting the "European Guaranteed Bond" and "Senior European Guaranteed Bond" labels

The Prudential Control and Resolution Authority, Having regard to the Monetary and Financial Code, in particular Articles L. 513-23, L. 513-26-1, and L. 513-32; Having regard to Regulation No. 99-10 of the Banking and Financial Regulation Committee dated July 9, 1999, as amended, regarding land credit companies and housing finance companies; 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 Committee of February 25, 2022,

DECIDES

Article 1:
The establishments subject to this procedure 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 establishments subject to this procedure provide 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;
• an agreed-upon procedures report from the specific controller regarding compliance with the criteria allowing for the labeling of European Guaranteed Bonds;
• where applicable, a 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, housing finance companies under French law, and the establishment 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 concerning the legal privilege provided for in Article L. 513-11 of the Monetary and Financial Code.

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

Article 3:
To benefit from the "Senior European Guaranteed Bond" label, the establishments subject to this procedure submit a request specifying that the subject establishment wishes to benefit from the "Senior European Guaranteed Bond" label and provide 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 "Senior European Guaranteed Bond" label for all securities that will be issued under said program;
• an agreed-upon procedures report from 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 Senior European Guaranteed Bonds;
• where applicable, a 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, housing finance companies under French law, and the establishment 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 concerning the legal privilege provided for in Article L. 513-11 of the Monetary and Financial Code.

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

Article 4:
For the purpose of publication by the Prudential Control and Resolution Authority, establishments transmit to the Prudential Control and Resolution Authority on a quarterly basis:

• the list of all ISIN codes of financial instruments not yet due and issued after July 8, 2022, within the framework of the program for which the Prudential Control and Resolution Authority has granted the possibility of using the "European Guaranteed Bond" label or the "Senior European Guaranteed Bond" label in accordance with Articles 2 and 3 of this instruction;
• for financial instruments not identified by an ISIN code, the list of all references allowing the identification of each issuance related to private placements not yet due 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 of using the "European Guaranteed Bond" label or the "Senior European Guaranteed Bond" label in accordance with Articles 2 and 3 of this instruction.

Article 5:
For each covered bond, including those related to private placements, issued within the framework of a program for which the Prudential Control and Resolution Authority has granted the possibility of using the "European Guaranteed Bond" label or the "Senior European Guaranteed Bond" label in accordance with Articles 2 and 3 of this instruction, the establishments subject to this procedure keep at the disposal of the Prudential Control and Resolution Authority all contractual documents related thereto.

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

Article 7:
The establishments subject to this procedure inform the General Secretariat 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 "Senior 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:
This instruction enters into application on July 8, 2022.

Paris, March 9, 2022
The Designated President,
Denis BEAU