Instruction No. 2024-I-03 of April 19, 2024, on Credit Manager Approval Applications and Declarations

PRUDENTIAL CONTROL AND RESOLUTION AUTHORITY

Instruction No. 2024-I-03 on credit manager approval applications and declarations modified by Instruction No. 2024-I-13 of October 24, 2024

The Prudential Control and Resolution Authority, Having regard to the Monetary and Financial Code, particularly Articles L. 54-11-1 to L. 54-11-8,
L. 612-2 and L.612-24, L. 773-40-1, L. 774-40-1, L. 775-34-1, R. 54-11-1, R. 54-11-
2, R. 773-37-1, R. 774-37-1 and R. 775-36-1;
Having regard to the opinion of the Prudential Affairs Consultative Committee of March 27, 2024, DECIDES

Article 1:
This instruction applies to the credit managers referred to in Article L. 54-11-1, 4° of the Monetary and Financial Code and to credit buyers referred to in Article L. 54-11-28 of the Monetary and Financial Code.

Article 2:
Persons requesting approval from the Prudential Control and Resolution Authority as credit managers must submit a complete application file to the Authority using the form provided in Annex I of this instruction.

Persons already approved by the ACPR seeking credit manager approval are exempt from submitting the two forms regarding qualified shareholders (Annex II) and directors and members of the supervisory body1, if these shareholders, directors, and members of the supervisory body have already been assessed by the ACPR. These persons must also indicate the necessary adaptations in terms of organization and procedures to take into account this new activity. The ACPR reserves the right to request any additional documents necessary for the processing of the file.

Article 3:
The credit manager must declare to the Prudential Control and Resolution Authority, providing supporting documents, any change in their situation vis-à-vis the conditions for granting approval mentioned in Articles L. 54-11-4 and R. 54-11-1 or, when authorized to hold borrower funds, Article L. 54-11-6 of the Monetary and Financial Code.

The credit manager or any person intending to hold a qualified participation must submit to the Prudential Control and Resolution Authority:

• The form in Annex II for any new shareholder likely to hold a qualified participation, within the meaning of 4° of I of Article L. 54-11-4 of the Monetary and Financial Code, within a period of two months prior to the operation.

The credit manager must submit to the Prudential Control and Resolution Authority:

• The form for the appointment and renewal of directors and members of the supervisory body, within a period of 15 days following the appointment or renewal,2
• The withdrawal of approval form, within a period of two months prior to the cessation of activity,3
• A declaration accompanied by corresponding supporting documents, for any change in situation regarding the fund protection scheme, within a period of two months prior to said change,
• A declaration, along with the supporting documents, after any other change in situation, particularly modifications to shareholding that are not qualified participations, changes to the corporate name, trade name, LEI, postal address, and changes relating to the handling of complaints, particularly modifications to the electronic address, telephone, website, and postal address used in the handling of complaints. These information must be transmitted within a period of 15 days after the modification.

Article 4:
The credit manager must declare to the Prudential Control and Resolution Authority any cross-border exercise or modification of such cross-border exercise, in application of Article L. 54-11-18 of the Monetary and Financial Code.

The manager must submit on the Authorizations Portal the form in Annex III for any notification of a cross-border exercise or modification of such cross-border exercise.

1 This form is attached to Instruction No. 2024-I-04.
2 This form is attached to Instruction No. 2024-I-04. 3 This form is attached to Instruction No. 2024-I-05.

Article 5:
The duly completed and signed form and additional documents, as well as declarations of situation changes and supporting documents, must be sent in electronic format to the Prudential Control and Resolution Authority by depositing them on the portal accessible at the following address: https://acpr-portail.banque-france.fr

Article 6:
The present articles, except Article 4, are applicable in New Caledonia, French Polynesia, and the Wallis and Futuna Islands.

Article 7:
This instruction enters into application the day following its publication in the Official Register of the Prudential Control and Resolution Authority.

Paris, April 19, 2024
The Designated President,
Denis BEAU