Pursuant to the provisions of 9° bis of article R. 332-2, companies are authorised to hold the units or shares of companies whose object is strictly real estate, with the exception of companies whose activity is that of a property trader and general partnerships, unless exemptions were granted prior to the entry into force of decree no. 90-981 of 5 November 1990. The assets of these companies may only consist…
Transferable securities and similar instruments, and units or shares in real estate or property companies must be registered either in an account or on deposit with an authorised intermediary, or registered in the accounts of the issuing body, provided that the latter is located in a Member State of the European Union. Deeds of ownership of real estate assets, deeds and documents evidencing loans or receivables are kept in France….
The security for claims against reinsurers referred to in article R. 332-3-3 is constituted by pledging the securities referred to in 1°, 2°, 2° bis, 2° ter, 2° quater, 3°, 4°, 8° and 9° bis of article R. 332-2. These securities are deposited in a pledged account within the meaning of article L. 211-20 of the French Monetary and Financial Code. Pledged securities are valued in accordance with the provisions…
The amount of the difference between the mathematical provisions recorded in the balance sheet in accordance with Article L. 343-1 and the amount of mathematical provisions that would be recorded if acquisition charges were not taken into account in policyholders’ liabilities, as well as the calculation of deferred acquisition costs, must be able to be justified at any time to the Autorité de contrôle prudentiel et de résolution. Deferred acquisition…
An insurance undertaking may use a financial futures instrument within the meaning of Article L. 211-1 of the Monetary and Financial Code, linked to an investment or group of investments held or to be held if the following conditions are met throughout the transaction: a) The investment or group of investments is held or has been acquired forward with a maturity date prior to the maturity or exercise date of…
An insurance undertaking may use a financial futures instrument in anticipation of an investment if the following conditions are met throughout the transaction: a) The undertaking holds or will receive before the maturity or exercise date of the instrument an amount of cash at least equal to the notional amount of the instrument. Where the forward financial instrument does not give rise to any financial obligation for the company on…
An insurance undertaking may use a forward rate or currency instrument linked to a financial debt if the following conditions are met throughout the transaction: a) The loan contracted or the debt issued is identical or equivalent to the underlying of this instrument; b) For swap contracts, the underlying referred to in a) is the one that the company undertakes to exchange; c) The amount of the loan contracted or…
Unless expressly exempted by the Autorité de contrôle prudentiel et de résolution, an insurance undertaking may only use forward financial instruments in the cases provided for in Articles R. 332-45, R. 332-46 and R. 332-47. Any forward financial transaction which no longer complies with the conditions set out in these articles must be unwound within three months, and is the subject of a detailed analysis in the report provided for…
An insurance undertaking may only sell options in the following cases: a) To sell an option previously acquired within the framework defined by Articles R. 332-45 to R. 332-48; b) Sell an option when the insurance undertaking simultaneously purchases a similar option, with the only difference being the exercise price; c) Sell a call option on condition that the underlying asset is an investment already held, to the exclusion of…
Unless the Autorité de contrôle prudentiel et de résolution grants a waiver on a case-by-case basis, in particular to take account of an overall change in market conditions, the sum of the positive realisable values of all over-the-counter financial futures instruments entered into with all counterparties may not exceed 10% of the basis of dispersion defined in the first paragraph of Article R. 332-3 . Positive realisation values may be…
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is a Registered Trademark of
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182, rue de Rivoli
75001, Paris France
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is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
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