Book III: Companies

Unless the Autorité de contrôle prudentiel et de résolution grants a waiver on a case-by-case basis, the amount of cash receivable from assets referred to in 1°, 2°, 2° bis and 2° ter of A of Article R. 332-2 which are subject to early investment transactions in securities of the same type may not exceed 20% of the dispersion base defined in the first paragraph of Article R. 332-3. In…

An insurance undertaking may only underwrite financial futures instruments: 1. On recognised markets within the meaning of the last paragraph of A of Article R. 332-2 ; 2. Over-the-counter, with : a) Credit institutions and investment firms having their registered office in one of the Member States of the European Community or parties to the Agreement on the European Economic Area ; b) The bodies referred to in Article L….

The sum of the positive realisation values of all the contracts entered into with the same company or several companies belonging to the same group within the meaning of article R. 332-13 is taken into account in the ceiling mentioned in 1° of article R. 332-3-1. Positive realisable values may be offset against negative realisable values of forward financial instruments entered into with the same entity, if there is a…

The sum of the positive realisation values of forward financial instruments entered into over-the-counter with the same company or several companies belonging to the same group within the meaning of article R. 332-13 may not exceed 0.5% of the basis of spread defined in the first paragraph of article R. 332-3. Positive realisable values may be offset against negative realisable values of forward financial instruments entered into with the same…

The amounts provided for in articles R. 332-54 and R. 332-55 are calculated net of the value of guarantees received under an eligible master agreement. An eligible master agreement meets all of the following conditions: a) It complies with the general principles of a national or international master agreement; b) It explicitly provides for compensation between positive and negative realisation values; c) It provides that the guarantee shall take the…

In assessing the limits laid down in this section, the Autorité de contrôle prudentiel et de résolution may take into account the financial instruments used by undertakings: a) In which, on the one hand, the undertaking has invested an amount in excess of 0.5% of the dispersion base defined in the first paragraph of Article R. 332-3 and in which, on the other hand, the group to which the insurance…

An insurance undertaking using forward financial instruments shall, at least once a month, make projections of the composition of its investment portfolio in order to take account of the impact on it of its transactions in forward financial instruments. These projections are drawn up for maturities of one month, three months, six months, one year and annually until the maximum maturity of the forward financial instruments used, distinguishing the impact…