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Amended procedure for the communication of information to the ACPR

The Instruction No 2017-I-24 was published on December 26th, 2017. This instruction summarizes the information to be provided under the various regulatory texts applicable to credit institutions supervised by the ACPR.

As a reminder and in accordance with the exchange of letters between Monaco and France dated 20 October 2010, the Monegasque credit institutions are placed under the authority of the ACPR. Under article 1 of the aforementioned exchange of letters, instructions of the ACPR are applicable to Monegasque credit institutions as soon as the Monegasque government and the credit institutions have been noticed.

This instruction completes and replaces the instruction No 93-01 of January 29th, 1993 relating to the transmission of annual accounts, prudential documents as well as miscellaneous information.

It appears from the fifteen articles of this instruction that the following information and documents must be provided by the credit institutions to the ACPR (non-exhaustive list):

  • The information contained in the report relating to internal control (Article 2 of the Instruction)
  • Information relating to remuneration policy and practices (Article 3 of the Instruction)
  • The minutes of the Board of directors (Article 4 of the Instruction)
  • Documents relating to the approval of the annual accounts (Article 5 of the Instruction)
  • Some information pertaining to the shareholding structure (Article 5 paragraph 2 of the Instruction)
  • The balance sheet, the income statement and the annual individual accounts

Unlike the previous instruction, Instruction No 2017-I-24 also provides information on how to send these documents and information to the ACPR.

Until January 1st, 2019, the transmission’s process will differ depending on whether the contemplated credit institution is subject to the supervision of the European Banking Authority.

As of January 1st, 2019, the transmission’s process will be unified: credit institutions will have to send these documents, electronically executed, by teletransmission.

Authors

Olivier Marquet
Olivier Marquet
Avocat Associé | Managing Partner
Monaco
The picture of Michael Dearden
Michaël Dearden
Middle Associate
Monaco