Section 3: Operating resources

I. - Persons subject to supervision by the Autorité de contrôle prudentiel et de résolution pursuant to Article L. 612-2 are subject to a contribution for supervision costs, which is paid to the Banque de France in respect of their activity as at 1 January each year, with the exception of insurance and reinsurance brokers and brokerage companies referred to in Article L. 511-1 of the French Insurance Code, as well as banking and payment services intermediaries, who are subject to a contribution for control costs in respect of their activity on 1st April of each year.

Persons and organisations whose registered office is in another State party to the Agreement on the European Economic Area and who carry on their business in France through the establishment of a branch or under the freedom to provide services are not subject to the contribution.

Persons exempt from the authorisation provided for in Articles L. 321-1, L. 321-1-1 and L. 329-1 of the Insurance Code, Articles L. 931-4 and L. 931-4-1 of the Social Security Code and Articles L. 211-8 and L. 211-8-1 of the Mutual Code are exempt from the contribution.

The Banque de France allocates all the proceeds of the contribution to the budget of the Autorité de contrôle prudentiel et de résolution.

II. - The provisions applicable to the tax base are as follows:

A.-For the persons mentioned in 1° to 4° and 8° to 10° of A of I of Article L. 612-2 as well as for the EU parent investment holding companies mentioned in 4° ter of the same A, the tax base is made up of :

1° The minimum capital requirements to ensure compliance with the coverage ratios provided for in articles L. 511-41, L. 522-14, L. 526-27 and L. 533-2 of this Code or Article 8 of Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on prudential requirements for investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014, defined during the financial year ended in the previous calendar year. The minimum capital requirements are assessed on a consolidated basis for persons covered by Articles L. 511-41-2, L. 533-4-1, L. 517-5 and L. 517-9 of this Code and by Article 7 of the aforementioned Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 belonging to a group, within the meaning of Article L. 511-20 of this Code. No additional contribution on a social or sub-consolidated basis shall be paid by the persons mentioned in I of this article belonging to a group, within the meaning of Article L. 511-20, when it concerns the central body or undertakings affiliated to a network or undertakings over which the parent undertaking exercises, directly or indirectly, exclusive control. A contribution is calculated on a corporate or sub-consolidated basis for persons not belonging to a group, within the meaning of the same article L. 511-20, or when the parent undertaking does not exercise exclusive control over the supervised undertaking on a corporate or sub-consolidated basis. In the latter case, the consolidated basis of assessment of the parent undertaking is reduced by the amounts taken into account for the taxation of a person on a corporate or sub-consolidated basis;

2° The initial capital standards making it possible to meet the requirements laid down in Articles L. 511-11 and L. 532-2 of this Code and Article 7 of the aforementioned Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019, defined during the financial year ended in the previous calendar year, where the capital requirements are not applicable.

B. - For the undertakings referred to in B of Article L. 612-2, the basis of assessment is the premiums or contributions written and accepted during the financial year ended during the previous calendar year, including policy fees, contributions, contract and settlement costs and policy costs, net of tax, cessions and cancellations for the financial year and all previous financial years, plus the change, during the same financial year, in the total premiums or contributions still to be written, net of cessions.

C. - In view of the special control procedures to which they are subject, the following persons pay a flat-rate contribution:

1° Money changers, the persons mentioned in 4° of B of I of Article L. 612-2 and the persons mentioned in A of the same I, with the exception of those mentioned in 4° bis and 11° of the same A, not required to comply with either a coverage ratio under Articles L. 511-41 and L. 533-2 of this Code and Articles 7 or 8 of the aforementioned Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019, or initial capital standards under Articles L. 511-11 and L. 532-2 of this Code and Articles 7 or 8 of Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019, shall each pay a flat-rate contribution of between €500 and €1,500, set by order of the Minister for the Economy and, for the persons mentioned in 4° of B of I of Article L. 612-2 of this Code, by order of the Ministers for the Economy, Mutual Societies and Social Security;

2° Insurance and reinsurance brokers and brokerage companies mentioned inarticle L. 511-1 of the Insurance Code , as well as intermediaries in banking and payment services, intermediaries in participative financing, non-profit associations and foundations recognised as being in the public interest mentioned in 5° of article L. 511-6 of this Code and the legal entities referred to in Article L. 313-21-1 shall each pay a flat-rate contribution of between €100 and €300, defined by order of the Minister for the Economy. Persons simultaneously carrying on the business of insurance and reinsurance brokerage and the business of intermediary in banking and payment services or another activity subject to the payment of a contribution to the Autorité de contrôle prudentiel et de résolution shall pay only one contribution. Credit institutions, payment institutions, electronic money institutions and finance companies are not subject to the provisions of this C when they carry out the activity of intermediary in participative financing;

3° The persons mentioned in 4° bis and 11° of A of I of Article L. 612-2 shall each pay a flat-rate contribution of between €5,000 and €15,000, set by order of the Minister for the Economy;

4° The credit institutions mentioned in Article L. 318-1 pay, when they submit their application for authorisation, a flat-rate contribution set by order of the Minister for the Economy, up to a limit of €10,000.

III. - The rate of the contribution referred to in A and B of II of this article is between :

1° 0.40 and 0.80 ‰ for the persons mentioned in A of II of this article. This rate is set by order of the Minister responsible for the economy ;

2° 0.15 ‰ and 0.25 ‰ for the companies mentioned in B of II of this article. This rate is set by order of the ministers responsible for the economy, mutual insurance and social security.

The contribution paid in this context may not be less than a minimum contribution, the amount of which, between €500 and €1,500, is defined by order of the ministers responsible for the economy, mutual insurance and social security.

The orders referred to in II and III above are issued after obtaining the opinion of the full supervisory board of the Autorité de contrôle prudentiel et de résolution.

IV. - For the persons referred to in A and B of II of this article, the Autorité de contrôle prudentiel et de résolution settles the contribution on the basis of the declarations provided by the insurers as part of the control of the coverage ratios provided for in articles L. 511-41, L. 522-14 and L. 533-2, the initial capital standards required to comply with articles L. 511-11 and L. 532-2 of this code and the solvency margin provided for inarticle L. 310-12 of the insurance code.

V. - The contribution is collected as follows:

1° The Autorité de contrôle prudentiel et de résolution sends a call for contributions to all persons mentioned in A and C of II of this article by 15 April each year at the latest, with the exception of insurance and reinsurance brokers and brokerage companies mentioned in article L. 511-1 of the Insurance Code and intermediaries in banking and payment services. The persons concerned make the corresponding payment to the Banque de France by 30 June each year at the latest.

The Autorité de contrôle prudentiel et de résolution sends a call for contributions to insurance and reinsurance brokers and brokerage companies, intermediaries in banking and payment services and intermediaries in participative financing by 15 June each year at the latest. For these persons, the organisation that keeps the register referred to in article L. 512-1 of the Insurance Code sends the AMF, by 15 May at the latest, a list of registrations as at 1 April of each year. The persons concerned shall make the corresponding payment to the Banque de France by 30 August each year at the latest;

2° The Autorité de contrôle prudentiel et de résolution sends a call for contributions to all the persons mentioned in B of II of this article by 15 July each year at the latest. The persons concerned make the corresponding payment to the Banque de France by 30 September each year at the latest;

3° A taxpayer who wishes to contest the assessment must submit a reasoned complaint to the Chairman of the Autorité de contrôle prudentiel et de résolution within sixty days. If the taxpayer's observations are rejected in whole or in part, the taxpayer will receive a reminder letter stating the reasons for the rejection. Disputes relating to these taxes are referred to the Administrative Court.

VI. - In the event of partial payment or failure to comply with the payment deadlines referred to in V of this article, the Autorité de contrôle prudentiel et de résolution will send the taxpayer a reminder letter by registered post with acknowledgement of receipt. This letter informs the taxpayer that the surcharge referred to inArticle 1731 of the General Tax Code is applicable to the sums whose payment has been deferred. The late payment interest referred to in article 1727 is applied.

The increase is pronounced thirty days after the date of notification to the taxpayer of the reminder letter establishing the amount of the additional contribution. The taxpayer is informed that he has the opportunity to submit his observations within this period.

VII. - During the three years following the year in respect of which the assessment is due, the Autorité de contrôle prudentiel et de résolution may revise the amount of the contribution in accordance with the procedures set out in V.

VIII. - If payment is not made within thirty days of the date of notification to the party liable for payment of the reminder letter setting out the amount of the additional contribution or the registered letter setting out the revised amount of the contribution, the Banque de France shall refer the matter to the public accountant, who shall issue an enforcement order, recovered in accordance with the same procedures and subject to the same penalties, guarantees, securities and liens as for turnover taxes. Claims are lodged, investigated and judged in accordance with the rules applicable to the same tax. The sums thus recovered are paid to the Banque de France, which reallocates them to the budget of the Autorité de contrôle prudentiel et de résolution. The State shall deduct collection costs, the rate of which shall be set by regulation and may not exceed 1% of the sums thus collected on behalf of the Banque de France.

IX. - All transactions relating to the collection of the contribution for supervisory costs by the Banque de France and the payment of its proceeds to the Autorité de contrôle prudentiel et de résolution are subject to specific accounting monitoring within the accounts of the Banque de France.

X. - A decree in the Conseil d'Etat shall set out, as necessary, the terms and conditions for the application of this article.