Subsection 5: Transitional measures

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R352-27R352-28

Article R352-27

French Insurance CodeIn force
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Updated 7 Nov 2023

I.-Subject to the application of the provisions of articles L. 352-1, R. 352-2 and R. 352-5, the following rules apply:

a) Until 31 December 2017, the standard parameters to be used to calculate the concentration risk sub-module and the margin risk sub-module under the standard formula shall be the same, for exposures to central governments and central banks of Member States that are denominated and funded in the national currency of any Member State, as those that would apply to such exposures denominated and funded in their national currency ;

(b) In 2018, the standard parameters to be used to calculate the concentration risk sub-module and the margin risk sub-module under the standard formula shall be reduced by 80% for exposures to Member States' central governments and central banks denominated and funded in the domestic currency of any other Member State;

c) In 2019, the standard parameters to be used to calculate the concentration risk sub-module and the margin risk sub-module according to the standard formula shall be reduced by 50% for exposures to Member States' central governments and central banks that are denominated and funded in the domestic currency of any other Member State;

d) From 1 January 2020, the standard parameters to be used to calculate the concentration risk sub-module and the margin risk sub-module under the standard formula shall not be reduced for exposures to Member States' central governments and central banks denominated and funded in the domestic currency of any other Member State.

II.Without prejudice to Articles L. 352-1, R. 352-2 and R. 352-5, when calculating the equity risk sub-module according to the standard formula without the option provided for in Article R. 352-12, the standard parameters to be used for the shares referred to in Article 173 of Commission Delegated Regulation (EU) No 2015/35 of 10 October 2014, where these shares were acquired directly by the undertaking on or before 1 January 2016, or indirectly where the undertaking made an investment on or before 1 January 2016 in shares in open-ended investment companies or units in unit trusts, are equivalent to the weighted averages of:

a) The standard parameter to be used for calculating the equity risk sub-module in accordance with Article R. 352-12;

b) And of the standard parameter to be used to calculate the equity risk sub-module according to the standard formula without the option provided for in article R. 352-12.

The coefficient allocated to the parameter referred to in b increases at least linearly at the end of each year, from 0% for the year starting 1 January 2016 to 100% from 1 January 2023.

Mariela Petrova

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Any time a strategic decision changes how the company is owned, governed or contractually bound — incorporation, fundraising, M&A, restructuring, shareholder agreements, or major commercial contracts. Earlier engagement always costs less than later remediation.

A notary (notaire) is a public officer who authenticates specific deeds (mainly real-estate transfers and certain family-law acts). A corporate lawyer (avocat) advises on strategy, negotiates and drafts company documents, and represents you in disputes. The two roles complement rather than overlap.

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The SAS (Société par Actions Simplifiée) is the default choice for most international structures: flexible governance, single shareholder allowed, no minimum capital, and works cleanly with foreign holding entities. We assess SARL, SA, SCI on the merits when the situation calls for it.

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Absolutely. We routinely coordinate with your in-house counsel, expert-comptable or notaire — pragmatic collaboration is the norm, not the exception. We send them everything they need to do their part without duplicating work.

Mariela Petrova

Mariela Petrova

Avocate au Barreau de Paris

Toque #C2396

15+ Years In Corporate Practice

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