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In France, CCPs are supervised jointly by ACPR, AMF and Banque de France. An institution wishing to obtain a CCP status should submit to the French authorities an application file.
In France, CCPs are supervised jointly by ACPR, AMF and Banque de France.
The European Market Infrastructures Regulation (EMIR) has set a harmonised framework for the regulation and the supervision of European CCPs. CCPs have to follow a set of rules with regard to conduct of business and organisation, as well as comply with very specific requirements on risk management. EMIR foresees also the establishment of Colleges of authorities for each CCP, which participate in the supervision of the relevant CCP and together with the national competent authorities in charge of the supervision of the CCP and ESMA.
The French CCPs are authorised under EMIR by ACPR, after consulting AMF and Banque de France, as well as the other European authorities participating in the EMIR College.
ACPR, in cooperation with AMF and Banque de France, could decide (subject to certain criteria foreseen in the French law) that a CCP should also obtain a credit institution licence. In this case, the aforementioned authorisation procedures are run in parallel.
An institution wishing to obtain a CCP status should submit to the French authorities an application file which comprises in particular :
Once the French Authorities have assessed that the application is complete, they will transfer it to the EMIR College so that it can provide its opinion. Then the authorisation request will be examined by the AMF College and the ACPR College. AMF approves the rulebook (as well as any future changes) and grants professional cards for to the persons responsible for some control functions, as foreseen in AMF general regulation.
As a CCP, each year, you must pay a tax to the AMF. This contribution is set at an amount equal to your operating income for the previous fiscal year, multiplied by 0.3%.
You must declare your operating income by email to the address declarationcontribution [at] amf-france.org and you must pay this sum directly to the AMF, no later than 3 months after the balance sheet date of the previous year.
For more information, see the guide on fees and contributions due to the AMF (in French only)