Institutional safeguards

Regulatory controls

French banking supervisory authority oversight

As authorized credit institutions, sociétés de crédit foncier are placed under the authority of the French banking supervisory authority (Autorité de contrôle prudentiel et de résolution - ACPR).

The French banking supervisory authority monitors these companies by examining reports and financial statements that they are required to provide and by conducting on-site investigations.

As a credit institution, Compagnie de Financement Foncier is legally bound to provide information about:

AMF control

In accordance with Directive No. 2003/71 of November 4, 2003, known as the “Prospectus Directive”, Compagnie de Financement Foncier has chosen Paris as the place of registration for its obligations foncières issues.

The article L. 621-8-1 of the French Monetary and Financial Code determines the methods and perimeter of intervention of the AMF.

Control of the statutory auditors

As a société anonyme (limited liability company) under French law, Compagnie de Financement Foncier’s financial statements must be audited by Statutory Auditors. Article L. 511-38 of the Monetary and Financial Code requires that credit institutions be audited by at least two statutory auditors, employed by independent auditing firms, whereas other countries require only one.

The Specific controller


The Specific controller is part of the system that ensures that the highest level of control is exercised over SCFs on behalf of obligations foncières holders. Specific controllers are selected from the official list of statutory auditors and are appointed with the approval of the French banking supervisory authority. They are responsible for verifying that operational mechanisms are functioning correctly and for ensuring strict compliance with laws and regulations.


Their responsibilities, as defined by law under Articles L.513-23 and 24, and for which they have extensive investigative rights, are essentially to:

  • ensure compliance with all regulations and legislation applicable to SCFs (Articles L. 513-3 to L. 513-27);
  • verify that any assets contributed to Compagnie de Financement Foncier are consistent with its business object, as defined in Article L. 513-2 and comply with the provisions of Articles L. 513-3 to L.513-7;
  • certify documents submitted to the French banking supervisory authority, in particular the ratios, regulatory limits and guarantee percentages at June 30, and December 31, of each year;
  • prepare an annual report for executives and deliberative bodies on the results of their assignment, of which a copy must be submitted to the French banking supervisory authority;
  • certify the overcollateralisation ratio for quarterly bond issue programs or issues that are equivalent to €500 million or more (article R-515-13) .
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