Accounting documents of branches of foreign credit and financial institutions

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Accounting documents of branches of foreign credit and financial institutions

Outline of the Community (European Union) legislation about Accounting documents of branches of foreign credit and financial institutions

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Accounting documents of branches of foreign credit and financial institutions

Document or Iniciative

Council Directive 89/117/EEC of 13 February 1989 on the obligations of branches established in a Member State of credit institutions and financial institutions having their head offices outside that Member State regarding the publication of annual accounting documents.

Summary

The Directive applies to all EC branches of banks and other financial institutions which have their head offices outside the Member State where the branch is established.

The Directive abolishes present requirements of Member States to publish separate branch accounts. Documents which are to be published by branches of credit institutions and financial institutions having their head office in another Member State include their annual accounts, consolidated accounts, annual report, etc. These must be published and audited as required by the law of the Member State in which the head office is located. Pending further coordination, Member States may require branches to publish additional information such as income and costs, and the total claims and liabilities attributable to the branch. Five years after 1 January 1993, the Council will examine and, if need be, revise this provision with a view to eliminating such additional information.

Documents to be published by branches of credit institutions and financial institutions having their head office in a non-member country are the same as at paragraph 2; and are to be drawn up and audited as required by the non-member country. However, if the rules in question are not in conformity with EC accounting requirements, Member States may require branches to publish annual accounts relating to their own activities.

Member States may require that the documents be published in their official language(s) and that the translation of such documents be certified.

References

Act Entry into force Deadline for transposition in the Member States Official Journal
Directive 89/117/EEC 16.02.1989 01.01.1991 OJ L 44 of 16.02.1989

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