Item 5.4 Strategy and objectives 8-9; 12-13; 435 to 6 to 7; 237; Item 5.6 Basis for any statements made by the issuer regarding its competitive position 18 to 30; 212 to 222 112 to 117 12 to 31; 220 to 231 14 to 29; 178 to 189
Item 6.1 If the issuer is part of a group, a brief description of the Group and the issuer’s position within the Group. This may be in the form of, or accompanied by, a diagram of the organizational structure if this helps to clarify the structure.
Item 7.2 Operating results 6; 216-217; 233 34; 118 to 119; 136 8; 225 to 226; 241 12; 183-184; 196
Cross-reference table of the universal registration document 545NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2019www.natixis.com 2019 Universal registration document
Item 8.4 Information regarding any restrictions on the use of capital resources that have materially affected, or could materially affect, the issuer’s operations
Item 8.5 Information regarding the anticipated sources of funds needed to fulfil commitments referred to in item 5.7.2.
Item 12.1 Administrative and management bodies 10-11. 34 to 76 43 to 48 38 to 88 36 to 83
Item 12.2 Administrative, management, and supervisory bodies and executive management conflicts of interest
Item 13.2 Total amounts paid or accrued by the issuer to provide pension, retirement or similar benefits
Item 14.1 Date of expiration of current term of office, if applicable, and period during which the person served in that office.
Item 14.4 Statement whether the issuer complies with corporate governance regime(s)
Item 15.2 Shareholdings and stock options 95; 502-503 100; 521 to 522 93; 447 to 448
Item 16.2 Information as to whether the issuer’s major shareholders hold different voting rights, or an appropriate statement to the effect that no such voting rights exist
SECTION 18 FINANCIAL INFORMATION CONCERNING THE ISSUER’S ASSETS AND LIABILITIES, FINANCIAL POSITION AND PROFITS AND LOSSES
Item 19.2 Memorandum and bylaws 537 to 541 217 512 to 517 440 to 444
Pursuant to Article 19 of Regulation (EU) 2017/1129, the following items are included for reference purposes: the parent company and consolidated financial statements for theV year ended December 31, 2018, presented respectively on pages 403 to 441 and 241 to 394, the Statutory Auditors’ reports thereon, respectively pages 442 to 446 and 395 to 402 of the registration document filed with the AMF on March 15, 2019 under number D.19-0154.
The information is available at the following link: reports pages 344 to 381 and 194 to 337, the Statutory Auditors’ report thereon, respectively pages 382 to 386 and 338 to 343 of the registration document filed with the AMF on March 23, 2018 under number D.18-0172.
the parent company and consolidated financial statements for theV year ended December 31, 2017, presented respectively on
The universal registration document is available for consultation on the AMF website (www.amf-france.org.com) and on the Natixis website (www.natixis.com).
Cross reference table 9.6 for the annual financial report and the management report 2019 Universal registration document
Management report 1 Activity report (Article L.225-100, Article R.225-102 and L.233-6 of the French Commercial Code)
1.1 Situation and activity over the past year 212 to 217 1.3 Key financial and non-financial performance indicators 6 to 9; 12-13 1.4 Analysis of results and financial situation 100 to 107; 124 to 135; 139 to 1.5 Material events after the end of the reporting period 365 1.7 Research and development 1.8 Principal risks and uncertainties 100 to 156 1.9 Indication of financial risks relating to the effects of climate change 472-473 2 Information on share buybacks (Article L.225-211 par. 2 of the French Commercial Code) 508 3 Labor, environmental and social information (Article L.225-102-1 of the French Commercial Code) 435 to 494 4 Information on office locations and activities (Article 511-45 of the French Monetary and Financial Code) 371 to 383 5 Key characteristics of the internal control and risk management procedures relating to the preparation and processing of accounting and financial information 431 to 433 6 Duty of Information (Article L.225-37-5 of the French Commercial Code) 470-471
Information required under Article L.225-37-5 of the French Commercial Code relating to items likely to have an impact in the event of a public tender offer. 508
Pursuant to Articles 212-13 and 221-1 of the AMF’s General Regulations, the universal registration document also contains the following information ‘in respect of regulated disclosures.
Statutory Auditors’ special report on regulated agreements and commitments 528 to 534
ALM Asset and liability management — Management of the financial risks borne by an institution’s balance sheet (interest rate, currency, liquidity) and its refinancing policy in order to protect the bank’s asset value and/or its future Profitability.
Changes in the supervisory framework for banks, incorporating the lessons drawn from the 2007-2008 financial crisis, meant to complement the Basel 2 accords by enhancing the quality and quantity of the minimum capital requirements applicable to financial institutions. Basel 3 also establishes minimum requirements for liquidity risk management (quantitative ratios), defines measures aimed at limiting procyclicality in the financial system (capital buffers that vary according to the economic cycle) and reinforces requirements for financial institutions deemed to be systemically important.
CDO Collateralized debt obligations, i.e. debt securities backed by a pool of assets which can be either bank loans (mortgages) or corporate bonds. Interest and principal payments may be subject to subordination (i.e. through the creation of tranches).
Code of Conduct The Natixis Code of Conduct (Ethical Principles) reflects Natixis’ DNA; it gathers in a single overarching document all Natixis rules and guidelines in four main fields: be client-centric, behave ethically individually and collectively, act responsibly towards society, protect Natixis and Groupe BPCE assets and reputation. The Code of Conduct applies to all Natixis employees, entities and affiliates over the world, across all business lines. It also applies to our suppliers and all our business partners in their dealings with Natixis.
Cost/income ratio A ratio indicating the share of net revenues used to cover operating expenses (the Company’s operating costs). It is calculated by dividing operating costs by net revenues.
Covered bond A bond for which the reimbursement and payment of interest is backed by returns on a high-quality asset portfolio, often a portfolio of mortgage loans, which serve as collateral. The issuer often manages the payment of cash flows to investors (obligations foncières in France, Pfandbriefe in Germany). This product is mainly issued by financial institutions.
An independent European supervisory authority located in Paris. On January 1, 2011, it replaced the Committee of European Securities Regulators (CESR). It forms part of the European System of Financial Supervision. Its expanded mandate includes the supervision of rating agencies in Europe and the development of technical standards for EU regulations on the functioning of the financial markets (EMIR, MiFID, “Prospectus” Directive).
Fair value The price that would be received to sell an asset or paid to transfer a liability in a standard arm’s length transaction between market participants at the measurement date. Fair value is therefore based on the exit price.
FCPR Private Equity Investment Fund (Fonds Commun de Placement à Risque)
Market stress test Used in conjunction with internal VaR and SVaR models to assess market risk by calculating potential losses on portfolios in extreme market conditions.
Mark-to-market A valuation method whereby a financial instrument is appraised at fair value based on its market price.
MDA Maximum Distributable Amount, a new provision for banks placing restrictions on their dividend, AT1 coupon and bonus payments (under a rule that tightens restrictions as banks deviate from their requirements), if the capital buffers are not met. As these buffers are on top of Pillars I and II, they apply immediately if the bank fails to comply with the combined requirements.
Mezzanine A form of financing that is a hybrid of equities and debt. In ranking terms, mezzanine debt is subordinated to “senior debt” but still takes priority over equities.
Natixis ROTE Natixis ROTE is calculated by taking as the numerator net income (Group share) excluding DSN interest expenses on preferred shares after tax. Equity capital is average shareholders’ equity Group share as defined by IFRS, after payout of dividends, excluding average hybrid debt, average intangible assets and average goodwill.
Pillar II Pillar II establishes a process of prudential supervision that complements and strengthens Pillar I. It includes:- an analysis by the bank of all of its risks, including those already covered by Pillar I;- an estimate by the bank of the capital requirement for these risks;- a comparison by the banking supervisor of its own analysis of the bank’s risk profile with the analysis conducted by the bank, in order to adapt its choice of prudential measures where applicable, which may take the form of capital requirements exceeding the minimum requirements or any other appropriate technique.
Pillar III Pillar III is concerned with establishing market discipline through a series of reporting requirements. These requirements — both qualitative and quantitative — are intended to improve financial transparency in the assessment of risk exposure, risk assessment procedures and capital adequacy.
Document describing the interface between the organization’s key processes and the implementation of the governance that puts the RAS into action.
RTT Compensatory time off in lieu of overtime pay (Réduction du Temps de Travail)
Approach used to measure credit risk as defined by EU regulations.
SIFA Société d’Investissement France Active — The investment company through which France Active receives solidarity-based savings and invests them in the Social and Solidarity-Based Economy and socially innovative companies.
Like the VaR approach, stressed VaR is calculated based on a fixed econometric model over a continuous 12-month period under a representative crisis scenario relevant to the bank’s portfolio, using a “historical simulation” with “one-day” shocks and a confidence interval of 99%. However, unlike VaR, which uses 260 daily fluctuation scenarios on a sliding one-year period, stressed VaR uses a one-year historical window corresponding to a period of significant financial tension.
The risk of losses or impairment on assets arising from changes in interest rates or exchange rates. Structural interest/exchange rate risks are associated with commercial activities and proprietary transactions.
TSS Deeply subordinated notes (Titres Supersubordonnés), i.e. perpetual bonds with no contractual redemption commitment that pay interest in perpetuity. In the event of liquidation, they are repaid after other creditors (subordinated loans). These securities pay annual interest contingent on the payment of a dividend or the achievement of a specific result.
Value at Risk (VaR) A measure of market risk on a bank’s trading book expressed as a monetary value. It allows the entity performing the calculation to appraise the maximum losses liable to be incurred on its trading book. A statistical variable, VaR is always assigned a confidence interval (generally 95% or 99%) and a specific time frame (in practice, one day or 10 days, as the trading positions involved are meant to be unwound within several days).
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