GROUPAMA / 2020 UNIVERSAL REGISTRATION DOCUMENT

8 ADDITIONAL INFORMATION Regulatory environment

European Union. Work to identify problems in implementing this standard and its potential impact on the consolidated financial statementsis currently in progress.This work is being carriedout in conjunctionwith the IFRS 9 impact analysis and takes into account the postponementof the effective date of IFRS 17 and IFRS 9 to 1 January 2023.

However, no IFRS standard specificallydeals with the methods for aggregating the financial statements of entities forming the Mutual InsuranceDivision (local mutuals and regional mutuals). The Group has thereforeadoptedthe combinationrules defined in section VIof Regulation no 2000-05 of the Accounting Regulatory Committee related to the rules for consolidationand combinationof companies governed by the French InsuranceCode and provident institutions governed by the French Social Security Code or by the French Rural Code. This choice was made in accordance with the judgement criteria of Article 10 of IAS 8 (on the selection and application of accounting policies in the absence of a standard or an interpretation that is specifically applicable) owing to the characteristics of Groupama’s Mutual Insurance Division. The Group has opted to defer the application of IFRS 9 “Financial Instruments” and its amendment “Prepayment Features with Negative Compensation” in accordance with the amendments to IFRS 4 “Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts” and “Extension of the temporary exemption from applying IFRS 9”, which allows groups whose main business is insuranceto postponethe applicationof IFRS 9 at the latest until the annual periods beginning on or after 1 January 2023. The Group meets the eligibility criteria defined in the amendment to defer the application of IFRS 9. IFRS 17 on insurancepolicies, publishedby the IASB in May 2017 and intended to replace the current IFRS 4, and its amendment published in June 2020 have not yet been adopted by the

8.3.6

OTHER REGULATIONS

Beyond the regulationsspecific to insuranceor the financial sector, the Group’s entities, like any economic agent, must comply with the general regulations applicable in the country where they operate. In this regard, it should be noted that the law on transparency,the fight against corruption, and the modernisation of economic life, known as “Sapin 2”, has required large companies, since 1 June 2017, to establish a prevention, detection, and management system to combat corruption and trading in influence in France or abroad, under penalty of administrative or criminal sanctions. In connectionwith this, the Group implementedan anti-corruption programme including risk mapping, a process for evaluating customersand third parties, a monitoringand training programme, and a Code of Conduct for employees.

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Universal Registration Document 2020 - GROUPAMA ASSURANCES MUTUELLES