{"id":5499,"date":"2018-08-26T16:13:25","date_gmt":"2018-08-26T16:13:25","guid":{"rendered":"https:\/\/offshore.sc\/?post_type=nessio_gl&#038;p=5499"},"modified":"2021-06-23T10:29:26","modified_gmt":"2021-06-23T08:29:26","slug":"ringfencing","status":"publish","type":"post","link":"https:\/\/offshore.sc\/fr\/glossaire-2\/ringfencing\/","title":{"rendered":"Qu'est-ce qu'une cl\u00f4ture en anneau ?"},"content":{"rendered":"<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-1z50f77-a9e60a5d1047bd4b4cc4775340a2cc88\">\n.flex_column.av-1z50f77-a9e60a5d1047bd4b4cc4775340a2cc88{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-1z50f77-a9e60a5d1047bd4b4cc4775340a2cc88 av_one_fifth  avia-builder-el-0  el_before_av_three_fifth  avia-builder-el-first  first flex_column_div av-zero-column-padding'     ><section  class='av_textblock_section av-kf3zpaek-1038da74ce7998a56264b56c7ccdf952'   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><!-- Rate My Post Plugin - Results Widget --><div  class=\"rmp-results-widget js-rmp-results-widget js-rmp-results-widget--5499\"  data-post-id=\"5499\">  <div class=\"rmp-results-widget__visual-rating\">    <i class=\"js-rmp-results-icon rmp-icon rmp-icon--ratings rmp-icon--star rmp-icon--full-highlight\"><\/i><i class=\"js-rmp-results-icon rmp-icon rmp-icon--ratings rmp-icon--star rmp-icon--full-highlight\"><\/i><i class=\"js-rmp-results-icon rmp-icon rmp-icon--ratings rmp-icon--star rmp-icon--full-highlight\"><\/i><i class=\"js-rmp-results-icon rmp-icon rmp-icon--ratings rmp-icon--star rmp-icon--full-highlight\"><\/i><i class=\"js-rmp-results-icon rmp-icon rmp-icon--ratings rmp-icon--star rmp-icon--full-highlight\"><\/i>  <\/div>  <div class=\"rmp-results-widget__avg-rating\">    <span class=\"js-rmp-avg-rating\">      4.9    <\/span>  <\/div>  <div class=\"rmp-results-widget__vote-count\">    (<span class=\"js-rmp-vote-count\">896<\/span>)  <\/div><\/div>\n<\/div><\/section><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-1jael0z-8abaefe3dcf5b46fe1316a73ff91d663\">\n.flex_column.av-1jael0z-8abaefe3dcf5b46fe1316a73ff91d663{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-1jael0z-8abaefe3dcf5b46fe1316a73ff91d663 av_three_fifth  avia-builder-el-2  el_after_av_one_fifth  el_before_av_one_fifth  flex_column_div av-zero-column-padding'     ><p><article  class='iconbox iconbox_top av-keswwjsy-09a7c1db7d8b9f62bae70937ad067d4b  avia-builder-el-3  el_before_av_image  avia-builder-el-first  main_color'  itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class=\"iconbox_content\"><header class=\"entry-content-header\" aria-label=\"Ic\u00f4ne : protection des actifs, s\u00e9paration \u00e0 des fins fiscales\"><div class='iconbox_icon heading-color avia-iconfont avia-font-entypo-fontello' data-av_icon='\ue80a' data-av_iconfont='entypo-fontello'  ><\/div><h2 class='iconbox_content_title'  itemprop=\"headline\" >Protection des actifs, s\u00e9gr\u00e9gation \u00e0 des fins fiscales<\/h2><\/header><div class='iconbox_content_container'  itemprop=\"text\" ><\/div><\/div><footer class=\"entry-footer\"><\/footer><\/article><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-kesulvvg-40a0d4f8ac0ca4b62b62109e582f459c\">\n.avia-image-container.av-kesulvvg-40a0d4f8ac0ca4b62b62109e582f459c img.avia_image{\nbox-shadow:none;\n}\n.avia-image-container.av-kesulvvg-40a0d4f8ac0ca4b62b62109e582f459c .av-caption-image-overlay-bg{\nopacity:0.7;\nbackground-color:#ffffff;\n}\n.avia-image-container.av-kesulvvg-40a0d4f8ac0ca4b62b62109e582f459c .av-image-caption-overlay-center{\ncolor:#1358cb;\n}\n<\/style>\n<div  class='avia-image-container av-kesulvvg-40a0d4f8ac0ca4b62b62109e582f459c av-styling-circle av-hover-grow av-hide-overflow av-img-linked avia_animated_image av-animated-when-visible-95 top-to-bottom avia-align-center  avia-builder-el-4  el_after_av_icon_box  el_before_av_hr  noHover av-overlay-on-hover'   itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><div class=\"avia-image-container-inner\"><div class=\"avia-image-overlay-wrap\"><a href=\"https:\/\/offshore.sc\/fr\/glossaire-2\/\" class='avia_image'  aria-label='Qu&#039;est-ce qu&#039;une cl\u00f4ture en anneau ?'><div class=\"av-image-caption-overlay\"><div class=\"av-caption-image-overlay-bg\"><\/div><div class=\"av-image-caption-overlay-position\"><div class=\"av-image-caption-overlay-center\"><p>Ringfencing<\/p>\n<\/div><\/div><\/div><img decoding=\"async\" fetchpriority=\"high\" class='wp-image-19268 avia-img-lazy-loading-not-19268 avia_image' src=\"https:\/\/offshore.sc\/wp-content\/uploads\/2021\/04\/glossary-1024x410.jpg\" alt='Qu&#039;est-ce qu&#039;une cl\u00f4ture en anneau ?' title='Qu&#039;est-ce qu&#039;une cl\u00f4ture en anneau ?'  height=\"410\" width=\"1024\"  itemprop=\"thumbnailUrl\" srcset=\"https:\/\/offshore.sc\/wp-content\/uploads\/2021\/04\/glossary-1024x410.jpg 1024w, https:\/\/offshore.sc\/wp-content\/uploads\/2021\/04\/glossary-300x120.jpg 300w, https:\/\/offshore.sc\/wp-content\/uploads\/2021\/04\/glossary-768x307.jpg 768w, https:\/\/offshore.sc\/wp-content\/uploads\/2021\/04\/glossary-16x6.jpg 16w, https:\/\/offshore.sc\/wp-content\/uploads\/2021\/04\/glossary-705x282.jpg 705w, https:\/\/offshore.sc\/wp-content\/uploads\/2021\/04\/glossary-600x240.jpg 600w, https:\/\/offshore.sc\/wp-content\/uploads\/2021\/04\/glossary.jpg 1500w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><\/div><\/div><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-kq97tfa0-e8399de38cb357d765ea5f45cf42caea\">\n#top .hr.hr-invisible.av-kq97tfa0-e8399de38cb357d765ea5f45cf42caea{\nheight:50px;\n}\n<\/style>\n<div  class='hr av-kq97tfa0-e8399de38cb357d765ea5f45cf42caea hr-invisible  avia-builder-el-5  el_after_av_image  el_before_av_textblock'><span class='hr-inner'><span class=\"hr-inner-style\"><\/span><\/span><\/div><br \/>\n<section  class='av_textblock_section av-kerawukh-9d25a00219b06d00bff1d81a740396ad'   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><h2 style=\"text-align: justify;\">Qu'est-ce qu'une cl\u00f4ture en anneau ?<\/h2>\n<ul>\n<li>On parle de ringfencing ou de ring-fencing lorsqu'une partie des actifs ou des b\u00e9n\u00e9fices d'une entreprise est financi\u00e8rement s\u00e9par\u00e9e sans n\u00e9cessairement \u00eatre exploit\u00e9e comme une entit\u00e9 distincte. La raison en est peut-\u00eatre :\n<ul>\n<li>des raisons r\u00e9glementaires,<\/li>\n<li>la cr\u00e9ation de r\u00e9gimes de protection des actifs en ce qui concerne les arrangements financiers, ou<br \/>\nS\u00e9paration en flux de revenus distincts \u00e0 des fins fiscales.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>protection des actifs<\/strong><br \/>\nDans les accords de protection des actifs, l'affectation peut \u00eatre utilis\u00e9e en s\u00e9parant certains actifs et passifs en entit\u00e9s distinctes au sein d'un groupe. Elle peut \u00e9galement \u00eatre utilis\u00e9e comme une m\u00e9thode pour att\u00e9nuer le risque de liquidation ou am\u00e9liorer la cote de cr\u00e9dit d'une entreprise.<\/p>\n<p><strong>S\u00e9paration \u00e0 des fins fiscales<\/strong><br \/>\nAu Royaume-Uni, les b\u00e9n\u00e9fices de cantonnement proviennent des revenus et des gains de la production p\u00e9troli\u00e8re ou des droits p\u00e9troliers sur le plateau continental britannique et sont soumis \u00e0 un taux d'imposition des soci\u00e9t\u00e9s plus \u00e9lev\u00e9. Ce syst\u00e8me de taxation des produits p\u00e9troliers est \u00e9galement observ\u00e9 dans d'autres pays.<\/p>\n<p><strong>S\u00e9paration r\u00e9glementaire<\/strong><br \/>\nDans le cas de pr\u00eats ou d'obligations, l'affectation permet g\u00e9n\u00e9ralement \u00e0 un investisseur d'avoir \u00e0 la fois un lien avec un actif sp\u00e9cifique qu'il poss\u00e8de (par exemple, des parcs \u00e9oliens appartenant \u00e0 une compagnie d'\u00e9lectricit\u00e9) et un soutien total du cr\u00e9dit pour le bilan d'une compagnie d'\u00e9lectricit\u00e9.<\/p>\n<p>Une forme courante de s\u00e9paration est celle o\u00f9 un service public r\u00e9glement\u00e9 se s\u00e9pare financi\u00e8rement d'une soci\u00e9t\u00e9 m\u00e8re qui exploite une entreprise non r\u00e9glement\u00e9e. Cette mesure vise principalement \u00e0 prot\u00e9ger les consommateurs de services essentiels tels que l'\u00e9lectricit\u00e9, l'eau et les t\u00e9l\u00e9communications de base contre l'instabilit\u00e9 financi\u00e8re ou la faillite de la soci\u00e9t\u00e9 m\u00e8re r\u00e9sultant de pertes dans ses op\u00e9rations d'open market. Le cloisonnement permet \u00e9galement de s\u00e9parer les informations relatives aux clients du service public des efforts de recherche de profit des autres entreprises de la soci\u00e9t\u00e9 m\u00e8re.<\/p>\n<p>\u00c0 la suite de la crise financi\u00e8re de 2008, les plus grandes banques du Royaume-Uni sont tenues, en vertu de la loi de 2013 sur les services financiers (r\u00e9forme bancaire), de cloisonner leurs activit\u00e9s de d\u00e9tail afin de renforcer la protection des d\u00e9posants. Les exigences en mati\u00e8re de cloisonnement sont entr\u00e9es en vigueur le 1er janvier 2019. Les exigences britanniques en mati\u00e8re de cloisonnement bancaire exigent que ces activit\u00e9s de banque de d\u00e9tail soient men\u00e9es par des entit\u00e9s et des sous-groupes distincts au sein de chaque grand groupe bancaire. La Prudential Regulation Authority est le principal r\u00e9gulateur en mati\u00e8re de cantonnement, charg\u00e9 de d\u00e9terminer quelles banques entrent dans le champ d'application de la l\u00e9gislation sur le cantonnement et de superviser la mise en \u0153uvre des r\u00e8gles par les banques.<\/p>\n<p>Vous trouverez de plus amples informations dans notre <strong><a href=\"https:\/\/offshore.sc\/fr\/glossaire-3\/\">Lexique\/Glossaire<\/a><\/strong> ou dans le <strong><a href=\"http:\/\/offshore.law\" target=\"_blank\" rel=\"noopener\">Loi sur le BAC<\/a><\/strong>.<\/p>\n<div style=\"text-align: justify;\"><\/div>\n<\/div><\/section><br \/>\n<div  class='avia-button-wrap avia-button-center  avia-builder-el-7  el_after_av_textblock  el_before_av_hr'>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-kq97mj1j-a0aaa008755455c25655fdfecfb2fa1e\">\n#top #wrap_all 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