French Monetary and Financial Code
In forceI. - The Advisory Committee on Financial Legislation and Regulation is chaired by the Minister for the Economy or his representative. The Committee comprises seventeen other members:
1° A Member of Parliament, appointed by the President of the National Assembly ;
2° A Senator, appointed by the President of the Senate;
3° A serving member of the Conseil d'Etat, appointed on the recommendation of the Vice-President of the Conseil d'Etat;
4° The Governor of the Banque de France, Chairman of the Autorité de contrôle prudentiel et de résolution, and another member of the Autorité designated by him, or their representatives;
5° The Director of Civil Affairs and the Seal at the Ministry of Justice, or his representative;
5° bis The Director of Social Security or his representative;
6° Three representatives of credit institutions, finance companies and investment firms;
7° Three representatives of insurance companies;
8° One representative of the national trade unions representing banking, insurance and investment firm personnel;
9° One representative of customers of credit institutions, finance companies, insurance companies and investment firms;
10° Two persons chosen for their expertise.
When it examines general provisions relating to the activities of investment services providers, the Consultative Committee on Financial Legislation and Regulation also includes the Chairman of the Autorité des marchés financiers or his representative.
The members designated in 1° and 2° take part in the work of the Committee when draft Community regulations or directives or draft laws are being examined.
The members of the Committee designated in 1°, 2°, 3°, 6°, 7°, 8°, 9° and 10° and their alternates are appointed by order of the Minister for the Economy.
II. - The Advisory Committee on Financial Legislation and Regulation has a general secretariat headed by a secretary general appointed by order of the Minister for the Economy. The Secretary General is assisted by a Deputy Secretary General appointed under the same conditions.
III. - The Committee meets when convened by its Chairman. It may only deliberate on matters included on the agenda attached to the notice convening the meeting. In the event of a tie, the Chairman has the casting vote.
IV. - In the event of an emergency established by its Chairman, the Committee may decide by written consultation.
When the Committee avails itself of this option, the Chairman shall obtain the comments and opinions of the Committee members within a time limit that he shall set but which may not be less than two working days. However, if a member so requests in writing within this time limit, the Chairman shall convene a meeting of the Committee in the form and under the conditions laid down in III.
In order for the results of the written consultation to be taken into account, the opinions of at least half the members of the Committee must have been obtained within the period set by the Chairman. The Chairman shall inform the members of the Committee of the decision resulting from this consultation as soon as possible.
Opinions given by written consultation are appended to the minutes of the following meeting. The names of the members who have issued an opinion and of the members who did not take part in the consultation shall be mentioned.
