French Monetary and Financial Code
In forceI. - The Supervisory Board exercises permanent control over the management of the Deposit Guarantee and Resolution Fund. It draws up the internal regulations of the guarantee fund and the rules for the use of its funds, which are approved by an order of the Minister for the Economy. It elects its Chairman from among its members.
The Supervisory Board approves the accounts and appoints the statutory auditors. At the end of each financial year, a copy of the approved accounts is submitted to the Minister for the Economy. The guarantee fund is subject to inspection by the Inspectorate General of Finance.
The Supervisory Board decides on the rate or amount of contributions to be called from members of the guarantee fund and the breakdown of contributions according to their nature, including the portion that may take the form of payment undertakings. These decisions are taken on a proposal from the Management Board and with the assent of the Autorité de contrôle prudentiel et de résolution and, where applicable, the Autorité des marchés financiers. Contributions to the resolution funding mechanism are determined in accordance with II of article L. 312-8-1.
The Supervisory Board issues an opinion on the methods for calculating contributions to the guarantee fund decided by the Autorité de contrôle prudentiel et de résolution and the Autorité des marchés financiers.
If the failure to take the decision referred to in the third paragraph is likely to jeopardise the State's compliance with its commitments to the European Union, the Autorité de contrôle prudentiel et de résolution shall require the Supervisory Board to meet in order to take a decision on the draft decision that it has drawn up, within a time limit that it shall set. In the absence of a decision or in the event of a decision that does not comply, the draft decision drawn up by the Autorité de contrôle prudentiel et de résolution is deemed to have been adopted.
An order of the Minister for the Economy specifies the deadlines by which the decisions referred to in the third paragraph must be adopted and after which the opinion referred to in the fourth paragraph is deemed to have been issued.
II. - Without prejudice to the provisions of article L. 322-10, the Supervisory Board comprises twelve members representing the members of the Fonds de Garantie des Dépôts et de Résolution and distributed as follows:
1. Seven ex officio members representing the credit institutions or groups of credit institutions individually or belonging to the same consolidated group or affiliated to the same central body, which are the largest contributors to the deposit guarantee scheme.
2. Two representatives elected by the other credit institutions participating in the deposit guarantee scheme.
3. Two representatives elected by the members of the securities guarantee scheme provided for in Article L. 322-1.
4. One representative elected by the members of the surety guarantee mechanism provided for in article L. 313-50.
A non-voting member, appointed by the Minister for the Economy, participates in the work of the Supervisory Board without the right to vote.
