Chapter II: Investor guarantees

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Article L322-2

French Monetary and Financial CodeIn force
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Updated 8 Nov 2023

Subject to the provisions below, the Deposit Guarantee and Resolution Fund manages the securities guarantee mechanism. Where applicable, articles L. 312-5 to L. 312-15, 3°, 4°, 5°, 7° and 9° of article L. 312-16 and article L. 312-18 apply to this mechanism, in particular to its financing. For the application of the first paragraph of Article L. 312-5, the securities guarantee mechanism shall be implemented at the request of the Autorité de contrôle prudentiel et de résolution after obtaining the opinion of the Autorité des marchés financiers, as soon as the latter ascertains that one of the institutions mentioned in Article L. 322-1 is no longer in a position to return, immediately or in the near future, the financial instruments or deposits it has received from the public under the legislative, regulatory or contractual conditions applicable to their return. The intervention of the Fonds de Garantie des Dépôts et de Résolution will result in the deregistration of the member. For the persons mentioned in Article L. 532-18 and Articles L. 511-22 and L. 511-23, this deregistration is understood to mean that the member is prohibited from continuing to provide its services in the territory of the French Republic.

On a proposal from the Autorité de contrôle prudentiel et de résolution and after receiving the opinion of the Autorité des marchés financiers, the securities guarantee scheme may also intervene as a preventive measure when the situation of a member gives rise to fears that the deposits or financial instruments it has received from the public will eventually become unavailable, taking into account the support it may otherwise receive. When the Fonds de Garantie des Dépôts et de Résolution agrees to implement this preventive measure, it shall define the conditions for such intervention, after obtaining the opinion of the Autorité de Contrôle Prudentiel et de Résolution and the Autorité des Marchés Financiers. In particular, it may make such intervention conditional on the total or partial sale of the company concerned or the discontinuation of its business, in particular through the sale of its business. It may also acquire the shares of a member institution.

Mariela Petrova

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Mariela Petrova

Mariela Petrova

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15+ Years In Corporate Practice

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