Section II: Portfolio transfers between supplementary occupational pension funds and institutions for occupational retirement provision established in a Member State of the European Union or in a State party to the Agreement on the European Economic Area

In the case of a portfolio transfer referred to in the first paragraph of Article L. 370-6, the application file is sent by the supplementary occupational pension fund to the Autorité de contrôle prudentiel et de résolution. Upon receipt of this application, the Autorité will immediately transfer it to the competent authority of the State in which the institution for occupational retirement provision is authorised in order to obtain its opinion on this operation. If this authority remains silent for a period of eight weeks following receipt of the aforementioned request for consultation, this will be deemed to constitute tacit approval. The creditors are simultaneously informed of the transfer request by a notice published in the Journal officiel de la République française. The notice shall give creditors six weeks to submit their observations.

The Autorité de contrôle prudentiel et de résolution shall give its decision within three months of receipt of the complete application. The transfer shall be enforceable from the date of publication of the approval decision in the Journal officiel de la République française.

Within two weeks of its decision, the Autorité shall inform the competent authority of the State in which the institution for occupational retirement provision is authorised of its decision on the transfer application.

The checks carried out by the Autorité de contrôle prudentiel et de résolution for the purposes of its decision are limited to the following points:

1° The application file must include at least the elements set out by decree in the Conseil d'Etat;

2° The administrative structures and financial situation of the supplementary occupational pension fund and the good repute and professional competence or experience of its managers are compatible with the proposed transfer;

3° The long-term interests of the members and beneficiaries of the supplementary occupational pension fund and of the contracts transferred are duly protected during and after the transfer;

4° The costs of the transfer are not borne by the members and beneficiaries of the institution for occupational retirement provision or by the members and beneficiaries of the supplementary occupational retirement provision fund;

5° The assets to be transferred are sufficient and appropriate to cover the liabilities and technical provisions, as well as the other obligations and rights to be transferred, in accordance with the rules applicable to supplementary occupational retirement provision funds.

If the Autorité de contrôle prudentiel et de résolution refuses the transfer, it will inform the supplementary occupational pension fund of the reasons for this refusal within three months of receipt of the complete application referred to in the first paragraph.

In the absence of a decision by the Autorité de contrôle prudentiel et de résolution within three months of receipt of the application by the authority mentioned in the first paragraph, the supplementary occupational pension fund may begin to manage the contracts after informing the subscribers that it will replace the initial institution for occupational retirement provision from that date. The supplementary occupational pension fund shall inform the AMF of this procedure. Creditors are informed of the transfer by a notice published in the Journal officiel de la République française.