Subsection 1: Approval

I. - The European Central Bank shall withdraw the authorisation of a credit institution at the request of the institution.

Pursuant to Articles 4 and 14 of Council Regulation (EU) No 1024/2013 of 15 October 2013, such withdrawal may also be decided by the European Central Bank in the following cases:

1° The institution has obtained authorisation by making false statements or by any other irregular means ;

2° The credit institution no longer meets the prudential requirements set out in Part Three, Part Four or Part Six of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013, with the exception of the requirements set out in its Articles 92a and 92b ;

3° The credit institution does not comply with the additional capital requirements imposed in accordance with II of Article L. 511-41-3 ;

4° The credit institution no longer fulfils the conditions or undertakings to which its authorisation or a subsequent authorisation was subject or no longer offers the guarantee of being able to fulfil its obligations to its creditors and, in particular, no longer ensures the safety of the funds entrusted to it by its depositors;

5° The credit institution has not used its authorisation within twelve months or has not been in business for at least six months;

6° The credit institution uses its authorisation exclusively to carry out the activities referred to in Article 4(1)(b) of the same Regulation and its average total assets over a period of five consecutive years are below the thresholds provided for in the said Article.

II. - By way of derogation from the provisions of I, the withdrawal of the authorisation of a branch of a credit institution referred to in I of Article L. 511-10 is decided, under the same conditions, by the Autorité de contrôle prudentiel et de résolution.

III. - Withdrawal of authorisation takes effect on expiry of a period determined, as appropriate, by the European Central Bank or the Autorité de contrôle prudentiel et de résolution.

During this period :

1. The credit institution shall remain subject to supervision by the European Central Bank or the Autorité de contrôle prudentiel et de résolution, as the case may be, and, where applicable, the Autorité des marchés financiers. The Autorité de contrôle prudentiel et de résolution may impose the disciplinary sanctions provided for in Articles L. 612-39 or L. 612-40.

2. The credit institution may only carry out the banking and investment services for which it is authorised, as well as the management of electronic money that has already been issued and the payment services that are strictly necessary to clear its situation and must limit the other activities mentioned in 1 to 6 of I of article L. 311-2 and articles L. 511-2 and L. 511-3.

3. The institution may only state that it is a credit institution if it specifies that its authorisation is in the process of being withdrawn.