French Monetary and Financial Code
In forceThe Autorité de contrôle prudentiel et de résolution shall ensure that an intermediate parent undertaking is set up at the head of a group whose parent undertaking is established in a third country where the total value of its assets exceeds forty billion euros and provided that there is no other intermediate parent undertaking in the EU.
The Autorité de contrôle prudentiel et de résolution shall authorise the establishment of a second intermediate parent undertaking where it finds that the establishment of a single intermediate parent undertaking :
(a) Would be incompatible with a separation requirement between activities imposed by the rules or supervisory authorities of the third country where the ultimate parent undertaking of the group is established and has its central administration; or
b) would make resolvability less effective than if there were two intermediate parent undertakings, as assessed by the Collège de résolution of the Autorité de contrôle prudentiel et de résolution for the intermediate parent undertaking in the Union in accordance with the provisions of Article L. 613-41.
A group whose parent undertaking is established in a third country which carries on business in the Union through more than one establishment and whose total value of assets is greater than or equal to 40 billion euros on 27 June 2019 shall be required to have one intermediate parent undertaking or, where deemed necessary in accordance with the provisions of the second paragraph, two intermediate parent undertakings in the Union by 30 December 2023 at the latest.
A decree in the Conseil d'Etat shall specify the manner in which the total value of the assets referred to above shall be valued and the information relating to each intermediate parent undertaking that the Autorité de contrôle prudentiel et de résolution must notify to the European Banking Authority.
