French Monetary and Financial Code
In forceI. - Mixed financial holding companies whose coordinator is the Autorité de contrôle prudentiel et de résolution are subject to the provisions of the second paragraph of Article L. 511-13 and to the provisions of Articles L. 511-33 to L. 511-38 and L. 511-41 .
They also ensure that their subsidiaries properly apply the governance provisions of this Book and take the necessary measures to ensure that governance is appropriate to the different activities of their subsidiaries and to the rules applicable to them, including the provisions of Title VI of this Book.
Mixed financial holding companies are also subject to Articles L. 571-4, L. 612-20 to L. 612-21, L. 612-23-1, L. 612-24 to L. 612-27, L. 612-31 to L. 612-35, L. 612-39, L. 612-40, L. 613-24 as well as to the additional supervision provided for in Article L. 517-8 .
Within mixed financial holding companies, the persons mentioned in Article L. 511-13 as well as the members of the Board of Directors, the Supervisory Board, the Management Board or any other body exercising equivalent functions shall at all times have the good repute, experience, knowledge and skills required to perform their duties.
Mixed financial holding companies are also subject to the obligations set out in Articles L. 511-41-1 A, L. 511-41-1 B, L. 511-41-1 C, L. 511-41-1, L. 511-41-2, L. 511-41-3, L. 533-2, L. 533-2-1 to L. 533-2-3, L. 533-4, L. 533-4-1 and the second paragraph of Article L. 511-41-4.
Mixed financial holding companies approved by the Autorité de Contrôle Prudentiel et de Résolution under Article L. 517-12 are subject to the provisions of Articles L. 511-51, L. 511-52, L. 511-53, L. 533-25, L. 533-26, L. 533-27 and the regulations issued for their application.
II. - Where a mixed financial holding company is subject to equivalent provisions in respect of supervision on a consolidated basis within the meaning of Article L. 613-20-1 and in respect of supplementary supervision of a financial conglomerate within the meaning of Article L. 517-6, in particular as regards risk-based supervision, the Autorité de contrôle prudentiel et de résolution may, after consulting the other competent authorities concerned within the meaning of Article L. 517-2, apply only Articles L. 517-6 and L. 517-8.
Where a mixed financial holding company is subject, in terms of group supervision, to provisions equivalent to those set out in Article L. 356-2 of the Insurance Code and in Article 517-6 for the supplementary supervision of a financial conglomerate, in particular as regards risk-based supervision, the Autorité de contrôle prudentiel et de résolution may, after consultation with the other competent authorities concerned within the meaning of 5° of Article L. 517-2, apply to that mixed financial holding company only the provisions of Articles L. 517-6 and L. 517-8.
III. - Where a mixed financial holding company is subject to equivalent supervisory arrangements on a consolidated basis within the meaning of Article L. 613-20-1 and in respect of group supervision within the meaning ofArticle L. 356-2 of the Insurance Code, in particular as regards risk-based supervision, the Autorité de contrôle prudentiel et de résolution may, in agreement with any other authority responsible for the consolidated sectoral supervision of the regulated entities belonging to the financial conglomerate, apply to that mixed financial holding company only the provisions applicable to the most important sector, which shall be determined in accordance with Article L. 517-3.
IV. - The decisions taken pursuant to II and III shall be brought to the attention of the European Banking Authority and the European Insurance and Occupational Pensions Authority by the Autorité de contrôle prudentiel et de résolution.
V. - The statutory auditors of these undertakings are also subject to all the provisions applicable to the statutory auditors of credit institutions and investment firms.
