French Monetary and Financial Code
In forceI. - Without prejudice to Article L. 612-8-1, the full Supervisory Board shall determine the organisational and operational principles, the budget and the internal rules of procedure of the AMF. It shall examine any general issue common to the banking and insurance sectors and analyse the risks of these sectors in the light of the economic situation. It decides on supervisory priorities. Each year it draws up a report for the President of the Republic and Parliament, which is published in the Official Journal. The report, which is due by 31 May each year, gives an account of the authority's performance of its duties and the resources at its disposal. In particular, it includes a three-year budget forecast as well as a strategic presentation with the definition of objectives and performance indicators, a presentation of actions and a presentation of expenditure and employment with justification to the first euro. It sets out the forecast breakdown of jobs paid for by the authority and the justification for variations in relation to the existing situation, and includes an analysis of variances between forecast and actual data for appropriations, resources and jobs, as well as for objectives, expected and achieved results, indicators and associated costs.
Individual questions are examined by the Supervisory Board in a restricted formation, by one of the two sector sub-boards or, if necessary, by a specialised commission set up in application of article L. 612-8.
Each sector sub-committee is responsible for examining individual issues and general issues specific to its sector.
The restricted formation of the supervisory board is responsible for examining individual questions relating to the supplementary supervision of regulated entities belonging to a financial conglomerate and for examining acquisitions, increases and disposals of holdings likely to have a significant effect on both entities in the banking sector and entities in the insurance sector.
Taking into account in particular their impact on financial stability, the Chairman of the Autorité de contrôle prudentiel et de résolution or the Vice-Chairman may assign the examination of general issues relating to one of the two sectors to the plenary formation of the supervisory board and individual issues relating to one of the two sectors to the restricted formation of the supervisory board.
II. - The Chairman of the Autorité de contrôle prudentiel et de résolution sets the agendas for the various configurations of the supervisory board. The agenda of the insurance sector sub-committee is set by the Chairman of the Autorité de contrôle prudentiel et de résolution on a proposal from the Vice-Chairman.
The Chairman of the Autorité de contrôle prudentiel et de résolution shall be heard, at their request, by the Finance Committees of the two Assemblies and may ask to be heard by them.
III. - The Vice-Chairman chairs the Insurance Sub-Committee. If the Vice-Chairman is unable to attend, the Governor or a Deputy Governor of the Banque de France shall chair the Insurance Sub-Committee.
The Governor of the Banque de France may delegate the chairmanship of the supervisory board or one of its committees to the Vice-Chairman. If the Vice-Chairman chairs, the Deputy Governor representing the Governor may take part in the deliberations.
