French Monetary and Financial Code
In forceWhen, as the authority responsible for supervision on a consolidated basis, the Autorité de contrôle prudentiel et de résolution receives an application for approval or exemption from approval referred to in Articles L. 517-13 and L. 517-14 from a financial holding company or mixed financial holding company established in another Member State, or when it intends to take the measures referred to in Articles L. 517-16 and L. 517-17 against the latter, it shall consult the competent authority of that Member State. The Autorité de contrôle prudentiel et de résolution shall draw up an assessment of the criteria mentioned in Articles L. 517-13, L. 517-14, L. 517-16 or L. 517-17, as the case may be, and communicate it to the competent authority. The two authorities work together to reach a joint decision within two months of receiving this assessment.
The joint decision shall be duly documented and substantiated. The Autorité de contrôle prudentiel et de résolution shall communicate the joint decision to the financial holding company or mixed financial holding company.
In the event of disagreement with the competent authority mentioned above, the Autorité de contrôle prudentiel et de résolution may refer the matter to the European Banking Authority. The Autorité de contrôle prudentiel et de résolution and the competent authority of the Member State shall take a joint decision in accordance with the decision of the European Banking Authority pursuant to Article 19 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010.
A referral to the European Banking Authority in accordance with the previous paragraph may not be made after the expiry of the two-month period referred to in the first paragraph or after the adoption of a joint decision.
