French Monetary and Financial Code
In forceI. - When the Autorité de contrôle prudentiel et de résolution is consulted by the authority of another Member State of the European Union or party to the Agreement on the European Economic Area, responsible for the supervision on a consolidated basis of a group which is considering taking measures against the parent undertaking of the group equivalent to those provided for in Articles L. 511-41-5 or L. 612-34-1, the Autorité de contrôle prudentiel et de résolution shall provide all the cooperation required.
In the event of disagreement with the authority mentioned in the first paragraph, the Autorité de contrôle prudentiel et de résolution may refer the matter to 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, during the consultation period set by the authority concerned.
II. - When the Autorité de contrôle prudentiel et de résolution, as the authority responsible for supervision on an individual basis, intends to take one or more of the measures provided for in Articles L. 511-41-5 or L. 612-34-1 against one or more subsidiaries established in France of an undertaking having its registered office in another Member State of the European Union or party to the Agreement on the European Economic Area, it shall consult the supervisory authority on a consolidated basis and notify its intention to the European Banking Authority. The Autorité de contrôle prudentiel et de résolution sets the consultation deadlines.
In reaching its decision, it shall take into account, where appropriate, the assessment provided by the consolidating supervisor of the impact of the proposed measure on the group or group entities in other Member States of the European Union or parties to the Agreement on the European Economic Area.
It shall notify its decision to the consolidating supervisor, to the other competent authorities which are members of the college of supervisors and to the European Banking Authority.
III. - In the event of disagreement with another competent authority that intends to take measures equivalent to those provided for in Articles L. 511-41-5 or L. 612-34-1 with regard to one or more subsidiaries established in another Member State of the European Union or party to the Agreement on the European Economic Area, the Autorité de contrôle prudentiel et de résolution may refer the matter to the European Banking Authority, within the time limits set, on the basis of Article 19 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010.
IV. - When one or more of the measures provided for in Articles L. 511-41-5 or L. 612-34-1, or equivalent measures, against several credit institutions or investment firms belonging to the same group, the Autorité de contrôle prudentiel et de résolution, as the authority responsible for supervising a subsidiary of an undertaking having its registered office in another Member State of the European Union or party to the Agreement on the European Economic Area, shall endeavour to reach a joint decision on the points mentioned in 1° and 2° of III of Article L. 613-20-6 with the competent authorities concerned.
The Autorité de contrôle prudentiel et de résolution may refer the matter to the European Banking Authority with a view to reaching a joint decision under the conditions set out in IV of Article L. 613-20-6.
V. - In the absence of a joint decision within five days of the referral pursuant to I, the Autorité de contrôle prudentiel et de résolution shall decide alone, if necessary, on the measures applicable to the subsidiaries under its jurisdiction, taking into account the opinions and reservations expressed by the authority responsible for supervision on a consolidated basis of the group and the other competent authorities, as well as the potential impact of its decision on financial stability in the other Member States of the European Union concerned or parties to the Agreement on the European Economic Area.
VI. - In the event that the Autorité de contrôle prudentiel et de résolution or one of the competent authorities concerned has referred the matter to the European Banking Authority in accordance with Article 19 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010, the Autorité de contrôle prudentiel et de résolution shall defer its decision under II or V pending the decision of the European Banking Authority. The Autorité de contrôle prudentiel et de résolution shall take its decision in accordance with the decision of the European Banking Authority.
In the absence of a decision by the European Banking Authority within three days, the decision referred to in II or V shall apply.
VII. - The Autorité de contrôle prudentiel et de résolution notifies the subsidiaries under its jurisdiction:
1° The reasoned decisions mentioned in II and V ;
2° If applicable, the joint decision mentioned in IV.
The decisions taken by the other competent authorities are, where applicable, applicable in France.
