Paragraph 3: Provisions relating to group preventive recovery plans

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L613-37L613-37-1

Article L613-37-1

French Monetary and Financial CodeIn force
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Updated 7 Nov 2023

I. - When a matter is referred to it by the authority of another Member State of the European Union responsible for the supervision of a group on a consolidated basis, for the purposes of examining and assessing a preventive group recovery plan, the college of supervisors shall provide all the cooperation required.

The supervisory board shall ensure, insofar as it is concerned, compliance with the requirements referred to in II of Article L. 613-37.

It shall endeavour to reach a joint decision with the other competent authorities under the conditions set out in III of Article L. 613-37.

It may refer the matter to the European Banking Authority under the conditions set out in IV of Article L. 613-37, in particular in the event of disagreement concerning the measures that subsidiaries established in France may be required to take pursuant to 1°, 2° and 4° of V of Article L. 613-36.

II. - In the absence of a joint decision within a period of four months, the supervisory board alone shall decide on the points mentioned in 2° and 3° of III of Article L. 613-37 concerning subsidiaries that fall within its remit.

III. - In the event that the college of supervisors or one of the competent authorities concerned has referred the matter to the European Banking Authority on the basis of Article 19 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010, within the prescribed timeframe, the college of supervisors shall defer its decision pending the decision of the European Banking Authority. The supervisory board 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 one month, the decision referred to in II shall apply.

IV. - The college of supervisors shall notify the subsidiaries under its jurisdiction of the joint decisions taken pursuant to I and III or the decisions taken pursuant to II.

The joint decisions taken with the other competent authorities and the decisions taken alone by the other competent authorities applicable to the subsidiaries falling within their remit shall, where appropriate, be applicable in France.

Mariela Petrova

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A notary (notaire) is a public officer who authenticates specific deeds (mainly real-estate transfers and certain family-law acts). A corporate lawyer (avocat) advises on strategy, negotiates and drafts company documents, and represents you in disputes. The two roles complement rather than overlap.

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Mariela Petrova

Mariela Petrova

Avocate au Barreau de Paris

Toque #C2396

15+ Years In Corporate Practice

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