French Monetary and Financial Code
In forceI. - When a matter is referred to it by the consolidated resolution authority of another Member State of the European Union as the resolution authority of a subsidiary belonging to a group for the purposes of drawing up or updating a preventive group resolution plan, the collège de résolution shall provide all the cooperation required.
The resolution college shall give its opinion within four months of the transmission of the information concerning the subsidiary by the resolution authority on a consolidated basis.
The resolution college shall ensure that the preventive group resolution plan does not have disproportionate effects in France, in particular in terms of the distribution of assistance between the resolution financing arrangements of the Member States or in terms of the impact on financial stability.
It shall endeavour to reach a joint decision with the other resolution authorities concerned in accordance with the conditions set out in III of Article L. 613-40. To this end, it may refer the matter to the European Banking Authority under the conditions set out in IV of the same article.
It may object to the matter being referred to the European Banking Authority for the purpose of reaching a joint decision on the basis of Article 19 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010, if it considers that the matter at issue may have an impact on public finances in France.
II. - In the absence of a joint decision within a period of four months, the resolution college alone shall decide on the preventive resolution plan for the subsidiaries under its jurisdiction in accordance with the conditions set out in Article L. 613-39. It then designates the resolution entity and draws up and updates a preventive resolution plan for the resolution group made up of the relevant persons under its jurisdiction. It shall take account of the opinions and reservations expressed by the other resolution authorities and the competent authorities concerned.
The resolution college shall notify its decision to the other members of the college of resolution authorities and set out all the reasons for its decision as well as the reasons for disagreement with the preventive resolution plan for the group which has been submitted to it.
III. - In the event that the college of resolution authorities or one of the other resolution 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 stipulated deadlines, the college of resolution authorities shall defer its decision pending the decision of the European Banking Authority. The resolution college 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 collège de résolution may ask the consolidated resolution authority to re-examine the preventive group resolution plan which has been the subject of a joint decision pursuant to I if it considers that the plan may have an impact on public finances in France.
V. - Joint decisions taken by the resolution authority on a consolidated basis are applicable in France. The same applies, where applicable, to decisions taken alone by the other resolution authorities concerned in respect of subsidiaries falling within their remit.
