French Monetary and Financial Code
In forceI. - Where the College of Resolution is the resolution authority on a consolidated basis, it shall establish or update, after consultation with the relevant competent authorities of the Member States, including those responsible for significant branches, the group resolution contingency plans, where appropriate jointly with the resolution authorities of the subsidiaries concerned and after consultation, where appropriate, with the resolution authorities of significant branches established in a Member State. It shall involve, where appropriate, the resolution authorities of third countries where the group has established subsidiaries, financial holding companies or branches of significant importance and where it considers that this authority is subject to confidentiality obligations equivalent to those provided for in Articles L. 612-11, L. 612-17 and L. 613-50-7 with regard to the information it may receive.
To this end, the resolution college shall set up a college of resolution authorities under the conditions provided for in Article L. 613-59 or, where applicable, Article L. 613-59-1.
The college of resolution shall ensure that the preventive group resolution plan does not have disproportionate effects in France or in the Member States concerned, in particular in terms of the distribution of assistance between the resolution financing arrangements of the Member States concerned or in terms of the impact on financial stability.
The resolution college may request any information it deems necessary from the EU parent company concerned. It shall have access for the same purposes to any information held by the supervisory college.
II. - For the application of I, the college of resolution shall transmit to the following persons, each insofar as it is concerned and subject to confidentiality obligations equivalent to those provided for in Articles L. 612-11, L. 612-17 and L. 613-50-7, the information necessary to draw up or update the group preventive resolution plan:
1° The European Banking Authority ;
2° The resolution authorities of the subsidiaries ;
3° The resolution authorities of the branches of significant importance concerned;
4° The competent authorities concerned
5° The resolution authorities of the Member States where the relevant persons mentioned in 4° to 6° of I of Article L. 613-34 are located.
The resolution college may oppose the transmission of information relating to a subsidiary established in a third country if it has not received the agreement of the authority responsible for the supervision or resolution of this subsidiary.
III. - The resolution college shall endeavour to reach a joint decision with the resolution authorities of the subsidiaries concerned on the adoption or updating of the preventive group resolution plan within four months of the transmission of the information referred to in II.
Where a group comprises more than one resolution group, this joint decision shall include the planning of the measures referred to in 1° of VI of Article L. 613-38 for each resolution group.
The resolution college may adopt a joint decision with the resolution authorities with which it does not disagree relating to the persons falling within their respective remits.
IV. - In order to reach a joint decision under the conditions set out in the first paragraph of III, the resolution college may:
1° Refer the matter to the European Banking Authority on the basis of Article 31 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 ;
2° Refer 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 in the event of disagreement over the drafting or updating of the preventive group resolution plan. The resolution college may also refer the matter to the European Banking Authority in the event of disagreement with another resolution authority which intends to draw up or update alone the preventive resolution plan of a subsidiary falling within the latter's remit.
The college of resolution may not refer a matter to the European Banking Authority under 2° if another resolution authority concerned objects on the grounds that the matter in disagreement may have an impact on the public finances of its State. The College of Resolution may object on the same grounds to a referral being made to the European Banking Authority by another resolution authority.
V. - In the absence of a joint decision within a period of four months, the resolution college alone shall decide:
1° On the preventive group resolution plan. It shall take into account the opinions and reservations expressed by the other resolution authorities concerned;
2° If applicable, on the preventive resolution plan of the subsidiaries under its jurisdiction. It shall take account of the opinions and reservations expressed by the other resolution authorities and the competent authorities concerned.
In the event that the resolution college 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 prescribed timeframe, the resolution college 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 the first paragraph shall apply.
VI. - The resolution college shall review the preventive group resolution plan, including the minimum capital requirement and eligible commitments, where it has been the subject of a joint decision pursuant to III and where a resolution authority concerned considers that the matter of disagreement may have an impact on public finances in its home state. The resolution college shall endeavour to reach a new joint decision under the conditions set out in III without prejudice to the provisions set out in IV.
VII. - Decisions taken alone by the other resolution authorities concerned concerning subsidiaries falling within their remit are, where applicable, applicable in France.
