French Monetary and Financial Code
In forceI. - When the consolidated resolution authority of another Member State of the European Union refers a matter to the resolution college in its capacity as resolution authority of a subsidiary in order to carry out the assessment provided for in I of Article L. 613-41, the resolution college shall provide all the cooperation required. It shall carry out this assessment under the conditions laid down in Article L. 613-41.
The procedure provided for in Article L. 613-40-1 shall apply to this assessment.
II. - 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 or branch of significant importance established in France for the purpose of implementing the measures provided for in III of Article L. 613-42 with regard to all the credit institutions and investment firms that are part of the group, the collège de résolution shall provide all the cooperation required.
It shall participate in the college of resolution authorities.
The resolution college shall endeavour to reach a joint decision with the other resolution authorities concerned on the implementation of the measures provided for in III of Article L. 613-42 with regard to the subsidiaries under its jurisdiction.
III. - The resolution college shall participate in the preparation of the report referred to in III of Article L. 613-43. It shall ensure that this report is sent to the subsidiaries for which it is responsible.
IV. - When a matter is referred to it by the consolidated resolution authority of another Member State of the European Union in its capacity as resolution authority of a subsidiary, for the purpose of reaching a joint decision relating to 1° to 3° of VI of Article L. 613-43, the collège de résolution shall provide all the cooperation required.
It shall take into account the potential impact in France of the measures mentioned in 3° of VI of the same article.
The collège de résolution may refer the matter to the European Banking Authority under the conditions set out in VII of the same article.
V. - In the absence of a joint decision within four months, the collège de résolution alone shall decide on the measures to be taken pursuant to III of Article L. 613-42 at the level of the subsidiaries under its jurisdiction, taking into account any opinions and reservations expressed by the other resolution authorities concerned.
VI. - 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 V shall apply.
VII. - The decisions taken pursuant to II, IV and VI and, where applicable, the decisions taken by the resolution authorities of the subsidiaries are applicable in France.
The collège de résolution shall notify the subsidiaries under its jurisdiction of the joint decisions referred to above insofar as they concern them and of the decisions it takes pursuant to V and VI.
