French Monetary and Financial Code
In forceI. - A transfer of ownership of equity securities referred to in Chapter II of Title I of Book II or other ownership securities, as well as assets, rights or obligations of a person subject to a resolution procedure or a bridge institution shall be carried out at the best price in the circumstances, in accordance with an open, transparent and non-discriminatory procedure, in compliance with the legal regime governing State aid and the valuation carried out pursuant to Article L. 613-47.
These provisions do not apply when the purchaser is the deposit guarantee and resolution fund, an asset management structure or a bridge institution.
II. - The collège de résolution may require a person referred to in I of Article L. 613-34 who has been the subject of a transfer under Articles L. 613-52, L. 613-53 or L. 613-54 and the acquirer to exchange information or provide assistance to each other.
III. - In order for the transfers carried out pursuant to Articles L. 613-52, L. 613-53 and L. 613-54 to be effective, the resolution college may require the person subject to resolution proceedings or any entity of the group to which it belongs to provide the acquirer with the services or infrastructures it requires, excluding any form of financial support.
Where winding-up proceedings are opened or ordered pursuant to the provisions of Book VI of the Commercial Code in respect of a person subject to resolution proceedings, takeover bids are submitted for approval to the resolution college, which shall ensure that they provide, where appropriate, for the maintenance of the services or infrastructures mentioned in the first paragraph. In the event of a request for a substantial change in the objectives and means of the asset disposal plan, the resolution college shall give its opinion for the same purpose, at the request of the transferee, before the court gives its decision.
When the resolution authority of another Member State decides on measures of the same nature as those described in the first paragraph applying to an entity of a group established in France, the collège de résolution shall take all steps to ensure the application of these measures.
IV. - In order for the transfers carried out pursuant to Articles L. 613-52, L. 613-53 and L. 613-54 to be effective, the resolution college shall take all measures to ensure the continuity of the rights and commitments relating to the transferred activity. The purpose of these provisions is in particular to ensure:
1° the substitution of the acquirer for the person concerned pursuant to III of Article L. 613-56-3;
2° The substitution of the purchaser for the person concerned in any legal proceedings relating to an element that it has acquired.
