Sub-paragraph 7: Provisions relating to the implementation of other resolution measures

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L613-56L613-56-1L613-56-2L613-56-3L613-56-4L613-56-5L613-56-6L613-56-7L613-56-8L613-56-9

Article L613-56-9

French Monetary and Financial CodeIn force
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Updated 7 Nov 2023

I.-Any financial contract entered into by a person referred to in I of Article L. 613-34 and governed by the legislation of a third country shall include a clause stipulating that the parties acknowledge that they may be subject to the exercise by the resolution college of the powers to suspend or restrict the rights and obligations referred to in II of L. 613-56-2, L. 613-56-4, L. 613-56-5 or L. 613-56-8 and agree to be bound by the requirements referred to in Articles L. 613-45-1 and L. 613-50-4.

The provisions of the first paragraph shall apply to financial contracts which, on the one hand, create a new obligation or substantially modify an existing obligation as from 28 December 2020 and, on the other hand, provide for the exercise of one or more rights to which Articles L. 613-45-1, L. 613-50-4, L. 613-56-4, L. 613-56-5, L. 613-56-8 or II of Article L. 613-56-2 would apply if the contracts in question were governed by the law of a Member State.

II.The persons mentioned in I of Article L. 613-34 who are parent undertakings in the European Union shall ensure that their subsidiaries established in a third country include in the financial contracts to which they are party, and which meet the conditions of the second paragraph of I, a clause excluding the exercise by the resolution college in respect of the parent undertaking of the powers to suspend or restrict its rights and obligations mentioned in II of Article L. 613-56-2 and Articles L. 613-56-4, L. 613-56-5 or L. 613-56-8 shall constitute grounds for exercising any right of early termination, suspension, amendment, set-off, reciprocal set-off or enforcement of security interests attached to such contracts.

The provisions of the first paragraph apply to subsidiaries which are credit institutions or investment firms, or which would be investment firms if they had their registered office in a Member State, or financial institutions, and which are linked to the parent undertaking in the Union by a cross-default clause or by a guarantee.

III - The absence of the clause required in I shall not prevent the collège de résolution from exercising the powers provided for in II of Article L. 613-56-2 and Articles L. 613-56-4, L. 613-56-5 and L. 613-56-8 in respect of the contract concerned.

Mariela Petrova

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Working with a corporate lawyer in France — Q&A

Any time a strategic decision changes how the company is owned, governed or contractually bound — incorporation, fundraising, M&A, restructuring, shareholder agreements, or major commercial contracts. Earlier engagement always costs less than later remediation.

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.

Yes — most of our clients are foreign suppliers, investors or holding entities. We bridge the gap between French law and your home jurisdiction's expectations and deliver everything bilingually.

The SAS (Société par Actions Simplifiée) is the default choice for most international structures: flexible governance, single shareholder allowed, no minimum capital, and works cleanly with foreign holding entities. We assess SARL, SA, SCI on the merits when the situation calls for it.

Yes — communications with a French avocat are protected by the secret professionnel (Article 66-5 of the Law of 31 December 1971). This protection is broader than the common-law attorney-client privilege and applies to written and oral exchanges.

We work on fixed fees for clearly scoped engagements (incorporation, contract drafting, audits) and on monthly retainers for ongoing advisory. Hourly billing is the exception, not the default. You always know the cost before work starts.

Typical timeline is 2–3 weeks from KYC kick-off to RCS registration, assuming standard documentation. Holding-company structures, foreign-shareholder identification or in-kind contributions can extend this — we flag the gating items at the first meeting.

Absolutely. We routinely coordinate with your in-house counsel, expert-comptable or notaire — pragmatic collaboration is the norm, not the exception. We send them everything they need to do their part without duplicating work.

Mariela Petrova

Mariela Petrova

Avocate au Barreau de Paris

Toque #C2396

15+ Years In Corporate Practice

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Communications protected by professional secrecy — secret professionnel de l'avocat, Article 66-5 of the Law of 31 December 1971.

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