French Monetary and Financial Code
In forceI. - When the resolution board decides that an EU parent undertaking established in France meets the conditions for triggering a resolution procedure mentioned in II of Article L. 613-49 or, where applicable, in I and II of Article L. 613-49-1, it shall immediately notify the information mentioned in 1° and 2° of I of Article L. 613-61-1 to the supervisory board of the AMF and to the other members of the college of resolution authorities of the group concerned.
II. - The measures referred to in 2° of I of Article L. 613-61-1 may include the implementation of a group resolution scheme in the following cases:
1° The measures envisaged at the level of the parent undertaking are such as to place an entity of the group in another Member State under the conditions for triggering a resolution procedure ;
2° The measures envisaged are insufficient to stabilise the situation or are not likely to produce an optimal result;
3° The competent resolution authorities of one or more subsidiaries of the group have established that they meet the conditions for triggering a resolution procedure;
4° The measures envisaged will benefit the subsidiaries of the group in such a way as to justify a group resolution mechanism.
The group resolution mechanism is decided and implemented under the conditions set out in Article L. 613-60-2.
III. - Where the measures envisaged by the college of resolution pursuant to I do not include a group resolution scheme, the college takes its decision after consulting the other members of the college of resolution authorities.
The decision of the college of resolution authorities shall take into account the financial stability of the Member States concerned. It shall comply with the preventive resolution plans previously established unless the other resolution authorities concerned consider that the objectives of the resolution will be better achieved by other means.
