French Monetary and Financial Code
In forceI. - When it decides that a person referred to in I of Article L. 613-34 which is a subsidiary of a group within the meaning of I of Article L. 511-20 meets the conditions for initiating resolution proceedings referred to in II of Article L. 613-49 or, where applicable, those referred to in I and II of Article L. 613-49-1, the resolution college shall send, without delay, to the relevant consolidated resolution authority, to the members of the relevant college of resolution authorities and to the authority responsible for supervision on a consolidated basis:
1° The decision establishing that the person meets the conditions for the opening of a resolution procedure ;
2° The resolution measures or the measures taken in application of Book VI of the Commercial Code that the college of resolution intends to implement.
II. - When the consolidated resolution authority informs it, after consulting the other members of the college of resolution authorities, that in its opinion the measures provided for in 2° of I are not such as to place a group entity located in another Member State under the conditions for triggering resolution proceedings, the college of resolution may implement these measures.
Where the consolidating resolution authority informs the resolution board that these measures could have the effect of placing another entity of the group under the conditions for triggering resolution proceedings, the resolution board shall cooperate with the college of resolution authorities with a view to arriving at a group resolution scheme.
In the absence of an assessment or proposal by the resolution authority on a consolidated basis for a resolution plan within twenty-four hours of notification of the measures referred to in 2° of I of this article, which may be extended pursuant to the second paragraph of Article L. 613-60, the resolution college may implement these measures.
