French Monetary and Financial Code
In forceI. - The persons referred to in 5° of Article L. 631-2 must inform the Chairman of the Financial Stability Board:
1° The interests they held during the two years preceding their appointment, that they hold or that they may come to hold;
2° any functions in a social, economic or financial activity that they have exercised or may exercise in the two years preceding their appointment; and
3° any office they held in a legal entity during the two years prior to their appointment, that they hold or may hold in the future.
This information is made public by the Chairman of the High Council.
No member of the High Council for Financial Stability may hold an office or interest in, or be an employee or service provider to, an entity subject to supervision by the Autorité de contrôle prudentiel et de résolution or the Autorité des marchés financiers.
No person may be appointed as a member of the Haut Conseil de Stabilité Financière under 5° of Article L. 631-2 if he holds a mandate or an interest in an entity subject to supervision by the Autorité de Contrôle Prudentiel et de Résolution or the Autorité des Marchés Financiers, or if he is an employee or service provider of such an entity.
Members of the Haut Conseil de Stabilité Financière who temporarily or permanently cease their functions are prohibited from working for, taking or receiving an equity or advisory interest in a person whose supervision they were responsible for in the context of their functions on the Haut Conseil de Stabilité Financière, for a period of three years following the end of their functions on the Haut Conseil de Stabilité Financière.
II. - Any person who participates or has participated in the performance of the duties of the Haut Conseil de stabilité financière is bound by professional secrecy, under the conditions set out in Article L. 641-1.
This secrecy may not be invoked against
1° To the judicial authority acting in the context of either a judicial liquidation procedure initiated in respect of a person subject to the supervision of the institutions that its members represent, or of criminal proceedings ;
2° To the administrative courts seised of a dispute relating to the activities of the Haut Conseil de stabilité financière;
3° In the event of a hearing by a committee of enquiry under the conditions provided for in the last paragraph of II of Article 6 of Ordinance No. 58-1100 of 17 November 1958 on the functioning of parliamentary assemblies;
4° To the Cour des Comptes (Court of Auditors), as part of the audits entrusted to it by law.
