Subsection 1: Provisions specific to the Autorité de contrôle prudentiel et de résolution

On-site inspections by the Autorité de contrôle prudentiel et de résolution may be extended to the legal entities referred to in Article L. 612-26 located in another Member State of the European Union or in another State party to the Agreement on the European Economic Area. The Authority shall ask the competent authorities of the other Member State of the European Union or of the other State party to the Agreement on the European Economic Area to carry out these controls. With the authorisation of these authorities, it may appoint representatives to carry out the checks. Where it does not carry out the verification itself, the Autorité de contrôle prudentiel et de résolution may, if it so wishes, be involved.

In order to ensure the supervision of an institution subject to its supervision, the Autorité de contrôle prudentiel et de résolution may require agents, outsourced service providers or branches established in another Member State of the European Union or in another State party to the Agreement on the European Economic Area to communicate all information relevant to the exercise of such supervision and, after informing the authority of that State competent to supervise credit institutions, electronic money institutions, payment institutions, investment firms, insurance or reinsurance undertakings or institutions for occupational retirement provision referred to inArticle L. 370-1 of the Insurance Code, have its representatives carry out on-site inspections of the agents, outsourced service providers or branches of this institution.

When the authorities of a Member State of the European Union or of another State party to the Agreement on the European Economic Area, competent for the supervision of a credit institution, an electronic money institution, a payment institution, an investment firm, an insurance or reinsurance undertaking or an institution for occupational retirement provision wish, in specific cases, to verify information relating to one of the legal persons mentioned in Article L. 612-26 located in France, the Autorité de contrôle prudentiel et de résolution must respond to their request either by carrying out the verification itself or by allowing representatives of these authorities to do so. Where they do not carry out the verification themselves, the competent authorities which submitted the request may, if they so wish, be involved.

Notwithstanding the provisions of Act 68-678 of 26 July 1968 relating to the disclosure of economic, commercial, industrial, financial or technical documents and information to foreign natural or legal persons, the Autorité de contrôle prudentiel et de résolution may also exchange any information relevant to the performance of their controls with the authorities of other Member States of the European Union or other States party to the Agreement on the European Economic Area, responsible for the supervision of credit institutions, electronic money institutions, payment institutions, investment firms, other financial institutions, insurance or reinsurance undertakings and institutions for occupational retirement provision.

A decree of the Conseil d'Etat shall specify the terms of application of this article.