Subsection 2: Prudential control and resolution authority

I.- Subject to the provisions of II and III, the articles mentioned in the left-hand column of the table below shall apply in French Polynesia, in the wording indicated in the right-hand column of the same table:

II.For the application of I:
1° The following shall not apply:
a) References to European provisions, the Single Resolution Mechanism, the Single Resolution Board and the European Central Bank;
b) References to the guarantee funds mentioned in Articles L. 421-1 and L. 423-1 of the Insurance Code, L. 431-1 of the Mutual Code and L. 931-35 of the Social Security Code ;
2° The Autorité de contrôle prudentiel et de résolution supervises the persons listed in B of I of Article L. 612-2 and in 1° and 2° of II of the same Article solely with regard to compliance with the provisions of Title VI of Book V;
3° In the event of non-compliance with the provisions of Title VI of Book V by one of the persons listed in B of I of Article L. 612-2, the Enforcement Committee of the Autorité de contrôle prudentiel et de résolution may impose one or more of the disciplinary sanctions provided for in Articles L. 612-38 and L. 612-39;
4° In the event of non-compliance with the provisions of Title VI of Book V by one of the persons mentioned in 1° and 2° of II of Article L. 612-2, the Enforcement Committee of the Autorité de Contrôle Prudentiel et de Résolution may impose one or more disciplinary sanctions on that person or, where applicable, on its directors, members or third parties with authority to manage or administer, in accordance with the conditions set out in Article L. 612-38 and I of Article L. 612-41;
5° The provisions of Articles L. 612-16, L. 612-28 and L. 612-42 are applicable to breaches punishable by penalties imposed pursuant to 4° and 5° of II of this Article.
III.-For the application of the articles mentioned in the table above:
1° In article L. 612-1:
a) The second paragraph of I is worded as follows: The AMF shall monitor compliance by these persons with the provisions referred to in Article L. 712-7, the provisions of the Monetary and Financial Code that are directly applicable to them and the regulatory provisions provided for their application, the provisions applicable to them in Book III of the Consumer Code and any other legislative and regulatory provisions applicable to them, non-compliance with which entails non-compliance with the aforementioned provisions.
b) In 8° of II, the words: of the provisions applicable to them of Articles 3, 4 and 5 of Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on the publication of sustainability information in the financial services sector, with regard to their investment strategy and their management of the risks associated with the effects of climate change, as well as the words in accordance with Articles L. 310-1-1-3 and L. 385-7-2 of the Insurance Code,Article L. 114-46-3 of the Mutual Code and Articles L. 931-3-8 and L. 942-6-1 of the Social Security Code are deleted;
2° In the last paragraph of A of I of Article L. 612-2, the words: the Banque de France are replaced by the words: the Institut d'émission d'outre-mer and the words: of the Banque de France, in respect of the tasks of overseeing the proper operation and security of payment systems, which are conferred upon it by I of Article L. 141-4 are replaced by the following words: the Institut d'émission d'outre-mer, in respect of its duties to oversee the proper operation and security of payment systems, which are conferred upon it by Article L. 721-20;
3° In IV of Article L. 612-17, the words: l'Institut national de la statistique et des études économiques are replaced by the words: l'Institut de la statistique de Polynésie française;
4° In Article L. 612-19, the reference to Article L. 142-9 is deleted;
5° In Article L. 612-20, the references to insurance and reinsurance brokers and brokerage companies are not applicable. This article does not apply to the persons mentioned in B of I of article L. 612-2 and in 1° and 2° of II of the same article. These persons are subject to a contribution for monitoring the obligations set out in Title VI of Book V. This contribution is paid to the Banque de France. Its amount is set by order of the ministers responsible for the economy, mutual insurance and social security;
6° In the last paragraph of Article L. 612-26, the words: either, for inspections in a State party to the Agreement on the European Economic Area, in application of Article L. 632-12, or, for other States, are deleted;
7° In Article L. 612-33-1, the words: provided for in Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC are replaced by the words: which are likely to seriously jeopardise the smooth operation and integrity of the financial market;
8° In Article L. 612-34-1:
a) In the second paragraph of I, the words: registered on the list referred to in Articles L. 811-2 or L. 812-2 of the French Commercial Code are replaced by the words: authorised to perform the functions of judicial representative or administrator by the legislation applicable locally;
b) In the last paragraph of IV, the words: by the lien established in Articles L. 3253-2, L. 3253-4 and L. 7313-8 of the French Labour Code and the legal costs mentioned in II of Article L. 641-13 of the French Commercial Code are replaced by the following words: for the payment of sums due in respect of the last months of employment of the company's employees and legal costs, in accordance with locally applicable legislation;
9° In the first paragraph of each of articles L. 612-39 and L. 612-41, the word: European is deleted;
10° In Article L. 612-43, after the words: and in 12°, the remainder of the sentence is deleted;
11° The second paragraph of I of Article L. 612-44 is replaced by the following provisions: The Autorité de contrôle prudentiel et de résolution may also transmit to the statutory auditors of the persons mentioned in the previous paragraph, of the AIFs covered by paragraphs 1, 2 and 6 of sub-section 2, paragraph 2 or sub-paragraph 1 of paragraph 1 of sub-section 3, or sub-section 4 of Section 2 of Chapter IV of Title I of Book II, and of their management companies, the information necessary for the performance of their duties.