French Commercial code
In forceThe specialised committee referred to in Article L. 823-19 :
1° Credit institutions and finance companies whose securities are not admitted to trading on a regulated market and which have issued, continuously or repeatedly, only bond securities, provided that the total nominal amount of these securities remains below €100 million and that they have not published a prospectus ;
2° Securitisation undertakings, if they publicly explain why they do not consider it appropriate to have a specialised committee or to entrust the tasks of the specialised committee to an administrative or supervisory body;
3° Undertakings for collective investment mentioned in Chapter IV of Title I of Book II of the Monetary and Financial Code, with the exception of the undertakings mentioned in 2° ;
4° Persons and entities that have another body performing the duties of this specialised committee, provided that this body, which may be the administrative body or the supervisory body, is identified and its composition is made public;
5° Persons and entities controlled by another person or entity within the meaning of I and II of Article L. 233-3, where the latter is itself subject to the provisions of Article L. 823-19 and has a body performing the duties of this specialised committee. Persons and entities that decide to set up a specialised committee may ask the administrative body or the supervisory body of the person or entity that controls it, within the meaning of I and II of Article L. 233-3, that the task mentioned in 6° of II of Article L. 823-19 be performed by the body that performs the tasks of this specialised committee. In this case, the latter body shall regularly report on the decisions thus adopted to the body responsible for the administration or the supervisory body of the controlled company.
In public interest entities other than those mentioned in 4° and 5° and finance companies, which are not required to appoint a specialised committee pursuant to this article, the duties of this committee shall be performed, where applicable, by the administrative or supervisory body or by the body performing equivalent functions.
Where the duties entrusted to the specialised committee are performed by the administrative body or by the body performing equivalent functions, it may not, for the performance of those duties, be chaired by the chairman of that body if the latter performs the duties of general management.
