French Monetary and Financial Code
In forceI. - Applications for authorisation are made to the Autorité de contrôle prudentiel et de résolution. A receipt will be issued upon receipt of all the documents required to examine the application. The application for authorisation specifies the purpose of the loans, depending on whether they are for the creation and development of businesses or for the implementation of social integration projects by individuals.
The Autorité de contrôle prudentiel et de résolution gives a reasoned decision on the application within four months of the date of issue of the receipt. If there is no response within this period, the AMF will give its tacit approval.
The authorisation issued by the Autorité de contrôle prudentiel et de résolution specifies the type(s) of loan(s) that may be granted by the applicant.
II. - The Autorité de contrôle prudentiel et de résolution may withdraw the authorisation:
1° Either at the reasoned request of the association or foundation ;
2° Or ex officio, if the association or foundation no longer complies with the conditions set out in articles R. 518-59 to R. 518-62, or if it has not been in business for at least six months.
