Subsection 1: Composition

The supervisory board of the Autorité de contrôle prudentiel et de résolution is composed of nineteen members:

1° The Governor of the Banque de France, or the Deputy Governor he appoints to represent him, as Chairman ;

1° bis The Chairman of the Autorité des marchés financiers, or his representative;

1° ter Two members appointed for a period of five years, on the basis of their financial and legal expertise and their experience in insurance and banking, by the President of the National Assembly and the President of the Senate respectively;

2° The Chairman of the Autorité des normes comptables, or his representative;

3° A member of the Conseil d'Etat, proposed by the Vice-President of the Conseil d'Etat;

4° A member of the Court of Cassation, nominated by the Chief Justice of the Court of Cassation;

5° A magistrate from the Cour des Comptes, nominated by the First President of the Cour des Comptes;

6° A vice-chairman with insurance experience and two other members, all three chosen for their expertise in customer protection, quantitative and actuarial techniques or other areas relevant to the performance of the Authority's duties;

7° Four members chosen for their expertise in insurance, mutual insurance, provident insurance or reinsurance;

8° Four members chosen for their expertise in banking, electronic money issuance and management, payment services or investment services.

Among the members appointed under 1° ter, 3°, 4° and 5°, on the one hand, and under 6° to 8°, on the other hand, the difference between the number of women and men may not exceed one. All the members appointed in application of 1° ter and 3° to 8° include an equal number of women and men.

If the nominations and proposals made with a view to appointing these members do not enable the rules mentioned in the previous paragraph to be complied with, or if no nomination has been made by the end of a period set by decree, lots are drawn, the procedures for which are set by decree, between the authorities that have proposed or nominated a person of the over-represented sex, in order to determine which must nominate or propose a woman or a man.

The members of the supervisory board of the AMF mentioned in 3° to 8°, with the exception of the vice-chairman of the AMF, are appointed for a term of five years by order of the Minister for the Economy.

The Vice-Chairman of the Autorité de contrôle prudentiel et de résolution is appointed for a term of five years by joint order of the Ministers of the Economy, Social Security and Mutual Societies, following the opinion of the Finance Committees of the National Assembly and the Senate. The opinions of the committees are deemed favourable on expiry of a period of thirty days following receipt of the request for an opinion.

Members may be reappointed once, subject to the twelfth and thirteenth paragraphs. They may not be over seventy years of age on the day of their appointment or renewal.

If a seat on the AMF Board of Supervisors falls vacant for any reason whatsoever, as determined by the Chairman, a person of the same sex shall be appointed to replace the member for the remainder of the term of office. A term of office served for less than two years shall not be taken into account when applying the renewal rule.

A member of the Supervisory Board belonging to the categories referred to in 1° ter and 3° to 8° may only be removed from office in the same manner as he was appointed, following the assent of a majority of the other members of the Supervisory Board that he is no longer able to sit on the Supervisory Board due to incapacity or a serious breach of his obligations preventing him from continuing in office.

The members of the supervisory board of the Autorité de contrôle prudentiel et de résolution listed in 1° ter and 3° to 8° receive an allowance, the terms of which are set by decree.