French Monetary and Financial Code
In forceI.-The resolution college of the Autorité de contrôle prudentiel et de résolution is composed of seven members:
1° The Governor of the Banque de France or his representative, Chairman ;
2° The Director General of the Treasury or his representative; and
3° The Chairman of the Autorité des marchés financiers or his representative;
4° The Deputy Governor appointed by the Governor of the Banque de France, or his representative;
5° The President of the Commercial, Financial and Economic Chamber of the Court of Cassation, or his representative;
6° The Chairman of the Management Board of the Deposit Guarantee and Resolution Fund, or his representative;
7° The vice-chairman of the supervisory board of the Autorité de contrôle prudentiel et de résolution.
The member mentioned in 6° only sits and takes part in the deliberations when the resolution college is dealing with institutions and undertakings falling within the remit of the fonds de garantie des dépôts et de résolution.
The resolution college may only deliberate if the majority of its members are present.
Its decisions are taken by majority vote. In the event of a tie, the Chairman has the casting vote.
Decisions that may result, immediately or in the future, in a call for public assistance, regardless of the form of such assistance, or decisions that may have a significant impact on the financial system or the real economy, may only be adopted in the presence of the Director General of the Treasury or his representative.
The members of the College de Résolution and the departments responsible for preparing its work shall have access, for the performance of their duties within the Autorité de contrôle prudentiel et de résolution, to information held by this authority for the performance of its prudential supervision duties.
II - Notwithstanding the provisions of Article L. 612-12 relating to the organisational and operational rules of the Autorité de contrôle prudentiel et de résolution, the collège de résolution shall determine the organisational and operational principles of the departments responsible for preparing its work. If necessary, it shall specify in its internal rules the operating procedures that are not defined in this Code.
III - The budget of the Autorité de contrôle prudentiel et de résolution shall include a section relating to the operation of the departments responsible for preparing the work of the College of Resolution, which shall be adopted after consultation with the College of Resolution.
IV -In the event of an emergency established by its Chairman, the Collège de résolution may, except in the case of sanctions, decide by written consultation under conditions laid down by decree.
Except in the case of sanctions, the resolution board may decide by teleconference under conditions laid down by decree.
A decree in the Conseil d'Etat shall set the conditions and limits under which the College of Resolution may delegate to the Chairman the power to take individual decisions falling within its remit.
