French Monetary and Financial Code
In forceI.-The Autorité de contrôle prudentiel et de résolution shall exchange with the competent authorities within the meaning of Articles L. 511-21 and L. 532-16, information relating to credit institutions and investment firms benefiting from the freedom of establishment or the freedom to provide services concerning :
a) The management and ownership of these institutions or undertakings in order to facilitate their supervision and the examination of the conditions for their authorisation;
b) Other elements likely to facilitate their monitoring, in particular with regard to liquidity, solvency, deposit guarantees, limitation of large exposures, administrative and accounting organisation, concentration and internal control mechanisms;
c) Elements likely to influence the risk represented by these institutions or undertakings;
It shall inform the same authorities:
a) Any findings relating to the financial situation of these institutions or undertakings insofar as this information is relevant for the protection of depositors or investors in the host State or for the financial stability of the host State;
b) the occurrence of a liquidity crisis or a reasonable risk of such a crisis occurring and the measures taken in this context.
II - At the request of the competent authorities of the host Member State of a credit institution, an investment firm other than an asset management company, an electronic money institution, a payment institution or an account information service provider benefiting from the freedom of establishment in accordance with Articles L. 511-27 or L. 532-23, the Autorité de contrôle prudentiel et de résolution shall inform those competent authorities of the measures it has taken following the findings and information communicated to it. Where the competent authorities of the host Member State themselves take measures on the grounds that these measures are not appropriate, the Autorité de contrôle prudentiel et de résolution may refer the matter to the European Banking Authority in accordance with Article 19 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010.
III - The Autorité de contrôle prudentiel et de résolution may ask the competent authorities of the home Member State of a credit institution or investment firm benefiting from the freedom of establishment in accordance with Articles L. 511-22 or L. 532-18-1 for information on the measures they have taken in response to the findings and information it has provided. If it considers that the competent authorities of the home Member State have not taken appropriate action, it may, after informing those authorities, the European Banking Authority and the European Securities and Markets Authority, take appropriate measures to prevent further infringements in order to protect depositors or investors or to preserve the stability of the financial system.
IV - The Autorité de contrôle prudentiel et de résolution may refer the matter to the European Banking Authority if a request for cooperation, in particular for the exchange of information, as provided for in this Article, has been rejected or has not been acted upon within a reasonable period of time.
V.-For the assessment of the condition set out in point (c) of the first subparagraph of Article 23(1) of Regulation (EU) 2019/2033, the Autorité de contrôle prudentiel et de résolution may, in its capacity as the authority responsible for the supervision of an investment firm, request the competent authority of the home Member State of a clearing member to provide information relating to the margin model and the parameters used to calculate the margin requirement of the investment firm concerned.
At the request of the competent authority of the home Member State of an investment firm, the Autorité de contrôle prudentiel et de résolution may, in its capacity as the authority responsible for the supervision of a credit institution or investment firm that is a member of a clearing house, provide information relating to the margin model and parameters used to calculate the margin requirement of the investment firm concerned for the purposes of assessing the condition set out in point (c) of the first subparagraph of Article 23(1) of Regulation (EU) 2019/2033.
A decree in the Conseil d'Etat shall specify the conditions of application of this Article.
