Subsection 7: Provisions relating to the conclusion, assessment and implementation of group financial support agreements

I. - Where the supervisory board is responsible for the supervision of a group on a consolidated basis, the request for authorisation provided for in III of Article L. 613-46 shall be sent to the supervisory board by the parent institution in the EU party to the agreement. It shall include the draft agreement and identify the potential parties.

The supervisory board shall, where appropriate, communicate this request to the competent authorities of the subsidiaries concerned.

II. - Within four months of receipt by the supervisory college of the request for authorisation referred to in I, the supervisory college shall endeavour to reach a joint decision on the request for authorisation with the competent authorities concerned.

Account shall be taken of the potential effects, particularly in terms of public finances, of the implementation of the agreement in the Member States where the group is present.

Authorisation is granted if the agreement meets the conditions set out in I of Article L. 613-46-3 and I of Article L. 613-46-4.

Authorisation may be refused if the agreement is deemed incompatible with the conditions for the provision of intra-group financial support set out in I of Article L. 613-46-3 and I of Article L. 613-46-4.

III. - In order to reach a joint decision under the conditions set out in II, the supervisory board may:

1° Refer the matter to the European Banking Authority on the basis of Article 31 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 ;

2° Refer the matter to the European Banking Authority on the basis of Article 19 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010.

IV. - In the absence of a joint decision within four months, the supervisory board alone will decide on the application for authorisation. It will take account of the opinions and reservations expressed by the other competent authorities.

In the event that the college of supervisors or one of the competent authorities concerned has referred the matter to the European Banking Authority on the basis of Article 19 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010, within the prescribed timeframe, the college of supervisors shall defer its decision pending the decision of the European Banking Authority. The supervisory board shall take its decision in accordance with the decision of the European Banking Authority.

In the absence of a decision by the European Banking Authority within one month, the decision referred to in the first paragraph shall apply.

V. - The college of supervisors shall notify :

1° To the EU parent undertaking of the decisions taken pursuant to II or IV ;

2° Where applicable, to the other competent authorities concerned, the decision it takes pursuant to the first paragraph of IV.