French Monetary and Financial Code
In forceI. - Participation, membership or access rights to the systems referred to in Article L. 330-1, to the trading platforms referred to in Title II of Book IV and to the clearing houses referred to in Title IV of Book IV are transferred to the acquirer provided that it meets the criteria for participation, membership or access to these market infrastructures. However, the absence of a rating or an insufficient rating by a credit rating agency may not be invoked against the acquirer.
If it does not meet the criteria mentioned in the previous paragraph, the acquirer shall benefit from the transfer of participation, membership or access rights to the market infrastructures for a period set by the resolution college, which may not exceed twenty-four months. At the purchaser's request, the resolution college may decide to extend this period.
II. - The purchaser is substituted for the person subject to a resolution procedure in the rights and obligations resulting from the latter's membership of the deposit guarantee and resolution fund.
