French Monetary and Financial Code
In forceI. - The Board of Directors approves the constitutive documents of the bridge institution.
It appoints or approves the appointment and reappointment of the persons referred to in Article L. 511-13 or Article L. 532-2(4), members of the Board of Directors, the Supervisory Board or any other body exercising equivalent supervisory functions. It approves their remuneration.
It also approves the strategy and risk profile of the bridge institution. It may limit the exercise of certain activities.
II. - The bridge institution has the necessary authorisation to carry out its activities. It is subject to supervision by the supervisory board pursuant to article L. 612-1.
When the pursuit of the objectives mentioned in I of Article L. 613-50 so requires, the supervisory board may, at the request of the resolution board, exempt the bridge institution from compliance with all or part of the provisions of Titles I or III of Book V, in particular with regard to authorisation, for a period for which it shall set the duration. These provisions and the end of this period are specified in the authorisation decision.
