French Monetary and Financial Code
In forceI. - The resolution board may use one or more asset management structures to which all or part of the assets, rights or obligations of a person subject to a resolution procedure or a bridge institution are transferred, on one or more occasions. These structures are responsible for managing these assets with a view to realising them at the best price.
When an asset management vehicle is created to receive the assets, rights or obligations of a bridge institution, the agreement of the holders of the capital securities mentioned in Chapter II of Title I of Book II or other ownership securities issued by this bridge institution is required.
II. - The collège de résolution shall determine the consideration in exchange for which assets, rights and obligations are transferred to the asset management vehicle in accordance with the principles set out in Article L. 613-47 and in compliance with the European Union's legal regime on State aid.
The consideration may be paid in the form of a debt instrument issued by the asset management vehicle.
III. - The asset management vehicle is wholly or partially owned by one or more public entities.
IV. - The collège de résolution may transfer assets, rights or obligations to an asset management vehicle if one of the following conditions is met:
1° The liquidation of the assets concerned in accordance with the procedures set out in Book VI of the Commercial Code would be likely to have a negative impact on one or more financial markets;
2° This transfer is necessary to ensure the proper functioning of the person subject to a resolution procedure or the bridge institution.
