French Monetary and Financial Code
In forceI. - Where a credit institution, an investment firm or a parent undertaking established in a non-EU Member State has in France and in at least one other EU Member State a subsidiary or branch considered to be of significant importance both by France and by another EU Member State, the collège de résolution shall set up, jointly with the resolution authorities of the Member States concerned, a college of European resolution authorities.
II. - The college of European resolution authorities shall exercise the powers referred to in III of Article L. 613-59 in respect of subsidiaries and, where applicable, branches.
These powers include setting the minimum capital requirement and eligible commitments, in accordance with the procedures defined by decree in the Conseil d'Etat.
When defining this requirement, the members of the college of European resolution authorities shall take account of any global resolution strategy adopted by the authorities of third countries.
III - The collège de résolution shall chair the college of European resolution authorities where:
1° A single parent undertaking in the European Union owns all the subsidiaries in the European Union of a third-country establishment or a third-country parent undertaking and this parent undertaking is established in France;
2° The parent undertaking in the European Union is established in France; or
3° The subsidiary in the European Union whose total balance sheet assets have the highest value is established in France.
When the situation of the group is different from the cases mentioned in 1° to 3° and the parent undertaking in the European Union or the subsidiary in the European Union whose total balance sheet assets have the highest value is established in France, the college of European resolution authorities is also chaired by the resolution college.
IV. - If there are other bodies, including a college of resolution authorities set up pursuant to Article L. 613-59, which meet the above conditions, the resolution college is not required to set up a college of European resolution authorities. The bodies in question must assume the same functions as those mentioned in this article and apply all the provisions, in particular procedural provisions, set out in this article and in Articles L. 612-8-1, L. 613-59-2 and L. 632-1 A, including those relating to membership and participation in colleges of European resolution authorities. In this case, all references to colleges of European resolution authorities in this section shall also be construed as references to such other bodies.
V. - Subject to paragraphs III and IV of this Article, the provisions of Article L. 613-59 shall apply to colleges of European resolution authorities.
