French Monetary and Financial Code
In forceI. - Subject to Article L. 613-59-1, where the resolution college exercises the powers provided for in this section at group level, it shall set up a college of resolution authorities to carry out the tasks referred to in Articles L. 613-40, L. 613-40-1, L. 613-43, L. 613-43-1, L. 613-44, R. 613-46-5, L. 613-60, L. 613-60-1 and L. 613-60-2. 613-40, L. 613-40-1, L. 613-43, L. 613-43-1, L. 613-44, R. 613-46-5, L. 613-60, L. 613-60-1 and L. 613-60-2, L. 613-61-1 and L. 613-61-2 and, where applicable, to ensure cooperation and coordination with the resolution authorities of third countries. The College of Resolution or its representative chairs the College of Resolution Authorities.
II. - The college of resolution authorities comprises :
1° The resolution authorities of each Member State where a subsidiary covered by consolidated supervision, a parent financial holding company in a Member State or in the Union mentioned in 4° of I of Article L. 613-34, a parent mixed financial holding company in a Member State mentioned in 5° of I of Article L. 613-34 or a branch of significant importance is established;
2° The supervisory college or, where applicable, the European Central Bank and the competent authorities of the Member States whose resolution authority is a member of the college of resolution authorities. Where the competent authority is not the central bank, this authority may be accompanied by a representative of the central bank;
3° The competent ministers when they are not the resolution authorities that are members of the college of resolution authorities;
4° The deposit guarantee and resolution fund and the authorities or persons responsible for the deposit guarantee system of other Member States, when the resolution authorities of these Member States are members of the college of resolution authorities.
The European Banking Authority participates in the work of the college without the right to vote.
III. - The task of the college of resolution authorities is :
1° To exchange information of interest for the preparation of preventive plans for group resolution and for the application of preventive or resolution measures to the group;
2° To draw up the preventive group resolution plan referred to in Articles L. 613-40 and L. 613-40-1 ;
3° Carrying out the assessment of the group referred to in Article L. 613-41 and exercising the powers referred to in Articles L. 613-43 and L. 613-43-1;
4° Decide on the need to draw up and conclude an agreement on the group resolution mechanism pursuant to Articles L. 613-60, L. 613-60-1, L. 613-60-2, L. 613-61-1 and L. 613-61-2;
5° Coordinating public communication of group resolution strategies and arrangements;
6° Coordinating the use of resolution financing mechanisms;
7° Decide on the minimum requirements imposed on groups at consolidated level and at subsidiary level in application of the requirements mentioned in Article L. 613-44.
Colleges of resolution authorities may also be responsible for issues relating to the resolution of transnational groups.
IV. - Where a parent undertaking, credit institution or investment firm established in the Union has in a third country a subsidiary or branch which would be considered to be of significant importance if it were located in the Union, the resolution authorities of that third country may be invited, at their request, to participate in the college of resolution authorities as an observer, provided that they are subject to confidentiality obligations considered by the resolution college of the Autorité de contrôle prudentiel et de résolution as equivalent to those to which the authorities participating in the college of resolution authorities are subject.
V. - The College of Resolution establishes the operating procedures of the College of Resolution Authorities and coordinates its activities.
VI. - If there are other bodies fulfilling the conditions mentioned above, the College of Resolution is not required to establish a college of resolution authorities. These bodies must assume the same functions as those mentioned in III and apply all the provisions of this Article and of Articles L. 612-8-1, L. 613-59-2 and L. 632-1 A, including those relating to membership and participation in colleges of resolution authorities. In this case, all references to colleges of resolution authorities in this section shall also be understood as references to these other bodies.
