Section III: Governance system

Articles in this section · 3

R385-16R385-16-1R385-16-2

Article R385-16-2

French Insurance CodeIn force
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Updated 7 Nov 2023

I.-The same person may be responsible, within a supplementary occupational pension fund, for several of the key functions mentioned in Article L. 354-1, with the exception of the internal audit function, which is independent of the other key functions.

When the person responsible for a key function carries out an activity within a company or association which has entered into a contract with the supplementary occupational pension fund, this activity may not be linked either to the entering into of contracts with the supplementary occupational pension fund or to their technical and financial monitoring. The written risk management and internal control policies referred to in Article L. 354-1 describe the way in which this risk of conflict of interest is prevented and controlled.

II. -The head of a key function sends his observations and recommendations to the board of directors or supervisory board of the supplementary professional retirement fund, which determines the action to be taken.

He shall inform the Autorité de contrôle prudentiel et de résolution of a situation in which the fund's board of directors or supervisory board fails to take appropriate corrective action in a timely manner in one of the following cases:

1° Where the person responsible has determined that there is a high risk that the supplementary occupational pension fund will fail to comply with an important legal or regulatory obligation, which could have a significant impact on the interests of members and beneficiaries, and has informed the board of directors or the supervisory board of the fund accordingly;

2° When this manager has observed a significant breach of the provisions applicable to the supplementary occupational pension fund and its activities in the context of the performance of his key function and has reported this to the fund's board of directors or supervisory board.

III - The key risk management function takes into account the environmental, social and governance risks associated with the investment portfolio and its management. It shall also take into account the risks incurred in this respect by members and beneficiaries, where applicable.

Mariela Petrova

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A notary (notaire) is a public officer who authenticates specific deeds (mainly real-estate transfers and certain family-law acts). A corporate lawyer (avocat) advises on strategy, negotiates and drafts company documents, and represents you in disputes. The two roles complement rather than overlap.

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Mariela Petrova

Mariela Petrova

Avocate au Barreau de Paris

Toque #C2396

15+ Years In Corporate Practice

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Communications protected by professional secrecy — secret professionnel de l'avocat, Article 66-5 of the Law of 31 December 1971.

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