French Monetary and Financial Code
In forceI. - The Autorité de contrôle prudentiel et de résolution shall be notified of the appointment or reappointment of the natural persons mentioned in I and II of Article L. 612-23-1 within fifteen days of their appointment or reappointment.
The undertakings mentioned in I and II of Article L. 612-23-1 shall send the Autorité de contrôle prudentiel et de résolution a file, the content of which shall be determined by the authority under the conditions mentioned in Article R. 612-21.
Upon receipt of the complete application, the Autorité de contrôle prudentiel et de résolution has two months to object to the appointment or renewal. For investment services providers other than portfolio management companies, the period runs from the end of the one-month period given to the Autorité des marchés financiers to inform the Autorité de contrôle prudentiel et de résolution and the declarant that the appointment of the notified natural person is not compatible with the approval of the programme of operations previously issued.
Where the Autorité de contrôle prudentiel et de résolution intends to object to the appointment or renewal, it will notify the company and the natural person concerned of the grounds for its objection by registered letter with acknowledgement of receipt or by delivery against receipt and invite them to submit their written observations within a period of one month. The two-month period referred to in the previous paragraph is then suspended until receipt of the aforementioned observations and, at the latest, until the expiry of the response period.
The mandate or function of natural persons whose appointment or renewal has been opposed by the Autorité de contrôle prudentiel et de résolution under the conditions mentioned in III of Article L. 612-23-1 ceases fifteen days after notification of the opposition decision to the company and the natural person concerned by registered letter with acknowledgement of receipt or by delivery against receipt.
The Autorité de contrôle prudentiel et de résolution shall consult the central database of the European Banking Authority concerning administrative sanctions when, for the application of Article L. 612-23-1, it assesses the good repute requirements laid down by Articles L. 511-51, L. 533-25, L. 517-5 and L. 517-9.
II. - Notification of the renewal of the term of office of natural persons who are members of the board of directors or supervisory board or any other body exercising equivalent functions of the legal entities referred to in I of Article L. 612-23-1 relates solely to changes that have occurred since their previous appointment.
In the absence of a change mentioned in the notification, the Autorité de contrôle prudentiel et de résolution's non-opposition to the renewal of the appointment is presumed to have occurred as soon as the notification is received. In the event of a change mentioned in the notification or if the Autorité de contrôle prudentiel et de résolution has other information that could call into question the elements notified, it shall notify the undertaking and the natural person concerned within two months by registered letter with acknowledgement of receipt that the procedure described in I has been implemented.
The provisions of this II apply to notifications concerning ratification by the general meeting of the provisional appointment of a director, a member of the supervisory board or a body exercising equivalent functions.
III. - When the Autorité de contrôle prudentiel et de résolution considers objecting to the continuation of the term of office of one of the persons mentioned in V of Article L. 612-23-1, it shall notify the company, the natural person concerned and the chairman of the body of which that person is a member of the grounds for its objection by registered letter with acknowledgement of receipt or by letter delivered against receipt, and shall invite them to submit their written observations within one month.
The mandate or function of the persons opposed under the conditions provided for in V of Article L. 612-23-1 shall cease fifteen days after notification of the opposition decision to the company and the natural person concerned by registered letter with acknowledgement of receipt or by letter delivered against receipt.
