Controls carried out pursuant to Articles L. 632-12 and L. 632-13 by representatives of a foreign supervisory authority entrusted with a mission similar to that entrusted in France to the Autorité de contrôle prudentiel et de résolution may only relate to compliance with standards of foreign law equivalent to those of Articles L. 561-32 and L. 561-33 applicable to groups and the prudential management standards of the State concerned in order to enable the financial situation of banking or financial groups to be monitored, or may only be carried out for the purposes of the group supervision provided for in Article L. 356-2 of the Insurance Code. These controls are reported to the Autorité de contrôle prudentiel et de résolution. Only this authority may impose sanctions on the subsidiary or branch controlled in France.
To enable the controls provided for in Articles L. 632-12 and L. 632-13 to be carried out, persons who participate in the management or administration of the institutions or undertakings mentioned in the previous paragraph or who are employed by them must comply with requests from representatives of the foreign supervisory authorities, without being able to invoke professional secrecy.
The provisions of article L. 632-5 are applicable to the activities covered by this article.
Subject to the powers of the Autorité des marchés financiers, the provisions of this article and of articles L. 632-12 and L. 632-13 shall apply to investment firms and to the investment services activities of credit institutions.