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Article L613-50-7 of the French Monetary and Financial Code

Without prejudice to Articles L. 142-9, L. 312-14, L. 322-2, L. 612-17, L. 613-34-4 and L. 632-1 A, the following persons are bound by professional secrecy under the conditions and subject to the penalties laid down in Article L. 641-1 when they contribute to the performance of the duties defined in 4° of II of Article L. 612-1 : 1° Any person whom the resolution college or the supervisory college…

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Article L613-50-8 of the French Monetary and Financial Code

The collège de résolution and the fonds de garantie des dépôts et de résolution may recover sums corresponding to the amount of any justified expenses incurred in implementing one or more resolution measures. These expenses must have been reasonable and properly incurred. Recovery is made in one or more of the following ways: 1° By deducting the amount of the sums to be recovered from any consideration paid by a…

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Article L613-50-9 of the French Monetary and Financial Code

Where it is considering taking a write-down, conversion, transfer or other resolution measure in respect of an asset located in a third country or in respect of rights, undertakings, capital securities referred to in Chapter II of Title I of Book II or other property titles governed by the law of a third country, the resolution college may require the administrator, liquidator or any other person exercising control over the…

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Article L613-50-10 of the French Monetary and Financial Code

For each person referred to in I of Article L. 613-34, the methods used to set the remuneration of the senior executives responsible within the meaning of Articles L. 511-13 and L. 532-2 and of the categories of staff whose professional activities have a significant impact on the risk profile of the undertaking or group, including risk-takers, persons exercising a control function and any employee who, in view of his…

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Article L613-51 of the French Monetary and Financial Code

Where it decides to implement the measures referred to in this subsection in respect of a person referred to in I of Article L. 613-34 of the measures referred to in this sub-section, the resolution board may decide to exercise, in respect of that person, all the rights and powers conferred on the holders of equity securities referred to in Chapter II of Title I of Book II or of…

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Article L613-51-1 of the French Monetary and Financial Code

I. – When the managers referred to in Article L. 511-13 or Article L . 532-2(4), the board of directors, the supervisory board or any other body exercising equivalent supervisory functions of an entity subject to a resolution procedure are dismissed, the resolution college may appoint a special administrator, who may be a natural person or a legal entity, to whom all powers of administration, management and representation of this…

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Article L613-51-2 of the French Monetary and Financial Code

The resolution college may dismiss and replace the members of the management board, the senior management or any other person who effectively manages the business within the meaning of Articles L. 511-13 or L. 532-2, as well as the members of the board of directors, the supervisory board or any other body exercising equivalent functions, of a person mentioned in I of Article L. 613-34 subject to a resolution procedure.

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Article L613-52 of the French Monetary and Financial Code

The resolution college may decide to transfer, on one or more occasions, to one or more purchasers other than a bridge institution, all or part of the equity securities mentioned in Chapter II of Title I of Book II or other securities as well as the assets, rights or obligations of the person subject to resolution proceedings. This transfer requires the agreement of the purchaser. This transfer also concerns the…

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Article L613-52-2 of the French Monetary and Financial Code

I. – Without prejudice to the European Union’s legal regime on state aid, the resolution board may waive the provisions of I of Article L. 613-50-6 if their implementation is likely to compromise the achievement of the objectives of the resolution mentioned in I of Article L. 613-50. II. – Subject to IV and Article L. 613-58-1, this transfer is not subject to compliance with any procedural requirements under the…

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