Title II: Administrative regime

In the event of the withdrawal of authorisation from a foreign undertaking by the supervisory authority of its registered office, the Autorité de contrôle prudentiel et de résolution shall withdraw the authorisation previously granted to the French branch of that undertaking pursuant to Articles L. 321-7 or L. 329-1.

When an undertaking has had its administrative authorisation withdrawn or declared null and void by the Autorité de contrôle prudentiel et de résolution or by the supervisory authority of another Member State, the Autorité de contrôle prudentiel et de résolution shall take, where appropriate with the assistance of the supervisory authorities of the Member States in whose territory the undertaking operates, any measures likely to safeguard the interests of policyholders,…

Any decision to withdraw administrative authorisation pursuant to article L. 325-1 is notified to the company concerned by registered letter with acknowledgement of receipt or delivered against receipt, if this decision applies to a company authorised in accordance with the provisions of articles L. 321-1, L. 321-1-1, L. 321-7 or L. 329-1.

Before withdrawing administrative authorisation pursuant to Article L. 325-1, the Autorité de contrôle prudentiel et de résolution shall notify the Chairman of the Board of Directors of the undertaking concerned, by registered letter with acknowledgement of receipt or delivered against receipt, of the facts found against the undertaking and shall invite it to submit its written observations within a period of fifteen days.

I.-The decision to withdraw administrative authorisation is published in the Official Journal of the French Republic and in the Official Journal of the European Union. This publication is carried out by the Autorité de contrôle prudentiel et de résolution. In the case of the undertakings referred to in Article L. 310-2, it shall specify whether the undertaking is subject to a resolution procedure and, if so, the name and contact…

The provisions of this section are applicable in the French Southern and Antarctic Territories and Wallis and Futuna.

I.-When, at the request of the Autorité de contrôle prudentiel et de résolution, the Enforcement Committee or the resolution college of this authority, the liquidation of an undertaking mentioned in article L. 310-1 is opened, each policyholder is notified, within twenty days of the day following the publication of the Autorité’s decision in the Journal officiel de la République française, by the liquidator or, pending the appointment of the liquidator,…

The decree referred to in article L. 326-12 is issued on the report of the Minister for the Economy and Finance and the Minister for Transport.