Chapter II: Crisis prevention and management measures

I.-When implementing a resolution measure in respect of a person referred to in Article L. 311-1, the College of Resolution shall ensure the continuity of the critical functions resulting from the activity of this person, avoid or reduce the negative effects on financial stability, protect the resources of the State from recourse to exceptional public financial aid and protect the rights of policyholders, subscribers, members and beneficiaries of guarantees. The…

No provision or stipulation may be invoked against the collège de résolution, the application of which would have the effect of hindering a resolution measure. In particular, the collège de résolution is exempt from the obligation to obtain the authorisation or agreement of any French public authority or any private person that the planned transaction would have required if it had been carried out outside a resolution procedure. Private persons…

Where the implementation of a resolution measure involves the granting of an authorisation or approval, the supervisory board shall take a decision as soon as possible in order not to compromise the implementation of this measure. Where such a measure involves the granting of an authorisation for the purposes of establishment in a State which is not a party to the European Economic Area, the Autorité de contrôle prudentiel et…

Articles L. 211-36-1 to L. 211-38 of the Monetary and Financial Code do not prevent the application of measures imposed in application of the provisions of this section.

Without prejudice to Articles L. 142-9, L. 612-17 and L. 632-1 A of the French Monetary and Financial Code, Articles L. 311-18, L. 311-58, L. 421-9-5 and L. 423-6 of this Code, Article L. 431-6 of the French Mutual Code and Article L. 931-40 of the French Social Security Code, all persons who have directly or indirectly contributed to the performance of the missions defined in 4° of II. 641-1…

The Resolution Board may recover sums corresponding to the amount of any justified expenses incurred for the implementation of one or more resolution measures. These expenses must have been reasonable and properly incurred.

A decree of the Conseil d’Etat shall specify the conditions for the application of this sub-section, in particular the procedures for initiating a resolution procedure.