Chapter III: Provisions specific to credit institutions, finance companies, investment firms, electronic money institutions, payment institutions and central counterparties

Safeguard, receivership and compulsory liquidation proceedings instituted by Title II of Book VI of the Commercial Code may not be opened in respect of a credit institution, finance company, electronic money institution, payment institution, investment firm, financial holding company, investment holding company, mixed financial holding company or mixed holding company referred to in 4° to 6° of I of Article L. 613-34 only after receiving the assent of the Autorité…

Where a provisional administrator has been appointed by the Autorité de contrôle prudentiel et de résolution pursuant to Article L. 612-34, the court may only entrust the administrator with the supervision of management operations, as provided for in Article L. 622-1 of the French Commercial Code.

In the event of the opening or pronouncement of compulsory liquidation proceedings in respect of a credit institution, finance company, electronic money institution, payment institution or investment firm, the Autorité de contrôle prudentiel et de résolution shall appoint a liquidator who shall make an inventory of the assets, carry out liquidation operations and make redundancies, in accordance with the terms and conditions set out in Title IV of Book VI…

In the event of the opening of safeguard, reorganisation or liquidation proceedings in respect of a credit institution or an investment firm, the guarantee fund and the depositors are exempt from the declaration provided for in Article L. 622-24 of the French Commercial Code in respect of their claims falling wholly or partly within the scope of intervention of the fund. The fund informs the depositors of the amount of…

The opening of safeguard, receivership or compulsory liquidation proceedings, as well as any enforcement proceedings and any equivalent legal proceedings opened against a payment institution on the basis of foreign law, shall not affect funds received from payment service users deposited or invested in financial instruments held in accounts opened specifically for this purpose under the conditions set out in Article L. 522-17. In the event of the opening of…

The opening of safeguard, receivership or liquidation proceedings, as well as any enforcement proceedings and any equivalent legal proceedings opened under foreign law against an electronic money institution, shall not affect funds collected from electronic money holders deposited or invested in financial instruments held in accounts opened specifically for this purpose under the conditions laid down in Article L. 526-32. In the event of the opening of safeguard, reorganisation or…

I. – In the event that compulsory liquidation proceedings are opened against a credit institution under Book VI of the French Commercial Code, creditors holding a preferential right, pledge, collateral security or mortgage contribute to the distribution in proportion to their admitted claims: 1° Firstly, creditors holding deposits for the portion of their deposits covered by the guarantee instituted pursuant to 1° of II of Article L. 312-4, and the…

The provisions relating to the safeguarding, reorganisation and liquidation of credit institutions and investment firms set out in articles L. 613-25 to L. 613-30 and L. 211-10 do not apply to legal proceedings opened before 29 June 1999.