Subsection 6: Inspections

The Autorité de contrôle prudentiel et de résolution shall ensure that sociétés de crédit foncier comply with their obligations under this section and shall penalise any breaches observed, in accordance with the conditions set out in Chapter II and Sections 1 and 2 of Chapter III of Title I of Book VI. The Autorité de contrôle prudentiel et de résolution may adopt and implement guidelines as part of its supervision…

In each “Société de Crédit Foncier”, a Specific Controller and an Alternate Specific Controller chosen from among the persons registered on the list of Statutory Auditors are appointed for a term of four years by the directors of the company, with the approval of the Autorité de Contrôle Prudentiel et de Résolution. The alternate Specific Auditor is called upon to replace the incumbent in the event of refusal, impediment, resignation…

Where the société de crédit foncier is the subject of safeguard, receivership or liquidation proceedings, the Specific Controller shall make the declaration provided for in Article L. 622-24 of the French Commercial Code in the name and on behalf of the holders of claims benefiting from the preferential right defined in Article L. 513-11. The provisions of Chapters II and IV of Title II of Book VIII of the Commercial…