Section 5: Exercise of control

Auditors carrying out permanent audits are accredited by the persons they audit. At any time of the year, they may carry out documentary and on-site audits of all the operations of these persons. The Secretary General may also carry out on-site audits by means of an engagement letter specifying the purpose of the audit and appointing the auditor(s) to carry it out. This letter is presented to the audited entity…

At least once a year, the Secretary General of the Autorité de contrôle prudentiel et de résolution and the Director General of Competition, Consumer Affairs and Fraud Control exchange information on supervisory activities relating to the provisions of the Consumer Code.

I. – When the Secretary General decides to call upon persons who do not belong to his departments or to those of another competent authority mentioned in Article L. 612-23 to carry out his controls, the use of such persons shall be governed by a memorandum of understanding entered into with the Autorité de contrôle prudentiel et de résolution, setting out the tasks to be performed and the conditions under…

No person may carry out an inspection if he has been convicted of any of the offences referred to in II of Article L. 500-1 of this Code. Before entrusting an assignment to one of the persons mentioned in I of Article R. 612-24, the Secretary General shall ensure that the prospective person is not likely to be in a conflict of interest with the person who is to be…

The persons responsible for the inspections may ask to be provided with, and inspect on the basis of documents and on the spot, all books, registers, contracts, slips, minutes, accounting records or documents relating to the situation of the person being inspected and to all the operations carried out by that person. They may obtain copies, in electronic form if necessary. They may carry out all cash and portfolio verifications….

For the application of the sixth paragraph of article L. 612-24, the summons is sent to the person concerned in the manner provided for in article R. 612-9, at least eight days before the date of the summons. It shall remind the person summoned that he or she is entitled to be assisted by persons of his or her choice.

When a panel of the Supervisory Board decides to impose a penalty payment in addition to an injunction, pursuant to Article L. 612-25, it does so in the same decision. The daily amount of the penalty payment may not exceed fifteen thousand euros. This decision is notified to the person concerned in the manner provided for in article R. 612-9 . In the event of total or partial non-compliance or…

The decision to extend the scope of supervision provided for in article L. 612-26 is brought to the attention of the person to whom the scope of supervision is extended by letter sent in the manner provided for in article R. 612-9.

The Autorité de contrôle prudentiel et de résolution has four months to rule on an application for approval of all or part of a code of conduct submitted pursuant to Article L. 612-29-1. During this period, it may decide to extend this period to six months.

The approval decision provided for in article L. 612-29-1 is published in the Journal officiel de la République française.