Section IV: Group governance system.

I.-The participating and parent undertakings referred to in the second and third paragraphs of Article L. 356-2 respectively shall set up a system of governance which guarantees sound and prudent management of the business at group level and which is subject to regular internal review. This system of governance shall be based on a clear separation of responsibilities at group level and shall include an effective system for the transmission…

The participating and parent undertakings referred to respectively in the second and third paragraphs of Article L. 356-2 : 1° Set up a risk management system at group level. This system shall be applied consistently in all undertakings subject to group supervision pursuant to Article L. 356-2, so that it can be monitored at group level; 2° Carry out an internal assessment of risks and solvency at group level. Where…

As group supervisor, the Autorité de contrôle prudentiel et de résolution shall supervise the systems, procedures and internal assessment of the group’s risks and solvency referred to in Articles L. 356-18 and L. 356-19 in accordance with the provisions of Section II of this Chapter.

A decree in the Conseil d’Etat shall specify the conditions of application of this section.