Paragraph 1: Conditions for initiating resolution proceedings

I. – The members mentioned in 1° and 2° of I of Article L. 612-8-1 or the European Central Bank may refer the situation of a person mentioned in I of Article L. 613-34 to the resolution college of the Autorité de contrôle prudentiel et de résolution with a view to implementing one or more resolution measures. However, in the case provided for in 3° of II of Article L….

I. – The resolution board may only take one or more resolution measures in respect of a financial institution mentioned in 3° of I of Article L. 613-34 if the conditions for triggering a resolution procedure mentioned in II of Article L. 613-49 are met in respect of both the financial institution and the parent undertaking supervised on a consolidated basis. II. – The resolution college may only take a…

Notwithstanding any provision to the contrary, in particular Articles L. 640-4 and L. 640-5 of the French Commercial Code, compulsory liquidation proceedings instituted by Book VI of the French Commercial Code may only be opened against a person subject to resolution proceedings at the initiative of the Resolution College. In this case, Article L. 613-27 of this Code does not apply.

Where warranted by the implementation of resolution measures, the Chairman of the Autorité de contrôle prudentiel et de résolution, at the request of the collège de résolution, may ask any court to stay proceedings in any case to which a person subject to resolution proceedings is or becomes a party during the period allowing the collège de résolution to exercise its resolution powers in compliance with the objectives mentioned in…