Subsection 4: Organisation and operation of the deposit guarantee and resolution fund

The Deposit Guarantee and Resolution Fund is a legal entity governed by private law. It is managed by an Executive Board acting under the supervision of a Supervisory Board. Members of the Management Board and the Supervisory Board are subject to the disqualifications set out in article L. 500-1. In carrying out its duties, the Deposit Guarantee and Resolution Fund is not considered to be a financial holding company or…

I. – The Supervisory Board exercises permanent control over the management of the Deposit Guarantee and Resolution Fund. It draws up the internal regulations of the guarantee fund and the rules for the use of its funds, which are approved by an order of the Minister for the Economy. It elects its Chairman from among its members. The Supervisory Board approves the accounts and appoints the statutory auditors. At the…

Decisions of the Supervisory Board are taken by simple majority. Each member of the Supervisory Board has a number of votes depending on its total financial contribution to the guarantee fund and those of the institutions that have appointed it as their representative. In the event of a tie, the Chairman shall have the casting vote. For the application of article L. 312-10 and this article, the amount of the…

The Management Board consists of at least two members appointed by the Supervisory Board, one of whom is appointed Chairman. The members of the Management Board may not at the same time hold office in any of the institutions or companies that are members of the guarantee fund, or receive remuneration from any of them. The Chairman of the Management Board may only perform his duties after approval by the…

The Minister for Economic Affairs, the Governor of the Banque de France, Chairman of the Autorité de contrôle prudentiel et de résolution, the Chairman of the Autorité des marchés financiers or their representative may, at their request, be heard by the Supervisory Board and the Management Board.

The members of the Management and Supervisory Boards and any person who, by virtue of their duties, has access to documents and information held by the guarantee fund are bound by professional secrecy. This secrecy may not be invoked against the judicial authorities acting in criminal proceedings, the administrative or civil courts ruling on an appeal against a decision of the Fonds de Garantie des Dépôts et de Résolution, or…

I. – In the performance of its compensation mission provided for in I of Article L. 312-5, the fonds de garantie des dépôts et de résolution shall have access to information held by its members, by the Autorité de contrôle prudentiel et de résolution, its supervisory board or its resolution board and which is necessary for the organisation, preparation and performance of its mission, including information covered by the professional…