A decree of the Conseil d’Etat shall specify the conditions for the application of this sub-section, in particular the procedures for initiating a resolution procedure.
I.-The resolution college may decide to appoint a resolution administrator to the person referred to in Article L. 311-1, to whom all the powers of administration, management and representation of this person shall be transferred. The resolution college shall define the mandate of the resolution administrator, who shall dispose of the movable and immovable assets of the person concerned in the interests of sound administration and in compliance with the…
The collège de résolution may, in respect of a person referred to in Article L. 311-1 subject to a resolution procedure, decide to: 1° Suspend or dismiss any person exercising effective management within the meaning of Articles L. 322-3-2 of this Code, L. 211-13 of the Mutual Code and L. 931-7-1 of the Social Security Code; 2° Oppose the continuation in office of one or more natural persons, including representatives…
The collège de résolution shall carry out the automatic transfer provided for in 4° of I of Article L. 311-30 under the conditions set out in the first, second and third paragraphs of I of Article L. 612-33-2 of the Monetary and Financial Code. In this procedure, the Autorité de contrôle prudentiel is represented by the collège de résolution. This decision releases the person whose contracts have been transferred from…
Holders of equity securities referred to in Chapter II of Title I of Book II of the Monetary and Financial Code or other ownership securities or creditors of the person subject to resolution proceedings whose assets, rights and obligations are not transferred shall have no direct or indirect rights over the assets, rights or obligations transferred to the purchaser.
The resolution measures referred to in this sub-section and in sub-section 4 may be implemented by the College of Resolution separately or in combination.
A decree of the Conseil d’Etat shall specify the conditions for the application of this sub-section, in particular the conditions for appointing and establishing the term of office of the administrator referred to in article L. 311-22 and the procedures for the transfer of portfolios ex officio.
I.-The resolution college may, after having determined that the transfer procedure referred to in 3° of Article L. 311-30 has failed, decide to set up a bridge institution. The latter is responsible for receiving, on a temporary basis, in one or more instalments, with a view to transferring all or part of the commitments and assets of a person subject to a resolution procedure, in compliance with competition rules, under…
The decision of the college of resolution ordering the transfer of the portfolio of insurance contracts, operations or subscription forms for contracts or regulations to a bridge institution is published in the Journal officiel. This decision releases the person subject to the resolution procedure from all commitments to policyholders, subscribers, participating members, members, employers and subscribing legal entities in respect of the contracts and regulations transferred.
For the duration of the resolution procedure, any asset or liability acquired by the bridge institution may be returned to its original owner, without the latter being able to object, or transferred to a third party. This new transfer may only be decided by the college of resolution if it was expressly provided for in the initial transfer deed. Article L. 311-24 applies to decisions relating to the retrocessions and…
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is a Registered Trademark of
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75001, Paris France
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is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
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