Subsection 3: Provisions relating to the use of administrative police powers in resolution proceedings

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.