I. – The resolution board shall take the measures referred to in I of Article L. 613-48 when it considers that one or more of the following conditions are met: 1° It has been established, prior to the implementation of a resolution measure, that the conditions for triggering a resolution procedure mentioned in II of Article L. 613-49 or, where applicable, in I, II and V of Article L. 613-49-1…
I. – The determination that a person referred to in I of Article L. 613-34 or a group is in the situation referred to in 3° of I of Article L. 613-48-1 shall be made by the collège de résolution with the assent of the collège de supervision and, where applicable, jointly with the appropriate authorities in the form of a joint decision where: 1° The supervisory college is the…
I. – The reduction in the nominal value or conversion of the own funds instruments referred to in I of Article L. 613-48 or, where applicable, of eligible commitments referred to in VII of the same article shall be preceded, in the event of losses being incurred, by a reduction in the amount of such losses in Tier 1 core capital instruments. It is implemented under the conditions set out…
Without prejudice to the application of III of Article L. 613-55-3, the reduction referred to in I of Article L. 613-48 in the nominal value of an own funds instrument or an eligible commitment is definitive. With the exception of obligations that have already matured, the obligations of the person concerned attached to an equity instrument or eligible commitment that has been reduced shall survive only in proportion to its…
The resolution college shall require, where necessary to carry out a conversion measure referred to in I of Article L. 613-48, that the person concerned issue Tier 1 core capital instruments to holders of additional Tier 1 capital instruments or eligible commitments referred to in VII of Article L. 613-48 or Tier 2 capital instruments. The resolution college shall also ensure that the following conditions are met: 1° The Tier…
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…
I. – When implementing a resolution measure, the College of Resolution shall take into account the objectives of the resolution. These objectives are as follows: 1° To ensure the continuity of critical functions ; 2° Avoid significant negative effects on financial stability; and 3° Protect the resources of the State by reducing as far as possible recourse to exceptional public financial aid; 4° Protect customer funds and assets, in particular…
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75001, Paris France
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is a Registered Trademark of
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182, rue de Rivoli
75001, Paris France
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Paris Bar Registration n° (Toque) C2396
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