Section 4: Measures to prevent and manage banking crises

I. – The resolution board may use a bridging institution to acquire, on one or more occasions, on a provisional basis and with a view to a sale under the conditions it sets, in compliance with competition rules, all or part of the assets, rights or obligations of a person subject to a resolution procedure, the equity securities referred to in Chapter II of Title I of Book II or…

I. – The Board of Directors approves the constitutive documents of the bridge institution. It appoints or approves the appointment and reappointment of the persons referred to in Article L. 511-13 or Article L. 532-2(4), members of the Board of Directors, the Supervisory Board or any other body exercising equivalent supervisory functions. It approves their remuneration. It also approves the strategy and risk profile of the bridge institution. It may…

Any item acquired by the bridge institution pursuant to I of Article L. 613-53 may be returned to its original owner, who may not 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 or if it relates to assets, rights or obligations that were wrongly transferred to the bridge…

Upon decision of the resolution college, the bridge institution shall be deemed to be a continuation of the person subject to resolution proceedings and shall continue to exercise any rights previously held by that person in respect of the property, rights or obligations transferred. Notwithstanding any provision or stipulation to the contrary, contracts transferred to the bridge institution shall continue ipso jure without any right of termination being exercisable by…

I. – The provisions of this sub-paragraph cease to apply when one of the following conditions is met: 1° The establishment-relais merges with another person ; 2° The bridge institution no longer meets the requirements laid down in Article L. 613-53-1 ; 3° All or most of the assets, rights or obligations of the bridge facility have been transferred to a third party; 4° The assets of the establishment-relay are…

The provisions of the second paragraph of Article L. 613-52, of II of Article L. 613-52-2 and of Articles L. 613-52-3, L. 613-52-4 and L. 613-52-6 apply when a bridge facility is used.