French Business Law - French Legislation

Article R613-58 of the French Monetary and Financial Code

November 5, 2023

For the purposes of Article L. 613-52-2, the resolution board may make use of the derogations provided for in I of that Article where it finds that one of the following conditions is met: 1° The actual or foreseeable failure of the person subject to the resolution procedure poses a significant threat to financial stability; 2° Application of the provisions of I of Article L. 613-50-6 would be likely to…

Article R613-59 of the French Monetary and Financial Code

November 5, 2023

For the purposes of Article L. 613-50-6, the services and infrastructures referred to in III of that article are provided: 1° Under the conditions provided for in an agreement concluded with the person subject to a resolution procedure when they were provided under the terms of this agreement immediately prior to the application of a resolution measure ; 2° In the absence of such an agreement or where the agreement…

Article R613-60 of the French Monetary and Financial Code

November 5, 2023

I. – Without prejudice to the provisions of article L. 613-50-8, any remuneration in return for a transfer carried out pursuant to articles L. 613-52 and L. 613-53 shall be paid by the acquirer: 1° To the owners of the equity securities referred to in Chapter I of Title I of Book II or of the other ownership interests that have been transferred to the acquirer ; 2° To the…

Article R613-61 of the French Monetary and Financial Code

November 5, 2023

For the purposes of Article L. 613-53-4, the resolution board’s decision to extend the two-year period referred to in II of that article shall be reasoned and accompanied by a detailed assessment of the situation of the bridge institution, including market conditions and prospects, justifying the extension of the institution’s activity.

Article R613-62 of the French Monetary and Financial Code

November 5, 2023

Without prejudice to the provisions of Article L. 613-50-8, when the activities of the bridge institution are terminated under the conditions provided for in III of Article L. 613-53-4, any liquidation surplus shall revert to the shareholders of the bridge institution.

Article R613-63 of the French Monetary and Financial Code

November 5, 2023

Where the assets and liabilities of several persons subject to resolution proceedings have been transferred to the same bridge institution, the winding-up proceedings referred to in III of Article L. 613-53-4 shall apply separately to the assets and liabilities of each of these persons and not to the bridge institution itself. The assets concerned are identified individually in the accounts of the bridge institution. They are subject to separate liquidation…

Article R613-64 of the French Monetary and Financial Code

November 5, 2023

For the purposes of Article L. 613-55-1, the exclusion provided for in II of this Article of certain commitments that may be used for internal bail-in is intended in particular to prevent eligible deposits of natural persons and micro, small and medium-sized enterprises defined according to their annual turnover as mentioned in paragraph 1 of Article 2 of the Annex to European Commission Recommendation 2003/361/EC of 6 May 2003 from…

Article R613-65 of the French Monetary and Financial Code

November 5, 2023

For the purposes of Article L. 613-55-3, the decisions to compensate creditors and holders of capital referred to in III of this Article shall be taken within two months of the final valuation provided for in Article L. 613-47. The amount of the final valuation referred to in Article L. 613-47 and the compensation decisions taken pursuant to III of Article L. 613-55-3 shall be notified as soon as possible…

Article R613-66 of the French Monetary and Financial Code

November 5, 2023

For the purposes of Article L. 613-55-4, the equity securities and other ownership interests referred to in 1° of II of this article include debt instruments and equity securities converted as a result of an event that preceded or coincided with the determination by the resolution board that the conditions for triggering a resolution procedure had been met.

Article R613-67 of the French Monetary and Financial Code

November 5, 2023

Where the implementation of an internal rescue measure provided for in Article L. 613-55 would result in the acquisition or increase of a qualifying holding requiring authorisation pursuant to Articles L. 511-12-1 or L. 531-6, the resolution board shall inform the supervisory board without delay. The latter carries out the assessment required by the aforementioned articles and decides on the transaction as quickly as possible so as not to jeopardise…

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Regulatory part

Article R613-58 of the French Monetary and Financial Code

Article R613-59 of the French Monetary and Financial Code

Article R613-60 of the French Monetary and Financial Code

Article R613-61 of the French Monetary and Financial Code

Article R613-62 of the French Monetary and Financial Code

Article R613-63 of the French Monetary and Financial Code

Article R613-64 of the French Monetary and Financial Code

Article R613-65 of the French Monetary and Financial Code

Article R613-66 of the French Monetary and Financial Code

Article R613-67 of the French Monetary and Financial Code

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