French Business Law - French Legislation

Article R613-68 of the French Monetary and Financial Code

November 5, 2023

For the purposes of implementing Article L. 613-55-6, the collège de résolution shall determine the value of the commitments arising from derivatives referred to in the first paragraph of that Article on the basis in particular of: 1° Appropriate methods for determining the value of the categories of derivatives, including transactions subject to a netting agreement ; 2° Principles for determining the precise date and time at which the value…

Article R613-69 of the French Monetary and Financial Code

November 5, 2023

For the purposes of implementing Article L. 613-55-7, the conversion rate referred to in the first paragraph of that Article provides appropriate compensation for creditors whose claims have been converted into Tier 1 capital instruments.

Article R613-70 of the French Monetary and Financial Code

November 5, 2023

The measures in the business reorganisation plan referred to in I of Article L. 613-55-8 shall be based on realistic assumptions regarding the economic and financial environment in which the person referred to in I of Article L. 613-34 is to operate. The business reorganisation plan shall take particular account of the existing situation and the outlook for the financial markets. It shall include optimistic and pessimistic assumptions to identify…

Article R613-71 of the French Monetary and Financial Code

November 5, 2023

The business reorganisation plan shall contain at least the following elements: 1° A detailed diagnosis of the causes of the actual or foreseeable failure of the person in question and the circumstances giving rise to its difficulties; 2° A description of the measures planned to restore the long-term viability of the person in question; 3° A timetable for implementing these measures.

Article R613-72 of the French Monetary and Financial Code

November 5, 2023

The measures referred to in 2° of Article R. 613-71 above may include : 1° Reorganisation of the activities of the person in question ; 2° Modifications to the operational systems and internal infrastructures of the person concerned; 3° Cessation of loss-making activities; 4° Restructuring existing activities whose competitiveness can be restored; 5° The sale of assets or branches of activity.

Article R613-73 of the French Monetary and Financial Code

November 5, 2023

The decision whether or not to take a resolution measure against a person referred to in I of Article L. 613-34 shall be accompanied by the following information: 1° The reasons for the decision, including the finding that the person does or does not meet the conditions for triggering a resolution procedure ; 2° The measure that the resolution board intends to take, including, where applicable, the request to open…

Article R613-73-1 of the French Monetary and Financial Code

November 5, 2023

I.-When a person finds itself in the situation referred to in III of Article L. 613-56, the resolution college, after obtaining the opinion of the supervisory college, shall examine without delay whether it is appropriate to exercise the power referred to in that paragraph to prohibit or limit certain distributions, taking into consideration all of the following elements: 1° The reason, duration and extent of the lack of compliance, as…

Article R613-74 of the French Monetary and Financial Code

November 5, 2023

For the application of Article L. 613-57, the resolution board shall submit a request to the Chief Justice of the Cour de cassation for the appointment of an expert to carry out the assessments provided for in 1° and 2° of II of this Article. These assessments are carried out by the expert on the date on which the decision was taken to subject the person concerned to a measure…

Article R613-75 of the French Monetary and Financial Code

November 5, 2023

I. – In exercising their powers, the supervisory board and the resolution board shall assess the potential effects of disclosure of information relating to the entity concerned or to the resolution procedure. In particular, they shall assess the potential effects of disclosing the information contained in the preventive recovery plans referred to in Article L. 613-35 and the preventive resolution plans referred to in Article L. 613-38 as well as…

Article R613-76 of the French Monetary and Financial Code

November 5, 2023

The cooperation agreements entered into pursuant to Article L. 632-13-1 with the competent supervisory authorities and the resolution authorities shall be authorised by the college of supervisors or the college of resolution, depending on their respective powers and the content of these agreements. These agreements are notified to the European Banking Authority.

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Regulatory part

Article R613-68 of the French Monetary and Financial Code

Article R613-69 of the French Monetary and Financial Code

Article R613-70 of the French Monetary and Financial Code

Article R613-71 of the French Monetary and Financial Code

Article R613-72 of the French Monetary and Financial Code

Article R613-73 of the French Monetary and Financial Code

Article R613-73-1 of the French Monetary and Financial Code

Article R613-74 of the French Monetary and Financial Code

Article R613-75 of the French Monetary and Financial Code

Article R613-76 of the French Monetary and Financial Code

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Regulatory part

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