Each year, the trustee shall value the assets and liabilities of the trust estate in accordance with the provisions of Title IV of Book III and Chapter I of Title V of Book III. The results of these valuations are communicated to the collège de résolution in accordance with the procedures defined by the latter.
The decision of the collège de résolution approving the trust agreement referred to in I of Article L. 311-42 shall be published in the Journal officiel. By way of derogation from article 2018-2 of the French Civil Code, this publication shall render the assignment of the debt resulting from the creation of the trust enforceable against any debtor. This decision releases, for the duration of the trust contract or until…
Unless otherwise decided by the resolution college, the liability management vehicle shall be deemed to be a continuation of the person subject to resolution proceedings in respect of the rights and obligations transferred to it. It shall continue to exercise any right previously held by that person in respect of the property, rights or obligations transferred. Without prejudice to any provision or stipulation to the contrary, contracts transferred to the…
I.-The liability management vehicle referred to in Article L. 311-41 shall be terminated by decision of the Resolution College if one of the following conditions is met: 1° The liability management vehicle has been discharged of all the commitments transferred to it or has fulfilled them; 2° The liability management vehicle no longer has any assets; 3° Safeguard, receivership or compulsory liquidation proceedings have been initiated in respect of the…
I.-When the resolution college considers that one of the beneficiary-trustees is in breach of its obligations or that its financial situation has deteriorated significantly and no longer enables it to meet its commitments in respect of the trust assets transferred to it, it may : 1° Enjoin the beneficiary-trustee concerned to submit to it, within a period which it shall determine and which may not be less than four months,…
A decree of the Conseil d’Etat shall specify the conditions of application of this sub-section.
A transfer of ownership of equity securities mentioned in Chapter II of Title I of Book II of the Monetary and Financial Code or of other ownership securities, as well as of the assets, rights or obligations of a person subject to a resolution procedure or of a bridge institution is carried out at the best price in the circumstances, in accordance with an open, transparent and non-discriminatory procedure and…
I.-The resolution college may require a person referred to in Article L. 311-1 who has been the subject of a transfer provided for in 3° or 4° of Article L. 311-30, Article L. 311-35 or Article L. 311-41 and the acquirer to exchange information or provide assistance to each other for the purposes of the transfer. In order for these transfers to be effective, the resolution college may require the…
I.-When the resolution board orders the transfer of part of the assets, rights and obligations of a person subject to a resolution procedure to another entity or a liability management vehicle, it shall ensure, subject to the provisions of Article L. 311-15, the protection of collateral agreements and secured obligations in which this person participates, as well as the protection of its counterparties. The same applies where the resolution college…
I.-When it adopts a resolution measure in respect of a person referred to in Article L. 311-1, the collège de résolution shall notify its decision : 1° the Minister for the Economy and, where applicable, the Minister for Mutual Societies or the Minister for Social Security ; 2° To the supervisory board ; 3° To the fund(s) concerned, including the guarantee fund for compulsory non-life insurance, the guarantee fund for…
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is a Registered Trademark of
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182, rue de Rivoli
75001, Paris France
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is a Registered Trademark of
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182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
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