Order No. 2004-1201 12 November 2004 Relating To The Supplementary Supervision Of Credit Institutions, Insurance Undertakings And Investment Firms Within A Financial Conglomerate

Original Language Title: Ordonnance n° 2004-1201 du 12 novembre 2004 relative à la surveillance complémentaire des établissements de crédit, des entreprises d'assurance et des entreprises d'investissement appartenant à un conglomérat financier

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Implementing legislation Decree No. 2005-1185 of September 19, 2005 relating to the supplementary supervision of insurance in a conglomerate financial and amending the code insurance (regulative part) Decree No. 2005-1186 19 September 2005 on the supplementary supervision of credit institutions and investment firms belonging to a financial conglomerate (regulatory part) Decree No. 2005-1187 19 September 2005 on the supplementary supervision of credit institutions and investment firms belonging to a financial conglomerate summary order ratified by article 7-I of Act No. 2005-811 of July 20, 2005.
Keywords ARTICLE 38, insurance CODE, CODE of MUTUALITY, monetary and financial CODE, CODE of social security, order, RATIFICATION records legislative Ordinance No. 2004-1201 12 November 2004 legislative record JORF n ° 266, November 16, 2004 page 19255 text no. 5 order No. 2004-1201 12 November 2004 relating to the supplementary supervision of credit institutions business insurance and investment in a financial conglomerate NOR firms: ECOX0400214R ELI: https://www.legifrance.gouv.fr/eli/ordonnance/2004/11/12/ECOX0400214R/jo/texte Alias: https://www.legifrance.gouv.fr/eli/ordonnance/2004/11/12/2004-1201/jo/texte the President of the Republic, on the report of the Prime Minister and the Minister of State, Minister of economy, finance and industry, given the Constitution particularly article 38;
Having regard to directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC, 93/6/EEC and 93/22/EEC of the Council and directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council;
Having regard to the code of insurance;
Seeing the code monetary and financial;
Having regard to the code of mutuality.
Having regard to the code of social security;
Having regard to the code of commerce, particular article L. 233 - 16;
Pursuant to law n ° 2004-237 of 18 March 2004 laying enabling the Government to transpose by order of Community directives and to implement certain provisions of Community law, including article 1;
Having regard to the opinion of the national Council of insurance dated September 30, 2004;
Having regard to the opinion of the Conseil supérieur de la Mutualité dated October 14, 2004;
The State Council heard;
The Council of Ministers heard, directs: chapter I:: changes made to the code of insurance Article 1 chapter IV of title III of Book III of the French insurance code is amended as follows: 1 ° the chapter heading is replaced by the following: "solvency and supplementary supervision of financial conglomerates and insurance groups ';
2 ° it is created a section I entitled: 'General provisions' and articles L. 334 - 1 and L. 334 - 2;
3 ° article l 334 - 2 is amended as follows: has) the first subparagraph is replaced by the following: ' for the application of legislative provisions and regulations relating to the solvency of companies and the supplementary supervision of insurance groups and financial conglomerates: ';
(b) 2 ° shall be replaced by the following: "2 ° the expression:"participation means holding, directly or indirectly, at least 20% of the voting rights or capital of an undertaking, or a set of rights in the capital of another company, which, by creating a durable, link is intended to contribute to the activity of the company. "
(c) at the 3 ° after the words: 'a company that holds a stake in a company', are added the words: "or an undertaking linked with another undertaking by a relationship specified in 7 of this article."
(d) to 4, after the words: "an undertaking in which a participation is held, are added the words: 'or an undertaking linked with another undertaking by a relationship specified in 7 of this article.';
(e) are added the 7 ° to 13 ° as follows: "7 ° expression"group means a group of companies consisting of a parent undertaking, its subsidiaries and entities in which the parent undertaking or its subsidiaries hold stakes, as well as related entities so that their administrative, management or supervisory bodies are composed predominantly of the same people, or they are placed under one direction under contract or statutory provisions. " Institutions affiliated to a network and the central body within the meaning of article L. 511 - 31 of the monetary and financial code are considered as part of the same group for the purposes of this chapter. It is the same for entities belonging to cooperative groups governed by similar provisions in the legislation which is applicable;
8 ° the term "regulated entity refers to an insurance institution, a credit institution or an investment firm with its registered office in a Member State or in a State party to the European economic area agreement;
"9 ° the expression" financial company joint holding company means one parent undertaking, other than a regulated entity, which, with its subsidiaries, at least one is a regulated entity with headquarters in a Member State or in another State party to the agreement on the European economic area, constitutes a financial conglomerate; ".
«10 ° the expression "financial sector means a sector composed of one or more of the entities belonging to the following sectors: 'a) banking and investment services, which includes credit institutions, investment firms, financial institutions or financial undertakings whose head office is situated in a Member State or in a State party to the agreement on the European economic area;".
"(b) the insurance sector, which includes insurance companies, group of insurance companies, mutual, unions of mutual, pension funds, unions of provident, joint contingency groups or reinsurers headquartered is situated in a Member State or in another State party to the agreement on the European economic area."
"The financial sector also includes, where appropriate, one or more financial companies holding mixed;
«11 ° the expression "competent authority means any authority of a Member State or of another State party to the agreement on the European economic area with, by a legislative or regulatory provision, of the power to monitor, either individually or across the group, the one or more categories of following regulated entities: 'a) insurance companies;".
"(b) mutual;
"(c) Provident;
"d) credit institutions;
«e) investment firms;
«12 ° the expression "competent authority means: «1 ° any competent authority of the States responsible for sectoral monitoring consolidated the regulated entities in a financial conglomerate;".
«2 ° the coordinator appointed in accordance with article l 334 - 9, if it is different from the authorities mentioned in the 1 °;
«3 ° the other competent authorities when the authorities mentioned in the 1 ° and 2 ° deems expedient;
«13 ° the term "sectoral rules means the rules relating to the prudential supervision of regulated entities and the rules concerning the supplementary supervision of entities belonging to a group of insurance.»;
4 ° it is created a section II entitled: "Provisions relating to the supplementary supervision of insurance groups", including article l 334 - 3;
5 ° it is created a section III as follows: "Section III" provisions concerning the supplementary supervision of the regulated entities in a financial conglomerate «Art»» 334-4. -The regulated entities in a financial conglomerate subject to supplementary supervision in the conditions provided for by this section, without prejudice to the sectoral rules which apply to them.
«Art.» 334-5. -I. - a group within the meaning of the 7 ° of article L. 334 - 2 constitutes a financial conglomerate when the following conditions are met: "1 ° a regulated entity which is at the head of the group or one of the subsidiaries of the Group at least is a regulated entity, and: ' a) in the case where a regulated entity which is at the head of the group, this is either of the parent undertaking of an entity in the financial sector» , is an entity which holds a participation in an entity in the financial sector, or an entity associated with an entity in the financial sector within the meaning of the 7 ° of article l.. 334-2;
"(b) where there is no regulated at the head of the Group entity, the activities of the latter are mainly in the financial sector;
«2 ° one at least one of the entities of the group belongs to the insurance sector and at least one belongs to the banking and investment services;
«3 ° the consolidated or aggregated by the entities of the group in the insurance sector and activities consolidated or aggregated entities in banking and investment services are important.
«II. - are fixed by regulation: ' 1 ° thresholds from which the activities of a group are considered as primarily engaged in the financial sector;

2 ° the thresholds from which the activity in each sector is considered important;
«3 ° the thresholds, criteria or conditions according to which the competent authorities concerned may decide by mutual agreement not to regard the group as a financial conglomerate, or not to apply the provisions relating to the supplementary supervision. ''
"III. - any subgroup of a group that meets the criteria contained in this article I is exempted from the scheme of supplementary supervision when it belongs to a group identified as subject to this title financial conglomerate, to supplementary supervision. Nevertheless, the Coordinator of the conglomerate or, where applicable, the coordinator appointed in accordance with article l 334 - 9 for supplementary supervision of the subgroup may, by a reasoned decision, submit subgroup to the supplementary supervision system under conditions laid down by regulation.
«Art.» 334-6. -The Commission of control of insurance, mutual and pension funds, the banking commission, the financial markets authority, in conjunction, as appropriate, with supervisors of entities regulated by the Member States or other States parties to the agreement on the European economic area, identify groups falling within the scope of the supplementary supervision of financial conglomerates and exchange for this purpose any information useful for the accomplishment of their respective missions.
"When a group has been identified as a financial conglomerate and the Control Board is designated, in accordance with the provisions of article l 334 - 9, as the Coordinator of supplementary supervision, it shall inform the entity head group or, failing that, the regulated entity which displays the total of the highest balance in the financial sector the most important of the group. It shall also inform the competent authorities which have authorised regulated entities in the Group and the competent authorities of the Member State or of another State party to the European economic area agreement in which the financial holding company mixed‐activity has its headquarters, as well as the European Commission.
«Art.» 334-7. -I. - complementary surveillance at a conglomerate level applies to any regulated entity meets one of the following criteria: "1 ° it is the head of the conglomerate;
«2 ° it has as a parent undertaking a company financial joint holding having its registered office in a Member State or in another State party to the agreement on the European economic area;
«3 ° it is related to another entity in the financial sector within the meaning of the 7 ° of article L. 334 - 2»
«II. - in cases other than those referred to in I and article l 334 - 18, when people hold a participation in one or more regulated entities, or have a link of involvement with these entities or exercise on them significant influence, which is neither a participation or a link of participation, the competent authorities concerned shall determine, by common accord. , the objectives of supplementary supervision, whether and to what extent supplementary supervision of regulated entities included in this set must be carried out as if it was a financial conglomerate.
"To apply this supplementary supervision, the conditions set out in article l 334 - 5, I, 2 ° and 3 °, must be met.
«Art.» 334-8. -The regulated entities in a financial conglomerate are submitted in the manner specified in regulatory path to additional requirements adequacy of own funds, transactions between the various entities of the conglomerate, concentration and risk management and internal control.
«Art.» 334-9. -I. - the Coordinator is the competent authority responsible for coordination and exercise of supplementary supervision. The competent authorities of a Member States or other States parties to the agreement on the European economic area which meets the criteria defined by regulation is the Coordinator.
«II. - it may decide, after consultation with the competent authorities concerned and of the financial conglomerate, what method of calculation of the additional requirements for the capital adequacy is applied, and decide not to include a particular entity in the scope of calculation of additional requirements for the capital adequacy in cases specified by regulation. ''
«Art.» 334-10. -When Coordinator, Control Board provides, in respect of the supplementary supervision: "1 ° coordination of collection and dissemination of any useful information in the normal operation of business as in emergency situations, and in particular of any important information concerning the prudential supervision exercised by an authority under the relevant sectoral rules;
'2 ° prudential supervision and assessment of the financial situation of a financial conglomerate;
«3 ° the assessment of the application of the rules relating to the adequacy of own funds, to the concentration of risks and transactions between different entities of the conglomerate in accordance with the provisions of article L. 334-8;
«4 ° assessment of the structure, organization and internal controls of the financial conglomerate;
«5 ° planning and coordination of supervisory activities, in cooperation with the competent authorities concerned.
«Art.» 334-11. -When the Coordinator of a financial conglomerate is one authority of another Member State or party to the agreement on the European economic area, it shall, with respect to entities established in France, the tasks defined in article l 334 - 10.
«Art.» 334-12. -In order to facilitate the exercise of supplementary supervision, Control Board concluded with the competent authorities concerned and, as appropriate, any other competent authority concerned, coordination agreements. These agreements are published in the Official Journal of the French Republic. They may entrust additional tasks to the Coordinator and specify the procedures to be followed in the supplementary supervision. They can also specify the procedures for coordination with other competent authorities.
«Art.» 334-13. -The Control Board cooperates with the competent authorities responsible for the supervision of regulated entities in a financial conglomerate and, when it does not exercise this role, with the Coordinator.
"For the needs for the exercise of their respective functions, the competent authorities can exchange information relating to the regulated entities in a financial conglomerate, in accordance with the sectoral rules, with the central banks of the Member States or other States parties to the agreement on the European economic area, the European system of banks power plants and the Central Bank European.".
"The conditions of application of the present article are fixed by regulation.
«Art.» 334-14. -Act No. 68-678 of 26 July 1968 on the disclosure of documents and information economic, commercial, industrial, financial or technical to physical or legal persons foreign notwithstanding, any entity established in France, within a financial conglomerate whose coordinator is an authority of a Member State or of another State party to the agreement on the EEA European is obliged to forward to the Coordinator , at its request, any information that might interest the supplementary supervision.
«Art.» 334-15. -When the competent authorities of a Member State or of another State party to the European economic area agreement want to, in certain cases, check the information to an entity established in France, regulated or not, in a conglomerate financial and mentioned in article L. 310 - 12, they ask the Control Commission to conduct this audit.
"Control Board gives continued, within its jurisdiction, either by itself to this audit, or by allowing the authority which submitted the request to do so itself, either by allowing that a Commissioner of accounts or an expert there is. ''
"When it does not itself audit, the competent authority which submitted the request may, if it so wishes, be associated with.
«Art.» 334-16. -When the Control Board, in the exercise of their functions of Coordinator, notes that the solvency of the regulated entities in a financial conglomerate may be compromised, or that transactions between different entities of the conglomerate that risk concentrations threaten the financial situation of these regulated entities, or that a regulated entity which conforms to the requirements of article L. 334 - 8 , or a financial company mixed-activity holding does not meet the statutory and regulatory provisions relating to its activities, the control commission may pronounce against this company or its leaders: ' 1 ° one or more of the sanctions set out in 1, 2, 4 and 4 bis of article L. 310 - 18;
«2 ° either instead or in addition to those sanctions, a penalty which should depend on the seriousness of the breaches committed and may not exceed the higher of the following two amounts:

"3% of the turnover realized tax last fiscal year closed calculated over a period of twelve months, by the regulated entity of the subsidiary insurance industry financial company joint holding having made sales largest. This maximum is increased to 5% in case of new violations of the same obligation;
"The minimum capital which is restricted by the regulated entity subsidiary of the company mixed financial holding of banking and investment services. '' When it includes several subsidiaries that are regulated entities, the ceiling of the fine is determined by reference to the capital of the entity regulated under this sector that is permanently bound to the highest minimum capital.
"The corresponding amounts are paid to Treasury public and recovered as of the claims of the State foreign tax and the domain.
"The control commission may decide to defer its decision on the expiry of a time limit to regulated entities or the company mixed financial holding placed at the head of the group to take any measure designed to restore or strengthen their financial balance or to correct their practices. ''
'In the cases referred to in the preceding paragraphs, the provisions of the last three paragraphs of article L. 310 - 18 shall apply.
"The Control Board informed of these findings the competent authorities responsible for the sectoral supervision of the regulated entities of the financial conglomerate.
"When the Coordinator is a competent authority of another Member State or of another State party to the agreement on the European economic area, he may decide against a financial company mixed-activity holding headquartered in France, under the conditions laid down in the preceding paragraph, the penalties provided for in this article or take measures under its national law.
"Competent sectoral authorities, including the Control Board when it intervenes in this capacity, can make use, for the purposes of supplementary supervision, of the powers of sanctions available to them in respect of the sectoral monitoring with respect to regulated entities subject to their control.
«Art.» 334-17. -When a regulated entity uses its membership in a conglomerate financial to evade, totally or partially, the application of sectoral rules which it is located, the control commission may make use of the powers provided for in section II of the single chapter of title I of Book III as well as chapter III of title II of Book III.
«Art.» 334-18. -When of regulated entities in a group carrying on business activities both in the banking sector and the insurance sector have for parent company a company whose head office is located in a State not member or party to the agreement on the European economic area, the Control Board, if it meets the conditions laid down by article l 334 - 9 to be Coordinator , checks, on its own initiative or at the request of the parent undertaking or of a regulated entity authorised in a Member State or in another State party to the agreement on the economic European area, that these regulated entities are subject, by a competent authority of the third country, to supplementary supervision equivalent to that laid down in this section. This authority shall consult the relevant competent authorities. In the absence of equivalence, it is applied to these regulated entities the provisions relating to the supplementary supervision.
"To ensure the supplementary supervision of regulated entities in a financial conglomerate whose parent company is headquartered in a State which is not a party to the European economic area, the competent authorities may also apply other methods they deem appropriate. These methods must have been validated by the Monitoring Committee, when it meets the conditions laid down by article l 334 - 9 to be Coordinator, after consultation with the other competent authorities concerned. The competent authorities may in particular require the constitution of a company financial joint holding having its registered office in a Member State or in another State party to the European economic area agreement and apply the provisions relating to the supplementary supervision to the regulated entities of the financial conglomerate topped by this company mixed financial holding. The methods referred to in this paragraph shall be notified to the competent authorities concerned and the European Commission.
«Art.» 334-19. -For the purposes of supplementary supervision under this chapter, the control commission may conclude the agreements provided for in article l 334 - 12 with the competent authorities of a non-Member State or not party to the agreement on the European economic area for the control of any entity, regulated or not, in a financial conglomerate. ' Article 2 the first sentence of the first paragraph of article L. 345 - 2 is replaced by the following provisions: "enterprises subject to the control of the State in application of article L. 310 - 1 and having their head offices in France, the undertakings listed in article L. 310-1-1, insurance group companies as defined in article L. 322-1-2 and the companies financial holding mixed defined at 9 ° of article L. 334 - 2 should establish and publish consolidated under defined conditions by. Regulation of the Accounting Regulatory Committee. ' Article 3 title II of Book III is amended as follows: 1 ° article L. 321 - 1 is supplemented by the following provisions: "prior to the granting of an authorisation to an insurance undertaking which is: ' a) or a subsidiary of an insurance undertaking authorised in another Member State or party to the agreement on the European economic area;
"(b) is a subsidiary of the parent undertaking of an insurance undertaking authorised in another Member State or party to the agreement on the European economic area;
"(c) is a company controlled by a person, natural or legal, who controls also an insurance undertaking authorised in another Member State or party to the European economic area agreement, the competent authorities of the other Member State or party to the European economic area agreement concerned are consulted. ''
2 ° after article L. 321-1-1, it is inserted an article L. 321-1-2 worded as follows: «art.» L. 321-1-2. -The Committee of insurance undertakings shall consult the authority responsible for the supervision of credit institutions or investment firms, when deciding on an application for registration submitted by a subsidiary of a credit institution authorized or of an investment firm authorised in a Member State or in another State party to the European economic area agreement or a subsidiary of the parent undertaking of an authorised investment or undertaking of a credit institution authorised in a Member State or in another State party to the agreement on the European economic area or controlled by a person, natural or legal, who also controls an approved investment firm or a credit institution authorised in a Member State or in another State party to the European economic area agreement. » ;
3 ° article L. 322-1-2 is amended as follows: has) 1 °, after the words: "expression:"insurance group companies shall mean enterprises ', shall be inserted the words: "are not companies mixed financial holding company within the meaning of article l 334 - 2 and ';
(b) to 2 °, the words: 'and as insurance undertakings whose head office is outside France' shall be replaced by the words: "or insurance undertakings whose head office is outside France or companies mixed financial holding within the meaning of article l 334 - 2»
4 ° article L. 322 - 2 is amended as follows: a) in the first paragraph, after the words: "society of insurance defined in article L. 322-1-2 group", are added the words: ' nor a company mixed financial holding defined in article l 334 - 2 ";
(b) in the seventeenth preambular paragraph, before the words: 'the competence and the experience necessary to their function' is inserted the word: "good repute,";
(c) it is inserted before the last paragraph, a paragraph worded as follows: "when he is required to appreciate the integrity, competence and experience of leaders and administrators who perform these same functions within entities other than those referred to in the first subparagraph and belonging to the same group within the meaning of article l 334 - 2, Insurance Committee shall consult with the competent authorities in respect of such other entities.". It communicates these authorities the information useful to the performance of their duties. » ;
5 ° to the first paragraph of article L. 322 - 4, after the words: 'in companies insurance group which is headquartered in France", the words are added: ' as well as in financial companies mixed holdings whose registered office is located in France and in a financial conglomerate which monitoring is coordinated by the Control Board under the conditions laid down in article L. 334-9.


Article 4 title I of Book III is amended as follows:

1 ° in the fifth paragraph of article L. 310 - 12, the words: «by companies subject to the control of the State in application of article L. 310-1-1, insurance group companies and joint group of insurance companies as defined in article L. 322-1-2» are replaced by the words: "by companies subject to the control of the State in application of article L. 310-1-1, insurance group companies. ", the companies of joint group of insurance set out in article L. 322-1-2 as well as by any entity within a financial conglomerate defined in article l 334 - 5 whose monitoring is coordinated by the Control Board under the conditions provided in article l 334 - 9 ';
2 ° to the first paragraph of article L. 310 - 13, the words: «the companies in group insurance and mixed insurance group companies as defined in article L. 322-1-2» are replaced by the words: "companies group insurance and group of mixed insurance companies as defined in article L. 322-1-2 and the companies financial mixed holding as defined in article L. 334-2";
3 ° to the first paragraph of article L. 310 - 14, the words: «Group of insurance companies and mixed group of insurance companies as defined in article L. 322-1-2» are replaced by the words: "to affiliates of insurance companies to joint group of insurance set out in article L. 322-1-2 and the companies financial mixed holding as defined in article L. 334-2";
4 ° article L. 310 - 19 is amended as follows: a) in the first paragraph, after the words: "for a company of group insurance or a company of mixed group of insurance set out in article L. 322-1-2", shall be inserted the words: "or of a financial holding company joint holding in a financial conglomerate whose monitoring is coordinated by the Control Board under the conditions laid down in article L. 334 - 9 ';
b) the penultimate paragraph, after the words: "or company within the scope of the combined accounts within the meaning of article L. 345 - 2", shall be inserted the words: "or a company belonging to a financial conglomerate which monitoring is coordinated by the Control Board under the conditions laid down in article L. 334 - 9 ';
5 ° article L. 310 - 21 is amended as follows: has) after the second paragraph, the following subparagraph shall be inserted: ' the commission of insurance, mutual and pension funds may transmit to the central banks of the Member States or other States parties to the agreement on the economic area, the European system of central banks, the Central Bank European and other agencies acting in the capacity of their monetary powers. , and, where appropriate, to other public authorities responsible for overseeing payment systems, information intended for the performance of their tasks. Information received in this context are subject to professional secrecy. » ;
(b) the last paragraph is thus completed: «When it does not itself audit, the authority which made the request may, if it wishes to be associated with.»;
6 ° to the first paragraph of article L. 310 - 28, the words: "The fact for any officer of a corporation's insurance group or company insurance joint group as defined in article L. 322-1-2 or an undertaking subject to supervision by the State pursuant to article L. 310 - 1 or L 310-1-1" are replaced by the words: "the fact that any officer of a company of group insurance or a company of mixed group of insurance defined in article L. 322-1-2 ', a company mixed financial holding defined in article l 334 - 2 or subject to the control of the State under article L. 310 - 1 or L 310-1-1 business.

Chapter II: Amendments to the monetary and financial code section 5 chapter I of title I of book V of the monetary and financial code is amended as follows: a) after the first sentence of the sixth paragraph of article L. 511 - 10 are added the words: "taking into account, where appropriate, the objectives of the supplementary supervision as provided for in Chapter VII of title I of book V of this code".
b) article L. 511 - 20 is replaced by the following: «art.» L. 511-20. -I. - is a subsidiary of a credit institution, a business investment, a financial holding company or a financial company mixed-activity holding company which is exercised exclusive control within the meaning of article L. 233 - 16 of the code of commerce, or a dominant influence due to the existence of significant and sustainable solidarity links resulting from financial commitments, leaders or common services.
«II.-constitute participation holding, directly or indirectly, at least 20% of the voting rights or capital of an undertaking, or a set of rights in the capital of a company which, by creating a durable, link is intended to contribute to the activity of the company. ''
"III.-is a group of companies consisting of a parent undertaking, its subsidiaries and entities in which the parent undertaking or its subsidiaries hold stakes, as well as related entities so that their administrative, management or supervisory bodies are composed predominantly of the same people, or they are placed under one direction under contract or statutory clauses. '' Institutions affiliated to a network and the central body within the meaning of article L. 511 - 31 are considered as part of the same group for the purposes of this code. It is same for entities belonging to cooperative groups governed by similar provisions in the legislation which is applicable to them.
"IV. - the phrase:"financial group means all do not constitute a financial conglomerate formed by subsidiaries, direct or indirect, of a credit institution, a business investment, or of a financial holding company, and by financial enterprises on which the parent undertaking exercises joint control within the meaning of article l. 233-16 of the code of commerce. ''
«Financial enterprises mentioned in the preceding paragraph are defined by regulation.
«V. - the expression: "mixed group means all formed by subsidiaries, direct or indirect, of a parent undertaking which is not a financial holding company, a credit institution, an investment firm or a financial company mixed-activity holding within the meaning of article l. 517-4 but one at least one of the subsidiaries of which is a credit institution or an investment firm. '' The parent undertaking of a joint group is a mixed company. » ;
(c) in the first paragraph of article L. 511 - 34, the words: "or a financial conglomerate" shall be inserted after the words: "mixed group" and in 1 °, the words: 'and the supplementary supervision' are added after: "consolidated database";
d) the second sentence of the third paragraph of article L. 511 - 41, after the words: "financial groups" are added the words: "or mixed" and it is inserted after that sentence, the following sentence: "credit institutions shall notify the bank commission important transactions between the credit institutions from a mixed group and the joint company or its subsidiaries. , under the conditions defined in article L. 613 - 8. ("e) it is inserted after article L. 511 - 41, an article L. 511-41-1 worded as follows: «art.» L. 511-41-1. -Where a credit institution has as a parent undertaking a credit institution, an investment firm or a financial holding company which has its registered office in a State which is not party to the agreement on the European economic area, the banking commission checks on its own initiative or at the request of the parent undertaking or a regulated entity authorised in a Member State or another State party to the agreement on the European economic area that such credit institution is the subject on the part of a competent authority of the third country, equivalent to the applicable consolidated supervision in France. Unless equivalency, it is applied to the credit institution the provisions on consolidated supervision applicable in France.
"The banking commission can also some alternative methods guaranteeing an equivalent consolidated supervision, after approval by the competent authority to be responsible for the supervision consolidated economic area European and consultation with the other competent authorities concerned of a Member State or of another State party to the European economic area agreement. It may in particular require the establishment of a financial holding company having its registered office in a Member State or in another State party to the European economic area. «Article 6 Chapter VII of title I of book V is replaced by the following: "Chapter VII" financial companies and conglomerates "Section 1" Definitions "sub-section 1" financial companies «Art»»»»»»»» 517-1. -A financial holding company is a financial institution within the meaning of article L. 511 - 21, which has subsidiaries, exclusively or primarily, one or more credit institutions or investment firms or financial institutions and which is not a company mixed financial holding within the meaning of article L. 517 - 4 of this code. One at least of such subsidiaries is a credit institution or an investment firm.
«Sub-section 2 «financial conglomerates «Art»» 517-2. -I. - for the purposes of supplementary supervision laid down in chapter III of title III of Book VI, means:

«1 ° "regulated entity: a credit institution, an insurance company or an investment firm with its registered office in a Member State or in another State party to the European economic area agreement.".»
«2 ° "sectoral rules: rules relating to the prudential supervision of regulatees;".
«3 ° "financial sector: a sector composed of one or more of the entities belonging to the following sectors: 'a) banking and investment services, which includes credit institutions, investment firms, financial institutions or financial undertakings whose head office is situated in a Member State or in another State party to the agreement on the European economic area;".
"(b) the insurance sector, which includes insurance companies, group of insurance companies, mutual, unions of mutual, pension funds, unions of provident societies, parity of welfare groups, or reinsurers headquartered is situated in a Member State or in another State party to the agreement on the European economic area."
"The financial sector also includes, where appropriate, one or more financial companies holding mixed;
"4 °" competent authority: any national authority of a Member State or of another State party to the European economic area agreement with, by a legislative or regulatory provision, power monitor, individually or at the level of a group, the one or more categories of following regulated entities: 'a) credit institutions; ".
"(b) assurance undertakings;
"(c) mutual;
"d) legal institutions;
«e) investment firms;
«5 ° "competent authority: 'a) any competent authority responsible for the sectoral monitoring consolidated of regulated entities in a financial conglomerate;".
«b) the coordinator appointed in accordance with article L. 633 - 2 of this code, if it is different from the authorities mentioned in the a;
"(c) other competent authorities, when the authorities referred to the a and b consider it appropriate. ''
«Art.» 517-3. -I. - a group within the meaning of article L. 511 - 20 constitutes a financial conglomerate when the following conditions are met: "1 ° a regulated entity which is at the head of the group or one of the subsidiaries of the Group at least is a regulated entity and: ' a) in the case where a regulated entity which is at the head of the group, this is either of the parent undertaking of an entity in the financial sector» , is an entity which holds a participation in an entity in the financial sector, or an entity associated with an entity in the financial sector within the meaning of 3 ° of article l.. 511-20;
"(b) where there is no regulated at the head of the Group entity, the activities of the latter are mainly in the financial sector;
«2 ° one at least one of the entities of the group belongs to the sector of insurance and at least one belongs to the banking and investment services;
«3 ° the consolidated or aggregated Group entities in the insurance sector and activities consolidated or aggregated entities in banking and investment services are important;
«II. - are fixed by regulation: ' 1 ° thresholds from which the activities of a group are considered as primarily engaged in the financial sector;
2 ° the thresholds from which the activity in each sector is considered important;
«3 ° the thresholds, criteria or conditions according to which the competent authorities concerned may decide by mutual agreement not to regard the group as a financial conglomerate, or not to apply the provisions relating to the supplementary supervision. ''
"III. - any subgroup of a group that meets the criteria contained in this article I is exempted from the scheme of supplementary supervision when it belongs to a group identified as subject to this title financial conglomerate, to supplementary supervision. However, the conglomerate Coordinator or coordinator may be designated in accordance with article L. 633 - 2 for the supplementary supervision of the subgroup may, by a reasoned decision, submit the subgroup to supplementary supervision under conditions laid down by regulation.
«Art.» 517-4. -A financial holding company joint holding company is one parent undertaking, other than a regulated entity, having its headquarters in a Member State or in another State party to the agreement on the economic area, which, with its subsidiaries, which at least is a regulated entity, constitutes a financial conglomerate.
«Section 2 ' General provisions ' sub-section 1 "financial companies «Art»»»»»» 517-5. -Financial companies are subject to the provisions laid down in the second paragraph of article L. 511 - 13, to article L. 511 - 21, in articles L. 511 - 35 to L. 511 - 38, L. 511 - 41, L. 571 - 3, L. 571 - 4, L. 613 - 8 to L. 613 - 11, L. 613 - 16, L. 613 - 18, L. 613 - 21 and L. 613 - 22 in the manner specified by regulation.
"Auditors of these companies are also subject to all the provisions applicable to auditors of credit institutions and investment firms." Subsection 2 «financial conglomerates «Art» 517-6. -The regulated entities in a financial conglomerate are subject to supplementary supervision provided for in this subsection and by articles L. 633 - 1 to L. 633 - 14, without prejudice to the sectoral rules which apply to them.
«Art.» 517-7. -I. - complementary surveillance at a conglomerate level applies to regulated entities satisfying one of the following criteria: "1 ° it is the head of the conglomerate;
«2 ° it has as a parent undertaking a company financial joint holding having its registered office in a Member State or in another State party to the agreement on the European economic area;
«3 ° it is related to another entity in the financial sector within the meaning of 3 ° of article L. 511 - 20.»
«II. - in cases other than those referred to in I and article L. 633 - 14, when people hold a participation in one or more regulated entities, or have a link of involvement with these entities or exercise on them significant influence, which is neither a participation or a link of participation, the competent authorities concerned shall determine, by common accord. the objectives of supplementary supervision, whether, and to what extent supplementary supervision of regulated entities included in this set must be performed as if it was a financial conglomerate.
"To apply this supplementary supervision, the conditions set out in the 2 ° and 3 ° of article L. 517 I - 3 must be fulfilled. ''
«Art.» 517-8. -The regulated entities in a financial conglomerate are subject, in the manner specified by regulation, additional conditions adequacy of own funds, transactions between the various entities of the conglomerate, concentration and management risks and internal control.
«Art.» 517-9. -Financial companies mixed holding which the Coordinator is the banking commission are subject to the provisions of the second paragraph of article L. 511 - 13, to the provisions of articles L. 511 - 35 to L. 511 - 38 as well as in the supplementary supervision referred to in article L. 517-8. ("Article 7 section 5 of chapter I of title VII of book V is thus amended: has) the title is replaced by the following:" companies financial and companies financial holding mixed. "
b) section L. 571 - 14, the phrase: "pursuant to section L. 517 - 1» is replaced by the expression:" in accordance with article L. 517 - 5 or L. 517 - 9» and, after the words: "financial companies" are added the words: "or company mixed financial holding.


Article 8 it is inserted, after article L. 533 - 1 of chapter III of title III of book V, articles L. 533-1-1 and L. 533-1-2 thus written: «art.» L. 533-1-1. -Investment services providers shall notify the bank commission significant intra-group transactions, under the conditions defined in article L. 613 - 8.
«Art.» L. 533-1-2. -When a provider of investment services other than a portfolio management company has as a parent undertaking a credit institution, an investment firm or a financial holding company which has its head office in a non State nor party to the European economic area agreement, the banking commission checks, on its own initiative or at the request of the parent undertaking or a regulated entity authorised in a Member State or in another State party to the agreement on the EEA European, said an investment services provider is, on the part of a competent authority of the third country, equivalent to the applicable consolidated supervision in France.
"In the absence of an equivalent consolidated supervision, it is applied by analogy to the investment services provider the provisions on consolidated supervision applicable in France.

"The banking commission can also some alternative methods guaranteeing an equivalent consolidated supervision, after approval by the competent authority to be responsible for the supervision consolidated economic area European and consultation with the other competent authorities concerned of a Member State or of another State party to the European economic area agreement. It may in particular require the establishment of a financial holding company having its registered office in a Member State or in another State party to the European economic area agreement. ' Article 9 to 6 of article L. 611 - 1 is added: "as well as the conditions in which these standards are met on a consolidated basis, including in the absence of a parent undertaking having its registered office in France".


Article 10 article L. 612 - 6 is amended as follows: 1 ° in the third paragraph, the words: ' supervision institutions of credit, business investment and financial institutions"shall be replaced by the words: 'of surveillance of credit institutions, investment firms, financial institutions and insurance institutions";
2 ° it is inserted, between the first and the second sentence of the same paragraph, the following sentence: "these authorities when these are those of a Member State or of another State party to the agreement on the European economic area, are deemed satisfy these conditions."


Article 11 Chapter III of title I of Book VI is amended as follows: has) A article L. 613 - 10, the words: 'or an investment firm as well as the subsidiaries of such entities' shall be replaced by the words: "or an investment firm, to subsidiaries of such entities as well as to any other company or legal person belonging to the same group."
(b) at the end of the first paragraph of article L. 613 - 12 of the monetary and financial code, the following sentence is added: 'When they are not themselves to verification, the competent authorities who have submitted this application may, if they so wish, be associated with' and, at the end of the second paragraph, is added the sentence: "when it does not itself audit". the banking commission may, if it wishes to be associated with. ("Article 12 title III of Book VI is amended as follows: has) the title is replaced by the following: «exchanges of information and supplementary supervision of financial conglomerates.
(b) there is created a chapter III reading as follows: "chapter III" supplementary supervision of financial conglomerates "Section 1" Identification of financial conglomerates «Art»»»»»» L 633-1. -The banking commission, the Commission on control of insurance, mutual and pension funds, the financial markets authority, in conjunction, as appropriate, with supervisors of entities regulated by the Member States or other States parties to the agreement on the European economic area, identify groups falling within the scope of the supplementary supervision of financial conglomerates and exchange for this purpose any information useful for the accomplishment of their respective missions.
"When a group has been identified as a financial conglomerate and the banking commission is designated, in accordance with the provisions of article L. 633 - 2, as the Coordinator of supplementary supervision, it shall inform the entity head group or, failing that, the regulated entity which displays the total of the highest balance in the financial sector the most important of the group. It shall also inform the competent authorities which have authorised regulated entities in the Group and the competent authorities of the Member State or another State party to the European economic area agreement in which the financial holding company mixed‐activity has its headquarters, as well as the European Commission.
«Section 2 ' Designation of the Coordinator «Art»» L. 633-2. -I. - the Coordinator is the competent authority responsible for coordination and exercise of supplementary supervision. He may decide, after consultation with the competent authorities concerned and of the financial conglomerate, what method of calculation of the additional requirements for the capital adequacy is applied, and decide not to include a particular entity in the scope of calculation of additional requirements for the capital adequacy in cases specified by regulation.
' II. the Coordinator is the competent authority of one of the States parties to the European economic area agreement who meets criteria laid down by regulation. ' Section 3 "Mission of the «Art» Coordinator L. 633-3. -When it is designated as Coordinator, the banking commission provides, in respect of the supplementary supervision: ' a) coordination of the collection and the dissemination of any useful information in the normal operation of business as in emergency situations, and in particular of any important information concerning the prudential supervision exercised by an authority under the relevant sectoral rules;
«b) supervisory overview and assessment of the financial situation of a financial conglomerate;
«c) the assessment of the application of the rules relating to the adequacy of own funds, to the concentration of risks and transactions between different entities of the conglomerate in accordance with the provisions of article L. 517-8;
"d) evaluation of the structure, organization and internal controls of the financial conglomerate;
' e) planning and coordination of supervisory activities, in cooperation with the relevant competent authorities. ' Section 4 "Cooperation and exchange of information for the purposes of monitoring additional «art» L. 633-4. -When the Coordinator of a financial conglomerate is one authority of another Member State or party to the agreement on the European economic area, it shall, with respect to entities established in France, the tasks defined in article L. 633 - 3.
«Art.» L. 633-5. -In order to facilitate the exercise of supplementary supervision, the banking commission concluded with the competent authorities concerned and, as appropriate, any other competent authority concerned, coordination agreements. These agreements are published in the Official Journal of the French Republic. They may entrust additional tasks to the Coordinator and specify the procedures to be followed in the supplementary supervision. They can also specify the procedures for coordination with other competent authorities.
«Art.» L. 633-6. -The banking commission and, where appropriate, the financial markets Authority cooperate with the competent authorities responsible for the supervision of regulated entities in a financial conglomerate and, when they do not have this role, with the Coordinator. The conditions of application of the present article are fixed by regulation.
«Art.» L. 633-7. -For the purposes of the exercise of their respective functions, the competent authorities can exchange information relating to the regulated entities in a financial conglomerate with banks central Member States or other States parties to the European Agreement on the economic area, the European system of central banks and the Central Bank European.
«Section 5 "exercise of control «Art»» L. 633-8. -Articles L. 613-8 to L. 613-10 shall apply to all entities within a Member State or another State party to the agreement on the European economic area, regulated or not, in a financial conglomerate which the banking commission is the Coordinator.
«Art.» L. 633-9. -Act No. 68-678 of 26 July 1968 on the disclosure of documents and information economic, commercial, industrial, financial or technical to physical or legal persons foreign notwithstanding, any entity established in France, within a financial conglomerate whose coordinator is an authority of a Member State or of another State party to the agreement on the EEA European is obliged to forward to the Coordinator , at its request, any information that might interest the supplementary supervision.
«Art.» L. 633-10. -When the competent authorities of a Member State or of another State party to the European economic area agreement want to, in certain cases, check the information to an entity established in France, regulated or not, in a conglomerate financial and referred to in article L. 613 - 10, they asked the banking commission or, where appropriate, to the authority of financial markets to conduct this audit.
"The banking commission or, where appropriate, the financial markets authority gives continued, within its jurisdiction, either by itself to this audit, or by allowing the authority which submitted the request to do so itself, either by allowing that a Commissioner of accounts or an expert there is. ''
"When it does not itself audit, the competent authority which submitted the request may, if it so wishes, be associated with.
«Art.» L. 633-11. -For the purposes of supplementary supervision under this chapter, the banking commission may conclude the agreements provided for in article L. 613 - 13 with the competent authorities of a State not party to the agreement on the European economic area for the control of any entity within a financial conglomerate.
«Section 6 «enforcement»

«Art.» L. 633-12. -I. - If the banking commission, where it is designated as Coordinator, finds that the regulated to a financial conglomerate comply with the requirements referred to in article L. 517 - 8 but that their solvency may nevertheless be compromised, or that the transactions between the entities of the group or risk concentrations threaten the financial situation of the said entities regulated, it can implement against the company mixed financial holding powers at its disposal for the title of the section IV of chapter III of title I of Book VI of the present code.
"II. - If the banking commission, where it is designated as Coordinator, finds that one or more regulated entities or a financial holding company joint holding of a financial conglomerate do not comply with the requirements referred to in article L. 517 - 8 or article L. 517 - 9, or have not responded to a recommendation, did not take into account a warning, or did not comply with particular conditions or commitments made in the supplementary supervision. , or did not comply with an injunction, it may, against the company mixed financial holding: "1 ° decide the penalties provided for in paragraphs 1, 2, 4 and 5 of article L. 613 - 21, I;
«2 ° decide, either instead or in addition to those sanctions, a penalty which the amount should depend on the seriousness of the breaches committed and cannot exceed the greater of the following two amounts: "3% of turnover excluding taxes, during the last closed year calculated on a twelve-month period, by the regulatee's subsidiary of financial company insurance sector conducted joint holding having made sales most important.» This maximum is increased to 5% in case of new violations of the same obligation;
"The minimum capital which is restricted by the regulated entity subsidiary of the company mixed financial holding of banking and investment services. '' When it includes several subsidiaries that are regulated entities, the ceiling of the fine is determined by reference to the capital of the entity regulated under this sector that is permanently bound to the highest minimum capital;
«3 ° the banking commission may decide that the sanctions imposed under this section will be published at the expense of the legal person sanctioned in the newspapers or publications the Board.
"The banking commission informed of these findings sectoral competent authorities of the regulated entities of the financial conglomerate.
"III. - sectoral competent authorities, including the banking commission, can make use, for the purposes of supplementary supervision, of the powers of sanctions available to them in respect of the sectoral monitoring with respect to regulated entities subject to their control.
"IV. - when the Coordinator is one competent authority of another Member State or a party to the agreement on the European economic area, he may take action against a company mixed financial holding headquartered in France the penalties provided for in this article or take measures under its national law. ''
«Art.» L. 633-13. -When a regulated entity uses its membership in a conglomerate financial to evade, totally or partially, to the application of sectoral rules which it is located, the banking commission may make use of the powers provided for in sections IV and V of chapter III of title I of Book VI.
«When the regulated entity referred to in the preceding paragraph is an investment firm, the financial markets authority may use, subject to the powers of the banking commission, the powers provided for in sections 3, 4 and 4 bis of section IV of the single chapter of title II of Book VI. «» Section 7 «parent undertakings having their seat outside the EEA European «art» L. 633-14. -When of regulated entities in a group carrying on business activities both in the Bank and the investment services sector and the insurance sector have for parent company a company whose head office is located in a State not member or party to the agreement on the European economic area, the banking commission, when it meets the conditions laid down by article l 334 - 9 to be Coordinator , checks, on its own initiative or at the request of the parent undertaking or of a regulated entity authorised in a Member State or another State party to the agreement on the European economic area, that these regulated entities are subject, by a competent authority of the third country, to supplementary supervision equivalent to that provided in this subdivision. This authority shall consult the relevant competent authorities.
"In the absence of equivalent supplementary supervision, the competent authorities concerned shall designate a co-ordinator and apply by analogy to these regulated entities the provisions relating to the supplementary supervision.
"To ensure the supplementary supervision of regulated entities in a financial conglomerate whose parent company is headquartered in a State which is not party to the agreement on the European economic area, the competent authorities concerned may also apply other methods they deem appropriate. These methods must have been validated by the Banking Committee, when it meets the conditions laid down by article l 334 - 9 to be Coordinator, after consultation with the other competent authorities concerned. The relevant competent authorities may in particular require the constitution of a company financial joint holding having its registered office in a Member State or in another State party to the European economic area agreement and apply the provisions relating to the supplementary supervision to the regulated entities of the financial conglomerate topped by this company mixed financial holding. The methods referred to in this paragraph shall be notified to the competent authorities concerned and the European commission. ("Chapter III: amendments to the code of la Mutualité Article 13 section I of chapter II of title I of book II of the code of mutuality is thus amended: i. - article L. 212-7-1 is amended as follows: has) the first subparagraph is replaced by the following:"for the purposes of the legislation and regulations relating to the solvency of mutual societies and unions subject to book II. ", the supplementary supervision established in article L. 212-7-2 and the supplementary supervision of financial conglomerates: ';
(b) 2 ° shall be replaced by the following: "the expression:"participation means holding, directly or indirectly, at least 20% of the voting rights or capital of a corporation, or a set of rights in the capital of a company, which, by creating a durable, link is intended to contribute to the activity of the company. "
(c) at the 3 ° after the words: "a body which holds a participation in an organization.", are added the words: 'or an organization linked to another organization by administration, management or monitoring bodies composed in majority of the same people' and the last sentence of 3 ° is deleted;
d) 4 ° and 5 ° respectively become the 5 ° and 6 °;
4 ° e) reads as follows: "4 ° the expression" affiliated organization means an organization which is either subordinate or another organization in which a participation is held, is bound to another by a relationship specified in 7 of this section. "."
(f) are added the 7 ° to 13 ° as follows: "7 ° the expression"financial group designates a set of organisms consisting of a body of reference, its subordinate agencies and entities in which the reference body or its subordinate bodies hold stakes, as well as related entities so that their administrative, management or supervisory bodies are composed predominantly of the same people, or they are placed under one direction pursuant to a contract or clauses. statutory. Institutions affiliated to a network and the central body within the meaning of article L. 511 - 31 of the monetary and financial code are considered as part of the same group for the purposes of this chapter. It is the same for entities belonging to cooperative groups governed by similar provisions in the legislation which is applicable;
8 ° the term "regulated entity refers to a mutual or a union governed by book II of this code, a credit institution or an investment firm with its registered office in a Member State or in another State party to the agreement on the European economic area;
«9 ° the expression "financial company mixed‐activity means a reference body other than a regulated entity which, with its agencies subordinated, which at least is a regulated entity with headquarters in a Member State or in another State party to the agreement on the European economic area, constitutes a financial conglomerate;".
«10 ° the expression "financial sector means a sector composed of one or more of the entities belonging to the following sectors: 'a) banking and investment services, which includes credit institutions, investment firms, financial institutions or financial undertakings whose head office is situated in a Member State or in another State party to the agreement on the European economic area;".

"(b) the insurance sector, which includes insurance companies, group of insurance companies, mutual, unions of mutual, pension funds, unions of provident, joint contingency groups or reinsurers headquartered is situated in a Member State or in another State party to the agreement on the European economic area;
"The financial sector also includes, where appropriate, one or more financial companies holding mixed;
«11 ° the expression "competent authority means any authority of a Member State or of another State party to the agreement on the European economic area with, by a legislative or regulatory provision, of the power to monitor, either individually or across the group, the one or more categories of following regulated entities: 'a) insurance companies;".
"(b) mutual;
"(c) Provident;
"d) credit institutions;
«e) investment firms;
«12 ° the expression "competent authority means:"1 ° any competent authority of the States responsible for sectoral monitoring consolidated or combined of regulated entities in a financial conglomerate; ".
«2 ° the coordinator appointed in accordance with article L. 212-7-9, if different from the authorities referred to in point a;
«3 ° the other competent authorities, when the authorities mentioned in the 1 ° and 2 ° deems expedient;
«13 ° the expression "sectoral rules means the rules relating to the prudential supervision of regulated entities and the rules on the supplementary supervision established in article L. 212-7-2.»
II. After article L. 212-7-3, are created articles L. 212-7-4 and l. 212-7-19 thus written: «art.» L. 212-7-4. -The regulated entities in a financial conglomerate subject to supplementary supervision as provided for by articles L. 212-7-4 and l. 212-7-20, without prejudice to the sectoral rules which apply to them.
«Art.» L. 212-7-5. -I. - a financial group is a financial conglomerate when the following conditions are met: "1 ° a regulated entity which is at the head of the group or one of the subordinate bodies of the Group at least is a regulated entity and: ' a) in the case where a regulated entity which is at the head of the group, it is either a reference to an entity in the financial sector» , is an entity which holds a participation in an entity in the financial sector, or an entity associated with an entity in the financial sector within the meaning of article L. 212-7-1 (7 °);
"(b) where there is no regulated at the head of the Group entity, the activities of the latter are mainly in the financial sector;
«2 ° one at least one of the entities of the group belongs to the insurance sector and at least one belongs to the banking and investment services;
«3 ° the consolidated or aggregated by the entities of the group in the insurance sector and activities consolidated or aggregated entities in banking and investment services are important.
«II. - are fixed by regulation: ' 1 ° thresholds from which the activities of a group are considered as primarily engaged in the financial sector;
2 ° the thresholds from which the activity in each sector is considered important;
«3 ° the thresholds, criteria or conditions according to which the competent authorities concerned may decide by mutual agreement not to regard the group as a financial conglomerate, or not to apply the provisions relating to the supplementary supervision. ''
"III. - any subgroup of a financial group that meets the criteria contained in this article I is exempted from the scheme of supplementary supervision when it belongs to a group identified as subject to this title financial conglomerate, to supplementary supervision. Nevertheless, the Coordinator of the conglomerate or, where appropriate, the coordinator appointed in accordance with article L. 212-7-9 for the supplementary supervision of the subgroup may submit by a reasoned decision subgroup supplementary supervision plan under conditions laid down by regulation.
«Art.» L. 212-7-6. -The Control Board referred to in article L. 510 - 1, the banking commission, the financial markets authority, in conjunction, as appropriate, with supervisors of entities regulated by the Member States or other States parties to the agreement on the European economic area identify groups falling within the scope of the supplementary supervision of financial conglomerates and exchange for this purpose any information useful for the accomplishment of their respective missions.
When a group has been identified as a financial conglomerate and the Control Board referred to in article L. 510 - 1 is designated, in accordance with the provisions of article L. 212-7-9, as the Coordinator of supplementary supervision, it shall inform the head of group or, failing that, the regulated entity entity that displays the total of the highest balance in the most important financial sector in the group. It shall also inform the competent authorities which have authorised regulated entities in the Group and the competent authorities of the Member State or of another State party to the European economic area agreement in which the financial holding company mixed‐activity has its headquarters, as well as the European Commission.
«Art.» L. 212-7-7. -I. - complementary surveillance at a conglomerate level applies to any regulated entity fulfilling one of the following criteria: "1 ° it is the head of the conglomerate;
«2 ° it a reference body company mixed financial holding having its registered office in a Member State or in another State party to the agreement on the European economic area;
«3 ° it is related to another entity in the financial sector within the meaning of the 8 ° of article L. 212-7-1.
«II. - in cases other than those referred to in I and article l. 212-7-18, when people have a stake in one or more regulated entities, or have a link of involvement with these entities or exercise significant influence, resulting a participation or a link of participation on them, the competent authorities concerned shall determine, by common accord. the objectives of supplementary supervision, whether, and to what extent supplementary supervision of regulated entities included in this set must be performed as if it was a financial conglomerate.
"To apply this supplementary supervision, the conditions in the 2 ° and 3 ° of article L. 212-7-5 I must be met. ''
«Art.» L. 212-7-8. -The regulated entities in a financial conglomerate are subject, in the manner specified by regulatory means additional conditions adequacy of own funds, transactions between the various entities of the conglomerate, concentration and risk management and internal control. The competent authorities of one of the Member States or other States party to the European economic area which meets the criteria defined by regulation is the Coordinator.
«Art.» L. 212-7-9. -I. - the Coordinator is the competent authority responsible for coordination and exercise of supplementary supervision. The competent authorities of a Member States or other States party to the agreement on the European economic area which meets the criteria defined by regulation is the Coordinator.
"II. - it may decide, after consultation with the competent authorities concerned and of the financial conglomerate, what method of calculation of the additional requirements for the capital adequacy is applied, and decide not to include a particular entity in the scope of calculation of additional requirements for adequacy of own funds in cases specified by order of the Minister responsible for mutuality. ''
«Art.» L. 212-7-10. -When it is designated as Coordinator, the commission of control referred to in article L. 510 - 1 provides, under of supplementary supervision: ' a) coordination of the collection and the dissemination of any useful information in the normal operation of the business as in emergency situations, and in particular of any important information concerning the prudential supervision exercised by an authority under the sectoral rules;
«b) supervisory overview and assessment of the financial situation of a financial conglomerate;
«c) the assessment of the application of the rules relating to the adequacy of own funds, to the concentration of risks and transactions between different entities of the conglomerate in accordance with the provisions of article L. 212-7-8;
"d) evaluation of the structure, organization and internal controls of the financial conglomerate;
«e) planning and coordination of supervisory activities, in cooperation with the competent authorities concerned.
«Art.» L. 212-7-11. -When the Coordinator of a financial conglomerate is an authority of another Member State or another State party to the agreement on the European economic area, it shall, with respect to entities established in France, the tasks defined in article l. 212-7-10.

«Art.» L. 212-7-12. -In order to facilitate the exercise of supplementary supervision, Control Board referred to in article L. 510 - 1 concluded with the competent authorities concerned and, as appropriate, any other competent authority concerned, coordination agreements. These agreements are published in the Official Journal of the French Republic. They may entrust additional tasks to the Coordinator and specify the procedures to be followed in the supplementary supervision. They can also specify the procedures for coordination with other competent authorities.
«Art.» L. 212-7-13. -Control Board referred to in article L. 510 - 1 cooperates with the competent authorities responsible for the supervision of regulated entities in a financial conglomerate and, when it does not exercise this role, with the Coordinator.
«For the purposes of the exercise of their respective functions, the competent authorities may exchange information for regulated entities in a financial conglomerate, in accordance with the sectoral rules, with the central banks of the Member States or other States parties to the European economic area agreement, the European system of central banks and the Central Bank European.»
"The conditions of application of the present article are fixed by regulation.
«Art.» L. 212-7-14. -By way of derogation to the law No. 68-678 of 26 July 1968 on the disclosure of documents and information economic, commercial, industrial, financial or technical to physical or legal persons foreign, any entity established in France in a financial conglomerate whose coordinator is an authority of a Member State or of another State party to the European economic area agreement is required to forward to the Coordinator , at its request, any information that might interest the supplementary supervision.
«Art.» L. 212-7-15. -When the competent authorities of a Member State or of another State party to the European economic area agreement want to, in certain cases, check the information to an entity established in France, regulated or not, in a financial and mentioned in article L. 510 conglomerate - 1, they call on the commission of control referred to in article L. 510 - 1 to conduct this audit.
"Control Board referred to in article L. 510 - 1 y gives continued, within its competence, by itself this check, either by allowing the authority which submitted the request to do so itself, either by allowing that a Commissioner of accounts or an expert there is. ''
"When it does not itself audit, the competent authority which submitted the request may, if it so wishes, be associated with.
«Art.» L. 212-7-16. -When the Control Board referred to in article L. 510 - 1, in the exercise of their functions of Coordinator, notes that the solvency of the regulated entities in a financial conglomerate may be compromised, or that transactions between different entities of the conglomerate or that risk concentrations threaten the financial situation of these regulated entities, or that a regulated entity which conforms to the requirements of article L. 212-7-8 , or a financial holding company mixed-activity holding does not meet the statutory and regulatory provisions relating to its activity, the control commission mentioned in article L. 510 - 1 can take action against this company or its leaders: ' 1 ° one or several of the penalties to 1, 2, 4 and 5 of article L. 510-11;
«2 ° either instead or in addition to those sanctions, a penalty which the amount should depend on the seriousness of the breaches committed and cannot exceed the greater of the following two amounts: "3% of turnover excluding taxes, during the last closed year calculated on a twelve-month period, by the regulated entity having achieved the largest turnover conducted.» This maximum is increased to 5% in case of new violations of the same obligation;
"The minimum capital which is restricted by the regulated entity subsidiary of the company mixed financial holding. '' When it includes several subsidiaries that are regulated entities, the ceiling of the fine is determined by reference to the capital of the regulated entity that is permanently bound to the highest minimum capital. The corresponding amounts are paid to the public Treasury and are recovered as of the claims of the State foreign tax and the domain.
«Control commission referred to in article L. 510 - 1 may decide to defer its decision on the expiry of a time limit to regulated entities or the company mixed financial holding placed at the head of the group to take any measure designed to restore or strengthen their financial balance or to correct their practices. ''
'In the cases referred to in the preceding paragraphs, the provisions of the last two paragraphs of article L. 510 - 11 shall apply.
"Control Board referred to in article L. 510 - 1 informed of these findings the competent authorities responsible for the sectoral supervision of the regulated entities of the financial conglomerate.
"When the Coordinator is a competent authority of a Member State or of another State party to the agreement on the European economic area, he may decide against a financial company mixed-activity holding headquartered in France, under the conditions laid down in the preceding paragraph, the penalties provided for in this article or take measures under its national law.
"Sectoral competent authorities, including the commission of control referred to in article L. 510 - 1 when it intervenes in this capacity can make use, for the purposes of supplementary supervision, of the powers of sanctions available to them in respect of the sectoral monitoring with respect to regulated entities subject to their control. ''
«Art.» L. 212-7-17. -When a regulated entity uses its membership in a conglomerate financial to evade, totally or partially, to the application of sectoral rules which it is located, the control commission mentioned in article L. 510 - 1 can make use of the powers provided for in book V.
«Art.» L. 212-7-18. -When the regulated entities in a financial conglomerate have to reference body an organization whose head office is located in a State which is not party to the agreement on the European economic area, the authority fulfilling the conditions laid down in article L. 212-7-9 to be Coordinator checks on its own initiative or at the request of the organization reference or a regulated entity authorised in a Member State or in another State party to the agreement on the EEA European, that these regulated entities are subject, by a competent authority of the third country, to supplementary supervision equivalent to that laid down in this section. This authority shall consult the relevant competent authorities. In the absence of equivalence, it is applied to these regulated entities the provisions relating to the supplementary supervision.
"To ensure the supplementary supervision of regulated entities in a financial conglomerate the parent undertaking of which has its head office in a non-Member State or party to the European economic area, the competent authorities may also apply other methods they deem appropriate. These methods must have been validated by the Monitoring Committee, when it meets the conditions laid down by article L. 212-7-9 to be Coordinator, after consultation with the other competent authorities concerned. The competent authorities may in particular require the constitution of a company financial joint holding having its registered office in a Member State or in another State party to the European economic area agreement and apply the provisions relating to the supplementary supervision to the regulated entities of the financial conglomerate topped by this company mixed financial holding. The methods referred to in this paragraph shall be notified to the competent authorities concerned and the European Commission.
«Art.» L. 212-7-19. -For the purposes of supplementary supervision under the present chapter, the commission of control referred to in article L. 510 - 1 may conclude agreements provided for in article l. 212-7-11 with the competent authorities of a State not party to the agreement on the European economic area for the control of any entity, regulated or not, in a financial conglomerate. ' Article 14 chapter I of title I of book II is amended as follows: 1 ° article L. 211 - 7 is thus completed: "prior to the granting of an authorisation to a mutual or union governed by book II of this code which is: ' a) is a body subordinate to an insurer authorised in another Member State organization or party to the agreement on the European economic area;
"(b) be a body subordinate to the reference body of an insurer authorised in another Member State organization or party to the agreement on the European economic area;
"(c) is an organization controlled by a person, natural or legal, who controls an organization insurer authorised in another Member State or party to the agreement on the European economic area, the competent authorities of the other State party to the European economic area agreement concerned are consulted. ';
2 ° after article L. 211 - 7, it is inserted an article L. 211-7-1 worded as follows:

«Art.» L. 211-7-1. -When the competent administrative authority accreditation adjudicates on an application for registration by a mutual or union which is either: 'a) an organization subject to an authorised credit institution or an investment firm authorised in a Member State or in another State party to the agreement on the European economic area;
«b) an organization subject to the body of reference of an approved investment firm or a credit institution authorised in a Member State or in another State party to the agreement on the European economic area;
«c) controlled by a person, natural or legal, that controls also approved investment firm or a credit institution authorised in a Member State or in another State party to the agreement on the European economic area, it shall consult the authority responsible for the supervision of credit institutions or investment firms.»
3 ° article L. 114 - 21 is supplemented by a paragraph worded as follows: 'when the administrative authority for the approval is required to rule on the integrity, competence and experience of leaders and administrators who exercise also these same functions within entities other than those referred to in the first subparagraph and belonging to the same group within the meaning of article L. 212-7-1, it shall consult with the competent authorities in respect of these other entities. It communicates these authorities relevant information for the exercise of their missions. ' Article 15 book V is amended as follows: 1 ° to the first paragraph of article L. 510 - 3, the words: "by the mutual societies, unions and federations" are replaced by the words: "by mutual associations, unions and federations as well as any entity within a financial conglomerate defined in article L. 212-7-5 which monitoring is coordinated by the control commission mentioned in article L. 510 - 1 under the conditions laid down in article L. 212-7-9 ';
2 ° in article L. 510 - 6, eighth preambular paragraph, the words: ' in a subsidiary undertaking of mutual, union or federation or an agency under article L. 212 - 7» are replaced by the words: "in a body subordinate to the mutual, union, federation, or in an agency under article L. 212 - 7 or in a mutual". ', a union within a financial conglomerate which monitoring is coordinated by the control commission mentioned in article L. 510 - 1 under the conditions laid down in article L. 212-7-9 ';
3 ° there shall be inserted in article L. 510 - 13, after the second paragraph, a paragraph worded as follows: "the commission of control referred to in article L. 510 - 1 may transmit to the central banks of the Member States or other States parties to the agreement on the European economic area, the European system of central banks, the European Central Bank and other agencies acting in the capacity of their monetary powers , and, where appropriate, to other public authorities responsible for overseeing payment systems, information intended for the performance of their tasks. Information received in this context are subject to professional secrecy. ("Chapter IV: amendments to the code of social security Article 16 section I of chapter III of title III of book IX of the code of social security is thus amended: has) the title of the section is replaced by the following:"solvency of institutions of welfare and the unions of provident and supplementary supervision of financial conglomerates.
(b)) article L. 933 - 2 is amended as follows: (i) the first subparagraph is replaced by the following: "for the purposes of this section and the statutory provisions and regulations relating to the solvency of pension funds and unions of institutions of provident and supplementary supervision of financial conglomerates: ';
(ii) 2 ° shall be replaced by the following: "the expression:"participation means holding, directly or indirectly, at least 20% of the voting rights or capital of a corporation, or a set of rights in the capital of a company, which, by creating a durable, link is intended to contribute to the activity of the company.»
(iii) at the 3 ° after the words: "a body which holds a participation in an agency", are added the words: "or an organization linked to another organization by administration, management or monitoring bodies composed in majority of the same people." the last sentence of 3 ° is deleted;
(iv) the 4 ° is 5 ° of the same article;
(v) 4 ° shall be replaced by the following: ' 4 ° the expression "affiliated organization means an organization that is either subordinate or another organization in which a participation is held, or an organization bound to another by a relationship specified in the 6 ° of this article." "
(c) 6 ° to 12 ° shall be added as follows: ' 6 ° the expression "financial group designates a set of organisms consisting of a body of reference, its subordinate agencies and entities in which the reference body or its subordinate bodies hold stakes, as well as related entities so that their administrative, management or supervisory bodies are composed predominantly of the same people, or they are placed under one direction pursuant to a contract or clauses. statutory. Institutions affiliated to a network and the central body within the meaning of article L. 511 - 31 of the monetary and financial code are considered as part of the same group for the purposes of this chapter. It is the same for entities belonging to cooperative groups governed by similar provisions in the legislation which is applicable;
7 ° the term "regulated entity refers to a welfare institution or a union of provident institutions governed by title III of book IX of the present code, a credit institution or an investment firm with its registered office in a Member State or in another State party to the agreement on the European economic area;
«8 ° the expression "financial company mixed‐activity means a reference body other than a regulated entity which, with its agencies subordinated, which at least is a regulated entity with headquarters in a Member State or in another State party to the agreement on the European economic area, constitutes a financial conglomerate;".
«9 ° the expression "financial sector means a sector composed of one or more of the entities belonging to the following sectors: 'a) banking and investment services, which includes credit institutions, investment firms, financial institutions or financial undertakings whose head office is situated in a Member State or in another State party to the agreement on the European economic area;".
"(b) the insurance sector, which includes insurance companies, group of insurance companies, mutual, unions of mutual, pension funds, unions of provident, joint contingency groups or reinsurers headquartered is situated in a Member State or in another State party to the agreement on the European economic area."
"The financial sector also includes, where appropriate, one or more financial companies holding mixed;
«10 ° the expression "competent authority means any authority of a Member State or of another State party to the agreement on the European economic area with, by a legislative or regulatory provision, of the power to monitor, either individually or across the group, the one or more categories of following regulated entities: 'a) insurance companies;".
"(b) mutual;
"(c) Provident;
"d) credit institutions;
«e) investment firms;
«11 ° the expression "competent authority means:"1 ° any competent authority of the States responsible for sectoral monitoring consolidated or combined of regulated entities in a financial conglomerate; ".
«2 ° the coordinator appointed in accordance with article L. 933-4-6, if it is different from the authorities referred to in point a;
«3 ° the other competent authorities when the authorities mentioned in the 1 ° and 2 ° deems expedient;
«12 ° the expression "sectoral rules means the rules relating to the prudential supervision of regulated entities and the rules on the supplementary supervision established in article L. 933 - 3"»;
(d) after article L. 933 - 4, are inserted articles 933-4-1 to l. 933-4-16 thus written: «art.» 933-4-1. -The regulated entities in a financial conglomerate subject to supplementary supervision as provided for by articles L. 933-4-1 to l. 933-4-17, without prejudice to the sectoral rules which apply to them.
«Art.» 933-4-2. -I. - a financial group is a financial conglomerate when the following conditions are met: "1 ° a regulated entity which is at the head of the group or one of the subordinate bodies of the Group at least is a regulated entity and: ' a) in the case where a regulated entity which is at the head of the group, it is either a reference to an entity in the financial sector» , is an entity which holds a participation in an entity in the financial sector, or an entity associated with an entity in the financial sector within the meaning of article L. 933 - 2 6 °;

"(b) where there is no regulated at the head of the Group entity, the activities of the latter are mainly in the financial sector;
«2 ° one at least one of the entities of the group belongs to the insurance sector and at least one belongs to the banking and investment services;
«3 ° the consolidated or aggregated by the entities of the group in the insurance sector and activities consolidated or aggregated entities in banking and investment services are important.
«II. - are fixed by regulation: ' 1 ° thresholds from which the activities of a group are considered as primarily engaged in the financial sector;
2 ° the thresholds from which the activity in each sector is considered important;
«3 ° the thresholds, criteria or conditions according to which the competent authorities concerned may decide by mutual agreement not to regard the group as a financial conglomerate, or not to apply the provisions relating to the supplementary supervision. ''
"III. - any subgroup of a financial group that meets the criteria contained in this article I is exempted from the scheme of supplementary supervision when it belongs to a group identified as subject to this title financial conglomerate, to supplementary supervision. Nevertheless, the Coordinator of the conglomerate or, where appropriate, the coordinator appointed in accordance with article L. 933-4-6 for the supplementary supervision of the subgroup may submit by a reasoned decision subgroup supplementary supervision plan under conditions laid down by regulation.
«Art.» 933-4-3. -The Control Board referred to in article L. 951 - 1, the banking commission, the financial markets authority, in conjunction, as appropriate, with supervisors of entities regulated by the Member States or other States parties to the agreement on the European economic area, identify groups falling within the scope of the supplementary supervision of financial conglomerates and exchange for this purpose any information useful for the accomplishment of their respective missions.
When a group has been identified as a financial conglomerate and the Control Board referred to in article L. 951 - 1 is designated, in accordance with the provisions of article L. 933-4-6, as the Coordinator of supplementary supervision, it shall inform the head of group or, failing that, the regulated entity entity that displays the total of the highest balance in the most important financial sector in the group. It shall also inform the competent authorities which have authorised regulated entities in the Group and the competent authorities of the Member State or of another State party to the European economic area agreement in which the financial holding company mixed‐activity has its headquarters, as well as the European Commission.
«Art.» 933-4-4. -I. - complementary surveillance at a conglomerate level applies to any regulated entity fulfilling one of the following criteria: "1 ° it is the head of the conglomerate;
«2 ° it a reference body company mixed financial holding having its registered office in a Member State or another State party to the agreement on the European economic area;
«3 ° it is related to another entity in the financial sector within the meaning of the 7 ° of article L. 933 - 2»
«II. - in cases other than those referred to in I and article l. 933-4-15, when people have a stake in one or more regulated entities, or have a link of involvement with these entities or exercise significant influence, resulting a participation or a link of participation on them, the competent authorities concerned shall determine, by common accord. the objectives of the supplementary supervision if and to what extent supplementary supervision of regulated entities included in this set must be carried out as if it was a financial conglomerate.
"To apply this supplementary supervision, the conditions in the 2 ° and 3 ° of article L. 933-4-2 I must be met. ''
«Art.» 933-4-5. -The regulated entities in a financial conglomerate are submitted in the manner specified in regulatory path to additional requirements adequacy of own funds, transactions between the various entities of the conglomerate, concentration and risk management and internal control.
«Art.» 933-4-6. -I. - the Coordinator is the competent authority responsible for coordination and exercise of supplementary supervision. The competent authorities of one of the Member States or parties to the European economic area agreement who meets criteria laid down by regulation is the Coordinator.
«II. - it may decide, after consultation with the competent authorities concerned and of the financial conglomerate, what method of calculation of the additional requirements for the capital adequacy is applied, and decide not to include a particular entity in the scope of calculation of additional requirements for the capital adequacy in cases specified by order of the Minister responsible for social security. ''
«Art.» 933-4-7. -When it is designated as Coordinator, the control referred to in article L. 951 - commission 1 provides, in respect of the supplementary supervision: ' a) coordination of the collection and the dissemination of any useful information in the normal operation of the business as in emergency situations, and in particular of any important information concerning the prudential supervision exercised by an authority under the sectoral rules;
«b) supervisory overview and assessment of the financial situation of a financial conglomerate;
«c) the assessment of the application of the rules relating to the adequacy of own funds, to the concentration of risks and transactions between different entities of the conglomerate in accordance with the provisions of article L. 933-4-5;
"d) evaluation of the structure, organization and internal controls of the financial conglomerate;
«e) planning and coordination of supervisory activities, in cooperation with the competent authorities concerned.
«Art.» 933-4-8. -When the Coordinator of a financial conglomerate is an authority of another Member State or of another State party to the agreement on the European economic area, it shall, with respect to entities established in France, the tasks defined in article L. 933-4-7.
«Art.» 933-4-9. -In order to facilitate the exercise of supplementary supervision, Control Board referred to in article L. 951 - 1 concluded with the competent authorities concerned and, as appropriate, any other competent authority concerned, coordination agreements. These agreements are published in the Official Journal of the French Republic. They may entrust additional tasks to the Coordinator and specify the procedures to be followed in the supplementary supervision. They can also specify the procedures for coordination with other competent authorities.
«Art.» L. 933-4-10. -Control Board referred to in article L. 951 - 1 cooperates with the competent authorities responsible for the supervision of regulated entities in a financial conglomerate and, when it does not exercise this role, with the Coordinator.
"For the needs for the exercise of their respective functions, the competent authorities can exchange information relating to the regulated entities in a financial conglomerate, in accordance with the sectoral rules, with the banks central of the Member States or other States parties to the agreement on the European economic area, the system European of central banks and the Central Bank European. ''
"The conditions of application of the present article are fixed by regulation.
«Art.» L. 933-4-11. -By way of derogation to the law No. 68-678 of 26 July 1968 on the disclosure of documents and information economic, commercial, industrial, financial or technical to physical or legal persons foreign, any entity established in France in a financial conglomerate whose coordinator is an authority of a Member State or of another State party to the European economic area agreement is required to forward to the Coordinator , at its request, any information that might interest the supplementary supervision.
«Art.» L. 933-4-12. -When the competent authorities of a Member State or of another State party to the European economic area agreement want to, in certain cases, check the information to an entity established in France, regulated or not, in a conglomerate financial and mentioned in article L. 951 - 1, they call on the commission of control referred to in article L. 951 - 1 to conduct this audit.
"Control Board referred to in article L. 951 - 1 y gives continued, within its competence, by itself this check, either by allowing the authority which submitted the request to do so itself, either by allowing that a Commissioner of accounts or an expert there is. ''
"When it does not itself audit, the competent authority which submitted the request may, if it so wishes, be associated with.

«Art.» L. 933-4-13. -When the Control Board referred to in article L. 951 - 1, in the exercise of their functions of Coordinator, notes that the solvency of the regulated entities in a financial conglomerate may be compromised, or that transactions between different entities of the conglomerate or that risk concentrations threaten the financial situation of these regulated entities, or that a regulated entity which conforms to the requirements of article L. 933-4-5 , or a financial company mixed-activity holding does not meet the statutory and regulatory provisions relating to its activity, the control commission mentioned in article L. 951 - 1 can take action against this company or its leaders: ' 1 ° one or more of the sanctions set out in 1, 2, 4 and 4 bis of article L. 951 - 10;
«2 ° either instead or in addition to those sanctions, a penalty which the amount should depend on the seriousness of the breaches committed and cannot exceed the greater of the following two amounts: "3% of turnover excluding taxes, during the last closed year calculated on a twelve-month period, by the regulated entity having achieved the largest turnover conducted.» This maximum is increased to 5% in case of new violations of the same obligation;
"The minimum capital which is restricted by the regulated entity subsidiary of the company mixed financial holding. '' When it includes several subsidiaries that are regulated entities, the ceiling of the fine is determined by reference to the capital of the regulated entity that is permanently bound to the highest minimum capital. The corresponding amounts are paid to Treasury public and recovered as of the claims of the State foreign tax and the domain.
«Control commission referred to in article L. 951 - 1 may decide to defer its decision on the expiry of a time limit to regulated entities or the company mixed financial holding placed at the head of the group to take any measure designed to restore or strengthen their financial balance or to correct their practices. ''
'In the cases referred to in the preceding paragraphs, the provisions of the last two paragraphs of article L. 951 - 10 shall apply.
"Control Board referred to in article L. 951 - 1 informed of these findings the competent authorities responsible for the sectoral supervision of the regulated entities of the financial conglomerate.
"When the Coordinator is a competent authority of another Member State or of another State party to the agreement on the European economic area, he may decide against a financial company mixed-activity holding headquartered in France, under the conditions laid down in the preceding paragraph, the penalties provided for in this article or take measures under its national law.
"Sectoral competent authorities, including the commission of control referred to in article L. 951 - 1 when it intervenes in this capacity can make use, for the purposes of supplementary supervision, of the powers of sanctions available to them in respect of the sectoral monitoring with respect to regulated entities subject to their control. ''
«Art.» L. 933-4-14. -When a regulated entity uses its membership in a conglomerate financial to evade, totally or partially, to the application of sectoral rules which it is located, the control commission mentioned in article L. 951 - 1 can make use of the powers provided for in section V of chapter I of title III and title V of book IX of the present code.
«Art.» L. 933-4-15. -When the regulated entities in a financial conglomerate have to reference body an organization whose head office is located in a State not member or party to the agreement on the European economic area, the authority fulfilling the conditions laid down in article L. 933-4-6 to be Coordinator checks on its own initiative or at the request of the organization reference or a regulated entity authorised in a Member State or in another State party to the agreement on the EEA European, that these regulated entities are subject, by a competent authority of the third country, to supplementary supervision equivalent to that laid down in this section. This authority shall consult the relevant competent authorities. In the absence of equivalence, it is applied to these regulated entities the provisions relating to the supplementary supervision.
"To ensure the supplementary supervision of regulated entities in a financial conglomerate whose parent company is headquartered in a State which is not a party to the European economic area, the competent authorities may also apply other methods they deem appropriate. These methods must have been validated by the Monitoring Committee, when it meets the conditions laid down in article L. 933-4-6 to be Coordinator, after consultation with the other competent authorities concerned. The competent authorities may in particular require the constitution of a company financial joint holding having its registered office in a Member State or in another State party to the European economic area agreement and apply the provisions relating to the supplementary supervision to the regulated entities of the financial conglomerate topped by this company mixed financial holding. The methods referred to in this paragraph shall be notified to the competent authorities concerned and the European Commission.
«Art.» L. 933-4-16. -For the purposes of supplementary supervision under the present chapter, the commission of control referred to in article L. 951 - 1 may conclude agreements provided for in article L. 933-4-8 with the competent authorities of a State not party to the agreement on the European economic area for the control of any entity, regulated or not, in a financial conglomerate. ' Article 17 Chapter I of title III of book IX is amended as follows: 1 ° article L. 931 - 4 is thus completed: "prior to the granting of an authorisation to a pension fund or union governed by title III of book IX of the present code which is: ' a) is a body subordinate to an insurer authorised in another Member State or in another organization State party to the agreement on the European economic area;
"(b) is a body subordinate to the reference body of an insurer authorised in another Member State or in another organism State party to the European economic area agreement;
"(c) is an organization controlled by a person, natural or legal, which also controls agency insurer authorised in another Member State or in another State party to the European economic area agreement.
'The competent authorities of the other Member State or party to the European economic area agreement concerned are consulted.';
2 ° after article L. 931 - 5, inserted an article L. 931 - 6 worded as follows: «art.» L. 931-6. -When the competent administrative authority accreditation adjudicates on an application for registration by a union or institution which is either: 'a) an organization subordinate to an institution authorised credit or an investment firm authorised in a Member State or in another State party to the agreement on the European economic area;
«b) an organization subordinate to the reference body of an authorised investment or undertaking of a credit institution authorised in a Member State or in another State party to the agreement on the European economic area;
'c) controlled by a person, natural or legal, which also controls an approved investment firm or a credit institution authorised in a Member State or in another State party to the agreement on the European economic area;
'She shall consult the authority responsible for the supervision of credit institutions or investment firms.';
3 ° in the last paragraph of article L. 931 - 9, the words: "the necessary qualifications" are replaced by: 'necessary qualification and repute '. After the words: "provident institution" are added the words: "or a joint grouping of foresight".
In the same article, a last paragraph worded as follows is added: "when the competent administrative authority accreditation is required to rule on the integrity, competence and experience of leaders and administrators who also perform these same functions within entities other than those referred to in the first subparagraph and belonging to the same group within the meaning of article L. 933 - 2, it shall consult with the competent authorities in respect of such other entities.. It communicates these authorities relevant information for the exercise of their missions. "Article 18 in the second paragraph of article L. 931 - 34, after the words:" when two or more institutions de Prévoyance» are inserted the words: ", joint groups of foresight.
In the same article, after the words: 'mutual or union of mutuals in book II of the code of mutuality' are inserted the words: ", unions of mutual group.


Article 19 title V of book IX is amended as follows: 1 ° to the first paragraph of article L. 951 - 2, the words: "by the institutions referred to in article L. 951 - 1" are replaced by the words: "by the institutions referred to in article L. 951 - 1 as well as by any entity within a financial conglomerate referred to in article L. 933-4-2 which monitoring is coordinated by the Committee referred to in article L. 951 - control 1 under the conditions laid down in article L. 933-4-6";

2 ° in the eighth paragraph of article L. 951 - 6, the words: ' in a subsidiary undertaking of the institution of foresight or in an institution or company under the second paragraph of article L. 931 - 34 ' shall be replaced by the words: "in a body subject to the imposition of foresight, a union of welfare institutions, a joint group of foresight or in an institution or a body under the second paragraph of article L. 931 - 34 or in a welfare institution. ', joint grouping of foresight within a financial conglomerate which monitoring is coordinated by the control commission mentioned in article L. 951 - 1 under the conditions laid down in article L. 933-4-6 ";
3 ° it is inserted, after the second paragraph of article L. 951 - 13, the following paragraph: "the Committee control referred to in article L. 951 - 1 can transmit banks central Member States or other States parties to the agreement on the European economic area, the European system of central banks, the European Central Bank and other agencies acting in the capacity of their monetary powers and. where appropriate, to other public authorities responsible for overseeing payment systems, information intended for the performance of their tasks. Information received in this context are subject to professional secrecy. » ;
4 ° the last paragraph of the same article is thus supplemented: "When it does not itself audit, the competent authority which made the request may, if it so wishes, be associated with."

Chapter V: Final provisions Article 20 the provisions of this order shall apply for the first time, to the supervision of the accounts of the financial year commencing on 1 January 2005 or during that year.


Article 21 the Prime Minister, the Minister of State, Minister of economy, finance and industry, and the Minister of health and social welfare are responsible, each in relation to the application of this order, which will be published in the Official Journal of the French Republic.

Done at Paris, on November 12, 2004.
Jacques Chirac by the President of the Republic: Prime Minister Jean-Pierre Raffarin the Minister of State, Minister of economy, finance and industry Nicolas Sarkozy the Minister of health and social welfare, Philippe Douste-Blazy