Order No. 2014-158 February 20, 2014, Containing Various Provisions Of Adaptation Of Legislation The Right Of European Union Financial

Original Language Title: Ordonnance n° 2014-158 du 20 février 2014 portant diverses dispositions d'adaptation de la législation au droit de l'Union européenne en matière financière

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Texts transposed Directive 2013/36 / EU of the European Parliament and the Council of 26 June 2013 regarding the access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending directive 2002/87/EC and repealing directives 2006/48/EC and 2006/49/EC text with relevance for EEA legislation Decree of 3 November 2014 on the cushions of capital banking service providers and enterprises investment other than Decree No. 2014 portfolio management companies - 1315 3 November 2014 containing various provisions of adaptation to the right of the European Union in matters relating to Decree No. 2014 finance companies and financial - 1315 3 November 2014 containing various provisions of adaptation to the right of the Union European financial and relative to the financing Decree No. 2014 companies - 1316 of 3 November 2014 containing various provisions of adaptation to the right of the Union European financial and relative companies financing Decree No. 2014 - 1316 3 November 2014 containing various provisions of adaptation to the right of the European Union in financial and on corporations for funding summary Application of the Constitution, particularly article 38; Act No. 2014 - 1 of January 2, 2014 authorising the Government to simplify and secure the life of businesses, particularly article 11 thereof.
Modification of the monetary and financial code, of the insurance code, the code of mutuality, of the code of social security, of the general code of taxes. Change order No. 58 - 1100 November 17, 1958 relating to the functioning of the parliamentary assemblies: amendment to article 6. Amendment of Act No. 2008 - 1061 16 October 2008 financial amendment to the financing of the economy: amendment to article 6. Modification of the public investment bank Ordinance No. 2005-722, June 29, 2005: amendment of article 11.
Complete transposition of directive 2013/36/EU of the European Parliament and the Council on the access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending directive 2002/87/EC and repealing directives 2006/48/EC and 2006/49/EC text with EEA relevance. Ratification of the present order by article 31 of Act No. 2014 - 1662 by December 30, 2014, containing various provisions for adaptation of the legislation to the right of the European Union in economic and financial matters.
Keywords CSS, prudential and RESOLUTION, delivery of SERVICES, finance, French, passport European, prudential regulation, DIRECTIVE EUROPÉENNE, finance, CODE of MUTUALITY, CODE of social security, CODE monetary and financial, CMF, European, name of financial institution, Board of Directors, Capra, economics, insurance CODE, CGI, REMUNERATION, supervisory authority, Société DE FINANCEMENT, OBLIGATION to alert, BANQUE DE FRANCE
, CREDIT institution European, use, infringement, cushion of CAPITAL, equity CUSHIONS, CODE GÉNÉRAL des IMPÔTS, governance, reporting, approval, SOLICITOR-client privilege, breach, principle of PROPORTIONALITY, financial HOLDING company, company financial HOLDING joint, ARTICLE 38, BDF, framing, TAKER of risks, EXTENSION, RATIFICATION, implementation COMPLETE, DIRECTIVE CRD IV DIRECTIVE CRD 4 folders legislative Ordinance No. 2014-158 February 20, 2014 legislative record JORF n ° 0044 21 February 2014 page 3022 text no. 5 order No. 2014-158 February 20 2014 containing various provisions for adaptation of the legislation to the right of the European Union in financial matters NOR: EFIT1327482R ELI: https://www.legifrance.gouv.fr/eli/ordonnance/2014/2/20/EFIT1327482R/jo/texte Alias: https://www.legifrance.gouv.fr/eli/ordonnance/2014/2/20/2014-158/jo/texte the President of the Republic, on the report of the Prime Minister and the Minister of economy and finance, given the Constitution particularly article 38;
Having regard to Regulation (EU) no 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European supervisory authority (European banking authority), amending decision No 716/2009/EC and repealing Commission decision 2009/78/EC;
Having regard to Regulation (EU) no 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European supervisory authority (European insurance and occupational pensions authority), amending decision No 716/2009/EC and repealing decision 2009/79/EC of the Commission;
Having regard to Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European supervisory authority (European financial markets authority), amending decision No 716/2009/EC and repealing decision 2009/77/EC of the Commission;
Having regard to Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 26, 2013 on prudential requirements for credit institutions and investment firms and amending the Regulation (EU) No. 648/2012;
Having regard to directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 concerning the payment services in the internal market, amending directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing directive 97/5/EC;
Having regard to directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the access to the activities of insurance and reinsurance (Solvency II) exercise;
Having regard to directive 2011/89/EU of the European Parliament and Council of November 16, 2011 amending directives 98/78/EC, 2002/87/EC, 2006/48/EC and 2009/138/EC concerning the supplementary supervision of financial conglomerates financial entities;
Having regard to directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 for access to the activity of credit institutions and the prudential supervision of investment firms and credit institutions, amending directive 2002/87/EC and repealing directives 2006/48/EC and 2006/49/EC;
Having regard to the code of insurance;
Having regard to the code of commerce;
Having regard to the general code of taxes;
Having regard to the code of administrative justice, particular article R. 123 - 20.
Seeing the code monetary and financial;
Having regard to the code of mutuality.
Having regard to the code of social security;
Saw order No. 58 - 1100 November 17, 1958, amended on the functioning of the parliamentary assemblies;
Having regard to Act No. 68-678 26 July 1968 as amended relating to the disclosure of documents and economic, commercial, industrial, financial or technical information to foreign legal and physical persons;
Pursuant to law n ° 85-695 of 11 July 1985 as amended containing various economic and financial provisions;
Pursuant to law n ° 2008-1061 16 October 2008 amended amending finance for financing the economy;
Pursuant to law n ° 2011 - 1416 of November 2, 2011 amending finance for 2011;
Having regard to Act No. 2014 - 1 of January 2, 2014 authorising the Government to simplify and secure the life of businesses, particularly article 11 thereof;
Saw order No. 2005-722, 29 June 2005 as amended relating to the public investment bank;
Having regard to the opinion of the Advisory Committee of legislation and financial regulations dated November 20, 2013;
Having regard to the opinion of the Conseil supérieur de la Mutualité dated December 10, 2013;
The Council of State (finance section) heard;
The Council of Ministers heard, ordered: chapter I:: provisions amending the monetary and financial code section 1 more on this article...

Book I of the monetary and financial code is amended as follows: 1 ° to the I of article L. 141 - 6, after the words: "financial companies", is inserted the word: 'holding '.
2 ° in section 1 of chapter I of title IV, after article L. 141 - 6, there shall be inserted an article L. 141-6-1 worded as follows: «art.» L. 141-6-1. -When the Bank of France to knowledge, in the exercise of its tasks, of an emergency defined in article L. 613-20-5, it alerts as soon as possible prudential and resolution authority and, where appropriate, the competent authorities concerned within the meaning of the 40 of paragraph 1 of article 4 of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 26, 2013 , as well as the European banking authority. » ;
3 ° in article l 151 - 2, the words: 'European Community' shall be replaced by the words: 'European Union '.


Article 2 more on this article...

Book III of the code is amended as follows: 1 ° in the first paragraph of article L. 312 - 4, after the words: "credit institutions, financial companies" and after the words: "portfolio management company, financial company", is inserted the word: 'holding '.
2 ° to the first paragraph of article L. 312 III - 5, after the words: "investment, a financial company", is inserted the word: 'holding '.
3 ° to the II of article L. 312 - 15, the words: ' in article L. 511 - 33 "are replaced by the words:" to the I of article L. 511 - 33.


Article 3 read more on this article...

Book V of the said code is amended as follows: 1 ° to VII of article L. 500 - 1, the words: "the approval or the authority to exercise" shall be replaced by the words: "access or the exercise of the activity."

2 ° the title of title I is replaced by the following: "banking service providers."
3 ° the II of article L. 511 - 1 is supplemented by a sentence as follows: 'They are financial institutions within the meaning of article L. 511 4 - 21.';
4 ° article L. 511-8-1 becomes article L. 511-8-2;
5 ° after article L. 511 - 8, it is inserted an article L. 511-8-1 worded as follows: «art.» L. 511-8-1. - Notwithstanding any provision to the contrary, any credit institution or financial institution referred to in article L. 511 - 22 or article L. 511 - 23 May, for the exercise of its activity in France, use the same name than the one he uses on the territory of its Member State of origin.
"However, when this name is likely to make believe that this institution can provide services other than those for which it has the freedom of establishment or the freedom to provide services, or create confusion in this matter, it Assistant an explanatory statement in its name. This specific reference type of accreditation that the credit institution or financial institution, if its head office was located in France, would be required to obtain to perform the operations that he is entitled to do pursuant to article L. 511 - 22 or article L. 511 - 23. This words appear in any medium intended for customer or used for marketing purposes. » ;
6 ° article L. 511 - 10 is amended as follows: has) in the second paragraph, the words: ' and L. 511 - 40» are replaced by the words: ", L. 515-1-1 or 93 of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 26, 2013 ' and the words:" the technical and financial means that it intends to implement as well as the quality of the contributors of capital and. If applicable, their guarantors' are replaced by the words: "his organization, technical and financial resources which it provides to implementation as well as, in the conditions laid down by Decree of the Minister responsible for the economy, the identity of the contributors of capital and the amount of their participation";
(b) in the sixth preambular paragraph, the words: "Finally, the authority" shall be replaced by the words: 'the authority '.
(c) in the seventh preambular paragraph, the words: "The authority can refuse" are replaced by the words: "the Authority refuses."
(d) the last paragraph shall be replaced by the following: ' the authority shall refuse authorisation if the provisions of articles L. 511 - 51 and L. 511 - 52 are not met. ".
"The Authority refuses the approval if, with regard to the assessment criteria in the I of article L. 511-12-1, reasonable grounds to believe that the quality of the contributors of capital does not guarantee sound and prudent management or if the information provided is incomplete.
'The credit institution or finance company must meet the conditions of its licence at any time.';
7 ° article L. 511-10-1 is repealed;
8 ° in article L. 511 - 11, the words: "a paid-up capital or a staffing paid an amount at least equal to an amount determined by the Minister responsible for the economy" are replaced by the words: "an initial paid-up or a paid staffing with the minimum amount, between one million and five million euros depending on the approval issued, set by order of the Minister responsible for the economy. This order also defines the elements taken into account for the determination of this amount. » ;
9 ° the last paragraph I of article L. 511-12-1 shall be replaced by the following: "when the authority of prudential and resolution to knowledge that a person, acting alone or in concert with others, has failed to the obligation of notification provided for in the first subparagraph, it can require this person to proceed without delay with the required notification.
'A decree in Council of State shall determine the conditions of application of this I, including the criteria to assess the suitability of the proposed acquirer and the financial soundness of the acquisition, in the case of operations referred to in the second subparagraph.
«The terms of the procedures mentioned in the present I are provided by order provided for in article L. 611 - 1.» This Decree provides in particular the conditions in which the changes in the distribution of the share capital of a credit institution or to a finance company to be notified or authorised by the authority of prudential and resolution, time limits the authority to pronounce, the terms under which the persons concerned are informed of the decision of the authority or can rely on an implied decision the conditions under which the authority may fix a maximum period for concluding the proposed acquisition, as well as the information which must be transmitted to the authority, including on identity and the amount of the participation of the shareholders or associates. » ;
10 ° article L. 511 - 13 is amended as follows: has) in the second paragraph, the words: 'effective determination of orientation' are replaced by the words: 'effective management' and the words: "which must meet the conditions laid down in article L. 511 - anytime 10 ' shall be deleted;
(b) in the third paragraph, the word: 'determination' is replaced by: 'direction '.
11 ° article L. 511 - 14 is amended as follows: a) in the first subparagraph, the words: 'within a period of twelve months from the receipt of the request for approval' shall be replaced by the words: 'on a request for approval referred to in article L. 511 - 10 within deadlines laid down by Decree in Council of State. "
(b) the second subparagraph is deleted;
12 ° article L. 511 - 15 is amended as follows: has) in the first paragraph, after the words: "It can also be decided ex officio by the authority," shall be inserted the words: "If the company has obtained the authorisation through false statements or any other irregular means or";
(b) in paragraph 5, the words: ' in article L. 612 - 39 ' are replaced by the words: ' in articles L. 612 - 39 or L. 612 - 40 ";
13 ° in article L. 511 - 16, the words: ' in article L. 612 - 39 of this code ' are replaced by the words: ' in articles L. 612 - 39 or L. 612 - 40 ";
14 ° article L. 511 - 20 is amended as follows: a) the I is replaced by the following provisions: "i. ― a parent undertaking is a company which controls exclusively, within the meaning of article L. 233 - 16 of the code of commerce, one or several other companies or who exercises on them a dominant influence due to the existence of significant and sustainable solidarity links resulting from financial commitments. leaders and common services.
"Is a subsidiary of a credit institution of a finance company, of an investment firm, of a parent undertaking of finance company, a financial company holding, a financial company holding joint, a mixed‐activity holding company or a mixed parent undertaking finance company the company on 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. The subsidiary of a subsidiary is regarded as a subsidiary of the parent undertaking which is at the head of those undertakings. » ;
(b) in IV, after the words: "or a financial holding company", is inserted the word: 'holding '.
(c) in V, the words: ' of a parent undertaking which is not a financial holding company, a credit institution, an investment firm or a company mixed financial holding within the meaning of article L. 517 - 4 but which one at least of the subsidiaries is a credit institution or an investment firm. '' The parent undertaking of a joint group is a joint company"are replaced by the words:"of a mixed-activity holding company ';
15 ° article L. 511 - 21 is amended as follows: has) in the first paragraph, after the words: "this subsection" are added the words: "and for the application of the provisions relating to freedom of establishment and the free provision of services".
(b) 4 shall be replaced by the following: "4."financial institution"means one undertaking, other than an institution, whose main activity is to acquire holdings or to carry one or more of the activities listed in points 2 to 12 and point 15 of the list contained in annex I of directive 2013/36 / EU, including notably a company financial holding. , a company mixed financial holding, a payment institution within the meaning of directive 2007/64 / EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market and a portfolio management company. Insurance holding companies and mixed holding companies of insurance within the meaning of the f and g of paragraph 1 of article 212 of directive 2009/138 / EC of the European Parliament and of the Council of 25 November 2009 on the access to the activities of insurance and reinsurance and pursuit (Solvency II) are not financial institutions.
"For the purposes of this 4, on the one hand, the word"establishment"and the words"portfolio management company"shall have respectively the meaning 3 and 19, paragraph 1 of article 4 of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 26, 2013 and, on the other hand, the words"insurance holding companies"and"mixed holding companies of insurance"mean respectively insurance group companies and joint group enterprises of insurance within the meaning of 1 ° and 2 ° of article L. 322-1-2 of the insurance code. » ;

(c) after 4, a 4 shall be inserted as follows: '4A. The word "branch" means a place of business which is a legal dependent part of a credit institution or to a financial institution and which conducts directly, in whole or in part, the operations inherent in the business of a credit institution.";
16 ° article L. 511 - 22 is amended as follows: has) the words: ", under conditions laid down by the Minister responsible for the economy" are replaced by the words: "of origin";
(b) it is added a paragraph worded as follows: "an order of the Minister responsible for the economy determines, on the one hand, the information that the prudential and resolution authority must have previously received the competent authorities of the Member State of origin so the institution concerned can exercise its activities in France, including in the case of a change in its situation, and, on the other hand. the information that the authority shall transmit to the authorities as well as to the institution concerned. This order also provides the time from which the institution may begin its activities in France. » ;
17 ° article L. 511 - 23 is amended as follows: has) the words: ", under conditions laid down by the Minister responsible for the economy" are replaced by the words: "of origin";
(b) it is added a paragraph worded as follows: "an order of the Minister responsible for the economy determines, on the one hand, the information that the prudential and resolution authority must have previously received the competent authorities of the Member State of origin so the institution concerned can exercise its activities in France, including in the case of a change in its situation, and, on the other hand. the information that the authority shall transmit to the authorities as well as to the institution concerned. This order also provides the time from which the institution may begin its activities in France. » ;
18 ° article L. 511 - 24 is replaced by the following: «art.» L. 511-24.-establishments mentioned in articles L. 511 - 22 and L. 511 - 23 and their branches established in France are subject to the following provisions of this chapter as well as the regulatory provisions adopted for their implementation: "1 ° within section 1, article L. 511-4;
2 ° within section 2, articles L. 511-8-1 and L. 511-8-2;
«3 ° subsection 2 of section 3, with the exception of articles L. 511 - 27 and L. 511 - 28;
«4 ° within section 4, article L. 511 - 29, for what concerns the branches;
«5 ° in section 5, the I of article L. 511 - 33 and article L. 511 - 34»
"They are not subject to the orders of the Minister of the economy, except for those provisions of these orders which have not been the subject of coordination between the Member States, when they present a general interest character or when they are related to monetary policy or the liquidity of the institutions.
'An order of the Minister responsible for the precise economy rules having not made coordination between the Member States and having a character of interest applicable to the institutions mentioned in articles L. 511 - 22 and L. 511 - 23 and established branches in France, so that the conditions in which prudential and resolution Authority notifies them on those particular institutions.';
19 ° in article L. 511 - 26, the words: ' in article L. 613 - 33 "are replaced by the words:" articles L. 613 - 32-L. 613 - 33. "
20 ° article L. 511 - 27 is amended as follows: a) in the second paragraph, after the words: 'credit institution', the word: «it» is replaced by: 'she '.
(b) the last subparagraph is replaced by the following: "an order of the Minister responsible for the economy determines, on the one hand, the information that must be communicated to the authority of prudential and resolution prior to a change in the situation of the establishment and, on the other hand, the conditions under which such information, as well as those mentioned in the preceding paragraphs, shall be communicated to the competent authority of the host Member State. ';
21 ° article L. 511 - 28 is amended as follows: has) in the third preambular paragraph, after the words: "authority prudential and resolution, at least", the words: "that it" are replaced by the words: 'it ';
(b) the fourth paragraph is complemented by a sentence as follows: "this statement is accompanied by information whose nature is determined by an order of the Minister responsible for the economy.";
(c) after the fifth preambular paragraph, a paragraph is inserted as follows: "an order of the Minister in charge of the economy determine information that must be communicated to the authority of prudential and resolution prior to a change in the situation of the institution and those which must be communicated to the competent authority of the host Member State.";
(d) in the sixth preambular paragraph, the words: "L. 511 - 33 and L. 511 - 39, and ' are replaced by the words:" L. 511 - 33, L. 511 - 39, L. 511 - 51 to L. 511 - 54 ' and the words: 'and L. 612 - 39' ' Radiation under 7 ° of article L. 612 - 39 ' are replaced by the words: ", L. 612 - 39 and L. 612 - 40. ' "Radiation in the 7 ° of article L. 612-- 39 and 5 ° of article L. 612 I 40";
22 ° in article L. 511 - 32, after the words: "in the application of the provisions", the words are inserted: 'directly applicable European,';
23 ° article L. 511 - 33 is amended as follows: a) the first paragraph is preceded by an I.
(b) it is complemented by an II as follows: "(II). ― The staff of the credit institutions, finance companies companies financial holding company, financial companies holding mixed and parent companies of finance company subject to the control of the authority of prudential and resolution, as well as the staff of the providers of these people, may report to the authority the breaches and offences potential or proven to Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 26, 2013 to the provisions of this title and title III of this book or a regulation made for their application or any other legislative or regulatory provision whose ignorance results in one of the abovementioned provisions. The alerts are made form written and accompanied by any element capable of establishing the reality of the facts reported.
"Prudential and resolution authority collects alerts in conditions that guarantee the protection of people reporting the shortcomings, particularly with regard to their identity, and the protection of personal data on persons concerned by reports.";
24 ° article L. 511 - 34 is amended as follows: a) in the first subparagraph, the words: 'credit institutions or investment firms' are replaced by the words: "entities regulated within the meaning of article L. 517 - 2", and the words: 'the Community' shall be replaced by the words: 'the Union '.
(b) in the second paragraph, the words: "credit institutions, finance companies or investment firms" are replaced by the words: "regulated entities or finance companies.
25 ° in the second paragraph of article L. 511 - 35, the words: 'and the financial companies' are replaced by the words: ", the parent companies of finance company and the companies financial holding";
26 ° in the second paragraph of article L. 511 - 37 after the words: "referred to in this article", shall be inserted the words: ' in Regulation (EU) No. 575/2013 of the European Parliament and of the Council on June 26, 2013 and, for finance companies, in article L. 511-99 ';
27 ° in the last paragraph of article L. 511 - 38, the words: 'or financial companies' are replaced by the words: ", mothers finance company business, companies financial holding or companies financial holding mixed» and the words:"or financial company"are replaced by the words:", company mother of finance company, financial holding company or company mixed financial holding ";
28 ° in the title of section 7 of chapter I of title I, the words: 'and internal control' shall be deleted;
29 ° article L. 511 - 40 is repealed;
30 ° article L. 511 - 41 is amended as follows: a) the first paragraph is preceded by an "I".
(b) in the third paragraph, after the words: "to the solvency", shall be inserted the words: «and liquidity. "
(c) the first two sentences of the fourth paragraph shall be deleted and the word: «holding» shall be inserted after the word: "company";
(d) after the fourth paragraph are inserted three paragraphs thus worded: "II. ― Credit institutions, investment firms other than management of portfolio companies, finance companies, the companies financial holding companies financial holding mixed and parent companies of finance company introduce procedures enabling their staff to report to managers and committees of their business as well as to the authority of prudential and resolution breaches or violations of the provisions of Regulation (EU) No. 575/2013 of the European Parliament and of Council of June 26, 2013, this chapter of title III of this book or a regulation made for their application or any other legislative or regulatory provision whose breach entails the provisions above, committed in their midst, or likely to be, by a specific, independent and autonomous way.

' Credit institutions, investment firms other than management of portfolio companies, finance companies, the companies financial holding companies financial holding mixed and parent companies of finance company must also ensure, by adopting all necessary provisions to that no person is excluded proceedings recruitment or access to a course or a period of on-the-job training and that no member of their staff only. is sanctioned, licensed, or is the subject of a measure discriminatory, direct or indirect, including remuneration, of measures and incentive distributions of shares, of training, of reclassification, assignment, of qualification, of classification, of promotion, of mutation or of renewal of contract for reporting in good faith violations or offences with the officials and committees of their business as well as the authority of prudential and resolution.
«In the event of a dispute relating to the application of the preceding paragraph, since the person submits factual elements which suggest that she reported in good faith of breaches or offences, it is the responsibility of the defendant, in the light of the elements, to prove that its decision is justified by objective elements foreign to the completed reporting by the person concerned.» Judge forms his belief after ordering, if necessary, all investigative measures it considers useful. » ;
(e) the last paragraph shall be deleted;
31 ° article L. 511-41-1 A is replaced by the following: «art.» L. 511-41-1 A.-I. — Credit institutions and finance companies are subject to an additional requirement of own funds in addition to the requirements laid down respectively by part III of the Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 for credit institutions or by order of the Minister responsible for the economy mentioned in 6 of article L. 611 - 1 for finance companies. This additional requirement is the overall capital cushion requirement by regulation of 26 June 2013 cited above.
"II. — the above overall cushion of capital requirement corresponds to the total amount of own funds as defined in article 26 of Regulation (EU) of June 26, 2013 to the I, necessary to satisfy the requirement of conservation of own funds cushion, increased, where applicable:" 1 ° of the requirement of cushion of contra-cyclical capital specific to the credit institution or to the finance company;
2 ° of the requirement of cushion for global systemically important institutions;
«3 ° the requirement of cushion for other systemically important institutions;
'4 ° of the requirement of cushion for systemic risk.
«Basic own funds mentioned above, necessary to meet the overall requirement of own funds cushion, can be used to meet the resulting capital of other obligations of detention of basic own funds requirements.
"III. — the cushion of conservation of own funds referred to in II is equal to 2.5% of the total amount of exposure to the risk of the credit institutions and of financial companies calculated in accordance with paragraph 3 of article 92 of the Regulation (EU) of June 26, 2013, cited in the I.. IV. — the High Council of financial stability provided for in article L. 631-2-1 fixed on a quarterly basis the rate of equity cushion contra-cyclical, applicable to exhibitions in France. This rate is taken into account for the determination of the specific contra-cyclical capital cushion requirement referred to in 1 ° of the II.
«V. ― global systemically important institutions and other establishments of systemic importance referred respectively to the 2 ° and 3 ° of the II may be: "1 ° of credit institutions within the meaning of the article L I. 511-1;
«2 ° of the companies of investment within the meaning of article L. 533-2-1;
«3 ° of the finance companies within the meaning of the II of article L. 511 - 1;
«4 ° of the companies financial holding company within the meaning of article L. 517 - 1 and companies mixed financial holding company within the meaning of article L. 517-4;
«5 ° of the parent companies of finance company within the meaning of article L. 517 - 1.»
«VI. ― global systemically important institutions mentioned in the V may not be subsidiaries within the meaning of the I of article L. 511 - 20 of credit institutions, investment firms as defined in 2 of paragraph 1 of article 4 of Regulation (EU) No. 575/2013 of the European Parliament and of the Council on June 26, 2013, or financial companies holding or companies financial holding mixed within the European Union or the European economic area.»
"Global systemically important institutions is listed, on consolidated basis, by the authority of prudential and resolution with regard to the size of the group, the group with the financial system interconnection, possibilities of substitution of services or the financial infrastructure provided by the group, the complexity of group and its cross-border activities, including those between Member States and between a Member State and a third country. ''
"The list of global systemically important institutions and the sub-category to which they belong is published by prudential and resolution authority.
«VII. ― other systemically important institutions mentioned in the V may not be subsidiaries within the meaning of the I of article L. 511 - 20 financial holding companies or companies financial holding mixed in France. ''
"The list of these other systemically important institutions is determined on individual basis, subconsolidated or consolidated as appropriate, by the authority of prudential and resolution on the basis of one or more of the following criteria:" 1 ° size;
«2 ° their importance to the economy of the European Union or of the Member State concerned;
«3 ° the importance of their cross-border activities;
«4 ° the establishment of credit, the finance company or group with the financial system interconnect.
"VIII. ― the prudential and resolution authority determines, within the list provided in VI, subcategories within which it classifies global systemically important institutions. It can change the classification of an entity in either of the lists provided for in the VI and VII, or inside the list provided to VI in one or other of the sub-categories, for the purposes of the exercise of a sound monitoring.
"IX. — credit institutions and finance companies are required to comply with the rate of cushion for systemic risk set by the High Council of financial stability in accordance with the 4 ° bis of article L. 631-2-1, in order to prevent and mitigate systemic risks or noncyclic macro-prudential long term which are not covered by the Regulation (EU) of June 26, 2013, cited in the I. The qualification of systemic risk applies to a risk of disruption of the financial system could have serious repercussions on the financial system and the real economy.
"X. ― it is forbidden for a credit institution or a financing company that meets the overall requirement of cushions of equity to proceed with a distribution of a magnitude such that it would reduce its equity at a level which more enable it to meet the overall requirement of own funds cushion.
"It is forbidden to a credit institution or a financing company that does not meet the overall capital cushion requirement II:" 1 ° to proceed with a distribution in relation to the basic own funds as defined in article 26 of Regulation (EU) of June 26, 2013, cited the I;
2 ° to create an obligation to pay discretionary pension benefits or a variable pay or pay such pension or compensation, unless the payment obligation was born previously in violation of the overall requirement of capital cushions;
«3 ° payments related to instruments of additional own funds as defined in article 51 of Regulation (EU) of June 26, 2013, cited in the I.. XI. — referred to in the X distributions include: 1 ° payment of dividends in cash;
2 ° the distribution of bonus shares or other capital instruments mentioned in the a of paragraph 1 of article 26 of the Regulation (EU) of June 26, 2013, cited in the I for credit institutions, totally or partially released;
«3 ° the refund or redemption by a credit institution or a company's financing of its own shares or other capital instruments mentioned in the a of paragraph 1 of article 26 of the Regulation (EU) of June 26, 2013, cited the I;
«4 ° repayment of amounts paid in connection with capital instruments mentioned in the a of paragraph 1 of article 26 of the Regulation (EU) of June 26, 2013, cited the I;
«5 ° distributions of items referred to in (b) to (e) of article 26 of the Regulation (EU) of June 26, 2013, cited in the I.. XII. — the prohibitions referred to in the X do not apply when their implementation is likely to be considered by the insolvency regime applicable to the credit institution or the Société de financement as an event of default or a condition to initiate insolvency proceedings.

«XIII. — the credit institution or the finance company that does not meet the overall requirement of capital cushions determines, in function of its profits, the maximum amount distributable which is applicable to him. '' The prohibition provided for in the second paragraph of X shall apply to credit institutions and finance companies that have not met that obligation and, for others, beyond this amount maximum as it has been determined.
"XIV. — Notwithstanding the provisions of the X, when a credit institution or a finance company does not meet the overall capital cushion requirement II, he developed a conservation plan for own funds which he submitted to the authority of prudential and resolution.
"Prudential and resolution authority approves the conservation plan for own funds if it considers that its implementation may reasonably allow the credit institution or the finance company to meet the overall requirement of own funds cushion under II. In the contrary case, it imposes to the credit institution or the finance company at least one of the measures provided for in article L. 511-41-3 and the 9 ° and 10 ° of article l. I. 612-33.
«XV. ― the conditions for the application of this article shall be determined by order of the Minister responsible for the economy.»;
32 ° article L. 511-41-1 (b) shall be replaced by the following: «art.» L. 511-41-1 B. - credit institutions and finance companies are developing devices, strategies and procedures subject to regular internal checks referred to in article L. 511 - 55, allowing them to detect, measure and manage the risks to which they are or might be exposed because of their activities.
"These risks include notably the credit and counterparty risk, including the residual risk, concentration risk associated with exposures to counterparties, the risk generated by securitisation transactions, market risks, the risk of variation in the interest rate, operational risk, liquidity risk and the risk of excessive leverage."
"Settlements of credit and finance companies, taking into account including their size, their internal organization and their activities, develop an internal capacity to assess the risks in question. They use, if the prudential and resolution authority so authorizes, an internal approach to determine the capital requirements appropriate to their situation.
"The devices, strategies and procedures referred to in the first subparagraph may also be covered to allow credit institutions and finance companies to assess and retain the amounts and structures adequate internal capital to cover some risks to which they are or might be exposed.
"Credit institutions and finance companies must, depending on the nature of the risks incurred, emergency and continuation of their business plans, maintain adequate liquidity cushions and have plans of restoration of their liquidity.
'Parent undertakings of groups subject to supervision on a consolidated basis pursuant to article L. 613-20-1 shall ensure that the devices, strategies and procedures referred to in the first subparagraph which are implemented by their subsidiaries are consistent between them and well integrated.
'The conditions for the application of this article shall be determined by order of the Minister responsible for the economy.';
33 ° article L. 511-41-1 C is replaced by the following: «art.» L. 511-41-1 C.L. ' prudential and resolution authority evaluates and controls the devices, strategies and procedures implemented by credit institutions and finance companies to detect, measure and manage the risks to which they are or may be exposed, as defined in article L. 511-41-1 (b).
"The authority control the use by credit institutions and finance companies of internal approaches for the determination of own funds requirements imposed to them, by ensuring in particular that these do not rely solely or mechanically on external credit ratings.
"On the basis of the information provided by credit institutions and finance companies, it assesses at least once a year the quality of internal approaches implemented for the calculation of capital requirements.
"The authority shall carry out a comparative analysis of internal approaches. If the authority establishes, on the basis of this analysis, as the internal approach to a credit institution or to a finance company leads to an underestimation of their capital requirement, it may impose corrective measures. These measures must not lead to a standardization or a propensity for certain methods, create unjustified incentives or cause behavior of imitation.
"When prudential and resolution authority finds that credit institutions or finance companies with similar risk profiles because of the similarity of their models of business or the geographical location of their exhibitions are or could be exposed to similar risks or represent similar risks to the financial system, it applies them the provisions of this section in a manner analogous or identical.
'The conditions for the application of this article shall be determined by order of the Minister responsible for the economy.';
34 ° article L. 511-41-1 is amended as follows: has) the first subparagraph is replaced by the following: "when a finance company or a credit institution has as a parent undertaking a credit institution, an investment firm, a company financial holding, a company mixed financial holding or a finance company parent undertaking which has its registered office in a State that is not party to the European economic area agreement. , the prudential supervisory authority and resolution 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 EEA European, that this credit institution or the finance company is subject, on the part of a supervisory authority of the third country , equivalent to those applicable in France consolidated supervision.
"To this end, prudential and resolution Authority consults the European banking authority and the concerned competent authorities of the other Member States of the European Union or other States parties to the agreement on the European economic area.
«Absence of equivalence, it is applied to the credit institution or the finance company the provisions on consolidated supervision applicable in France.»;
(b) in the last paragraph, the words: "having its registered office in a Member State or in another State party to the European economic area ' shall be replaced by the words: ' holding company or of a financial holding company joint holding having its registered office in a Member State or in another State party to the European economic area agreement.". The authority of prudential and resolution shall notify to the European banking authority and the European Commission its method of consolidated supervision";
35 ° in article L. 511-41-2: a) after the words: 'or a financial institution', shall be inserted the words: ", within the meaning of article L. 511 - 21 ';
(b) after the words: 'of their consolidated financial situation", the words are inserted: 'within the meaning of the 47 of paragraph 1 of article 4 of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013";
36 ° article L. 511-41-3 is amended as follows: a) the first paragraph is preceded by an I and is amended as follows: ― the words: "to the persons mentioned in the A to I of article L. 612 - 2» are replaced by the words:" to a person referred to in the 1 °, 2 °, 4 °, 9 ° and 10 ° of article L I A. 612-2»
― After the words: "his financial situation", shall be inserted the words: "or liquidity."
― After the words: 'its development goals', shall be inserted the words: ", or when the information received or requested by the authority for the exercise of the control is capable of establishing that the person is likely to run out within twelve months the obligations laid down by the Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 26, 2013. by a provision of this title and title III of this book or of a regulation made for its application or any other legislative or regulatory provision whose ignorance results in one of the abovementioned provisions;"
(b) the second paragraph is preceded by an II;
(c) it is supplemented by the following provisions: "the authority imposes the requirement of additional own funds provided for in the preceding paragraph, particularly in one of the following cases:" 1 ° the company does not process adapted to keep the amount, type and distribution of capital internal that it deems appropriate or effective detection, management and its risk monitoring processes;
«2 ° of the risks or portions of risks not covered by the requirements laid down by the Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 26, 2013 or the obligations of additional own funds referred to in articles L. 511-41-1a or L. 533-2-1;

«3 ° the Authority considers that the implementation of other measures would be unlikely to improve enough devices, mechanisms and strategy of the company in an appropriate time frame;
"4 ° it is the control and the evaluation of prudential's business situation that failure to comply with the requirements governing the use of internal risk assessment approaches, provided for by the Regulation (EU) No. 575/2013 of the European Parliament and the Council of 26 June 2013, may result in inadequate capital requirements;
«5 ° risks are likely to be underestimated, notwithstanding the fulfilment of the requirements laid down by the Regulation (EU) No. 575/2013 of the European Parliament and the Council of June 26, 2013;
«6 ° the company declares to the competent authority, in accordance with paragraph 5 of section 377 of the Regulation (EU) No. 575/2013 European Parliament and of the Council of June 26, 2013, that the results of stress tests referred to in this article significantly exceed the capital requirements for trading of correlation.
"III. — when the solidity of the financial situation of a credit institution, a business investment or a finance company is compromised or capable of being, the prudential supervisory authority and resolution may require that the undertaking in question it:" 1 ° affects all or part of its net profits to the strengthening of its funds own;
«2 ° limit variable compensation as a percentage of total net revenues;
«3 ° publishes additional information.
"IV. — the authority of prudential and resolution may also instruct a credit institution, an investment firm or a finance company to submit to a specific requirement of liquidity, including restrictions on deadlines asymmetries between assets and liabilities. Prudential and resolution authority determines the specific requirement of liquidity it imposes had regard: «1 ° the extent and characteristics of the risks of liquidity which is exposed this person has held its particular economic model;
«2 ° to the devices, processes and mechanisms implemented by this person, concerning in particular the liquidity risk;
«3 ° to the results of the control and the prudential assessment;
«4 ° has a risk of systemic liquidity constitute a threat to the integrity of the french financial markets.
"V. ― the prudential and resolution authority takes the measures provided for in this article taking into account, where appropriate, the provisions of the fourth and fifth paragraphs of articles L. 511-41-1 C and L. 533-2-3.";
37 ° after article L. 511-41-3, it is inserted an article L. 511-41-4 worded as follows: «art.» L. 511-41 - 4 ' authority prudential and resolution may require that credit institutions, investment firms and finance companies publish more than once a year, within such period as it shall determine, the information mentioned in part 8 of the Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 26, 2013 and they use for other publications that their financial statements, media and media specific publication designated by it.
"Prudential and resolution authority may require that the parent companies of the entities referred to in the preceding paragraph they publish once a year, either in full or by referring to equivalent information, a description of their legal structure as well as the governance and organization of their group."
38 ° article L. 511 - 45 is amended as follows: a) the II is replaced by the following: "(II). ― Effective exercises open from 1 January 2014, credit institutions, financial holding companies and companies financial holding mixed, and investment firms publish once a year, in annex to the annual accounts or, where appropriate, to their consolidated annual accounts or in their management report, information about their locations and their activities, included in the scope of consolidation defined in articles L. 233 - 16 et seq. of the commercial code in each State or territory. » ;
b) III is amended as follows: ― 1 °, the words: 'and nature of activity' shall be replaced by the words: ", nature of activity and geographical location";
― 5 ° after the word: "accountable", are added the words: ", distinguishing of deferred taxes current taxes."
c) the second sentence of the IV, after the words: "published information" shall be inserted the words: "by an entity referred to in the I ';
(d) the V is replaced by the following provisions: "V. ― the information defined in the II and III are kept available to the public within five years, under conditions laid down by Decree in Council of State." The external auditors attest to the sincerity of these information and their concordance with the accounts. » ;
e) the VI is repealed;
39 ° article L. 511 - 46 is repealed;
40 ° article L. 511 - 47 is amended as follows: a) in the first and seventh paragraphs of the I, after the words: 'credit, financial companies', is inserted the word: 'holding '.
(b) in the fifth paragraph of the I, the words: ' article L. 511 - 20 ' are replaced by the words: "III of article L. 511 - 20 '.
(c) in the sixth paragraph of the I and II, the words: "or the company mixed financial holding", is inserted the word: 'holding '.
41 ° the I of article L. 511 - 48 is amended as follows: has) in the fourth and fifth paragraphs, the words: ' or companies financial holding mixed ", is inserted the word: 'holding '.
(b) in paragraph 8, the words: 'actual determination of the orientation of the activities of these subsidiaries cannot ensure the actual determination of orientation' are replaced by the words: "effective management of the activities of these subsidiaries cannot provide effective leadership" and before the words: "or company mixed financial holding", is inserted the word: 'holding '.
42 ° in article L. 511 - 49, after the words: 'credit, financial companies', is inserted the word: 'holding' and the words: ' system of internal control referred to in article L. 511 - 41 ' are replaced by the words: ' of governance arrangements provided for in article L. 511 - 55 ';
43 ° in article L. 511 - 50, after the words: ' credit, a financial company ", is inserted the word: 'holding '.
44 ° article L. 511-50-1 is supplemented by a paragraph worded as follows: 'a decree in Council of State specifies the conditions for the application of this article.';
45 ° section 8 of chapter I of title I becomes section 9;
46 ° after article L. 511-50-1, is inserted a section 8 as follows: "Section 8" governance of finance companies and credit institutions ' sub-section 1 "leaders «Art»»»»»» L. 511-51.-breast credit institutions or financing companies, have at any time the integrity, knowledge, skills and experience necessary for the exercise of their functions: "1 ° members of the Board of Directors, the monitoring and the Management Board, the Director general and the Directors-General Council delegates, as well as any person or member of a body equivalent positions;
«2 ° persons which ensure the effective management of the enterprise within the meaning of article L. 511 - 13 and which are not mentioned in the 1 °;
«3 ° all persons responsible for procedures, devices and policies referred to in article L. 511 - 55, whose missions are specified by an order made pursuant to article L. 511 - 70 and are likely to go directly into account the exercise of their functions to the Governing Council, to the Supervisory Board or to any other body positions of equivalent supervision. ''
"The competence of the members of the Board of Directors, the Supervisory Board or of any other body exercising equal is appreciated from their training and experience, with regard to their powers. When mandates were previously exercised, the jurisdiction is presumed at the rate of experience. For new members account shall be taken of formations they can enjoy throughout their mandate. It is taken into account also in the assessment on each person, the competence and the responsibilities of the other members of the body to which it belongs.
"The members of the Board of directors or the Supervisory Board, on the one hand and the members of the Board or all people who provide the actual direction of the activity of the undertaking within the meaning of article L. 511 - 13, on the other hand, have collectively the knowledge, skills, and experience necessary to the understanding of all the activities of the company, including the main risks to which it is exposed. ''
«Art.» L. 511 - 52.-I. — people who provide the actual direction of the activity of the credit institution or of the finance company within the meaning of article L. 511 - 13 as well as the members of the Board of Directors, the Board monitoring, the management board or other body exercising the equivalent functions devote sufficient time to the exercise of their functions within the company.
«II. — when the credit institution or the finance company has business significance due to its size, its organization internal as well as the nature, scale and complexity of its activities, the persons mentioned in the I can exercise at the same time, within any legal entity:

'1 ° over a mandate for any of the functions mentioned in the 1 ° of IV and two terms for any of the functions mentioned in 2 ° of IV; or "2 ° more than four terms for any of the functions mentioned in the 2nd IV.
«However, prudential and resolution authority may, taking account of the special situation as well as the nature, scale and complexity of the credit institution or of the finance company, authorize a person in one of the cases under 1 ° or 2 ° above to exercise an additional term for any of the functions mentioned in the 2nd IV.»
"The provisions of the present II shall not apply to the representatives of the State Board of administration, the Board monitoring, the management board or other body exercising the equivalent functions of a credit institution or to a finance company.
«III. — for the purposes of the II, are considered as a single function: "1 ° functions within the same group within the meaning of article L. 233 - 16 of the code of commerce.» Institutions and finance companies 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 section. It is the same for entities belonging to cooperative groups governed by similar provisions in the legislation which is applicable;
«(2 ° functions breast of enterprises, including non-financial entities, in which the credit institution or the finance company holds a qualifying within the meaning of the 36) paragraph 1 of article 4 of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 26, 2013.»
"It is not taken into account of the functions performed at the breast of entities whose purpose is not primarily commercial, including when they take the form of commercial companies.
"IV. ― the functions which the exercise is subject to the provisions of the II are:" 1 ° the functions of the persons mentioned in article L. 511 - 13, the functions of Director-general, Deputy Director-general, Member of the Executive Board, single general manager or any other person performing equivalent functions;
«2 ° the functions of Member of the Board of Directors, of the Supervisory Board or of any other body exercising equal.»
«Art.» L. 511-53.-credit institutions and finance companies devote human and financial resources necessary for the training of the persons mentioned in the I of article L. 511 - 52.
«Art.» L. 511-54.-a decree in Council of State sets out the conditions for the application of this subsection.
«Sub-section 2 ' organization and internal control «Art»» L. 511-55.-credit institutions and finance companies should adopt a system of solid governance including including a clear organisation ensuring sharing of responsibility well defined, transparent and consistent, effective procedures detection, management, follow-up and declaration of the risks to which they are or might be exposed, adequate administrative and accounting procedures, internal control device sound and of policies and practices pay allowing and promoting sound management and effective risk.
"Exercising the functions of control staff is independent from operational units it controls and has the means necessary for the performance of its duties.
'Of governance arrangements mentioned in the first subparagraph is adapted to the nature, scale and complexity of the risks inherent to the business model and the activities of the credit institution or of the finance company.
«Art.» L. 511-56.-internal control device referred to in the first paragraph of article L. 511 - 55 includes the functions or other operational tasks or important entrusted to third parties.
«Art.» L. 511 - 57.-I. ― When supervision is exercised on the basis of the consolidated financial situation, financial or mixed groups so that the groups comprising at least a finance company must adopt procedures of internal oversight appropriate for the production of information and useful information for the purpose of this monitoring exercise.
«II. — credit institutions and finance companies that are part of a joint group set up management processes of risks and adequate internal control mechanisms mentioned in article L. 511 - 55, including accounting procedures and information healthy, to detect, measure, monitor and control transactions with their parent mixed‐activity holding company and its subsidiaries appropriately. ''
"III. — credit institutions, finance companies and entities belonging to a group under surveillance-based consolidated or subconsolidated by the prudential supervisory authority and resolution are subject to the provisions of articles L. 511 - 71 to L. 511 - 88 in a measure taking into account their size and their internal as well as the nature organization. the scale and the complexity of their activity. It also takes account, as appropriate, to the provisions of guidelines on remuneration that these entities are also required.
«Art.» L. 511-58.-the Presidency of the Board of directors or other body exercising the equivalent monitoring functions of a credit institution or to a finance company cannot be exercised by the Director general or a person exercising functions of leadership equivalent.
"However, prudential and resolution authority may authorize the cumulation of these functions in the light of the evidence produced by the credit institution or the finance company.
«Art.» L. 511-59.-the Board of Directors, supervisory board or other body exercising the equivalent monitoring functions carries out examination of governance arrangements provided for in article L. 511 - 55, periodically assesses its effectiveness and ensures that corrective action to remedy any shortcomings have been taken.
«Art.» L. 511-60.-the Board of Directors, the Board of supervision or other body exercising equivalent monitoring functions approves and reviews regularly the strategies and policies governing the capture, management, the monitoring and reduction of the risks to which the credit institution or the finance company is or may be exposed, including risks arising from the economic environment.
«Art.» L. 511-61.-the persons referred to in article L. 511 - 13 are required to engage actively in the management of all of the significant risks faced by the credit institution or the company funding, as well as in the valuation of assets and the use of ratings of external credit and internal models related to these risks. They shall ensure that adequate resources are devoted.
«Art.» L. 511-62.-to enable it to ensure the planned mission in article L. 511 - 60, the governing body, the Council of surveillance or other body exercising equivalent monitoring functions shall be informed, by the persons referred to in article L. 511 - 13, all significant risks, policies of management of risks and changes made to them.
«Art.» L. 511-63.-the Board of Directors, supervisory board or other body exercising equivalent monitoring functions and the persons referred to in article L. 511 - 13 are required to devote sufficient time to the performance of the tasks referred to in articles L. 511 - 60 to L. 511 - 62.
«Art.» L. 511-64.-credit institutions and finance companies should adopt an independent risk management function of the operational functions and with adequate resources to enable it to carry out its mission.
"Credit institutions and finance companies appoint a manager of the risk management function. When the head of the management function of risk is not a person referred to in article L. 511 - 13, nor CEO and member of the Executive Board or other body exercising management functions equivalent of the credit institution or of the finance company, it has a hierarchical positioning high enough to enable it to exercise its function independently. It is subject to the provisions of article L. 511 - 51.
«Art.» L. 511-65.-the head of the risk management function cannot be dismissed without the prior agreement of the Board of Directors, of the Supervisory Board or of any other body exercising equivalent monitoring functions. If necessary, he can appeal on this point directly to the Board of Directors, supervisory board or other body exercising the equivalent monitoring functions.
«Art.» L. 511-66.-If necessary, in the event of changing risks affecting or likely to affect the credit institution or the finance company, the head of the risk management function may accountable directly to the governing body to the Council surveillance or other body exercising equivalent monitoring functions, without reference to the persons mentioned in article L. 511-13.

«Art.» L. 511-67.-the Council of Directors, the Board of supervision or other body exercising equivalent monitoring functions determines the orientations and monitors the implementation by the persons referred to in article L. 511 - 13 of monitoring devices to ensure effective and prudent management of the institution, including the separation of functions within the Organization of the credit institution or of the finance company and the prevention of conflicts of interest.
«Art.» L. 511-68.-the persons referred to in article L. 511 - 13 shall ensure the integrity of the accounting and reporting of financial information systems.
«Art.» L. 511-69.-the Board of Directors, Council of surveillance or other body exercising the equivalent monitoring functions control the process of publication and communication, quality and reliability of the information to be published and communicated by the credit institution or the finance company.
«Art.» L. 511-70.-an order of the Minister responsible for the precise economy conditions for the application of this subsection.
«Sub-section 3 "policy and practice pay «Art»» L. 511-71.-overall remuneration policy, including salaries and discretionary pension benefits defined at 73, paragraph 1 of article 4 of Regulation (EU) No. 575/2013 of the European Parliament and of the Council on June 26, 2013, the credit institutions and finance companies shall apply to the persons mentioned in article L. 511-13 and the categories of personnel including the risk-takers, persons pursuing a function of control as well as any employee who, in the light of global revenues, is located in the same salary range, whose professional activities have a significant impact on the risk profile of the undertaking or the group.
"This policy is consistent economic strategy, objectives, values and interests in the long term of the credit institution or of the finance company. It includes measures to avoid conflicts of interest. It is designed to promote sound and effective risk management.
"It does not encourage a risk-taking exceeding the level of risk defined by the credit institution or the finance company.
«Art.» L. 511-72.-the Board of Directors, supervisory board or other body exercising equivalent monitoring functions adopted and reviewing regularly the General principles of the remuneration policy and controls the implementation.
«Art.» L. 511 - 73.-L' ordinary general meeting of finance companies and credit institutions shall be consulted annually on the overall remuneration of all kinds paid during the year to the persons mentioned in article L. 511-71.
«Art.» L. 511-74.-the implementation of the remuneration policy subject, at least once a year, an internal evaluation central and independent to ensure compliance with policy and procedures for remuneration adopted by the Board of Directors, the Supervisory Board or by any other body exercising the equivalent monitoring functions.
«Art.» L. 511-75.-exercising the functions of control staff is paid on the basis of the achievement of objectives related to its functions, independent of the performance of the areas it controls.
«Art.» L. 511-76.-the remuneration of establishments of credit and finance companies policy draws a distinction based on clear criteria between the fixed base salary and variable pay.
"Fixed basic pay primarily reflects experience in connection with the busy function and responsibilities exercised are stipulated in the contract of employment or referred to in the sheet.
"Variable compensation reflects durable performance and comply with the risk policy. It also reflects the performance beyond the stipulations of the contract of employment or the forecasts of the plug position.
«Art.» L. 511-77.-when it takes into account performance, variable compensation is established on the basis of a combined assessment of individual performance of the person, from those of his operational unit and the results of all of the credit institution or the Société de financement. Performance measurement takes into account all the risks to which the credit institution or the finance company is or is likely to be exposed, as well as the requirements of liquidity and the cost of capital.
"Evaluating the performance fits in a multiannual framework and the payment of the variable part of remuneration spans a period taking into account the duration of the economic cycle to the credit institution or the finance company.
"Guaranteed variable remuneration shall be prohibited. However, they can be exceptionally granted to newly recruited staff provided that the credit institution or the finance company has a sound and solid financial basis. They are limited to the first year of the commitment of the staff.
'Variable remuneration do not limit the ability of the credit institution or of the finance company to strengthen its own funds.
«Art.» L. 511-78.-share variable of the total remuneration of the persons referred to in article L. 511 - 71 cannot exceed the amount of the fixed part of the remuneration.
"Decision of the competent Assembly of the credit institution or of the finance company, it can be increased to double the amount of the fixed remuneration.
'The competent Assembly shall decide by a majority of two-thirds provided that at least half of the shareholders or equivalent rights of property holders are represented. Otherwise, deciding by a majority of three quarters.
"Persons affected by variable compensation ceilings are not allowed to exercise, directly or indirectly, of voting rights which they may have as shareholders or holders of property equivalent giving right to participate in the vote.
"Credit institutions and finance companies shall inform without delay the authority of prudential and resolution on the ceiling proposed to the competent Assembly and justify their choice with the latter. They shall inform without delay the authority of prudential supervision and the result of the vote of the competent General Assembly resolution.
«Art.» L. 511-79.-the credit or finance companies can apply a discount rate a quarter more than the total variable remuneration insofar as payment is made in the form of instruments deferred for a period of at least five years.
«Art.» L. 511-80.-payments related to the early termination of a contract must be actual performance appreciated over time.
"Global payments related to compensation or a redemption of previous employment contracts must comply with the interests in the long term of the credit institution or of the finance company.
«Art.» L. 511-81.-a party at least half of variable pay is allocated in the form of shares or equivalent property rights and, where appropriate, other instruments referred to in articles 52 or 63 of Regulation (EU) No. 575/2013 of the European Parliament and of the Council June 26, 2013 or other instruments that may be completely converted into instruments of core capital or amortized.
«Art.» L. 511-82.-payment of a party at least 40% of the variable component of total compensation is postponed for a period of at least three years. The duration of the postponement is fixed taking into account the nature of the business, the risks to which it is exposed, and the activity of the person concerned within the credit institution or of the finance company.
For variable remuneration of a particularly high amount, the payment of at least 60% of the variable component is postponed for a period of at least three years. The duration of the deferral account in addition to, the criteria referred to in the preceding paragraph, the economic cycle of the credit institution or of the finance company.
"In all cases, the rate of payment is not faster that a pro rata temporis.
«Art.» L. 511-83.-in all cases, the actual payment of the variable part of the remuneration, including the postponed party pursuant to article L. 511 - 82, takes into account the financial situation of the credit institution or of the company of financing and the reality of performance referred to in article L. 511 - 77.
«Art.» L. 511-84.-in whole or in part, the total amount of variable pay can be reduced or result in restitution in function including the actions or behaviour of the person concerned.
«Payment of discretionary pension benefits is made in the form of financial instruments mentioned in article L. 511 - 81 and is deferred for five years from the departure of the person of the credit institution or the Société de financement.»
«Art.» L. 511-85.-it is prohibited to the persons referred to in article L. 511 - 71 through individual policies to cover or compensation or liability insurance in order to limit the application of the provisions of this subsection.
"The provisions of the preceding paragraph are of public order.

«Art.» L. 511-86.-variable compensation attributed by credit institutions and finance boasting an exceptional public intervention companies is strictly limited when it is not compatible with their ability to maintain their own funds at a sufficient level and out timely public assistance program.
"Subject to compliance with the provisions of the V of article 4 of Act No. 2011-1416 of November 2, 2011 of amendment for 2011 finance, no variable remuneration is paid to the persons referred to in article L. 511 - 13 as well as delegated directors, members of the Executive Board and all persons exercising managerial responsibilities equivalent within a credit institution or to a finance company enjoying a public exceptional intervention unless it is justified. ''
«Art.» L. 511 - 87.-L' prudential and resolution authority is competent to examine policies and practices pay institutions credit and finance companies with respect to the persons mentioned in article L. 511 - 71.
«Art.» L. 511-88.-a decree in Conseil d'Etat defines the conditions for the application of this subsection.
«Subsection 4 ' committees specialized "paragraph 1" common provisions «Arts»»»»»» L. 511-89.-within the institutions of credit and finance companies of significant importance with regard to their size and their internal organisation as well as the nature, scale and complexity of their activities, the Board of Directors, the Supervisory Board or other body exercising functions equivalent monitoring constitutes a Committee risks a nomination Committee and a remuneration Committee.
"The criteria of settlements of significant importance that the committees are created are specified by order of the Minister responsible for the economy.
«Art.» L. 511-90.-the committees referred to in article L. 511 - 89 are composed of members of the Board of Directors, of the Supervisory Board or of any other body exercising equivalent monitoring functions and which are not managerial responsibilities within the credit institution or of the finance company.
"The members of these committees have knowledge and skills appropriate to the exercise of the tasks of the Committee in which they participate.
"In credit institutions and finance companies which are obliged, pursuant to the provisions of the commercial code, to have representatives of employees in the Governing Council, to the Supervisory Board or to any other body exercising the function of equivalent supervision, the Committee on the remuneration referred to in article L. 511 - 102 includes at least one of those employees. ''
«Art.» L. 511-91.-when credit institutions and companies of financing referred to in article L. 511 - 89 are part of a group subject to the supervision of the authority of prudential and resolution on a consolidated or sub-consolidated basis, the Board of Directors, supervisory board or other body exercising the equivalent monitoring functions can decide except injunction of the prudential and resolution authority in accordance with article L. 511-41-3, that fulfill the duties to the committees provided for in article L. 511 - 89 are exercised by the Committee of the credit institution or of the finance company level which is exercised supervision on a consolidated or subconsolidated basis.
"In this case, the Board of Directors, supervisory board or other body exercising equivalent monitoring functions of the credit institution or of the finance company is the recipient of information about contained in the annual review conducted within the credit institution or of the finance company level which is exercised supervision on a basis consolidated or subconsolidated by prudential and resolution authority.
«Paragraph 2 "committees of risk «Art»» L. 511-92.-members of the risk Committee have knowledge, skills and expertise that enable them to understand and follow the strategy and the appetite for risk of the credit institution or of the finance company.
«Art.» L. 511-93.-the Committee risks advises the Board of Directors, the Board of supervision or other body exercising supervisory duties equivalent on the strategy of the credit institution or of the finance company and the appetite for risk, both present and future.
"He assists the Board of Directors, supervisory board or other body exercising supervisory duties equivalent when it controls the implementation of this strategy by the persons referred to in article L. 511 - 13 and by the head of the management function risks. ''
«Art.» L. 511-94.-the Committee risk, considered as part of its mission, if the prices of the products and services mentioned in Books II and III offered to customers are compatible with the strategy on risk of the credit institution or of the finance company.
"When these prices do not properly reflect risk, it presents to the Board of Directors, supervisory board or other body exercising the equivalent monitoring functions a plan of action to remedy this.
«Art.» L. 511-95.-without prejudice to the tasks of the remuneration Committee referred to in article L. 511 - 102, the risk Committee examines whether the incentives under the policy and practices of remuneration of the credit institution or of the finance company are consistent with the situation of the latter with regard to the risks to which they are exposed, their capital their liquidity as well as the likelihood and the staggering in time profits expected.
«Art.» L. 511-96.-the Board of Directors, supervisory board or other body exercising the equivalent monitoring functions and, where appropriate, the risk Committee have any information on the situation of the credit institution or of the society of risk financing.
"They can, if necessary, use the services of the person responsible for the risk management function mentioned in article L. 511 - 64 or external experts."
«Art.» L. 511-97.-credit institutions and finance companies other than those referred to in article L. 511 - 89 may assign, on authorization by the authority of prudential and resolution, the tasks assigned to the risk Committee to the Special Committee referred to in article L. 823 - 19 of the French code of commerce.
«Paragraph 3 ' committees appointments «Art»» L. 511-98.-the appointments Committee provided for in article L. 511 - 89 identifies and recommends to the Board of Directors, supervisory board or other body exercising equivalent monitoring functions, of the suitable candidates for the exercise of the functions of administrator, Member of the Board monitoring or other body exercising the equivalent monitoring functions, to provide General Assembly candidates.
«Assessing the balance and diversity of knowledge, skills and experiences which have individually and collectively the members of the Board of Directors, of the Supervisory Board or of any other body exercising equivalent monitoring functions.»
He said missions and qualified for the functions performed on these boards and evaluates the time to devote to these functions.
«Art.» L. 511-99.-without prejudice to other provisions applicable in this matter, the Committee on appointments fixed an objective to be achieved in what concerns the balanced representation of women and men within the Board of Directors, of the Supervisory Board or of any other body exercising of equal value. It is developing a policy aimed to achieve this goal.
"The objective and policy credit institutions as well as the modalities of implementation are made public in accordance with the c of paragraph 2 of article 435 of the Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 26, 2013.
"Finance companies are required to comply with the provisions of the preceding paragraph.
«Art.» L. 511-100.-the appointments Committee assesses periodically and at least once a year the structure, the size, the composition and effectiveness of the Board of Directors, of the Supervisory Board or of any other body exercising the equivalent monitoring functions with regard to the tasks that are assigned to and submit to this Council or this body all useful recommendations.
«It assesses periodically and at least once a year the knowledge, skills and experience of the members of the Board of Directors, of the Supervisory Board or of any other body exercising equivalent monitoring functions, both individually and that collectively, and him be accountable.»
"It periodically examines the policies of the Board of Directors, of the Supervisory Board or of any other body exercising the equivalent monitoring functions for selection and appointment of the persons mentioned in article L. 511 - 13, delegated Directors-General and the head of the risk management function and makes recommendations on the subject.".

«Art.» L. 511-101.-in the exercise of its tasks, the Nominating Committee shall ensure that the Board of Directors, supervisory board or other body exercising the equivalent monitoring functions is not dominated by one person or a small group of people in conditions detrimental to the interests of the credit institution or of the finance company.
"The Nominating Committee has the means necessary for the performance of its tasks and may use external advice.
«Paragraph 4 "committees of remuneration «Art»» L. 511-102.-the remuneration Committee prepares the decisions that the Board of Directors, Council of surveillance or other body exercising the equivalent monitoring functions stop concerning remuneration, particularly those that have an impact on the risk and management of risks in the credit institution or the finance company.
"This Committee or, failing this, the Board of Directors, supervisory board or any other body exercising equivalent monitoring functions performs an annual review:" 1 ° of the principles of the remuneration of the company policy;
«2 ° of the remuneration, allowances and benefits in kind granted to corporate officers of the company;
«3 ° of the remuneration policy of employees who manage UCITS, and FIA paragraphs 1,2,3,5 and 6 of subsection 2, sections 3, 4 and 5 of section 2 of chapter IV of title I of book II and the categories of personnel, including persons referred to in article L. 511 - 13, the risk takers, persons exercising a control function as well as any employee who. in the light of global revenues, lies in the same salary range, whose professional activities have a significant impact on the risk profile of the undertaking or the group.
"This Committee or, failing this, the Board of Directors, the Supervisory Board or other body exercising the equivalent monitoring functions directly controls the remuneration of the management function responsible for risks referred to in article L. 511 - 64 and, where appropriate, compliance officer. ''
"The Committee may be assisted by the services of internal control and external experts. It shall regularly report its work to the Board of Directors, supervisory board or other body exercising equivalent monitoring functions.
"Credit institutions and finance companies incorporate in the report submitted to the General Assembly the information policy and compensation practices fixed by Decree of the Minister responsible for the economy.
"The Board of Directors, supervisory board or other body exercising supervisory duties equivalent institutions of credit and finance companies as part of a group may decide to apply the remuneration policy of the company that control within the meaning of article L. 233 - 16 of the code of commerce. ''
"The provisions of this section apply to venture capital companies referred to in article 1-1 of Act No. 85-695 of 11 July 1985 containing various economic and financial provisions.
«Art.» L. 511-103.-an order of the Minister of the economy sets out the conditions for the application of this subsection. » ;
47 ° article L. 511 - 51 becomes article L. 511 - 104;
48 ° in articles L. 512 - 37 and L. 512 - 77, the words: "Liability" shall be replaced by the words: "without prejudice to the provisions of article L. 612 - 40, responsibility."
49 ° article L. 512 - 90 is amended as follows: has) in the tenth preambular paragraph, the words: "present the repute and appropriate experience for this ' are replaced by the words:" have the integrity, knowledge, skills and experience necessary for the exercise of this. "
(b) in the last paragraph, after the reference: "L. 612 - 39", is inserted the reference: "or L. 612 - 40";
50 ° in the eleventh paragraph of article L. 512 - 107, the words: 'effective determination of orientation' are replaced by the words: 'effective management ';
51 ° in article L. 512 - 108, the words: 'or regulations' shall be replaced by the words: ", regulations or directly applicable European," and the words: 'effective determination of orientation' are replaced by the words: 'effective management ';
52 ° in the fourth paragraph of article L. 513 I - 4, the words: 'European Community' shall be replaced by the words: 'European Union ';
53 ° in the seventh paragraph of article L. 514 - 2, the words: "and regulations" are replaced by the words: ", regulations or European directly."
54 ° section 1 of chapter V of title I is supplemented by an article L. 515-1-1 worded as follows: «art.» L. 515-1-1.-the own funds of a finance company may be less than the amount of initial capital required at its approval. » ;
55 ° article L. 515 - 3 is repealed;
56 ° in the third paragraph of article L. 515 - 6, the words: 'minimum capital' shall be replaced by the words: "initial capital";
57 ° the title of Chapter VII of title I is replaced by the following: "companies financial holding companies mothers of finance company, financial companies mixed holding, financial conglomerates, companies holding companies and mixed mixed mothers of Société de financement";
58 ° the title of subsection 1 of section 1 of Chapter VII of title I is replaced by the following: "companies financial holding and parent companies of Société de financement";
59 ° article L. 517 - 1 is amended as follows: has) the first subparagraph is replaced by the following: "a financial holding company holding is a financial institution within the meaning of article L. 511 - 21 whose subsidiaries are exclusively or primarily institutions or financial institutions, one at least of such subsidiaries being a hotel, and that is not a company mixed financial holding. ''
"For the purposes of the preceding paragraph, the word:"institution"means within the meaning of the 3 of paragraph 1 of article 4 of Regulation (EU) No. 575/2013 of the Parliament and of the Council of 26 June 2013. ';
(b) in the second paragraph, the words: 'mother of finance companies' are replaced by the words: 'mother of finance company' and the words: "financial nor a financial company» are replaced by the words:" financial holding nor a company mixed financial holding nor a company. "
60 ° article L. 517 - 2 is replaced by the following: «art.» L. 517-2.-for the purposes of supplementary supervision provided for in chapter III of title III of Book VI, means: "1 ° regulated entity: ' a) an establishment of credit referred to in article L. 511 - 1;
«b) a company referred to in article L. 310 - 1 of the French insurance code, a mutual or a union governed by book II of the code of mutuality or a welfare institution or a union governed by title III of book IX of the code of social security, or a company having its registered office in another State member of the European Union. in another State party to the agreement on the European economic area or outside the European economic area and which, if its headquarters was located in France, would be required to obtain an approval in accordance with article L. 321 - 1 of the code of insurance, article L. 931 - 4 of the code of social security or article L. 211 - 7 of the code of mutuality.
«c) a company referred to in 1 ° to III of article 310-1-1 of the French insurance code, a mutual or a union mentioned in II of article L. 111-1-1 of the code of mutuality or a welfare institution or a union mentioned in II of article L. 931-1-1 of the code of social security, a securitisation vehicle referred to in article 310-1-2 of the insurance code. , or a company having its registered office in another State member of the Union European, in another State party to the agreement on the EEA or outside the European economic area and which, if its head office was located in France, would be required to obtain an authorisation under article L. 321-1-1 of the French insurance code, article L. 931-4-1 of the code of social security or article L. 211-7-2 of the code of mutuality.
"(d) an investment firm referred to in article L. 531 - 4 or in article l 532 - 9 or a company having its registered office in another Member State of the European Union, in another State party to the agreement on the economic European area or outside the European economic area and which, if its head office was located in France, would be obliged to obtain approval in accordance with article l 532 - 1 or in article l 532 - 9;
«2 ° sectoral rules: rules concerning prudential supervision entities regulated by each financial sector;
«3 ° financial sector: a sector composed of one or several entities belonging to the following sectors: ' a) the banking sector, which includes: "― credit institutions referred to in article L. 511 - 1;»»»
"― financial institutions referred to in article L. 511 4 - 21; or "― the ancillary services undertakings within the meaning of 18 of paragraph 1 of article 4 of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013, headquartered is situated in a State member of the European Union or in another State party to the agreement on the European economic area;
«b) the insurance sector, which includes:

"― the undertakings listed in article L. 310 - 1 of the code of insurance, mutuals or associations governed by book II of the code of mutuality or provident societies or unions governed by title III of book IX of the code of social security, or companies having their head office in another Member State of the European Union or in another State party to the European economic area agreement and who. If their headquarters was located in France, would be required to obtain an authorisation under article L. 321 - 1 of the code of insurance, article L. 931 - 4 of the code of social security or article L. 211 - 7 of the code of mutuality.
"― the insurance group companies mentioned in the 1 ° of article L. 322-1-2 of the insurance code;
"― mutual group unions referred to in article L. 111-4-2 of the code of mutuality;
"― the undertakings listed in the 1 ° of III of article 310-1-1 of the code of insurance, mutuals or associations listed in II of article L. 111-1-1 of the code of mutuality or provident societies or unions mentioned in II of article L. 931-1-1 of the code of social security, vehicles securitisation referred to in article 310-1-2 of the insurance code. , or companies having their registered office in another EU Member State European or in another State party to the European economic area agreement and who, if their headquarters was located in France, would be required to obtain an authorisation under article L. 321-1-1 of the French insurance code, article L. 931-4-1 of the code of social security or article L. 211-7-2 of the code of mutuality.
«c) sector of the investment firms, which includes companies of investment referred to in article L. 531 - 4, other than those which are licensed solely to provide one or more of the services of investment referred to in the 1,2,4 and 5 of article L. 321 - 1 and which are not allowed to hold funds or securities of the client, or companies having their head office in another Member State of the European Union or in another State party to the agreement on. the European economic area which, if their headquarters was located in France, would be required to obtain an authorisation under article l 532 - 1;
«4 ° competent authority: prudential and resolution authority, the authority of financial markets or national of another EU Member State authority European or of another State party to the agreement on the European economic area provided 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) companies having their registered office in another Member State of the European Union, in another State party to the agreement on the European economic area which, if their headquarters was located in France, would be required to obtain an authorisation under article L. 321 - 1 of the code of insurance, article L. 931 - 4 of the code of welfare or article L. 211 - 7 of the code of mutuality;
«c) companies having their registered office in another Member State of the European Union or in another State party to the agreement on the European economic area which, if their headquarters was located in France, would be required to obtain an authorisation under article l 532 - 1 or in article l 532 - 9;
"d) companies having their registered office in another State member of the Union European, in another State party to the agreement on the European economic area which, if their headquarters was located in France, would be required to obtain an authorisation under article L. 321-1-1 of the French insurance code, article L. 931-4-1 of the code of social security or article L. 211-7-2 of the code of mutuality;
«5 ° competent authority concerned: ' a) any competent authority responsible for the sectoral monitoring consolidated the regulated entities in a financial conglomerate, including of the ultimate parent undertaking of a sector;
«b) the coordinator appointed in accordance with article L. 633 - 2, if it is different from the authorities mentioned in the a;
"(c) other competent authorities, at the discretion of the authorities mentioned in a and b." Until the entry into force of any technical regulations adopted by the authorities in standard European supervision, this assessment takes into account in particular the market share held by regulated entities of the conglomerate in other Member States, in particular if it exceeds 5%, as well as the importance within the financial conglomerate of any regulated entity established in another Member State;
«6 ° parent company: company that controls exclusively within the meaning of article L. 233 - 16 of the French code of commerce one or several other companies or that engages, in the opinion of the competent authorities, on them a dominant influence due to the existence of significant and sustainable solidarity links resulting from financial commitments, leaders or common services;
«7 ° subsidiary company: company which is exercised exclusive control within the meaning of article L. 233 - 16 of the code of commerce or, in the opinion of the competent authorities, a dominant influence due to the existence of significant and sustainable solidarity links resulting from financial commitments, leaders or common services.» The subsidiary of a subsidiary is regarded as a subsidiary of the parent undertaking which is at the head of those undertakings;
«8 ° participation: constitutes 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;
«9 ° control: relationship between a parent undertaking and a subsidiary, as defined in 6 ° and 7 °, or a similar relationship between a natural or legal person and an undertaking;
«10 ° ties: situation in which at least two natural or legal persons are linked by a control relationship or a participation or a situation in which at least two natural or legal persons are linked in a sustainable manner a same person by a control relationship;
«11 ° intra-group transactions: all transactions in which a regulated entities within a financial conglomerate rely directly or indirectly upon other undertakings within the same group or any person or entity linked to the undertakings within that group by close ties for the performance of an obligation, contractual or otherwise, and for remuneration or not;
«12 ° risk concentration: exposure to risks involving potential loss severe enough to compromise the creditworthiness or the overall financial situation of regulated entities in this conglomerate, that this exhibition is the result of counterparty risk for credit, investment, insurance or of market or other risks, or a combination or interaction of these risks.»
61 ° article L. 517 - 3 is amended as follows: a) in the first paragraph of the I, the words: ' within the meaning of article L. 511 - 20» shall be deleted;
(b) to the a of 1 ° of the I, the words: ' within the meaning of 3 ° of article L. 511 - 20 ' are deleted;
(c) to the 2 ° of the I, the words: 'in banking and investment services' shall be replaced by the words: "to the banking sector or investment services ';
(d) to 3 ° of the I, the words: 'the insurance sector and activities consolidated or aggregated entities in banking and investment services' shall be replaced by the words: "the insurance sector, activities consolidated or aggregated entities in the banking sector and the activities consolidated or aggregated of entities in the investment services sector."
(e) in II, the words: 'regulatory way' are replaced by the words: 'the Decree of the Ministers responsible for the economy, social security and mutuality. "
(f) to the III, the words: 'I of this article' shall be replaced by the reference: «II».
(g) the I becomes II, the II becomes III and III becomes IV;
(h) there is inserted a read I: "i. ― for the purposes of supplementary supervision laid down in chapter III of title III of Book VI, means 'group': a group mentioned in III of article L. 511 - 20 or a group insurance mentioned in the 6 ° of article L. 334 - 2 of the insurance code or a financial group mentioned in 7 ° of article L. 212-7-1 of the code of mutuality or a financial group mentioned in the 6 ° of article l.. 933-2. of the code of social security or any subgroup of these groups. » ;
62 ° in article L. 517 - 4, after the words: "a Member State", shall be inserted the words: 'of the European Union ';
63 ° section 1 of Chapter VII of title I is supplemented by a subsection 3 as follows: "sub-section 3" holding companies and mixed companies mixed mothers of finance company «Art»» L. 517-4-1.-a mixed-activity holding company is one parent undertaking, other than an institution, a company financial holding company or a company mixed financial holding, which counts among its subsidiaries at least one institution.
"For the purposes of the preceding paragraph, the word:"institution"means within the meaning of 3 of paragraph 1 of article 4 of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 26, 2013."

«A mother mixed finance company is one parent undertaking, other than a credit institution, an investment firm, a finance company, a parent company of finance company, a company financial holding, a company mixed financial holding or a mixed-activity holding company, which counts among its subsidiaries at least a financing company.»
64 ° the title of subsection 1 of section 2 of Chapter VII of title I is replaced by the following: "companies financial holding and parent companies of Société de financement";
65 ° article L. 517 - 5 is amended as follows: a) in the first subparagraph, the words: 'and the parent companies of companies' are replaced by the words: "holding and parent undertakings of society" and the words: "articles L. 511 - 35 to L. 511 - 38, L. 511 - 41, L. 511-41-2, L. 571 - 3, L. 571 - 4, L. 511-41-3, L. 612 - 24, L. 612 - 26 and L. 612 - 27, L. 612 - 31 at L. 612 - 35. ', L. 612-40, L. 612 - 44 and L. 613 - 24 in the manner specified by regulation "are replaced by the words:" articles L. 511 - 33 to L. 511 - 38 ';
(b) after paragraph 1, the following provisions are inserted: ' companies financial holding company and the parent companies of finance company are also subject to the provisions laid down in the second paragraph of article L. 511-41-4 and articles L. 511 - 41, L. 511-41-1 A, L. 511-41-1 B, L. 511-41-1 C, L. 511-41-2, L. 511-41-3, L. 533 - 2, 533-2-1 to L. 533-2-3. , L. 533-4-1, L. 571 - 4, L. 612 - 20 at L. 612 - 21, L. 612-23-1, L. 612 - 24-L. 612 - 27, L. 612 - 31 at L. 612 - 35, L. 612 - 39, L. 612 - 40, L. 612 - 44 and L. 613 - 24 in the manner specified by order of the Minister responsible for the economy.
«They shall also look after the correct application by their subsidiaries of governance provisions by this book and take the measures necessary to ensure the adequacy of the governance activities of their subsidiaries and the rules which are applicable to the latter, including the provisions of title VI of the present book.
"Within the companies financial holding company and parent company of financing companies, the persons referred to in article L. 511 - 13 as well as the members of the Board of Directors, the Council monitoring, Executive Board, or any body equivalent positions have at any time of good repute, experience, knowledge and the skills necessary for the performance of their duties. ';
66 ° in article L. 517 - 6, after the words: "Regulated entities", shall be inserted the words: "mentioned in the 1 ° of article L. 517 - 2";
67 ° article L. 517 - 7 is amended as follows: has) in the fourth paragraph of the I, the words: "to another entity in the financial sector within the meaning of 3 ° of article L. 511 - 20 ' are replaced by the words:", within the meaning of article L. 517 I - 3, to another entity in the financial sector. "
(b) in the second paragraph of II, the words: ' I of article L. 517 - 3 "are replaced by the words:" II of article L. 517 - 3 ';
68 ° article L. 517 - 8 is amended as follows: has) in the first paragraph, the words: ", in the manner specified by regulation,» are deleted after the words: 'of transactions", is inserted the word: "intra-group" and the words: "concentration and management of risk and internal control» are replaced by the words:"risk concentration, management of risk and internal controls procedures ";
(b) it is supplemented by the following provisions: "the authority of prudential and resolution may set quantitative limits to any risk concentration at the level of the financial conglomerate or take other supervisory measures to achieve the objectives of supplementary supervision, with regard to any risk concentration at the level of the financial conglomerate.
"It can also set quantitative limits and qualitative requirements for intra-group transactions between the various regulated entities of the financial conglomerate, or take other supervisory measures that would achieve the objectives of supplementary supervision, with regard to these transactions.
"The conditions for the application of this article are specified by Decree of the Ministers responsible for the economy, social security and mutuality.";
69 ° article L. 517 - 9 is replaced by the following: «art.» L. 517 - 9.-I. — companies mixed financial holding company whose coordinator is the prudential supervisory authority and resolution are subject to the provisions of the second paragraph of article L. 511-- 13 and the provisions of articles L. 511 L. 511 - 38 and L 33. 511-41.
«They shall also look after the correct application by their subsidiaries of governance provisions by this book and take the measures necessary to ensure the adequacy of the governance activities of their subsidiaries and the rules which are applicable to the latter, including the provisions of title VI of the present book.
"Financial companies mixed holding are also subject to articles L. 571 - 4, L. 612 - 20 at L. 612 - 21, L. 612-23-1, L. 612 - 24-L. 612 - 27, L. 612 - 31 at L. 612 - 35, L. 612 - 39, L. 612 - 40, L. 613 - 24 as well as the supplementary supervision referred to in article L. 517 - 8. ''
"Within the companies financial mixed holding, the persons referred to in article L. 511 - 13 as well as the members of the Board of Directors, the Council monitoring, Executive Board, or any body equivalent positions have at any time the good repute of the experience, the knowledge and the skills necessary for the performance of their duties. ''
"Financial companies mixed holding are additionally subject to the obligations set out in articles L. 511-41-1 A, L. 511-41-1 B, L. 511-41-1 C, L. 511-41-1, L. 511-41-2, L. 511-41-3, L. 533 - 2, L. 533-2-1 to L. 533-2-3, L. 533 - 4, 533-4-1 as well as in the second paragraph of article L. 511-41-4. ''
«II. — when a financial company mixed‐activity depends on equivalent provisions in respect of supervision on a consolidated basis within the meaning of article L. 613-20-1 and in respect of the supplementary supervision of financial conglomerate to the title of article L. 517 - 6, particularly as regards surveillance based on risk, prudential and resolution authority may, after consultation with the other competent authorities concerned within the meaning of article L. 517-2. don't apply that articles L. 517 - 6 and L. 517 - 8.
"III. — when a financial company mixed‐activity provisions equivalent to the title of the supervision on a consolidated basis within the meaning of article L. 613-20-1 and in respect of the supplementary supervision of group within the meaning of article l 334 - 3 of the insurance code, particularly as regards surveillance based on risk, prudential and resolution authority may. , in agreement with the competent authority in charge of the supplementary supervision of insurance group, doesn't apply to a company mixed financial holding that the provisions applicable to the most important sector determined in accordance with article L. 517 - 3.
"IV. ― decisions taken in pursuance of the II and III is borne of the European insurance and occupational pensions authority and the European banking authority knowledge authority prudential and resolution.
"V. ― Auditors of these companies are also subject to all the provisions applicable to auditors of credit institutions and investment firms.";
70 ° section 2 of Chapter VII of title I is supplemented by a subsection 3 as follows: "sub-section 3" holding companies and mixed companies mixed mothers of finance company «Art»» L. 517-10.-mixed holding companies and mixed parent undertakings of finance company are subject to the provisions of articles L. 511 - 33, L. 511 - 34, L. 511 - 41, from the I of article L. 511 - 57, the second paragraph of article L. 511-41-4 and article L. 571-4.
"They are also subject to the provisions of articles L. 612 - 20, L. 612 - 21, L. 612 - 24-L. 612 - 27, L. 612 - 31 and L. 612 - 40 as well as article L. 612 - 23 for the information received on the basis of article L. 612 - 24. ';
71 ° article L. 518-15-2, the words: ' and articles L. 511 - 40 and L. 511 - 41 ' are replaced by the words: ", of the I of article L. 511 - 41, article L. 511 - 55, except for the provisions relating to the policies and practices of compensation, article L. 511 - 56 and I of article L. 511-57.» This Decree specifies those provisions of the Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 26, 2013 which are applicable, subject to the necessary adaptations. » ;
72 ° the I of article L. 531 - 6 is supplemented by a paragraph worded as follows: "When the authority of prudential and resolution to knowledge that a person, acting alone or in concert with others, has failed to the obligation of notification provided for in the first paragraph of the present I, it may directing the person to proceed without delay with the required notification";
73 ° article L. 531 - 12 is amended as follows: a) the first paragraph is preceded by an I.
(b) it is supplemented by the following provisions:

«II. — staff of the investment firms subject to the control of the authority of prudential and resolution as well as staff of the providers of these people can report to the authority breaches and offences potential or proven to Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013, the provisions of this title and title I of the present book or of regulations for their application or any other legislative provision or. regulatory ignorance which carries one of the abovementioned provisions. The alerts are made form written and accompanied by all elements capable of establishing the reality of the facts reported.
"Prudential and resolution authority collects alerts in conditions that guarantee the protection of people reporting the shortcomings, particularly with regard to their identity, and the protection of personal data on persons concerned by reports.";
74 ° article l 532 - 2 is amended as follows: a) in the fifth preambular paragraph, the words: "with the repute and experience appropriate to their function, to ensure the sound and prudent management" shall be deleted;
(b) after the ninth preambular paragraph, there shall be inserted a paragraph worded as follows: ' the authority shall refuse authorisation if the provisions of articles L. 533 - 25 and L. 533 - 26 are not met. ';
75 ° article L 532-2-1 is repealed;
76 ° in article l 532 - 4, the words: ' repute leaders and the adequacy of their experience to their duties"shall be replaced by the words:" the obligations laid down in articles L. 533 - 25 and L. 533 - 26 ';
77 ° article l 532 - 6 is amended as follows: has) in the fourth paragraph, the words: ' in article L. 612 - 39 ' are replaced by the words: ' in articles L. 612 - 39 and L. 612 - 40 ";
(b) in the last paragraph, after the words: ' in articles L. 612 - 39 ", is inserted the reference:", L. 612 - 40 ";
78 ° in the last paragraph of article L. 533 - 2, after the words: ' in articles L. 612 - 39 ", is inserted the reference:", L. 612 - 40 ";
79 ° after article L. 533 - 2, are inserted articles L. 533-2-1, L. 533-2-2 and L. 533-2-3 thus written: «art.» L. 533-2-1.-are subject to the provisions of article L. 511-41-1, investment firms, with the exception of those: "1st exclusively authorized to provide one or more of the investment services mentioned in the 1,2,4 and 5 of article L. 321 - 1 and are not allowed to hold funds or securities of customer; or "2 ° which are not authorised to provide one or more of the investment services mentioned in the 3,6.1 and 6.2 of article L. 321 - 1.»
«Art.» L. 533-2-2.-investment firms other than portfolio management companies are developing devices, strategies and procedures subject to regular internal checks referred to in article L. 511 - 55 allowing them to detect, measure and manage the risks to which they are or might be exposed because of their activities.
"These risks include notably the credit and counterparty risk, including the residual risk, concentration risk associated with exposures to counterparties, the risk generated by securitisation transactions, market risks, the risk of variation in the interest rate, operational risk, liquidity risk and the risk of excessive leverage."
"Investment firms other than the management of portfolio companies, taking into account including their size, their internal organization and their activities, develop an internal capacity to assess the risks in question. They use, if the prudential and resolution authority so authorizes, an internal approach to determine the capital requirements appropriate to their situation.
"The devices, strategies and procedures referred to in the first subparagraph may also be intended to allow investment firms other than portfolio management companies to assess and retain the amounts and structures adequate internal capital to cover some risks to which they are or might be exposed.
"Investment firms other than portfolio management companies must, according to the nature of the risks incurred, emergency and continuation of their business plans, maintain adequate liquidity cushions and arrange recovery of their liquidity plans.
'Parent undertakings of groups subject to supervision on a consolidated basis pursuant to article L. 613-20-1 shall ensure that the devices, strategies and procedures referred to in the first subparagraph which are implemented by their subsidiaries are consistent between them and well integrated.
"The conditions of application of the present article are fixed by order of the Minister responsible for the economy.
«Art.» L. 533-2 - 3 ' prudential and resolution authority evaluates and controls the devices, strategies and procedures implemented by investment firms other than corporations of portfolio management to detect, measure and manage the risks to which they are or might be exposed, as defined in article L. 533-2-2.
"The authority controls the use by the investment firms other than corporations portfolio management internal approaches for the determination of the capital requirements imposed on them, by ensuring in particular that these do not rely solely or mechanically on external credit ratings.
"On the basis of the information provided by investment firms other portfolio management companies, she assesses at least once a year the quality of internal approaches implemented for the calculation of capital requirements.
"The authority shall carry out a comparative analysis of internal approaches. If the authority establishes, on the basis of this analysis, as the internal approach of another investment firm a portfolio management company leads to an underestimation of its own funds requirement, it may impose corrective measures. These remedies should not lead to a standardization or a propensity for certain methods, create unjustified incentives or cause behavior of imitation.
"Where prudential and resolution authority finds that investment firms other than companies portfolio management with similar risk profiles because of the similarity of their models of business or the geographical location of their exhibitions are or could be exposed to similar risks or represent similar risks to the financial system it applies the provisions of this section in a manner analogous or identical.
'The conditions for the application of this article shall be determined by order of the Minister responsible for the economy.';
80 ° article L. 533 - 4 is amended as follows: has) the first paragraph is replaced by two paragraphs thus written: "when a provider of investment services other than a portfolio management company has as a parent undertaking a credit institution, an investment firm, a company financial holding, a company financial joint holding company which has its head office in a non-Member State of the European Union nor party to the agreement on the European economic area. prudential and resolution authority checks, on its own initiative or at the request of the parent undertaking or a regulated entity authorised in a State member of the European Union or in another State party to the agreement on the economic area, that this provider of investment services is subject, on the part of a supervisory authority of the third country , equivalent to those applicable in France consolidated supervision.
'To this end, prudential and resolution authority shall consult the European banking authority and the relevant competent authorities of the other Member States of the European Union or other States parties to the agreement on the European economic area.';
(b) in the last paragraph, after the words: "financial company", is inserted the word: 'holding '.
81 ° article L. 533-4-1 is amended as follows: a) after the words: "a financial institution" shall be inserted the words: ' within the meaning of article L. 511 - 21»
(b) after the words: 'of their consolidated financial situation", the words are inserted: 'within the meaning of the 47 of paragraph 1 of article 4 of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013";
82 ° in article L. 533 - 5, reference: "L. 511 - 33" is replaced by the reference "L. 511 - 35";
83 ° chapter III of title I is supplemented by a section 8 as follows: "Section 8" corporate governance of investment portfolio management companies ' sub-section 1 "leaders «Art»»»»»» L. 533-25.-within an investment firm other than a portfolio management company, at any time have the integrity, knowledge, skills and experience necessary for the exercise of their functions: "1 ° members of the Board of Directors, the monitoring and the Management Board, the Director general and the Directors-General Council delegates as well as any person or member of a body equivalent positions;
«2 ° persons who effectively run the undertaking within the meaning of the 4 of article l 532 - 2 and who are not referred to in 1 °;

«3 ° all persons responsible for procedures, devices and policies referred to in article L. 511 - 55, whose missions are specified by an order made pursuant to article L. 533 - 29, and which are likely to directly account for the performance of their duties to the Board of Directors, supervisory board or other body exercising equivalent monitoring functions. ''
"The competence of the members of the Board of Directors, the Supervisory Board or of any other body exercising equal is appreciated from their training and experience, with regard to their powers. When mandates were previously exercised, the jurisdiction is presumed at the rate of experience. For new members, account shall be taken of formations they can enjoy throughout their mandate. It is taken into account also in the assessment on each person, the competence and the responsibilities of the other members of the body to which it belongs.
"The members of the Board of directors or the Supervisory Board, on one hand, and the members of the Board or any person who ensures the effective management of the activity of the undertaking within the meaning of the article l 532 4 - 2, on the other hand, have collectively the knowledge, skills, and experience necessary to the understanding of all the activities of the company, including the main risks to which it is exposed. ''
«Art.» L. 533 - 26.-I. — people who provide the actual direction of the activity of the undertaking within the meaning of the article l 532 4 - 2 and the members of the Board of Directors, the Board monitoring, the management board or other body performing equivalent functions within an investment firm other than a portfolio management company dedicate a time sufficient for the exercise of their functions.
«II. — when the investment firm other than a portfolio management company has business significance due to its size, its organization internal as well as the nature, scale and complexity of its activities, the persons mentioned in the I can exercise at the same time, within any legal person: '1 ° over a mandate for any of the functions mentioned in the 1 ° IV and two terms for any of the functions mentioned in 2 ° of IV;» or "2 ° more than four terms for any of the functions mentioned in the 2nd IV.
«However, prudential and resolution authority may, taking account of the special situation as well as the nature, scale and complexity of the investment firm, authorize a person in one of the cases under 1 ° or 2 ° above to exercise an additional term for any of the functions mentioned in the 2nd IV.»
"The provisions of the present II shall not apply to the representatives of the State within the Board of Directors, the Council of surveillance, Executive Board, or other body exercising the equivalent functions of an investment firm.
«III. — for the purposes of the II, are considered as a single function: "1 ° functions within the same group within the meaning of article L. 233 - 16 of the code of commerce.» Institutions and finance companies 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 section. It is the same for entities belonging to cooperative groups governed by similar provisions in the legislation which is applicable;
«2 ° functions breast of enterprises, including non-financial entities, in which the investment firm has a qualifying holding within the meaning of the 36 of paragraph 1 of article 4 of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 26, 2013.»
"It is not taken into account of the functions performed at the breast of entities whose purpose is not primarily commercial, including when they take the form of commercial companies.
"IV. ― the functions which the exercise is subject to the provisions of the II are:" 1 ° the duties of persons who direct effectively the company within the meaning of the article l 532 4 - 2, the functions of Director general, Deputy Director-general, Member of the Executive Board, single general manager or any other person performing work of equal value;
«2 ° the functions of Member of the Board of Directors, of the Supervisory Board or of any other body exercising equal.»
«Art.» L. 533-27.-investment firms other than portfolio management companies devote human and financial resources necessary for the training of the persons mentioned in article L. 533 I - 26.
«Art.» L. 533-28.-a decree in Council of State sets out the conditions for the application of this subsection.
«Sub-section 2 ' organization and internal control «Art»» L. 533-29.-investment firms other than portfolio management companies are held to the obligations laid down in articles L. 511 - 55 to L. 511 - 69.
"An order of the Minister of the economy sets the conditions for the application of this article.
«Sub-section 3 "policy and practice pay «Art»» L. 533-30.-investment firms other than portfolio management companies are held to the obligations laid down in articles L. 511 - 71 to L. 511 - 87.
"A decree in Conseil d'Etat defines the conditions for the application of this article.
«Subsection 4 ' committees specialized «Art»» L. 533-31.-investment firms other than portfolio management companies are held to the obligations laid down in articles L. 511 - 89 to L. 511 - 102.
"An order of the Minister of the economy sets the conditions for the application of this article.";
84 ° in the first paragraph of article L. 561 - 20, before the words: 'and financial companies', is inserted the word: 'holding '.
85 ° the I of article L. 561 - 36 is amended as follows: a) in the second paragraph, references: '4 °, 6 ° and 7 °' shall be replaced by references: '4 °, 4 ° bis, 6 °, 7 °, 10 ° and 11 ° ";
(b) in paragraph 5, the words: 'minimum capital' shall be replaced by the words: "initial capital";
86 ° in article L. 571 - 4, the words: "in article L. 612 - 26» are replaced by the words:" in articles L. 612 - 24 and L. 612 - 26» and the words: "mentioned in articles L. 511 - 33 and L. 511 - 34» are replaced by the words:" subject to the I of article L. 511 - 33, article L. 511 - 34 or under Chapter VII of title I of this paper ";
87 ° in article L. 571 - 5, after the words: "financial companies" is inserted the word: 'holding '.
88 ° the title of section 5 of chapter I of title VII is replaced by the following: "companies financial holding, parent companies of company financing and companies financial holding mixed."
89 ° in article L. 571 - 14, the words: 'financial, of a parent undertaking of finance companies' are replaced by the words: "financial holding, parent undertaking Société de financement";
90 ° article L. 573-2-1, the words: ' in article L. 531 - 12 "are replaced by the words:" to the I of article L. 531 - 12.


Article 4 more on this article...

Book VI of the code is amended as follows: 1 ° article L. 611 - 1 is amended as follows: a) 1, after the words: "The amount of capital", is inserted the word: «initial»;
(b) at 6, before the words: 'Standards of management of credit institutions', shall be inserted the words: "subject to the European provisions which are directly applicable to them";
(c) it is added worded as follows 13: "13. The rules applicable to branches established in the territory of the French Republic by credit institutions having their registered office in a State which is not a party to the European economic area agreement. » ;
2 ° a article L. 611 - 2, after the words: 'of financial institutions', shall be inserted the words: ' within the meaning of article L. 511 - 21»
3 ° in the second paragraph of article L. 611 - 3, after the words: "The amount of capital", there shall be inserted the word: «initial»;
4 ° article L. 612 - 1 is amended as follows: a) in the third paragraph of II, references: '1 ° to 4 ° and 8 ° and 9 °' shall be replaced by references: '1 ° to 4 ° and 8 ° to 10 °.
(b) after 2 ° of II, inserted a 2 ° bis worded as follows: '2 ° bis set the requirement to cushion global systemically important institutions and other systemically important institutions and ensure compliance with the overall capital cushion requirement defined in articles L. 511-41-1 and L. 533-2-1;';
(c) it is completed through an IV which reads as follows: "(IV). — By derogation from the provisions of Act No. 68-678 of 26 July 1968 on the communication of documents and information for economic, commercial, industrial, financial or technical to physical or legal persons foreign, prudential and resolution authority may, under the conditions and limits laid down by Decree in Council of State, to transmit to the Commission European information covered by professional secrecy. » ;
5 ° article L. 612 - 2 is amended as follows: has) to the A in the I: ― the 4th, after the words: "Financial companies", is inserted the word: 'holding '.
― After the 4th, is inserted a 4 ° bis worded as follows: ' 4 ° bis mixed holding companies for the only provisions which apply to them under article L. 517 - 10 ';
― After 9 °, are inserted a 10 ° and a 11 ° as follows: "10 ° parent undertakings of finance company;

«11 ° mixed parent undertakings of Finance Corporation the only provisions which apply to them under article L. 517 - 10. ';
(b) to the III, the word: "solvency", is inserted the word: «, liquidity.
6 ° in the eighth paragraph of article L. 612-8-1, the words: ' article L. 612 - 12 "are replaced by the words:" articles L. 612 - 12, L. 612 - 23 and L. 612 - 26, in the second paragraph of the I of article L. 612 - 19 and the direction of services rules provided in article L. 612-15»
7 ° article L. 612 - 20 is amended as follows: a) in the first paragraph A of the II, references: '1 °, 2 °, 3 °, 4 °, 8 ° and 9 °' shall be replaced by references: '1 ° to 4 ° and 8 ° to 10 °.
(b) to the 2 ° of the A of II and IV, the words: 'minimum capital representation' are replaced by the words: "initial capital";
(c) at the 1 ° of the II C, after the words: "referred to the A in the same I", shall be inserted the words: ', with the exception of those mentioned in the 4 ° bis and 11 °,' and the words: 'minimum capital representation' are replaced by the words: "initial capital";
d) C of the II is completed by a 3 ° as follows: "3 ° persons mentioned in the 4 ° bis and 11 ° of A of I of article L. 612 - 2 pay each a lump sum contribution of between €5,000 and €15,000, set by order of the Minister responsible for the economy.";
8 ° article L. 612-23-1 is amended as follows: has) to the I: ― in the first sentence, the references: "1 ° and 2 ° a" are replaced with references: "to 1 °, (a) of 2 °, 4 °, 9 ° and 10 °";
― in the second sentence, the word: 'They' shall be replaced by the words: "the persons referred to in 1 °, was of 2 ° and 9 ° of the A to I of article L. 612 - 2» and the words: 'members of their Board of directors or the supervisory board' are replaced by the words:", including representatives of corporations, members of their Board of Directors. ", of their supervisory board of their Executive Board";
(b) in the III, after the words: 'of experience which apply to them, shall be inserted the words: "or, where they are subject, knowledge conditions and obligations laid down in articles L. 511 - 52 and L. 533 - 26 ';
(c) to IV, the reference: 'in the 1 °"is replaced by references:"to 1 °, a 2 ° and 9 ° ";
(d) in the V: ― the first paragraph is complemented by a sentence as follows: "college of supervision prudential and resolution authority may also, for the same reasons or when the condition of knowledge is no longer populated, oppose continuation of the mandate of one or more members of the Board of Directors, the Board monitoring, the management board or any equivalent body other than the leaders mentioned in article L. 511-13. people mentioned in the 4 ° and 10 ° of the A to I of article L. 612-2. » ;
― in the third paragraph, the words: 'of the Council' shall be replaced by the words: "of the body";
9 ° after the second paragraph of article L. 612 - 24, are inserted the following provisions: "the Secretary-General of the authority prudential and resolution may apply to subsidiaries of credit institutions, investment, finance, companies companies companies financial holding companies financial holding mixed companies holding mixed, parent companies of Société de financement, mixed parent undertakings of finance company as well as to third parties from whom these persons have outsourced functions or. all information, documents, operational activities which that may support, and get the copy and any clarifications or justifications necessary for the performance of its tasks.
'The Secretary-General of the authority of prudential and resolution may also, to the supervision of a credit institution, a partnership funding or an investment firm which is not included in the scope of consolidation, apply to the parent undertaking of that establishment of credit, finance company or investment firm to provide all necessary information in the conditions laid down in the preceding subparagraph.';
10 ° to 9 ° of article L. 612 - 26, the words: «important or essential operational functions are entrusted» are replaced by the words: "entrusted functions or operational activities";
11 ° article L. 612 - 32 is amended as follows: a) after the words: "his financial situation", shall be inserted the words: "or liquidity."
(b) it is supplemented by the following provisions: ", in particular when information received or requested by the authority for the period control are capable of establishing that the person is likely to miss, in a period of 12 months, to the obligations laid down by the Regulation (EU) No. 575/2013 of the European Parliament and the Council of June 26, 2013, by a provision of title I or title III of book V or taken for its implementation regulation or. by any other legislative or regulatory provision whose breach entails the abovementioned provisions. The authority may require that person to submit for approval changes to this program during its execution, particularly with regard to its scope and its deadline for implementation. » ;
12 ° article L. 612 - 33 is amended as follows: has) to the I: — in the first subparagraph, the words: "prudential and resolution authority takes such measures necessary. ' are replaced by the words:" or when the information received or requested by the authority for the exercise of the control is capable of establishing that the person is likely to run out within twelve months the obligations laid down by the Regulation (EU) No. 575/2013 of the European Parliament and of the Council of. June 26, 2013, by a provision of titles I and III of book V or a regulation made for its application or any other legislative or regulatory provision whose ignorance results in one of the aforementioned provisions, the prudential and resolution authority takes the precautionary measures necessary. » ;
― After 1 °, it is inserted a 2 ° as follows: "2 ° charging one or more of its agents to exercise a mission of permanent control in the person concerned in order to ensure a follow-up of its situation;";
― 2 ° after the words: "certain operations" shall be inserted the words: "or activities";
― After 3 °, are inserted a 5th and a 6th as follows: "5 ° require that person the transfer of activities;
'6 ° limit the number of the agencies or branches of that person;';
― After 6 °, shall be inserted a 10 ° and 11 ° thus written: "10 ° decide to prohibit or limit the payment of interest to the holders of category 1 additional own funds instruments as defined in article 52 of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 26, 2013, unless such limitation or prohibition would be considered an event of default of persons under the control of the authority;
'11 ° demanding reduction of the risk inherent in the activities, products and systems of the credit institutions, investment firms and finance companies;';
― 2 ° becomes 3 °, 3 ° becomes 4, 4 becomes the 7th, 5 ° becomes 8 °, 6 ° becomes 9 ° and 7 ° becomes 12 °;
(b) in II, the words: "the requirements of good repute, competence or experience" are replaced by the words: "the conditions of good repute, skills, experience or, where appropriate, knowledge required";
13 ° article L. 612 - 39 is amended as follows: a) at the beginning of the first subparagraph, the words are inserted: ' subject to the provisions of article L. 612 - 40 ';
(b) in the first paragraph, references: '4 ° and 5 °' shall be replaced by references: '4 bis, 5 ° and 11 ° ";
14 ° article L. 612 - 40 is replaced by the following: «art.» L. 612-40. -I. ― If a credit institution, an investment firm or a finance company has violated a provision of the Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 26, 2013, a provision of title I and title III of book V or a regulation made for its application or any other legislative or regulatory provision whose ignorance results in one of the above provisions or if he has not referred to a bet remains of is comply with those provisions or injunctive relief provided in articles L. 511-41-3 and L. 511-41-4, the sanction commission may impose one or more of the following disciplinary sanctions, depending on the seriousness of the breach: "1 ° warning;
2 ° the blame;
«3 ° the prohibition to perform certain operations and all other limitations in the exercise of the activity;
"(4) partial withdrawal of approval;
«5 ° the total withdrawal of authorisation or cancellation of the list of authorized persons, with or without appointment of a liquidator.
"The sanction referred to in 3 ° cannot, in its duration, exceed ten years.

«II. — If a company financial holding, a company mixed financial holding or a finance company parent undertaking has violated a provision of the Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 26, 2013, a provision of title I and title III of book V or of a regulation made for its operation or any other legislative or regulatory provision whose ignorance results in one of the above provisions or if it has no referral to. a formal notice to comply with these provisions, the sanction commission may decide against him, depending on the seriousness of the breach, a warning or a reprimand.
"III. — If a mixed‐activity holding company or a mixed parent undertaking of finance company did not comply with an injunction under penalty imposed on the basis of article L. 612 - 25 or not submitted to a control on the spot provided for in article L. 612 - 26, the sanction commission may pronounce against him a penalty more than a million euros."
"IV. ― the sanction commission may pronounce, is to place, either extra sanctions to the I and II, a penalty of a maximum amount of 10% of the annual net turnover, including the gross income of the company consisting of interest and similar income, income shares, shares and other variable or fixed income securities and commissions collected under section 316 of Regulation (EU) No. 575/2013 of the European Parliament and". Council of 26 June 2013 in the previous year.
"When the company is a subsidiary of a parent undertaking, the gross income to take into account is that spring consolidated accounts of the ultimate parent undertaking in the previous year.
«When the advantage obtained from failure can be determined, the sanction commission delivers a penalty of a maximum amount of two times the latter.
"V. ― the sanction commission can impose the penalty of a fine, which it fixes the amount and the date of effect.
"VI. ― when the direct and personal responsibility in breaches or offences mentioned in the I and II is established against the persons who effectively direct the business of the undertaking within the meaning of articles L. 511 - 13 or L. 532 - 2, members of the Board of Directors, the Board monitoring, the management board or other body exercising the equivalent functions within a credit institution. , of an investment firm, a financing company, a financial company holding, a financial holding company joint holding company or of a parent undertaking of finance company, the sanction commission may decide, depending on the seriousness of the breach, temporary suspension or resignation from office.
"These sanctions may not, in their duration, exceed ten years.
"VII. — when the direct and personal responsibility in breaches or offences in question is established against the people who run effectively, within the meaning of articles L. 511 - 13 or L. 532 - 2, the activity of a credit institution, of an investment firm, a financing company, company financial holding, a company mixed financial holding or parent company's finance company. the sanction commission may pronounce, either instead or in addition to the sanctions mentioned in VI, a penalty more than five million euros.
«When the advantage obtained from failure can be determined, it delivers a penalty of a maximum amount of two times the latter.
"VIII. — the termination of service in respect of which the liability of a natural person is established, if it intervenes in a time less or equal to one year before the opening of disciplinary proceedings, does not constitute an obstacle to the delivery of one of the penalties provided for by this article.
"IX. — the amount and the type of punishment imposed in respect of the present article are fixed taking into account, inter alia, as appropriate:" 1 ° the severity and the duration of the breaches committed and, where appropriate, of their potential systemic consequences;
2 ° of the degree of responsibility of the author of the breaches, of its financial situation, the importance of the gains obtained or losses that it has avoided, its degree of cooperation with the prudential and resolution authority and shortcomings he previously committed;
«3 ° damages suffered by third parties due to the breaches, if they can be determined.
"X. ― when a sanction proceedings against a natural person pursuant to the provisions of this article, the formation of the authority who decides of the initiation of the proceedings shall notify objections, specifying the elements that might establish his direct and personal responsibility in breaches or offences in question.
"A copy of the notice of objections is addressed to the Board of Directors, supervisory board or any other body performing equivalent functions of the company in which the individual exercises his functions as well as, where appropriate, to the Board of Directors, supervisory board or other body exercising the equivalent functions of the parent undertaking or the central organ of the company in which the individual exercises its functions.
«XI. — in the conditions laid down by Decree in Council of State, the decision of the commission of sanctions is made public in publications, newspapers or media designated by it, in a format that is proportionate to the misconduct and the sanction imposed. The costs are borne by punished people.
"However, the sanction commission decisions are published anonymously in the following cases:" 1 ° when regarding a sanction imposed on a natural person, it is a screening assessment based on the evidence provided by the complainant that the publication of personal data on it cause hardship disproportionate;
«2 ° when the publication not being anonymized will jeopardize the stability of the financial markets or an ongoing criminal investigation;
«3 ° when it is objective and verifiable elements provided by the accused that the harm that would result to a publication not being anonymized would be disproportionate. ''
"When situations referred to in 1 ° to 3 ° are likely to cease to exist within a short time, the sanction commission may decide to postpone the publication during this period.
'XII. — the provisions of this article shall apply to persons who did not comply with the injunction laid down in articles L. 511-12-1 and L. 531 - 6.';
15 ° in the first paragraph of article L. 612 - 43, the words: 'referred to the 6 ° and 7 °' shall be replaced by the words: "mentioned in the 4 ° bis, 6 °, 7 ° and 11 °";
16 °. III of article L. 612 - 44 is supplemented by a paragraph worded as follows: "unless a compelling reason against, the facts or decisions mentioned in II are transmitted simultaneously to the Chairman of the Board of directors or supervision of the credit institution, of the company funding or investment firm concerned, which shall inform this Council as well as members of the Executive Board and to the persons mentioned in article L. 511 - 13 and 4 of article L. 532-2. ';
17 ° the title of section 1 of chapter III of title I is replaced by the following: "monitoring of groups on a consolidated basis."
18 ° is established in section 1 of chapter III of title I, a sub-section 1, entitled: ' supervision on a consolidated basis by the prudential and resolution authority and college of supervisors ", comprising articles L. 613-20-1 to L. 613-20-6;
19 ° article L. 613-20-1 is amended as follows: has) the first paragraph is preceded by an I and the second sentence is replaced by the following: "where the parent undertaking is a company financial holding, a parent undertaking of finance company or a company mixed financial holding within the meaning of articles L. 517 - 1 and L. 517 - 4, prudential and resolution authority exercising supervision on a consolidated basis if the group including meets criteria of structure and. location of its financial activities defined by order of the Minister responsible for the economy. » ;
(b) after the first paragraph are inserted two paragraphs thus worded: "the authority of prudential and resolution may, of a common agreement with the other competent authorities concerned, and because of the relative importance of the activities of the Group investment firms and credit institutions in different countries, agree to exercise supervision on a consolidated basis of a group in place of the competent authority.
«By mutual agreement with the other competent authorities concerned, the authority of prudential and resolution may, because of the relative importance of the activities of the Group investment firms and credit institutions in different countries, decide not to proceed itself to supervision on a consolidated basis and leave this monitoring exercise to another competent authority»;
(c) the second paragraph is preceded by an II and is amended as follows: ― the words: 'this article' shall be replaced by: 'I '.
― After the words: 'overall,' the words are inserted: ' Union or ";
― After the words: "it ensures in particular," shall be inserted the words: ", with the competent authorities concerned, in the normal course of business and, if applicable, in emergency situations";

(d) in the third paragraph, the words: "useful in the normal course of business as in emergency situations" are replaced by the words: "relevant or essential";
(e) the fourth subparagraph is replaced by the following: "2. the planning and coordination of supervisory activities. In emergency situations, this planning and coordination are necessary with the central banks of the European system of central banks. This is true particularly in the case of a negative development of the situation of institutions or the financial markets. » ;
(f) it is complemented by an III and an IV as follows: 'III. ― Surveillance activities mentioned in 2 II include the exceptional measures referred to in articles L. 511-41-3 and L. 612 - 33, permission to use an advanced approach within the meaning of paragraph 2 of article 312 of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 26, 2013, the preparation of joint assessments, the implementation of contingency plans and the provision of information to the public.
"IV. — the authority of prudential and resolution may, exercising supervision on a consolidated group basis, accept supervision of a subsidiary established in another EU Member State or in another State party to the agreement on the European economic area, at the request of the authority responsible for the supervision of the subsidiary. ';
20 ° article L. 613-20-2 is amended as follows: a) the first paragraph is preceded by an I.
b) in the first sentence of the first paragraph, after the words: 'States parties to the European economic area agreement', shall be inserted the words: "responsible for the supervision of subsidiaries or branches of significant importance, and, if applicable, the central banks of the European system of central banks and the supervisory authorities from third countries where appropriate and provided that confidentiality requirements they apply. in the opinion of all the competent authorities within the meaning of the 40 of paragraph 1 of article 4 of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 26, 2013, equivalent to requirements laid down by Decree in Council of State. » ;
c) in the third sentence of the first subparagraph, the word: "competent" is replaced by the words: 'of surveillance. "
d). in the last sentence of the first subparagraph, the word: 'competent' is deleted;
(e) the second paragraph is preceded by an II;
21 ° article L. 613-20-4 is amended as follows: a) the first paragraph is preceded by an I.
(b) in the first subparagraph, the words: "subject to an agreement on their part" shall be replaced by the word: 'common '.
(c) the second paragraph is preceded by an II and is amended as follows: ― the words: "To other EU Member States or other States parties to the European economic area agreement" shall be replaced by the words: 'within the meaning of the 40 of paragraph 1 of article 4 of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 ";
― the words: "a joint decision on ' are replaced by the words:", within a time limit fixed by Decree in Council of State, a joint decision, on the one hand, the appropriateness of the level of own funds held by the group to its financial situation and its risk profile and, on the other hand ';
― the words: 'banking and on a consolidated basis within the meaning of the second paragraph of article L. 511-41-3' shall be deleted;
(d) the third and fourth subparagraphs are replaced by two paragraphs thus worded: 'III. ― The authority of prudential and resolution, as the authority responsible for supervision on a consolidated basis, and the competent authorities shall cooperate to achieve, within a period laid down by Decree in Council of State, a joint decision on the measures to be taken in the presence of any question or any significant findings concerning the monitoring of the liquidity. These measures may focus on the adequacy of the organisation of the Group and on the treatment of liquidity risk and the need for liquidity requirements specific to the establishment in accordance with article L. 511-41-3.
"IV. — in the absence of a joint decision referred to in the I, II or III, prudential and resolution authority to decide alone on a consolidated basis. In the case where one of the competent authorities concerned seized authority European banking in accordance with article 19 of Regulation (EU) no 1093/2010 of the European Parliament and the Council of November 24, 2010, in the respect of deadlines, the prudential and resolution authority suspends its decision on consolidated basis in anticipation of that of authority European banking. Prudential and resolution authority to decide in accordance with the decision of the European banking authority. » ;
22 ° article L. 613-20-5 is amended as follows: a) after the words: 'competent authorities' are inserted the words: 'within the meaning of the 40 of paragraph 1 of article 4 of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 ";
b) the words: "and the European systemic risk Board and ' are replaced by the words:", competent central banks of the European system of central banks and the European systemic risk Board. '' Prudential and resolution authority. "
23 ° in article L. 613-20-6, the word: "section" is replaced by: "subsection";
24 ° section 1 of chapter III of title I is supplemented by a subsection 2 as follows: "subsection 2" supervision on a consolidated basis by a competent authority of another State member of the European Union or of another State party to the agreement on the EEA European «art»» L. 613-21-1. -Prudential and resolution authority cooperates closely with the other competent authorities within the meaning of the 40 of paragraph 1 of article 4 of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 26, 2013 and communicates to them any essential or relevant information for the exercise of their monitoring missions. It transmits them, on request, all relevant information, on its own initiative all essential information.
«Art.» L. 613-21-2. -I. ― the prudential and resolution Authority consults the competent authorities within the meaning of the 40 of paragraph 1 of article 4 of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 26, 2013, before taking any decision likely to affect significantly their supervisory functions and bearing on: "1 ° of changes in ownership, the organization or management of credit institutions that are part of a group;
«2 ° the opening of a procedure which might give rise to the imposition of a sanction, the adoption of a measure provided for in articles L. 612 - 31 at L. 612 - 33 as well as the imposition of a specific requirement of own funds in accordance with article L. 511-41-3 or a limitation to the use of an approach by measuring advanced for the calculation of the capital requirements under paragraph 2 of article 312 of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 26, 2013.»
"II. — prior to the initiation of proceedings or the adoption of any measure referred to in 2 ° of the I, the prudential and resolution authority shall consult the authority responsible for supervision on a consolidated basis.
"III. ― emergency or where such consultation may jeopardise the effectiveness of its decisions, the prudential and resolution authority may refrain from conduct the consultations envisaged in the I and II. In this case, it shall inform without delay of its decision the other competent authorities concerned.
«Art.» L. 613-21-3. -When an authority of another State member of the Union European or party to the agreement on the European economic area responsible for supervision on a consolidated basis of a group consults the authority of prudential and resolution to reach a joint decision on the required level of own funds the group or on the measures to be taken in the presence of any question or any finding of significant importance for the monitoring of liquidity prudential and resolution authority brings all the required cooperation.
"In the case above, prudential and resolution authority may, in accordance with article 19 of Regulation (EU) no 1093/2010 of the European Parliament and of the Council of November 24, 2010 enter the European banking authority within a period laid down by Decree in Council of State.
"If no competent authority within the meaning of the 40 of paragraph 1 of article 4 of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 26, 2013 has entered the European banking authority in accordance with article 19 of Regulation (EU) no 1093/2010 of the European Parliament and of the Council of November 24, 2010, the common decision communicated to the prudential and resolution authority is applicable in France.

«Art.» L. 613-21-4. -The absence of joint decision of the authority of supervision on a consolidated basis, prudential and resolution authority takes a decision, on an individual basis or subconsolidated within the meaning of subsection 49 1 of article 4 of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 26, 2013, on the level required own funds or on measures to be taken in the presence of any question or any finding of significance regarding monitoring of the liquidity. If, during the period fixed by Decree in Council of State, a competent authority within the meaning of the 40 of paragraph 1 of article 4 of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 26, 2013 seized the European banking authority, the authority of prudential and resolution suspends its decision pending from that of the banking authority European. Prudential and resolution authority to decide in accordance with the decision of the European banking authority.
«Art.» L. 613-21-5. -The absence of joint decision of the authority of supervision on a consolidated basis, prudential and resolution authority may, within the period laid down by Decree in Council of State, seize the authority European banking for any decision, taken on an individual basis or subconsolidated by another competent authority within the meaning of the 40 of paragraph 1 of article 4 of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 26, 2013 for the required level own funds or on measures to be taken in the presence of any question or any finding of significant importance for the monitoring of liquidity.
«Art.» L. 613-21-6. -The prudential and resolution authority, when acting as an authority responsible for the supervision of a subsidiary of a company having its seat in another EU Member State or in another State party to the agreement on the European economic area, delegate its responsibility for oversight of the subsidiary in question to the competent authorities within the meaning of the 40 of paragraph 1 of article 4 of the Regulation (EU) No. 575/2013 of the European Parliament and of the Council June 26, 2013 which were approved or who supervise the parent undertaking.
«Art.» L. 613-21-7. -A Council of State Decree specifies the conditions for the application of this subsection. » ;
25 ° in the third paragraph I of article L. 613-31-2, the words: "2 ° of article L. 612 I - 33" are replaced by the words: "3 ° of article l. I. 612-33 ';
26 ° (a) article l. 613-31-14, after the words: "credit institution, a financial company", is inserted the word: 'holding '.
27 ° in the first paragraph I of article l. 613-31-15, the words: ' article L. 511 - 20 ' are replaced by the words: "III of article L. 511 - 20 ';
28 ° in section 3 of chapter III of title I, before article L. 613 - 33, it is restored article L. 613 - 32 as follows: «art.» L. 613-32. -I. ― the prudential and resolution authority Exchange with the competent authorities within the meaning of articles L. 511 - 21 and L. 532 - 16, information relating to credit institutions and investment firms other than corporations portfolio management benefiting from the freedom of establishment or the freedom to provide services relating to: 'a) the management and ownership of these establishments or undertakings in order to facilitate their monitoring and review of the conditions of their approval;
'(b) other elements likely to facilitate their monitoring, especially in the area of liquidity, solvency, security deposits, limitation of large exposures, administrative and accounting procedures and oversight mechanisms internal;
'c) the components liable to affect the systemic risk posed by these institutions or companies.
"She informed these authorities: ' a) any finding on the liquidity of these establishments or undertakings insofar as this information is relevant for the protection of depositors or investors in the State of home or to the financial stability of it;
"(b) of the occurrence of a crisis of liquidity or reasonable risk of occurrence of such a crisis and the measures taken in this context.
«II. — at the request of the competent authorities of the host Member State to a credit institution or of an investment firm other than a management company's portfolio benefiting from the freedom of establishment in accordance with articles L. 511 - 27 or l 532 - 23, the prudential and resolution authority shall inform the competent authorities of the provisions it has taken following the findings and information that had been communicated to him. '' When the competent authorities of the host Member State themselves take steps on the ground that those provisions are not appropriate, the prudential and resolution authority may seize the European banking authority in accordance with article 19 of Regulation (EU) no 1093/2010 of the European Parliament and of the Council of November 24, 2010.
"III. — the authority of prudential and resolution may request the competent authorities of the Member State of origin of a credit institution or of an investment firm other than a portfolio management company benefiting from the freedom of establishment in accordance with articles L. 511 - 22 or L. 532-18-1, information on measures they have taken following the findings and information she provided them. If it considers that the competent authorities of the Member State of origin did not take appropriate measures, it may, after having informed the authorities and European banking authority, take the appropriate measures to prevent new offences to protect depositors or investors or the stability of the financial system.
"IV. — the prudential and resolution authority can seize the authority European banking if a request for cooperation, in particular for the exchange of information, laid down in this article, has been rejected or has not been followed up within a reasonable time. ''
'A decree in Council of State specifies the conditions for the application of this article.';
29 ° after article L. 613 - 32, it is inserted an article L. 613-32-1 worded as follows: «art.» L. 613-32-1. -I. ― the prudential and resolution authority may apply to the authority which ensures the supervision on consolidated basis of a group or to the competent authorities within the meaning of articles L. 511 - 21 or L. 532 - 16 branch established in France of a credit institution or an investment firm of respectively mentioned in articles L. 511 - 22 or L. 532-18-1 is considered as having a significant importance. Where no decision is taken within the time limit, the prudential and resolution authority to decide itself.
«II. — where the authority of prudential and resolution is entered as the authority competent in the Member State of origin by the competent authorities of a host Member State of a reasoned request to that a branch of a credit institution or of an investment firm referred to respectively in articles L. 511 - 27 or l 532 - 23 is considered as having significance in that State. It confers with the competent authority of that State to reach a joint decision on the significance of the branch.
"When prudential and resolution authority is seized in its capacity as supervisory authority on consolidated basis by the competent authorities of a host Member State of a reasoned request to that a branch of a credit institution or of a mentioned respectively investment firm in articles L. 511 - 27 or l 532 - 23 is considered as having significance in that State. It confers with the competent authority of that State and the competent authority of the Member State of origin to reach a joint decision on the significance of the branch.
"III. — when a credit institution or an investment controlled firm of prudential and resolution authority established in another Member State of the European Union or party to the European economic area agreement a branch of significant importance, prudential and resolution authority:" 1 ° shall communicate to the competent authorities of the host Member State the essential and relevant information referred to in article L. 613-21-1;
"2 ° fulfilling the planned tasks to 2 of II of article L. 613-20-1.
"When the authority prudential and resolution, in its capacity as authority responsible for the supervision of a credit institution or an investment firm of which branches of significant importance, is aware of a situation referred to in article L. 613-20-5, it alerts without delay the persons mentioned in this article as well as those referred to in article L. 612 - 11
"IV. ― when section 1 of this chapter does not apply, the prudential and resolution authority may, in its capacity as supervisory authority of a credit institution or to business investment with branches of significant importance, establish and chair a college of supervisors."
«V. ― This article do not apply to investment firms:

"1st exclusively authorized to provide one or more of the services mentioned investment to 1, 2, 4 and 5 of article L. 321 - 1 and are not allowed to hold funds or securities of clients; or "2 ° which are not authorised to provide one or more services of investment mentioned in the 3, 6-1 and 6-2 of article L. 321 - 1.»
«VI. ― a decree in Council of State determines the conditions for the application of this article, including criteria for assessing the significance of a branch and the procedures to be followed with the authorities concerned of the other States members of the European Union or parties to the European economic area agreement and the authority European banking. ';
30 ° article L. 613 - 33 is amended as follows: has) is inserted after the first paragraph, a paragraph worded as follows: "the prudential and resolution authority may, for statistical purposes, require establishments mentioned in articles L. 511 - 22 and L. 511 - 23 whether they directed him periodic reports on the activities of the branch.»
(b) in the second paragraph, the word: «It» is replaced by the words: 'the authority of prudential and resolution ";
(c) in the third paragraph, after the words: "under 7 ° of article L. 612 - 39 ', shall be inserted the words: ', at 5 ° of article l. I. 612-40";
(d) the last paragraph is supplemented by the words: "and referral to the European banking authority".
31 ° it is inserted after article L. 613-33-3, an article L. 613-33-4 worded as follows: «art.» L. 613-33-4. -The prudential and resolution authority may carry out checks on the spot of branches of investment firms other than portfolio management companies, mentioned in article L 532-18-1 under the conditions laid down by Decree in Council of State. » ;
32 ° in article L. 613 - 35, the words: ' in article L. 612 - 39 ' are replaced by the words: ' in articles L. 612 - 39 and L. 612 - 40 ";
33 ° in article L. 614 - 2, the words: 'European Communities' shall be replaced by the words: 'of the European Union ';
34 ° in the second and third paragraphs of article L. 621 II - 15, the words: ' article L. 612 - 39 ' are replaced by the words: "articles L. 612 - 39 and L. 612 - 40";
35 ° article L. 631-2-1 is amended as follows: a) the 4 ° shall be replaced by the following: ' 4 ° may, on proposal of the Governor of the Bank of France, impose on the persons referred to in 1 ° and 9 ° of the A to I of article L. 612 - 2 as well as the persons defined in article L. 533-2-1 the establishment of a contra-cyclical cushion under 1 ° of the II of article L. 511-41-1 A and article L. 533-2-1;
«4 ° bis, on proposal of the Governor of the Bank of France, it can impose on the persons referred to in 1 ° and 9 ° of the A to I of article L. 612 - 2 as well as the persons defined in article L. 533-2-1 setting up a cushion for systemic risk under 4 ° of the II of article L. 511-41-1 A and article L. 533-2-1;
«4 ° ter it may, on proposal of the Governor of the Bank of France, supervisory and resolution Authority president, the measures provided for in article 458 of Regulation (EU) No. 575/2013 of the European Parliament and the Council of June 26, 2013, for the undertakings to which this article applies in respect of finance companies»;
(b) in the eleventh and twelfth paragraphs, references: '4 ° and 5 °' shall be replaced by references: '4 ° to 5 °.
(c) after the twelfth preambular paragraph, there shall be inserted a paragraph worded as follows: "the decisions mentioned in the 4 ° and 4 ° bis subject to a publication.";
36 ° in section 1 of chapter II of title III, sub-section 1, before it is inserted a subsection 1 as follows: "sub-section 1" General provisions «Art»» L a. 632-1 – any confidential information received by the authority prudential and resolution, the Bank of France and the authority of the markets on the part of a European supervisory authority, the European Committee of systemic risk, an authority within a Member State of the European Union or a State party to the agreement on the EEA, or from a third country shall not be disclosed without the consent of the authority or Committee that have access them and where appropriate, solely for the purposes for which consent was given. » ;
37 ° subsection 1 of section 1 of chapter II of title III becomes subsection 2 of that section;
38 ° article L. 632 - 1 is supplemented by a paragraph worded as follows: "a decree in Council of State specific detailed rules for the application of this article.";
39 ° subsection 1A of section 1 of chapter II of title III becomes the subsection 3 of that section;
40 ° article L. 632-6-1, a paragraph worded as follows is added: 'the conditions for the application of this article shall be established by Decree in Council of State.';
41 ° subsection 2 of section 1 of chapter II of title III becomes subsection 4 of that section;
42 ° article L. 632 - 7 is amended as follows: a) the e of the II and III are replaced by the following: "e) responsible for the supervision of the persons responsible for the statutory audit of the accounts of the undertakings listed in the a of this II;
"(f) responsible for the management of guarantee of deposits and investor-compensation schemes.
"The information provided benefit from guarantees of professional secrecy at least equivalent to those which are subject the French authorities parties to these agreements.
"This exchange of information must be intended for the performance of the tasks of such authorities or persons.";
(b) the IV became the III;
43 ° in article L. 632 - 12, the words: 'that carrying out this audit' shall be replaced by the words: "that carrying out these checks ';
44 ° sub-section 3 of section 1 of chapter II of title III becomes the subsection 5 of this section;
45 ° after article L. 632 - 12, inserted an article L. 632-12-1 worded as follows: «art.» L 632-12-1. -By way of derogation from the provisions of Act No. 68-678 of 26 July 1968 on the communication of documents and information for economic, commercial, industrial, financial or technical to foreign legal and physical persons, the prudential and resolution authority may exchange any useful information with authorities or persons of another State member of the Union European or of another State party to the European economic area agreement , which are: 'a) responsible collective procedures of the investment firms and of any other similar proceedings;
«b) responsible for the monitoring of bodies involved in the liquidation and bankruptcy of credit and the investment firms and other similar procedures in institutions;
"(c) responsible for the management of guarantee of deposits and investor-compensation schemes;
"d) responsible for contractual or institutional protection systems as defined in paragraph 7 of article 113 of Regulation (EU) No. 575/2013 of the European Parliament and the Council of June 26, 2013;
"(e) responsible for agencies supervising loaded contractual or institutional protection systems as defined in paragraph 7 of article 113 of Regulation (EU) No. 575/2013 of the European Parliament and the Council of June 26, 2013;
' f) responsible for the legal control of the accounts of investment firms, financial institutions within the meaning of article L. 511 - 21, credit institutions, payment institutions, institutions electronic money and insurance undertakings, in the exercise of their function of monitoring or the exercise of their functions in the case of managers of compensation schemes;
«g) responsible for the supervision of the persons responsible for the statutory audit of the accounts of investment firms, financial institutions within the meaning of article L. 511 - 21, credit institutions, payment institutions, electronic money institutions and insurance companies. ''
"This exchange of information must be intended for the execution of the tasks of the authorities or persons referred to in the first subparagraph.
"The information provided must also to benefit from the guarantees of professional secrecy at least equivalent to those before the prudential and resolution authority.";
46 ° in the second paragraph of article L. 632 - 13, after the words: "financial company", is inserted the word: 'holding '.
47 ° the second paragraph of article L. 632 - 15 is deleted;
48 ° after article L. 632 - 15, it is inserted an article L. 632-15-1 worded as follows: «art.» L 632-15-1. -Any confidential information received by the authority prudential and resolution on the part of an authority or a person of another Member State of the European Union or of another State party to the agreement on the EEA European or a third country cannot be disclosed without the consent of the authority or the person that have access them and where appropriate, solely for the purposes for which it has agreed. » ;
49 ° in the third paragraph of article L. 632 - 16, the words: ' article L. 632 - 5 and III of article L. 632 - 7» are replaced by the words: "articles l 632 - 5 and L. 632-1a";
50 ° article L. 633 - 1 is amended as follows:

(a) in the second paragraph, the words: «regulated entities in the Group and the competent authorities» are replaced by the words: "regulated entities of the group, the competent authorities" and after the words: "the Joint Committee of European supervisory authorities" shall be inserted the words: «within the meaning of article 54 of Regulation (EU) no 1093/2010, Regulation (EU) no 1094/2010 and Regulation (EU) No 1095/2010»
(b) it is supplemented by a paragraph worded as follows: "If the authority of prudential and resolution or, where appropriate, the financial markets authority considers that a regulated entity referred to in article L. 517 - 2 and is subject to its controls in application of articles L. 612 - 2 or L. 621 - 9 belongs to a group that can be a financial conglomerate and which has not yet been identified as such It shall inform the other competent authorities concerned and the Joint Committee of European supervisory authorities. » ;
51 ° article L. 633 - 2 is amended as follows: a) to the I, the words: "in cases specified by regulation' shall be deleted;
(b) in II, the words: "defined by regulation" are replaced by the words: "determined the structure and organization of the conglomerate.
(c) it is complemented by an III worded as follows: 'III. — The provisions of this article are specified by Decree of the Ministers responsible for the economy, social security and mutuality. » ;
52 ° article L. 633 - 3 is amended as follows: has) in the fourth paragraph, the words: "this code and article L. 334 - 8 of the code of insurance ' shall be deleted;
(b) it is supplemented by a paragraph worded as follows: 'She may submit the financial conglomerate to crisis simulation exercises, in cooperation with the relevant competent authorities.';
53 ° article L. 633 - 5 is amended as follows: a) the second sentence is deleted;
b) in the third sentence, the word: 'They' shall be replaced by the words: "these agreements."
(c) it is supplemented by a paragraph worded as follows: "the conditions for the application of this article are specified by Decree in Council of State.";
54 ° in article L. 633 - 6, the words: 'regulatory way' are replaced by the words: "Decree in Council of State."
55 ° article L. 633 - 7 is amended as follows: has) the words: 'and the European Central Bank' shall be replaced by the words: ", the European Central Bank, the European Committee of the systemic risk as well as with the Joint Committee of European supervisory authorities";
(b) it is supplemented by a paragraph worded as follows: "the conditions for the application of this article are specified by Decree in Council of State.";
56 ° section 4 of chapter III of title III is supplemented by an article L. 633-7-1 worded as follows: «art.» L 633-7-1. -Cooperation between authorities, the performance of the tasks of the Coordinator and, if applicable, coordination and cooperation with the relevant supervisory authorities of third countries are insured in compliance with confidentiality requirements and applicable law, through colleges of supervisors referred to in article L. 613-20-2 or instances registered in the insurance sector.
"The Coordinator, as a college president, designates the competent authorities mentioned in 4 ° of article L. 517 - 2 who participate in a meeting or any activity of the college, subject to the applicable sectoral rules.
"Coordination agreements established in accordance with article L. 633 - 5 are included separately in the written coordination arrangements set in place in the colleges of supervisors or homologous instances mentioned above";
57 ° in article L. 633 - 8, the words: "the Coordinator" shall be replaced by the words: "the Coordinator".
58 ° article L. 633 - 10 is amended as follows: a) the first three paragraphs are grouped under an I;
(b) it is supplemented by a paragraph worded as follows: "(II). "― When prudential and resolution authority or, where appropriate, in specific cases, the financial markets authority wishes to verify information about an entity, regulated or not, that belongs to a financial conglomerate that has its seat in another EU Member State European or party to the agreement on the European economic area, it asks the competent authorities of that State to carry out this verification the procedure mentioned in the I."
59 ° II of article L. 633 - 12, the words: ' in article L. 612 - 40» are replaced by the words: ' in articles L. 612 - 39 and L. 612 - 40 ";
60 ° in article L. 633 - 14, the reference: "L. 334 - 9" is replaced by the reference: "L. 633 - 2.


Article 5 read more on this article...

Books 1st to VI of the same code, with the exception of articles L. 141 - 1, L. 141 - 2, L. 141 - 4, L. 141 - 5, 143 - 1 and L. 611 - 1, the words: 'the European Community' shall be replaced by the words: 'the European Union '.

Chapter II: Provisions amending the insurance code, the code of mutuality and the code of social security Article 6 in more on this article...

The insurance code is amended as follows: 1 ° to the first paragraph of article L. 310 - 28, the reference: "L. 334 - 2» is replaced by the words:" L. 517 - 4 of the monetary and financial code ";
2 ° in 1 ° and 2 ° of article L. 322-1-2, the words: "companies mixed financial holding company within the meaning of article l 334 - 2» are replaced by the words:" companies mixed financial holding company within the meaning of article L. 517 - 4 of the monetary and financial code.
3 ° in the first paragraph of article L. 322 - 2, the words: "a company mixed financial holding defined in article l 334 - 2» are replaced by the words:" a company mixed financial holding defined in article L. 517 - 4 of the monetary and financial code ';
4 ° in section 1 of chapter II of title II of Book III, after article L. 322 - 3, it is inserted an article L. 322-3-1 worded as follows: «art.» L. 322-3-1. - in the business of insurance and reinsurance, with the exception of those referred to in article L. 322 - 3, the Committee referred to in article L. 823 - 19 of the French code of commerce also monitors policy, procedures and risk management systems.
'However, upon decision of the body responsible for the administration or monitoring, this mission may be entrusted to a separate Committee, governed by the second and last paragraphs of article L. 823 - 19';
5 ° to 1 ° of article l 323 - 8, references: '2 °, 3 ° and 4 ° of the I' shall be replaced by references: "3 °, 4 ° and 7 ° of the I ';
6 ° in article L. 328 - 5, the words: ' 4 ° of article L. 612 I - 33 "are replaced by the words:" 7 ° of the I of article L. 612 - 33 ';
7 ° A article l 334 - 2, 8 °, 9 °, 10 ° and 12 ° shall be repealed;
8 ° (a), article l 334 - 3, a third subparagraph worded as follows shall be inserted: "enterprises subject to the control of the State in application of article L. 310 - 1 and article L. 310-1-1 having their registered office in France and subsidiaries of a company mixed financial holding within the meaning of article L. 517 - 4 of the monetary and financial code, also subject to supplementary supervision in the manner provided in this section.";
9 ° in section 2 of chapter IV of title III of Book III, after article L. 334-3-1, it is an article inserted L. 334-3-2 worded as follows: «art.» L. 334-3 - 2.-I. — when a company mixed financial holding within the meaning of article L. 517 - 4 of the monetary and financial code notes provisions equivalent to the title of the supplementary supervision of group within the meaning of article l 334 - 3 and the title of the monitoring supplementary financial conglomerate to the title of article L. 517 - 6 of the monetary and financial code, especially concerning the risk-based surveillance , the prudential and resolution authority may, after consultation with the other competent authorities concerned within the meaning of article L. 517 - 2 of the monetary and financial code, apply only articles L. 517 - 6 and L. 517 - 8 of the monetary and financial code.
«II. — when a company mixed financial holding within the meaning of article L. 517 - 4 of the monetary and financial code notes provisions equivalent to the title of the consolidated supervision within the meaning of article L. 613-20-1 of the monetary and financial code and the title of the supplementary supervision of group within the meaning of article l 334 - 3, especially as regards surveillance based on risk. , in agreement with the competent authority in charge of the consolidated supervision of the banking group, prudential and resolution authority can only apply to a company mixed financial holding that the provisions applicable to the most important sector determined in accordance with article L. 517 - 3 of the monetary and financial code.
"III. ― decisions taken in pursuance of the I and II is borne of the European insurance and occupational pensions authority and the European banking authority knowledge prudential and resolution authority.";
10 ° article l 334 - 4 is replaced by the following: «art.» L. 334-4.-the undertakings listed in article L. 310 - 1 and 1 ° of the article III L. 310-1-1 in a financial conglomerate within the meaning of article L. 517 - 3 of the monetary and financial code, are subject to supplementary supervision in the conditions laid down in Chapter VII of title I of book V of the monetary and financial code and chapter III of title III of Book VI of the code without prejudice to the sectoral rules which are applicable to them. » ;
11 ° articles L. 334 - 5, L. 334 - 7 and l 334 - 8 are hereby repealed.

12 ° in the first paragraph of article L. 345 - 2, the words: ' to 9 ° of article L. 334 - 2» are replaced by the words: ' in article L. 517 - 4 of the monetary and financial code.


Article 7 read more on this article...

Code of mutuality is amended as follows: 1 ° to the first paragraph of article L. 111-4-2, the words: "companies financial mixed holding, within the meaning of article L. 212-7-1," shall be replaced by the words: "companies financial mixed holding, within the meaning of article L. 517 - 4 of the monetary and financial code ';
2 ° after article L. 212-3-1, it is inserted an article L. 212-3-2 worded as follows: «art.» L. 212-3-2. -In the mutuals governed by this book, with the exception of those mentioned in article L. 212-3-1, the Committee mentioned in article L. 823 - 19 of the French code of commerce also keeps track of the policy, procedures and risk management systems.
'However, upon decision of the body responsible for the administration or monitoring, this mission may be entrusted to a separate Committee, governed by the second and last paragraphs of article L. 823 - 19';
3 ° article L. 212-7-1 is amended as follows: a) the 8 °, 9 °, 10 ° and 12 ° shall be repealed;
(b) to 13 ° after the words: 'in article L. 212-7-2' shall be inserted the words: "of the present code."
4 ° to the first paragraph of article L. 212-7-2, after the words: ' insurance fund or ", are inserted the words: ' company mixed financial holding within the meaning of article L. 517 - 4 of the monetary and financial code or";
5 ° article L. 212-7-4 is replaced by the following: «art.» L. 212-7-4. -The mutual societies and unions covered by this book within a financial conglomerate within the meaning of article L. 517 - 3 of the monetary and financial code subject to supplementary supervision in accordance with Chapter VII of title I of book V of the monetary and financial code and by chapter III of title III of Book VI of the same code without prejudice to the sectoral rules which are applicable to them. » ;
6 ° after article L. 212-7-4, it is inserted an article L. 212-7-4-1 worded as follows: «art.» L. 212-7-4-1. -I. ― when a company mixed financial holding within the meaning of article L. 517 - 4 of the monetary and financial code notes provisions equivalent to the title of supplementary supervision of group within the meaning of article L. 212-7-2 and the title of the supplementary supervision of financial conglomerate referred to in article L. 212-7-4 of the code, particularly with regard to risk-based surveillance , the prudential and resolution authority may, after consultation with the other competent authorities concerned within the meaning of article L. 517 - 2 of the monetary and financial code, apply only articles L. 517 - 6 and L. 517 - 8 of the same code.
«II. — when a company mixed financial holding within the meaning of article L. 517 - 4 of the monetary and financial code notes provisions equivalent to the title of the consolidated supervision within the meaning of article L. 613-20-1 of the monetary and financial code and the title of the supplementary supervision of group within the meaning of article L. 212-7-2, particularly with regard to risk-based surveillance. , in agreement with the competent authority in charge of the consolidated supervision of the banking group, prudential and resolution authority can only apply to a company mixed financial holding that the provisions applicable to the most important sector determined in accordance with article L. 517 - 3 of the monetary and financial code.
"III. ― decisions taken in pursuance of the I and II is borne of the European insurance and occupational pensions authority and the European banking authority knowledge prudential and resolution authority.";
7 ° the articles L. 212-7-5, L. 212-7-7 and L. 212-7-8 are hereby repealed.
8 ° to 1 ° of article L. 212 - 27, the reference: '2 °, 3 ° and 4 ° of the I' is replaced by: '3 °, 4 ° and 7 ° of the I.


Article 8 more on this article...

The social security code is amended as follows: 1 ° to 1 ° of article L. 931-18-1, the reference: '2 °, 3 ° and 4 ° of the I' is replaced by: "3 °, 4 ° and 7 ° of the I ';
2 ° article L. 933 - 2 is amended as follows: a) the 7 °, 8 °, 9 ° and 11 ° are repealed;
(b) at 12 ° after the words: ' in article L. 933 - 3 ', shall be inserted the words: "of this code".
3 ° to the first paragraph of article L. 933 - 3, after the words: ' insurance fund or ", are inserted the words: ' company mixed financial holding within the meaning of article L. 517 - 4 of the monetary and financial code or";
4 ° article L. 933-4-1 is replaced by the following: «art.» L. 933-4-1. - the institutions for welfare within a financial conglomerate within the meaning of article L. 517 - 3 of the monetary and financial code are subject to supplementary supervision in the conditions laid down in Chapter VII of title I of book V of the monetary and financial code and chapter III of title III of Book VI of the same code, without prejudice to the sectoral rules which apply to them. » ;
5 ° after article L. 933-4-1, are inserted, articles L. 933-4-1-1 and L. 633-4-1-2 as follows: «art.» L. 933-4-1 - 1.-I. — when a company mixed financial holding within the meaning of article L. 517 - 4 of the monetary and financial code notes provisions equivalent to the title of supplementary supervision of group within the meaning of article L. 933 - 3 and the title of the supplementary supervision of financial conglomerate referred to in article L. 933-4-1 of the code, particularly with regard to risk-based surveillance , the prudential and resolution authority may, after consultation with the other competent authorities concerned within the meaning of article L. 517 - 2 of the monetary and financial code, apply only articles L. 517 - 6 and L. 517 - 8 of the same code.
«II. — when a company mixed financial holding within the meaning of article L. 517 - 4 of the monetary and financial code notes provisions equivalent to the title of the consolidated supervision within the meaning of article L. 613-20-1 of the monetary and financial code and the title of the supplementary supervision of group within the meaning of article L. 933 - 3, especially as regards surveillance based on risk. , in agreement with the competent authority in charge of the consolidated supervision of the banking group, prudential and resolution authority can only apply to a company mixed financial holding that the provisions applicable to the most important sector determined in accordance with article L. 517 - 3 of the monetary and financial code.
"III. ― decisions taken in pursuance of the I and II is borne of the European insurance and occupational pensions authority and the European banking authority knowledge authority prudential and resolution.
«Art.» L. 933-4-1-2.-within the institutions of insurance governed by this title, with the exception of those referred to in article L. 931-14-1, the Committee referred to in article L. 823 - 19 of the French code of commerce monitors also policy, procedures and risk management systems.
'However, upon decision of the body responsible for the administration or monitoring, this mission may be entrusted to a separate Committee, governed by the second and last paragraphs of article L. 823 - 19';
6 ° the articles L. 933-4-2, L. 933-4-4 and L. 933-4-5 are repealed.

Chapter III: Provisions various Article 9 read more on this article...

I. ― article 235 ter ZE of the general code of taxes is amended as follows: 1 ° the words: "articles L. 511 - 41,», wherever, are replaced by the words:"the I of article L. 511 - 41 and articles ";
2 ° after each occurrence of the words: 'group in the sense', shall be inserted the words: "of the III";
3 ° to the first paragraph of the VI, after the words: 'group, in the sense', shall be inserted the words: "of the III.
II. — in the last paragraph of II of article 6 of order No. 58 - 17 November 1958 above 1100, the words: ' article L. 511 - 33 "are replaced by the words:" of the I of article L. 511-33.
III. ― in the nineteenth paragraph II of article 6 of law No. 2008 - 16 October 2008 above 1061, the words: «in articles L. 511 - 41 and L. 613-20-4» are replaced by the words: "to the I of article L. 511 - 41 and I of article L. 613-20-4.
IV. ― A article 11 of the above-mentioned Ordinance No. 2005-722, 29 June 2005, the words: ' in articles L. 511 - 33 and L. 511 - 34 "are replaced by the words:" to the I of article L. 511-- 33 and article L. 511 34.

Chapter IV: Transitional and final provisions Article 10 read more on this article...

I. ― the b of 5 ° of article 4 of this order and the fourth to tenth paragraphs of article L. 613 - 32 of the monetary and financial code as their of this order shall enter into force on the date on which the requirement to cover the liquidity needs is applicable, in accordance with the delegated Act adopted pursuant to section 460 of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 26, 2013.
II. — has the same date: 1 ° the seventh paragraph of article L. 511 - 24 of the monetary and financial code as amended by this order is deleted;
2 ° the 1 ° of III of article L. 613-32-1 of the monetary and financial code, as amended by this order, is replaced by the following provisions:

«1 ° shall communicate to the competent authorities of the host Member State the essential and relevant information referred to in article L. 613-21-1 as well as the conclusions of the evaluations it has carried out in accordance with articles L. 511-41-1 C and L. 533-2-3 and, where appropriate, the decisions taken on the basis of articles L. 511-41-3, L. 612 - 32, L. 612 - 33 and L. 613-20-4 ';
3 ° the second paragraph of article L. 613 - 33 of the monetary and financial code, as amended by this order, shall be replaced by the following: "for the exercise of this monitoring mission for purposes of information or statistics or to assess if a branch is of significant importance, the prudential supervisory authority and resolution may require institutions referred to in articles L. 511 - 22 and L. 511 - 23 whether they directed him periodic reports containing all information required on the activities of their branch. "III. II, III, and IV of article L. 511 - 52 and the II, III and IV of article L. 533 - 26 of the monetary and financial code as their of this order, shall enter into force on July 1, 2014.
IV. — the provisions of articles L. 511-41-1 and L. 533-2-1 come into force on terms laid down by order of the Minister responsible for the economy and no later than January 1, 2019.
V. — credit institutions, financial holding companies and companies financial holding mixed, and investment firms publish July 1, 2014 the information referred to in 1 °, 2 ° and 3 ° of article L. 511 III - 45 of the monetary and financial code, as amended by this order, relating to the exercise ended on December 31, 2013. The provisions of article L. 511 V - 45, the monetary and financial code, as amended by this order, apply to this information.
VI. — 1 July 2014 at the latest, credit institutions and investment firms other than corporations of management, which are global systemic importance, of which the list is drawn up by the supervisory authority and resolution pass, on a confidential basis, to the European Commission the information mentioned in the 4 °, 5 ° and 6 ° of III of article L. 511 - 45 of the monetary and financial code as amended by this order.
VII. ― article L. 511 - 78 of the monetary and financial code, as amended by this order is applicable to remuneration paid in respect of fiscal years beginning on or after January 1, 2014.


Article 11 read more on this article...

The Prime Minister and the Minister of economy and finance are responsible, each in relation to the application of this order, which will be published in the Official Journal of the French Republic.

Is February 20, 2014.
François Hollande by the President of the Republic: Prime Minister Jean-Marc Ayrault of the economy and finance, Minister Pierre Moscovici