The ACPR shall grant an authorisation to a branch of a third country credit institution only if the credit institution to which the branch is affiliated undertakes to carry out, in respect of that branch, tasks equivalent to those which are entrusted to the Board of Directors, the Supervisory Board, or any other body exercising equivalent supervisory functions, as well as to the General Assembly. Branches having been granted authorisation before 22 May 2015 shall have up to 18 months, i.e. until 22 November 2016, to produce such a commitment.
The effective management of the activity of these branches shall be carried out by at least two persons in accordance with Article L. 511-13 of the Monetary and Financial Code. If these branches are of significant importance, they shall be required to demonstrate the existence of a risk committee and a remuneration committee or a system to achieve the same objectives, competent for these branches.
The ACPR shall also assess the elements that ensure a sound and prudent management of the credit institution. The Authority shall refuse authorisation if the exercise of supervisory powers of the applicant company could either be hindered by capital links or direct or indirect links between the company and other natural or legal persons, or by the existence of legislation or regulations of a country not belonging to the European Economic Area covering one or more of those persons.
The ACPR shall also refuse authorisation if the information submitted is incomplete.