Book II: Products

The deposits referred to in 4° of I of article L. 214-24-55 are deposits made with a credit institution that are repayable on demand or can be withdrawn and have a maturity of twelve months or less, provided that the credit institution has its registered office in a Member State of the European Union or in another State party to the Agreement on the European Economic Area or, if its…

A general-purpose investment fund may enter into the financial contracts referred to in 5° of I of Article L. 214-24-55 on the markets referred to in 1°, 2° or 3° of I of Article R. 214-32-18 or traded over-the-counter, under the following conditions : 1° These contracts relate to one or more of the following: a) The assets referred to in article L. 214-24-55, including instruments with one or more…

Contracts entered into by a general purpose investment fund may relate to : a) Commodities. Exposure to any one commodity contract may not exceed 10% of the assets. Significant correlations between commodity contracts entered into by the general purpose investment fund shall be taken into account in assessing this limit in accordance with the procedures laid down in the general regulations of the Autorité des marchés financiers. The unwinding of…

The investment underlying the financial contracts is taken into account for the application of the provisions of I and II of article R. 214-32-29 and of article R. 214-32-33. When these financial contracts are based on indices meeting the conditions defined in I of article R. 214-32-25, the provisions of the first paragraph may be waived.

I. – When an eligible financial security or money market instrument referred to in article L. 214-24-55 includes a financial contract that simultaneously meets the three conditions mentioned below, the latter is taken into account for the application of articles R. 214-32-24 and R. 214-32-41. These conditions are as follows 1° As a result of its presence, all or part of the cash flows that would otherwise be involved in…

I. – The financial indices referred to in Article R. 214-32-22 satisfy the following conditions: 1° Their composition is sufficiently diversified, in the sense that the following criteria are met: a) The index is composed in such a way that price movements or trading activities affecting one of its components do not have an abnormal influence on its overall performance ; b) When the index is composed of instruments mentioned…

A general-purpose investment fund may enter into financial contracts meeting the characteristics of credit derivatives which satisfy the following criteria: 1° They make it possible to transfer the credit risk associated with an asset referred to in 1° of Article R. 214-32-22 independently of the other risks associated with this asset; 2° They give rise to the delivery or transfer of assets mentioned in article L. 214-24-55, including in the…

I. – A general-purpose investment fund may use techniques and instruments relating to eligible financial securities and money market instruments, and in particular repurchase agreements and similar transactions for the temporary purchase or sale of securities, provided that these techniques and instruments are used for the purpose of efficient portfolio management. Under no circumstances will these techniques and instruments cause the general-purpose investment fund to deviate from its investment objectives…

I. – A general purpose investment fund may not grant loans or act as guarantor on behalf of third parties. It may, however, acquire financial instruments referred to in article L. 214-24-55 which are not fully paid up. II. – A general-purpose investment fund may, in order to achieve its management objective, receive or grant the guarantees mentioned in article L. 211-38, under the conditions defined in that same article,…

I. – A general purpose investment fund may not invest more than : 1° 5% of its assets in eligible financial securities or money market instruments issued by the same issuer ; 2° 20% of its assets in eligible financial securities or money market instruments issued by the same entity; 3° 20% of its assets in deposits placed with the same entity. The general-purpose investment fund’s counterparty risk on a…