Book II: Products

The liquid financial instruments referred to in 8° of I of Article L. 214-36 are : 1° Treasury bills ; 2° Money market instruments referred to in 2° of I of article L. 214-24-55 whose remuneration does not depend, directly or indirectly, on the value of one or more financial contracts; 3° Bonds traded on a market referred to in Articles L. 421-1, L. 422-1 and L. 423-1 which are…

The liquid assets referred to in 9° of I of article L. 214-36 are : 1° Demand deposits made with the custodian of the real estate investment trust, which satisfy conditions 3° and 4° of article R. 214-92 and whose remuneration does not depend, directly or indirectly, on the value of one or more forward financial instruments. These sight deposits are made by the undertaking strictly within the limits of…

The units or shares of undertakings referred to in 5° of the I of article L. 214-36 may represent more than 10% of the assets of the undertaking for collective investment in real estate, subject to compliance with the conditions set out in article R. 214-120. The conditions for assessing the 20% ratio referred to in article R. 214-86 are those set out in I of article R. 214-87 and…

I. – The financial instruments mentioned in 6° and 7° of the I of article L. 214-36 and in article R. 214-93 issued by the same entity may not represent more than 10% of the assets of the undertaking for collective real estate investment. The limit mentioned in the first paragraph does not apply: 1° To the bonds referred to in 3° of Article R. 214-93 ; 2° Bonds covered…

An undertaking for collective real estate investment may not hold more than 20% of the same category of financial instruments mentioned in 4°, 6° and 7° of the I of article L. 214-36 and in article R. 214-93 of the same entity. For the assessment of this limit, each of the following financial instruments constitutes a category: 1° Shares or units in the same entity ; 2° Transferable securities giving…

Subject to the limits and conditions defined in the General Regulation of the Autorité des marchés financiers, the limits defined in articles R. 214-96 and R. 214-97 do not apply to units or shares of French UCITS covered by sub-section 1 or FIAs covered by paragraph 1 of sub-section 2 of section 2 of Chapter IV of Title I of Book II or foreign UCITS approved in accordance with Directive…

The term deposits referred to in article R. 214-92 made with the same credit institution by an undertaking for collective real estate investment may not represent more than 20% of its assets. This ratio does not apply to term deposits made with the undertaking’s custodian.

In assessing the quota referred to in 2° of Article L. 214-37, account is taken of : 1° The deposits referred to in article R. 214-92 and in 1° of article R. 214-94 made by the undertaking for collective real estate investment ; 2° The liquid financial instruments referred to in Article R. 214-93 held by the undertaking.

If the quota referred to in 2° of article L. 214-37 is not met at the end of the three-year period referred to in article L. 214-42, the management company of the undertaking for collective real estate investment must regularise the situation as quickly as possible, within a maximum period of one month. However, if the undertaking for collective real estate investment does not have sufficient financial instruments in its…

As from the date of approval of the dissolution of the real estate collective investment undertaking by the Autorité des marchés financiers, the quota mentioned in 2° of article L. 214-37 and the limits and ratios stipulated in articles R. 214-92 to R. 214-101 are no longer applicable.