Book II: Products

The fonds commun de titrisation is a securitisation vehicle set up in the form of a co-ownership. The fund does not have legal personality. The provisions of the Civil Code relating to joint ownership and those of articles 1871 to 1873 of the Civil Code relating to joint ventures do not apply to securitisation funds. The minimum amount of a unit issued by a securitisation mutual fund is defined by…

The securitisation fund is set up at the initiative of the management company referred to in III of Article L. 214-168 or, where applicable, a sponsor referred to in IV of Article L. 214-175-1. Where the units or debt securities issued by the fund are admitted to trading on a regulated market or are offered to the public and a document is to be drawn up pursuant to Regulation (EU)…

The conditions under which the fund may issue new units after the initial issue of units are defined in its regulations. The Fund may issue negotiable debt securities and bonds or debt securities issued under foreign law. The conditions under which the fund issues debt securities are defined in its rules.

The management company of the securitisation fund represents the fund in dealings with third parties and in any legal proceedings. When the securitisation fund rules provide for the use of forward financial instruments to expose the fund, or the sale of receivables which are not due or for which the term has expired, the management company referred to in the first paragraph submits a specific programme of operations for approval…