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Article R214-15-2 of the French Monetary and Financial Code

I. – When an eligible financial security or money market instrument referred to in article L. 214-20 includes a financial contract which simultaneously meets the three conditions mentioned below, the latter is taken into account for the application of articles R. 214-15-1 and R. 214-30. These conditions are as follows 1° By virtue of its presence, all or part of the cash flows that would otherwise be implied by the…

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Article R214-16 of the French Monetary and Financial Code

I – The financial indices mentioned in article R. 214-15 meet 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 in…

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Article R214-17 of the French Monetary and Financial Code

A UCITS 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 mentioned in 1° of Article R. 214-15 independently of the other risks associated with this asset; 2° They give rise to the delivery or transfer of assets mentioned in article L. 214-20, including in the form of cash;…

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Article R214-18 of the French Monetary and Financial Code

I. – A UCITS 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 UCITS to deviate from its investment objectives as set out in…

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Article R214-19 of the French Monetary and Financial Code

I. – A UCITS may not grant loans or act as guarantor on behalf of third parties. It may, however, acquire financial instruments referred to in article L. 214-20 which are not fully paid up. II. – A UCITS 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, as well as receive joint…

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Article R214-21 of the French Monetary and Financial Code

I. – A UCITS may not invest more than : 1° 5% of its assets in eligible financial instruments 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 UCITS’ counterparty risk on a single counterparty resulting from over-the-counter…

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Article R214-22 of the French Monetary and Financial Code

I. – By way of derogation from the 10% limit set out in II of Article R. 214-21, a UCITS may invest up to 20% of its assets in equities and debt securities of a single issuer where, in accordance with the fund rules or the SICAV’s articles of association, the aim of the UCITS’ investment policy is to replicate the composition of an equity or debt securities index, including…

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Article D214-22-1 of the French Monetary and Financial Code

I. – Shares or units in undertakings for collective investment in transferable securities governed by French law marketed in France or in undertakings for collective investment in transferable securities governed by foreign law that have been notified in accordance with Article L. 214-2-2, provided that such admission is requested by these undertakings or by their management company and that the units or shares of these undertakings are traded at their…

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Article R214-23 of the French Monetary and Financial Code

By way of derogation from Article R. 214-21, a UCITS may invest, in accordance with the principle of risk spreading, up to 100% of its assets in different eligible financial securities and money market instruments mentioned in 1° of IV of Article R. 214-21. These eligible financial securities and money market instruments belong to at least six different issues, provided that the securities belonging to any one issue do not…

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