Chapter IV: Collective investments.

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.

For the application of article L. 214-39 and independently of the application of 1 of article L. 312-2, the undertaking for collective real estate investment takes out loans with finance companies or credit institutions whose registered office is located in a Member State of the European Union or party to the agreement on the European Economic Area or in a Member State of the Organisation for Economic Co-operation and Development….

To assess the limit referred to in Article L. 214-39, account is taken of : 1° In the denominator, the assets mentioned in 1° to 4° of I of article R. 214-87 ; 2° In the numerator : a) The debt of the real estate investment trust resulting from the loans mentioned in article L. 214-39 which it contracts directly ; b) The debts of the companies mentioned in 2°…

I. – The limit referred to in article L. 214-39 must be complied with on 30 June and 31 December of each financial year, at the end of the three-year period referred to in article L. 214-43. The management company of the undertaking for collective investment in transferable securities shall immediately inform the undertaking’s custodian of any failure to comply with this limit. It shall also inform the Autorité des…