Chapter IV: Collective investments.

I. – To assess the limit referred to in Article L. 214-40, account is taken of : 1° In the denominator, the assets mentioned in 4° and 6° to 10° of I of article L. 214-36 held by the undertaking ; 2° In the numerator, the debt of the real estate investment trust resulting from cash loans that it directly underwrites, other than those mentioned in article L. 214-39. II….

An undertaking for collective investment in real estate may receive or grant security interests in immovable property or rights in rem referred to in 1° of I of article L. 214-36 or in the units or shares of companies referred to in 2° and 3° of I of the same article, as well as personal security interests relating to these same assets.

In connection with the management of holdings in companies referred to in 2° and 3° of I of article L. 214-36, an undertaking for collective investment in real estate may enter into asset and liability guarantee agreements with third parties, as well as any agreement giving rise to a financial commitment on the part of the undertaking other than a commitment to purchase or sell such holdings, where the following…

An undertaking for collective real estate investment may receive the guarantees mentioned in article L. 211-38 under the conditions defined in that same article, guarantees relating to joint and several sureties or first demand guarantees. The undertaking for collective investment in real estate may only receive guarantees if they are granted by an institution acting as UCITS or AIF custodian, by a credit institution whose registered office is located in…

An undertaking for collective real estate investment may grant the guarantees referred to in article L. 211-38 under the conditions defined in that same article and under the following additional conditions: 1° The guarantees granted by the undertaking relate to the financial instruments referred to in 4° to 7° of I of article L. 214-36 held by the undertaking or to the financial instruments and deposits referred to in 8°…

I. – The counterparty risk in respect of a single counterparty is the risk that the counterparty will default on one of its obligations, resulting in a financial loss for the undertaking for collective investment in real estate. The amount of this risk is equal to the market value of the contracts less any guarantees set up in favour of the undertaking. II. – The exposure of an undertaking for…

The commitment of an undertaking for collective investment in transferable securities is the higher of : – the undertaking’s potential loss measured at any time; and – the product of the leverage provided to the undertaking by these instruments and the undertaking’s assets. The methods for calculating the commitment are defined by the general regulations of the Autorité des marchés financiers.

I. – The financial futures instruments referred to in 6° of the I of article L. 214-36 and in article L. 214-38 are those referred to in 1, 5 and 6 of the I of article D. 211-1 A . II. – An undertaking for collective investment in real estate may enter into contracts constituting the financial futures instruments referred to in I, with a view to protecting its assets…

An undertaking for collective investment in real estate may enter into contracts constituting the financial futures instruments referred to in article L. 214-38 which meet the characteristics of credit derivatives defined by the agreements referred to in articles L. 211-36 and L. 211-36-1, under the conditions set out in articles R. 214-111 and D. 214-113. These financial futures instruments make it possible to transfer the credit risk linked to an…

When a financial instrument mentioned in 6° of I of Article L. 214-36 includes a financial contract, in accordance with Article R. 214-32-24-1 , the latter is taken into account for the application of Articles R. 214-111 to R. 214-114.