Chapter IV: Collective investments.

I. – An undertaking for collective real estate investment may carry out temporary sales of financial instruments mentioned in 4° to 7° of I of article L. 214-36, up to a limit of 30% of its assets. II. – An undertaking for collective real estate investment may carry out, up to a limit of 40% of its assets, transactions for the temporary acquisition of financial instruments mentioned in 4° to…

For the purposes of assessing the limits and ratios provided for in articles R. 214-107 to R. 214-116, the operating receivables of the undertaking for collective investment in transferable securities are not included in the assets of the undertaking.

The minimum net asset value of an undertaking for collective real estate investment is €500,000.

The Fund may only grant the current account advances referred to in article L. 214-42 to companies that do not meet the conditions set out in 2° and 3° of article R. 214-85 up to a limit of 10% of its assets.

An undertaking for collective real estate investment whose information document for subscribers provided for in III of Article L. 214-35 stipulates that the undertaking is reserved for no more than twenty unit or share holders or for a category of investors whose characteristics are defined in the general regulations of the Autorité des marchés financiers in accordance with the fifth paragraph of Article L. 214-73 may, in accordance with Article…

When applying the 20% ratio mentioned in article R. 214-86 to the undertakings for collective real estate investment mentioned in article R. 214-120, account is also taken, for the application of III of article R. 214-87 , of buildings constructed, rented or offered for rent, held directly by the undertakings mentioned in 5° of I of article L. 214-36, in proportion to the direct or indirect holdings of the undertaking…

I. – An undertaking for collective real estate investment resulting from the conversion or demerger of a société civile de placement immobilier may derogate from the provisions of article R. 214-86. When this derogation is used, the information document for subscribers provided for in III of article L. 214-35 must mention this fact. II. – When an undertaking mentioned in I merges with another société civile de placement immobilier, with…

The annual management report of an undertaking for collective investment in transferable securities, referred to in the third paragraph of Article L. 214-50, includes the following information: 1° A summary of the management objective of the undertaking ; 2° A description of developments on the property and financial markets during the financial year; 3° An annotated description of significant events during the financial year; 4° Figures and comments on the…

I. – An undertaking for collective real estate investment may change its currency unit from one financial year to another. This change may only be made on the opening date of a financial year. The information document provided for in III of article L. 214-35 specifies the cases in which and the conditions under which such a change of currency unit may be made. II. – When each share of…

The annual accounts referred to in Article L. 214-50 shall be made available to the Statutory Auditor within forty-five days of the end of the financial year. The management report referred to in article L. 214-50 must be made available to the Statutory Auditor within seventy-five days of the end of the financial year.