Chapter IV: Collective investments.

The securitisation undertakings referred to in II of Article L. 214-167 are those whose purpose is to be exposed, in a proportion exceeding 50% of the undertaking’s assets under the conditions defined in Article D. 214-232-2, to risks in the form of either financial securities or any other asset which does not constitute exposure to an insurance or credit risk, in particular the receivables referred to in Article D. 214-219,…

Notwithstanding the provisions of article D. 214-232, the following securitisation undertakings are excluded from the scope of II of article L. 214-167 : 1° Economic loan funds referred to in I ofarticle R. 332-14-2 of the Insurance Code; 2° Undertakings constituting one or more securitisation transactions within the meaning of Article 4(1)(61) of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013; 3°…

For the purposes of calculating the 50% proportion referred to in Article D. 214-232, account is taken of exposures held directly or indirectly by the securitisation undertaking, including through any third party entity. The following assets and transactions are excluded from the calculation of the 50% proportion referred to in Article D. 214-232: 1° The purchase and holding on a temporary and ancillary basis of the liquid assets referred to…

Any decision by the management company of a securitisation undertaking to buy and sell financial securities, to enter into, manage or terminate financial contracts or to modify all or part of the risks to which the securitisation undertaking is exposed by entering into such contracts does not fall within the discretionary management referred to in Article D. 214-232 when it is taken alternatively: 1° Under the conditions listed exhaustively in…

The liquid assets referred to in a of 1° of Article R. 214-218 eligible for inclusion in the assets of the securitisation undertaking are : 1° Deposits made with a credit institution whose registered office is located in a State party to the Agreement on the European Economic Area or a member of the Organisation for Economic Co-operation and Development, which may be repaid or withdrawn at any time at…

The securitisation undertaking’s custodian is responsible for the safekeeping of the cash and of the original deeds, or, failing this, copies, from which the undertaking’s receivables arise. However, the assignor or the entity responsible for collecting the receivables assigned to the securitisation undertaking may ensure the safekeeping of the deeds from which the receivables referred to in 1° of Article D. 214-219 arise, subject to the following cumulative conditions: 1°…

The securitisation undertaking may grant the loans referred to in V of Article L. 214-175-1 under the conditions defined by Articles R. 214-203-1, R. 214-203-2, R. 214-203-3 with the exception of I, R. 214-203-4, R. 214-203-5 with the exception of III and R. 214-203-6 to R. 214-203-9. For the application of these articles, the securitisation undertaking is treated in the same way as a specialised professional fund and the holders…