Chapter IV: Collective investments

Financing organisations and specialised professional funds that meet the characteristics defined by a decree of the Conseil d’Etat take the name of “fonds de prêt à l’économie” (economic loan funds) and may use this name in all deeds and documents intended for third parties.

I. – This section does not apply to securitisation undertakings, with the exception of this sub-section and I and II of article L. 214-24. II. – By way of derogation from I, securitisation undertakings which comply with characteristics defined by decree are subject to this section, with the exception of sub-sections 2 to 4. III. – The specialised financing undertakings referred to in Article L. 214-166-1 are subject to this…

I. – The purpose of securitisation undertakings is, on the one hand, to be exposed to the risks, including insurance risks, referred to in article L. 214-175-1 and, on the other hand, to finance or hedge them in full, under the conditions provided for in that article. They take the form of either securitisation mutual funds or securitisation companies. II. – The purpose of specialised financing undertakings is, on the…

I. – The fund may have sub-funds if the company’s articles of association or the fund rules so provide. Each sub-fund gives rise to the issue of units or shares and, where applicable, debt securities. Notwithstanding article 2285 of the French Civil Code and unless otherwise stipulated in the company’s constitutive documents, the assets of a given sub-fund are liable only for the debts, commitments and obligations and benefit only…

Where the units, shares or debt securities issued by the financing undertaking are offered to the public within the meaning of Regulation (EU) 2017/1129, with the exception of the offers referred to in 1° or 2° of Article L. 411-2 or in Article L. 411-2-1, a document containing an assessment of the characteristics of the units or shares and, where applicable, of the debt securities that this undertaking is called…

Financing institutions provide the Banque de France with the information required to compile monetary statistics, under conditions specified by decree in the Conseil d’Etat.

When receivables, other than financial instruments, are transferred to the financial institution, their recovery continues to be ensured by the transferor or by the entity that was responsible for them prior to their transfer under conditions defined either by an agreement with the institution’s management company, or by the deed from which the transferred receivables arise when the institution becomes a party to that deed as a result of the…

The management company of the fund and any entity responsible for the collection of sums due to or benefiting directly or indirectly the fund may agree that these sums will be credited to an account specifically allocated for the benefit of one or more funds or, where applicable, sub-funds, from which the creditors of the entity responsible for collection cannot pursue payment of their claims, even in the event of…

A decree sets out the nature and characteristics of the receivables that financing organisations may acquire.

I. – The rules and regulations or the articles of association of the organisation shall stipulate the duration of the financial years, which may not exceed twelve months. However, the first financial year may be longer, but may not exceed eighteen months. II. – Separate accounts are kept for each of the organisation’s compartments within the organisation’s accounts. Within six weeks of the end of each half-year of the financial…