Chapter III: Debt securities

Negotiable debt securities are financial instruments issued at the issuer’s discretion, negotiable on a trading platform referred to in Article L. 420-1 or over-the-counter, each of which represents a debt right.

Negotiable debt securities are recorded in a securities account held by an intermediary referred to in article L. 211-3 or in a shared electronic recording system referred to in the same article.

The following are authorised to issue negotiable debt securities: 1. Credit institutions, investment firms and the Caisse des Dépôts et Consignations, subject to compliance with the conditions laid down for this purpose by the Minister for the Economy; 1 bis. Finance companies, subject to compliance with the conditions laid down for this purpose by the Minister for the Economy and provided that the proceeds of these issues do not constitute…

Before issuing negotiable debt securities for the first time, issuers must prepare financial documentation covering their business, their economic and financial situation and the issue programme. This financial documentation, drawn up in French, is filed with the Banque de France, which is responsible for ensuring that issuers comply with the issuance conditions set out in Article L. 213-3. A decree shall lay down the conditions for the application of this…

The issuer may not pledge any of its own negotiable debt securities.