Section 2: FIA.

The management company may not, on behalf of a fund, carry out any transactions other than forward or spot purchases or sales of its assets which are not traded on a financial instruments market within the meaning of article R. 214-32-18, within the limits set by this section, nor may it sell or acquire equity or debt securities held for more than twelve months to an affiliated undertaking for the…

I. – If the fund rules provide for capital to be called up in stages, it shall be paid up by the unitholders at the request of the management company before the end of the lock-up period provided for in VII of article L. 214-28. The fund rules define the terms and conditions under which interest is charged on amounts not paid by the due date set by the management…

The management company reports to unitholders on the appointment of its corporate officers and employees to the positions of manager, director, member of the management board or member of the supervisory board of the companies in which the fund holds investments.

Applications drawn up by companies in order to obtain recognition of the innovative nature of their products, processes or techniques, as referred to in article L. 214-30, are submitted to the public limited company OSEO. They must be accompanied by : 1° A technical file showing the innovative nature of the project and its prospects for economic development ; 2° An accounting and financial file containing the details of the…

At each half-yearly inventory, the management company of an innovation mutual fund or the custodian of the fund’s assets acting on behalf of the management company ensures that the companies whose securities or current account advances are used to calculate the proportion referred to in the first paragraph of article L. 214-30 meet the conditions laid down in article L. 214-30 on the closing date of their last financial year…

The maximum number of employees referred to in Article L. 214-30 is determined in accordance with the provisions of Article 235 ter E of the General Tax Code.

For the companies mentioned in the first paragraph of 1° of IV of article L. 214-30, the workforce is determined by the sum of the company’s workforce and the workforce of each of the companies mentioned in c of 1° of the same IV.

For the companies referred to in the first paragraph of 1° of IV of article L. 214-30, the condition relating to the exclusivity of the holdings is met when the redeemable shares, equity securities or securities giving access to capital issued by companies other than the subsidiaries referred to in c of 1° of IV, as well as the current account advances granted to these companies, represent no more than…

The entities mentioned in 2° of II of article L. 214-28 in which innovation mutual funds may invest are those which limit the liability of their investors to the amount of their contributions.

The Autorité des marchés financiers shall refuse to approve the creation of a fonds commun de placement dans l’innovation if, over a period of three years, each of the fonds communs de placement dans l’innovation and the fonds d’investissement de proximité set up by the management company concerned has total subscriptions of less than 5 million euros and if all the fonds de capital investissement mentioned in articles L. 214-27…