Section 2: Funds repayable from the public.

For the purposes of Article L. 312-2, issues of debt securities are treated as collections of repayable funds from the public when they comply with the following conditions and limits: 1° These issues relate to debt securities mentioned in 2 of II of Article L. 211-1, with the exception of : a) Last-ranking subordinated securities issued pursuant to article L. 228-97 of the Commercial Code ; b) participating securities referred…