Paragraph 4: Provisions relating to financial investments

For the entire asset portfolio, the guarantee fund only invests in assets and instruments with risks that it can identify, measure, monitor, manage, control and report adequately. All assets are invested in such a way as to guarantee both the security, quality, liquidity and profitability of the portfolio as a whole and the financial capacity of the guarantee fund to carry out its public service missions. In addition, the location…

Derivatives may be used insofar as they help to reduce risk or promote efficient portfolio management. Investments and assets not admitted to trading on a regulated market are maintained at prudent levels. Assets are appropriately diversified so as to avoid excessive dependence on any one asset, issuer or group of companies or any one geographical area and to avoid excessive accumulation of risk in the portfolio as a whole. Investments…

The composition of the guarantee fund’s investment portfolio may not exceed the following ceilings: 1° 40% for all listed shares ; 2° 6% for unlisted equities ; 3° 6% for all unlisted infrastructure investments (in capital); 4° 20% for real estate investments; 5° 5% for economic loan funds. These ceilings are assessed at market value. If one of these ceilings is exceeded, the guarantee fund implements a strategy as soon…

The guarantee fund shall adopt a governance framework providing for a division of tasks and responsibilities and the necessary delegations to ensure effective implementation of the investment strategy. It shall adopt internal control standards in order to verify the compatibility between the investment strategy, its implementation and the rules established by Article R. 421-47 and this paragraph. It shall adopt any rules or procedures necessary to ensure compliance with these…