Subsection 1: Terms and conditions of issue

Financial securities, which include transferable securities within the meaning of the second paragraph of article L. 228-1 of the French Commercial Code , may only be issued by the State, a legal entity, a fonds commun de placement, a fonds de placement immobilier, a fonds professionnel de placement immobilier, a fonds de financement spécialisé, or a fonds commun de titrisation.