Sub-paragraph 3: Investment rules.

I. – The financial indices referred to in Article R. 214-32-22 satisfy the following conditions: 1° Their composition is sufficiently diversified, in the sense that the following criteria are met: a) The index is composed in such a way that price movements or trading activities affecting one of its components do not have an abnormal influence on its overall performance ; b) When the index is composed of instruments mentioned…

A general-purpose investment fund may enter into financial contracts meeting the characteristics of credit derivatives which satisfy the following criteria: 1° They make it possible to transfer the credit risk associated with an asset referred to in 1° of Article R. 214-32-22 independently of the other risks associated with this asset; 2° They give rise to the delivery or transfer of assets mentioned in article L. 214-24-55, including in the…

I. – A general-purpose investment fund may use techniques and instruments relating to eligible financial securities and money market instruments, and in particular repurchase agreements and similar transactions for the temporary purchase or sale of securities, provided that these techniques and instruments are used for the purpose of efficient portfolio management. Under no circumstances will these techniques and instruments cause the general-purpose investment fund to deviate from its investment objectives…

I. – A general purpose investment fund may not grant loans or act as guarantor on behalf of third parties. It may, however, acquire financial instruments referred to in article L. 214-24-55 which are not fully paid up. II. – A general-purpose investment fund may, in order to achieve its management objective, receive or grant the guarantees mentioned in article L. 211-38, under the conditions defined in that same article,…

I. – A general purpose investment fund may not invest more than : 1° 5% of its assets in eligible financial securities or money market instruments issued by the same issuer ; 2° 20% of its assets in eligible financial securities or money market instruments issued by the same entity; 3° 20% of its assets in deposits placed with the same entity. The general-purpose investment fund’s counterparty risk on a…

I. – By way of derogation from the 10% limit set out in II of article R. 214-32-29, a general purpose investment fund may invest up to 20% of its assets in equities and debt securities of a single issuer where, in accordance with the fund rules or the SICAV’s articles of association, the investment policy of the general purpose investment fund aims to replicate the composition of an equity…

I. – The shares or units of general-purpose investment funds, other than those referred to in Article L. 214-26-1, marketed in France, as well as the shares or units of FIAs governed by foreign law marketed in France under the conditions laid down in Article L. 214-24-1, may be admitted to trading on a regulated market for financial instruments defined in Article L. 421-1 or on a multilateral trading facility…

By way of derogation from article R. 214-32-29, a general-purpose investment fund may invest, in accordance with the principle of risk spreading, up to 100% of its assets in different eligible financial securities and money market instruments mentioned in 1° of IV of article R. 214-32-29. These eligible financial securities and money market instruments shall belong to at least six different issues, provided that the securities belonging to any one…

A general-purpose investment fund governed by this paragraph may invest up to 50% of its assets in units or shares of the same collective investment scheme, foreign UCITS or FIA, or foreign investment fund mentioned in article R. 214-32-42.

When a general-purpose investment fund has acquired units or shares in a collective investment scheme governed by French law, a UCITS established under foreign law, an FIA established in another Member State of the European Union or an investment fund governed by foreign law, it shall not combine the assets of these FIAs, collective investment schemes or funds for the purposes of applying the limits stipulated in article R. 214-32-29.