Sub-paragraph 2: Innovation mutual funds.

For the assessment of the 60% quota set out in I of Article L. 214-30 : 1° The numerator is made up of the subscription or acquisition price of the securities or rights in the portfolio and the book value of the other assets. The denominator is made up of the paid-up amount of subscriptions to the fund. This amount is reduced by unit redemptions requested by unitholders and carried…

I. – The provisions of articles R. 214-32-18 to R. 214-32-21, R. 214-32-29, R. 214-32-32 to R. 214-32-36, R. 214-32-38 to R. 214-32-40 and R. 214-32-42 do not apply to innovation mutual funds. II. – The assets of a fonds commun de placement dans l’innovation may be invested in : 1° A maximum of 10% in securities from a single issuer ; 2° 35% maximum in shares or units of…

An innovation mutual fund may borrow up to 10% of its assets.

A fonds commun de placement dans l’innovation may not invest more than 10% of its assets in rights representing a financial investment in entities mentioned in 2° of II of article L. 214-28 which are not covered by the other provisions of this article L. 214-28 or II of article L. 214-1, or articles L. 214-30 and L. 214-38.

For the assessment of the limits set out in articles R. 214-48 and R. 214-49: 1° When the securities held by the fund are not admitted to trading on a financial instruments market within the meaning of I of Article L. 214-28, they are taken at their acquisition or subscription value; 2° When securities held by the fund are exchanged for securities that are not admitted to trading on a…

For the purposes of calculating the 15% limit referred to in 1° of II of article L. 214-28, the denominator is the higher of the following two amounts: the fund’s net assets or the paid-up amount of subscriptions to the fund.

A fonds commun de placement dans l’innovation : 1° May not hold more than 35% of the capital or voting rights of any single issuer. However, due to the exercise of exchange, subscription or conversion rights and in the interests of unitholders, this limit may be temporarily exceeded. In this case, the management company will inform the Autorité des marchés financiers, the custodian and the fund’s auditor of the reasons…

After reporting to the Autorité des marchés financiers and to the tax department with which its management company files its income tax return, an innovation mutual fund may enter into a pre-liquidation period: 1° From the start of the financial year following the end of its fifth financial year if, since the end of a subscription period of no more than eighteen months immediately following the date on which it…

During the pre-liquidation period, the fund : 1° May no longer arrange for new subscriptions of units other than those of its unitholders on the date of its entry into the pre-liquidation period in order to reinvest in units, shares, redeemable bonds, convertible bonds or profit-sharing securities, as well as in current account advances in companies which are not admitted to trading on a financial instruments market within the meaning…

When a fund management company enters into forward purchase or sale transactions involving securities which are not admitted to trading on a financial instruments market within the meaning of I of article L. 214-28, the agreements relating to these transactions are entered into within the limits and under the conditions specified in the fund rules.