Sub-paragraph 1: Specialised professional funds.

Unless otherwise stipulated and with the exception of articles R. 214-32-16 to R. 214-32-42, articles R. 214-32-9 to D. 214-33 apply to funds covered by this sub-paragraph.

Article D. 214-32-31 I applies to AIFs covered by this sub-paragraph.

When granting loans, the purpose of a specialised professional fund is to hold these loans until maturity, unless otherwise stipulated in article R. 214-203-2. This activity is subject to the provisions of this sub-paragraph. For the purposes of this sub-paragraph, the following are treated as loans a) The credit transactions referred to in Article L. 313-1 ; b) The subscription of savings bonds referred to in Article L. 223-1. Current…

A specialised professional fund may only dispose of unmatured or lapsed loans that it has granted after the Autorité des marchés financiers has approved a specific programme of operations submitted by its management company, in accordance with the conditions set out in the general regulations of that authority. However, the approval referred to in the first paragraph is not required: 1° When the fund is being liquidated in the interests…

I. – A specialised professional fund granting loans is managed by : 1° A portfolio management company referred to in Article L. 532-9, authorised to manage FIAs and subject to the legislative and regulatory provisions of paragraphs 1 to 5 of Subsection 1 of Section 2 of Chapter IV of Title 1 of Book II, and with a programme of operations that includes the business of granting loans ; 2°…

The beneficiaries of a loan granted by a specialised professional fund may be : 1° Sole proprietorships or legal entities governed by private law primarily engaged in a commercial, industrial, agricultural, craft or real estate activity, excluding collective investments and financial undertakings within the meaning of Regulation (EU) No 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds ; 2° Legal…

I. – The regulations or articles of association of the specialised professional fund which grants loans specify the date of its liquidation and may provide for a right to temporarily extend its life, and the conditions for exercising such a right. II. – Loans may not be granted for a period exceeding the residual life of the specialised professional fund. III. – The fund rules or the articles of association…

When granting loans, a specialised professional fund : 1° May borrow under the following cumulative conditions: a) The maximum leverage of the fund, expressed as a ratio between the fund’s exposure and its net asset value, is set in the articles of association or fund rules, within the limits defined by order of the Minister for the Economy. For the purpose of calculating this leverage, borrowing agreements contracted on a…

By way of derogation from articles R. 214-203-5 and R. 214-203-6, specialised professional funds which engage in lending up to 10% of their net assets are subject only to the following conditions: a) Loans may not be granted for a period exceeding the residual life of the specialised professional fund; b) The fund does not use financial contracts other than to hedge interest rate and currency risks. If the limits…

The specialised professional fund management companies referred to in I of Article R. 214-203-3 shall provide the AMF, at least quarterly and in a format defined by the AMF, with information on unmatured loans granted by the specialised professional funds they manage.