Paragraph 2: Company mutual funds.

When the composition of the supervisory boards of a fonds commun de placement d’entreprise governed by article L. 214-165 and the procedures for appointing its members are determined under the conditions provided for in the second paragraph of I of article L. 214-164, the third, fourth and fifth paragraphs of the same I shall apply.

The assets of a fonds commun de placement d’entreprise governed by articles L. 214-164 and L. 214-165 may include shares in sociétés anonymes à responsabilité limitée issued by companies governed by law no. 47-1775 of 10 September 1947 on the status of cooperation and shares in mutual or cooperative banks, without prejudice to the special rules applicable to these entities, when the fund is subscribed by employees of these companies…

The rule laid down in article D. 214-32-13 regarding the minimum amount of assets of mutual funds does not apply to company mutual funds governed by articles L. 214-164 and L. 214-165.

If the limits stipulated in a of V of article L. 214-164 are exceeded for reasons beyond the control of the fonds commun de placement d’entreprise, its primary objective must be to rectify the situation, taking into account the interests of the shareholders or unit-holders.

The following are deemed to be liquid within the meaning of the third paragraph of Article L. 3332-17 of the Labour Code: 1° Transferable securities admitted to trading on a French or foreign regulated market; 2° Shares or units in UCITS and general-purpose investment funds covered by paragraph 1 of sub-section 2 of this section. The mechanism guaranteeing the liquidity of securities not admitted to trading on a regulated market…