Subsection 2: Funds open to non-professional investors

Subject to the limits and conditions laid down by decree of the Conseil d’Etat, a real estate investment trust may grant current account advances to the companies mentioned in 2° and 3° of I of article L. 214-36 in which it directly or indirectly holds at least 5% of the share capital.

The risk spreading and capping rules and the quotas referred to in articles L. 214-36 and L. 214-37 respectively must be complied with no later than three years after the date on which the undertaking for collective investment in transferable securities is set up, under the conditions defined by the general regulations of the Autorité des marchés financiers. A decree of the Conseil d’Etat shall determine the thresholds, cases and…

Under the conditions and in accordance with the procedures laid down by the general regulations of the Autorité des marchés financiers, any unitholder or shareholder shall inform the person mentioned in the information document provided for in III of article L. 214-35 as soon as it crosses the threshold of 10% of the units or shares of the undertaking for collective real estate investment. Article L. 214-24-46 applies to AIFs…

When a unitholder or shareholder who holds more than 20% but less than 99% of the units or shares of an undertaking for collective investment in transferable securities requests the redemption of units or shares, such redemption may be temporarily suspended under the conditions laid down in the General Regulations of the Autorité des marchés financiers if it exceeds a percentage of the number of units or shares of the…

Creditors whose title arises from any transaction relating to the assets of an undertaking for collective investment in real estate can only take action against these assets, with the exception of the assets mentioned in 2° of article L. 214-37. Creditors of the depositary may not pursue payment of their claims against the assets of an undertaking for collective investment in real estate held by it.

The minimum net asset value of an undertaking for collective real estate investment, as defined by the general regulations of the Autorité des marchés financiers, is set by decree. If this obligation is not met within three years of the date on which the real estate collective investment undertaking was set up, it will be dissolved and the unitholders or shareholders will be reimbursed for their rights in the fund…

The General Regulations of the Autorité des marchés financiers set out the conditions for the issue, subscription, transfer and redemption of units or shares issued by property investment funds.

Undertakings for collective investment in real estate take out an insurance policy covering their civil liability in respect of the buildings they own.

The regulations of a real estate investment trust or the articles of association of a real estate investment company with variable capital set the duration of the accounting periods, which may not exceed twelve months. However, the first financial year may extend over any period not exceeding eighteen months. Within six weeks of the end of each half-year of the financial year, the société de placement à prépondérance immobilière à…

The net income for the financial year of an undertaking for collective real estate investment is equal to the sum of : 1° Income from property assets, including rental income from furnished property, as referred to in 1° to 3° and 5° of I of Article L. 214-36 in the case of a société de placement à prépondérance immobilière à capital variable and in 1°, 2° and 5° of I…