Sub-paragraph 2: Risk mutual funds

I. – At least 50% of the assets of a fonds commun de placement à risques must be made up of non-trading securities, equity securities or securities giving access to the capital of companies, which are not admitted to trading on a French or foreign financial instruments market operated by a market undertaking or an investment services provider other than a portfolio management company or any other similar foreign body,…

Where a fonds commun de placement à risques is a master FIA, the feeder undertakings for collective investment are subject to the holding, marketing, advertising and canvassing rules applicable to the master fund.