Subsection 3: Investment rules

I. – An open-ended investment company (société d’investissement à capital variable) or a management company acting on behalf of all the UCITS it manages shall not acquire shares carrying voting rights enabling it to exercise significant influence over the management of an issuer. II. – A UCITS may not hold more than : 1° 10% of the non-voting equity securities of any one issuer ; 2° 10% of the debt…

I. – The rules governing the composition of assets and the division of risks must be complied with at all times. However : 1° UCITS are not required to comply with the limits laid down in this sub-paragraph when exercising subscription rights in respect of financial instruments or money market instruments which form part of their assets; 2° Newly authorised UCITS may derogate from R. 214-21, R. 214-22, R. 214-23,…

I. – A UCITS with a formula is a UCITS which meets the following two conditions: 1° It is managed passively and its management objective is to reach, at the end of a given period, an amount determined by the mechanical application of a predefined calculation formula, with reference to financial market indicators or financial instruments, and, where applicable, to distribute the remuneration predefined in the regulatory documents; 2° It…

I. – A UCITS may not borrow. It may, however, acquire currencies by means of cross-currency loans. II. – By way of derogation from I, a UCITS may borrow provided that such borrowings : 1° Are used on a temporary basis and represent no more than 10% of its assets; or 2° enable the acquisition of real estate necessary for the direct pursuit of its activities and, in the case…