Subsection 2: Funds open to non-professional investors.

I. – The counterparty risk in respect of a single counterparty is the risk that the counterparty will default on one of its obligations, resulting in a financial loss for the undertaking for collective investment in real estate. The amount of this risk is equal to the market value of the contracts less any guarantees set up in favour of the undertaking. II. – The exposure of an undertaking for…

The commitment of an undertaking for collective investment in transferable securities is the higher of : – the undertaking’s potential loss measured at any time; and – the product of the leverage provided to the undertaking by these instruments and the undertaking’s assets. The methods for calculating the commitment are defined by the general regulations of the Autorité des marchés financiers.

I. – The financial futures instruments referred to in 6° of the I of article L. 214-36 and in article L. 214-38 are those referred to in 1, 5 and 6 of the I of article D. 211-1 A . II. – An undertaking for collective investment in real estate may enter into contracts constituting the financial futures instruments referred to in I, with a view to protecting its assets…

An undertaking for collective investment in real estate may enter into contracts constituting the financial futures instruments referred to in article L. 214-38 which meet the characteristics of credit derivatives defined by the agreements referred to in articles L. 211-36 and L. 211-36-1, under the conditions set out in articles R. 214-111 and D. 214-113. These financial futures instruments make it possible to transfer the credit risk linked to an…

When a financial instrument mentioned in 6° of I of Article L. 214-36 includes a financial contract, in accordance with Article R. 214-32-24-1 , the latter is taken into account for the application of Articles R. 214-111 to R. 214-114.

I. – An undertaking for collective real estate investment may carry out temporary sales of financial instruments mentioned in 4° to 7° of I of article L. 214-36, up to a limit of 30% of its assets. II. – An undertaking for collective real estate investment may carry out, up to a limit of 40% of its assets, transactions for the temporary acquisition of financial instruments mentioned in 4° to…

For the purposes of assessing the limits and ratios provided for in articles R. 214-107 to R. 214-116, the operating receivables of the undertaking for collective investment in transferable securities are not included in the assets of the undertaking.

The minimum net asset value of an undertaking for collective real estate investment is €500,000.

The Fund may only grant the current account advances referred to in article L. 214-42 to companies that do not meet the conditions set out in 2° and 3° of article R. 214-85 up to a limit of 10% of its assets.

An undertaking for collective real estate investment whose information document for subscribers provided for in III of Article L. 214-35 stipulates that the undertaking is reserved for no more than twenty unit or share holders or for a category of investors whose characteristics are defined in the general regulations of the Autorité des marchés financiers in accordance with the fifth paragraph of Article L. 214-73 may, in accordance with Article…