Subsection 2: Funds open to non-professional investors.

I. – A general purpose investment fund may not grant loans or act as guarantor on behalf of third parties. It may, however, acquire financial instruments referred to in article L. 214-24-55 which are not fully paid up. II. – A general-purpose investment fund may, in order to achieve its management objective, receive or grant the guarantees mentioned in article L. 211-38, under the conditions defined in that same article,…

I. – A general purpose investment fund may not invest more than : 1° 5% of its assets in eligible financial securities or money market instruments issued by the same issuer ; 2° 20% of its assets in eligible financial securities or money market instruments issued by the same entity; 3° 20% of its assets in deposits placed with the same entity. The general-purpose investment fund’s counterparty risk on a…

I. – By way of derogation from the 10% limit set out in II of article R. 214-32-29, a general purpose investment fund may invest up to 20% of its assets in equities and debt securities of a single issuer where, in accordance with the fund rules or the SICAV’s articles of association, the investment policy of the general purpose investment fund aims to replicate the composition of an equity…

I. – The shares or units of general-purpose investment funds, other than those referred to in Article L. 214-26-1, marketed in France, as well as the shares or units of FIAs governed by foreign law marketed in France under the conditions laid down in Article L. 214-24-1, may be admitted to trading on a regulated market for financial instruments defined in Article L. 421-1 or on a multilateral trading facility…

By way of derogation from article R. 214-32-29, a general-purpose investment fund may invest, in accordance with the principle of risk spreading, up to 100% of its assets in different eligible financial securities and money market instruments mentioned in 1° of IV of article R. 214-32-29. These eligible financial securities and money market instruments shall belong to at least six different issues, provided that the securities belonging to any one…

A general-purpose investment fund governed by this paragraph may invest up to 50% of its assets in units or shares of the same collective investment scheme, foreign UCITS or FIA, or foreign investment fund mentioned in article R. 214-32-42.

When a general-purpose investment fund has acquired units or shares in a collective investment scheme governed by French law, a UCITS established under foreign law, an FIA established in another Member State of the European Union or an investment fund governed by foreign law, it shall not combine the assets of these FIAs, collective investment schemes or funds for the purposes of applying the limits stipulated in article R. 214-32-29.

I. – (Repealed) II. – A general-purpose investment fund may not hold more than : 1° 10% of the non-voting equity securities of any one issuer ; 2° 10% of the debt securities of any one issuer ; 3° 10% of money market instruments issued by the same issuer. The limits laid down in 2° and 3° may not be complied with at the time of acquisition if, at that…

A general purpose investment fund may hold up to 25% of the same category of financial securities of the same issuer when the latter is a socially responsible company mentioned in article L. 3332-17-1 of the Labour Code.

I. – A feeder general-purpose investment fund may invest up to 100% of its assets in units or shares of the same master UCITS or AIF and hold up to 100% of the units or shares of the master UCITS or AIF. II. – Feeder general-purpose investment funds may enter into financial contracts under the conditions laid down in articles R. 214-32-22 to R. 214-32-26 and in the last paragraph…