Subsection 2: Funds open to non-professional investors.

A fonds commun de placement à risques may borrow up to 10% of its assets. This limit is raised to 30% of its assets to enable it to meet, on a temporary basis, requests for redemption of units by the fund’s unitholders or contractual subscription commitments in an entity mentioned in 3° and 4° of II of article R. 214-36.

For the purposes of assessing the limits set out in Article R. 214-36 : 1° When the securities held by the fund are not admitted to trading on a financial instruments market within the meaning of I of Article L. 214-28, they are taken at their acquisition or subscription value; 2° When securities held by the fund are exchanged for securities that are not admitted to trading on a financial…

For the purposes of calculating the 15% limit referred to in 1° of II of article L. 214-28, the denominator is the higher of the following two amounts: the fund’s net assets or the paid-up amount of subscriptions to the fund.

A fonds commun de placement à risques : 1° May not hold more than 40% of the capital or voting rights of any single issuer. However, due to the exercise of exchange, subscription or conversion rights and in the interests of unitholders, this limit may be temporarily exceeded. In this case, the management company will inform the Autorité des marchés financiers, the custodian and the fund’s auditor of the reasons…

After reporting to the Autorité des marchés financiers and to the tax department with which its management company files its income tax return, a fonds commun de placement à risques may enter into a pre-liquidation period: 1° From the start of the financial year following the end of its fifth financial year if, since the end of a subscription period of no more than eighteen months immediately following the date…

During the pre-liquidation period, the fund : 1° May no longer arrange for new subscriptions of units other than those of its unitholders on the date of its entry into the pre-liquidation period in order to reinvest in units, shares, redeemable bonds, convertible bonds or profit-sharing securities, as well as in current account advances in companies which are not admitted to trading on a financial instruments market within the meaning…

When a fund management company enters into forward purchase or sale transactions involving securities which are not admitted to trading on a financial instruments market within the meaning of I of article L. 214-28, the agreements relating to these transactions are entered into within the limits and under the conditions specified in the fund rules.

The management company may not, on behalf of a fund, carry out any transactions other than forward or spot purchases or sales of its assets which are not traded on a financial instruments market within the meaning of I of article L. 214-28, within the limits set by this sub-section, nor may it sell or buy equity or debt securities held for more than twelve months to an affiliated undertaking…

I. – If the fund rules provide for capital to be called up in stages, it shall be paid up by the unitholders at the request of the management company before the end of the lock-up period provided for in VII of article L. 214-28. The fund rules define the terms and conditions under which interest is charged on amounts not paid by the due date set by the management…

The management company reports to unitholders on the appointment of its corporate officers and employees to the positions of manager, director, member of the management board or member of the supervisory board of the companies in which the fund holds investments.