Subsection 1: Conditions for the issue of negotiable debt securities.

I. – Negotiable debt securities as defined in Article L. 213-1 include : 1° Short-term negotiable securities with an initial maturity of one year or less, issued by all the issuers referred to in Article L. 213-3; 2° Medium-term negotiable securities with an initial maturity of more than one year, issued by all the issuers mentioned in Article L. 213-3, with the exception of the issuer mentioned in 12 of…

The Banque de France shall ensure that issuers of negotiable debt securities comply with the issuance conditions set forth in Articles L. 213-1 to L. 213-4, in this sub-section and in the Order referred to in Article D. 213-7. In order to carry out this task, new issuers shall inform the Banque de France of their intention to enter this market by sending the financial documentation drawn up in accordance…

Issuers shall make public a rating of their issuance programme, obtained from a specialised agency that meets the conditions laid down by the competent administrative authority or, where applicable, have a guarantor that meets the conditions laid down by order and has such a rating. The following are exempt from this obligation 1° Credit institutions and investment firms established in the European Economic Area ; 2° The Caisse des dépôts…

The competent administrative authority referred to in Article D. 213-3 is the Minister for Economic Affairs.

All negotiable debt securities issued under the same programme may be covered by a first demand guarantee under the conditions laid down by order of the Minister for the Economy. Where negotiable debt securities benefit from such a guarantee, the financial documentation must mention this and provide the same information for the guarantor as for the issuer.

Negotiable debt securities may be issued in euros or in any other currency. The Banque de France may suspend issues of securities denominated in a given currency for a period it determines.

The conditions for issuing the negotiable debt securities provided for in Articles L. 213-1 A to L. 213-4-1 and in this sub-section are specified by order of the Minister for the Economy.