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Article R214-110 of the French Monetary and Financial Code

An undertaking for collective real estate investment may grant the guarantees referred to in article L. 211-38 under the conditions defined in that same article and under the following additional conditions: 1° The guarantees granted by the undertaking relate to the financial instruments referred to in 4° to 7° of I of article L. 214-36 held by the undertaking or to the financial instruments and deposits referred to in 8°…

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Article R214-111 of the French Monetary and Financial Code

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…

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Article R214-112 of the French Monetary and Financial Code

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.

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Article D214-113 of the French Monetary and Financial Code

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…

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Article R214-114 of the French Monetary and Financial Code

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…

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Article R214-116 of the French Monetary and Financial Code

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…

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