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French Monetary and Financial Code

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Article D214-232-3 of the French Monetary and Financial Code

November 6, 2023

Any decision by the management company of a securitisation undertaking to buy and sell financial securities, to enter into, manage or terminate financial contracts or to modify all or part of the risks to which the securitisation undertaking is exposed by entering into such contracts does not fall within the discretionary management referred to in Article D. 214-232 when it is taken alternatively: 1° Under the conditions listed exhaustively in…

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Article D214-232-4 of the French Monetary and Financial Code

November 6, 2023

The liquid assets referred to in a of 1° of Article R. 214-218 eligible for inclusion in the assets of the securitisation undertaking are : 1° Deposits made with a credit institution whose registered office is located in a State party to the Agreement on the European Economic Area or a member of the Organisation for Economic Co-operation and Development, which may be repaid or withdrawn at any time at…

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Article D214-233 of the French Monetary and Financial Code

November 6, 2023

The securitisation undertaking’s custodian is responsible for the safekeeping of the cash and of the original deeds, or, failing this, copies, from which the undertaking’s receivables arise. However, the assignor or the entity responsible for collecting the receivables assigned to the securitisation undertaking may ensure the safekeeping of the deeds from which the receivables referred to in 1° of Article D. 214-219 arise, subject to the following cumulative conditions: 1°…

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Article R214-234 of the French Monetary and Financial Code

November 6, 2023

The securitisation undertaking may grant the loans referred to in V of Article L. 214-175-1 under the conditions defined by Articles R. 214-203-1, R. 214-203-2, R. 214-203-3 with the exception of I, R. 214-203-4, R. 214-203-5 with the exception of III and R. 214-203-6 to R. 214-203-9. For the application of these articles, the securitisation undertaking is treated in the same way as a specialised professional fund and the holders…

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Article R214-234-1 of the French Monetary and Financial Code

November 6, 2023

The securitisation mutual fund may issue negotiable debt securities and bonds or debt securities issued on the basis of foreign law. The fund rules specify the characteristics and terms of issue of the debt securities. The liabilities of a securitisation mutual fund comprise at all times a minimum number of two units. The minimum amount of a unit on issue is 150 euros or its equivalent in the monetary unit…

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Article R214-235 of the French Monetary and Financial Code

November 6, 2023

The payment of sums due in respect of units issued by the fund is subordinated to the payment of sums due of any kind to holders of debt securities issued by the fund or to persons with whom loans have been contracted or commitments resulting from contracts constituting forward financial instruments entered into by the fund.

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Article D214-237 of the French Monetary and Financial Code

November 6, 2023

A securitisation undertaking covered by this subparagraph may enter into contracts transferring insurance risks under the conditions laid down in its articles of association or its regulations, subject to the following conditions: 1° These contracts are entered into with : a) An insurance or reinsurance undertaking governed by the Insurance Code, a mutual insurer or union governed by Book II of the Mutual Code, a provident institution or union governed…

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Article D214-238 of the French Monetary and Financial Code

November 6, 2023

A securitisation undertaking covered by this sub-paragraph may only sell or transfer, in one or more transactions, contracts transferring insurance risks and receivables held against insurance and reinsurance undertakings in the following cases: 1° When the securitisation undertaking is being wound up in the interests of the holders of units and debt securities previously issued; 2° When the securitisation undertaking’s commitment in respect of contracts transferring insurance risks is less…

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Article R214-239 of the French Monetary and Financial Code

November 6, 2023

In order to grant the authorisation referred to in Article L. 214-189, the Autorité de contrôle prudentiel et de résolution shall verify that the rules or articles of association of the undertaking, in particular with regard to the composition of assets and the risk coverage strategy, are compatible with the rule of financing its commitments in full, as defined in 5° of Article D. 214-237. The Authority also verifies that…

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is a Registered Trademark of
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182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396

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75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396

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