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Article L214-180 of the French Monetary and Financial Code

November 8, 2023

The fonds commun de titrisation is a securitisation vehicle set up in the form of a co-ownership. The fund does not have legal personality. The provisions of the Civil Code relating to joint ownership and those of articles 1871 to 1873 of the Civil Code relating to joint ventures do not apply to securitisation funds. The minimum amount of a unit issued by a securitisation mutual fund is defined by…

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Article L214-181 of the French Monetary and Financial Code

November 8, 2023

The securitisation fund is set up at the initiative of the management company referred to in III of Article L. 214-168 or, where applicable, a sponsor referred to in IV of Article L. 214-175-1. Where the units or debt securities issued by the fund are admitted to trading on a regulated market or are offered to the public and a document is to be drawn up pursuant to Regulation (EU)…

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Article L214-182 of the French Monetary and Financial Code

November 8, 2023

The conditions under which the fund may issue new units after the initial issue of units are defined in its regulations. The Fund may issue negotiable debt securities and bonds or debt securities issued under foreign law. The conditions under which the fund issues debt securities are defined in its rules.

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Article L214-183 of the French Monetary and Financial Code

November 8, 2023

The management company of the securitisation fund represents the fund in dealings with third parties and in any legal proceedings. When the securitisation fund rules provide for the use of forward financial instruments to expose the fund, or the sale of receivables which are not due or for which the term has expired, the management company referred to in the first paragraph submits a specific programme of operations for approval…

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Article L214-185 of the French Monetary and Financial Code

November 8, 2023

The board of directors, the manager or the management board of the management company appoints the fund’s auditor. The auditor shall report any irregularities or inaccuracies that he detects in the performance of his duties to the management company’s directors and to the Autorité des marchés financiers. The fund’s unitholders exercise the rights conferred on shareholders by articles L. 225-231 and L. 823-6 of the French Commercial Code.

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Article L214-187 of the French Monetary and Financial Code

November 8, 2023

This paragraph applies to securitisation undertakings or compartments of securitisation undertakings which bear insurance risks by entering into one or more contracts transferring these risks with an insurance or reinsurance undertaking or a securitisation undertaking covered by this paragraph or a foreign securitisation vehicle referred to in Article L. 310-1-2 of the French Insurance Code.

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Article L214-188 of the French Monetary and Financial Code

November 8, 2023

A decree shall determine the conditions under which an undertaking or, where applicable, a sub-fund covered by this paragraph shall enter into contracts transferring the insurance risks referred to in article L. 214-187 and the nature of the insurance risks covered by these contracts. Undertakings or sub-funds covered by this paragraph may sell or unwind contracts transferring the insurance risks mentioned in article L. 214-187 under conditions and within limits…

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Article L214-189 of the French Monetary and Financial Code

November 8, 2023

The creation of a securitisation undertaking or a compartment of a securitisation undertaking covered by this paragraph or the conversion of an existing undertaking or compartment into a securitisation undertaking covered by this paragraph is subject to authorisation by the Autorité de contrôle prudentiel et de résolution. In order to grant authorisation, the Autorité de contrôle prudentiel et de résolution verifies that : 1° The articles of association or by-laws…

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

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

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