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Article R214-63 of the French Monetary and Financial Code

For the companies referred to in the first paragraph of 1° of IV of article L. 214-30, the condition relating to the exclusivity of the holdings is met when the redeemable shares, equity securities or securities giving access to capital issued by companies other than the subsidiaries referred to in c of 1° of IV, as well as the current account advances granted to these companies, represent no more than…

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Article D214-64-1 of the French Monetary and Financial Code

The Autorité des marchés financiers shall refuse to approve the creation of a fonds commun de placement dans l’innovation if, over a period of three years, each of the fonds communs de placement dans l’innovation and the fonds d’investissement de proximité set up by the management company concerned has total subscriptions of less than 5 million euros and if all the fonds de capital investissement mentioned in articles L. 214-27…

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Article R214-65 of the French Monetary and Financial Code

For the assessment of the 60% quota set out in I of Article L. 214-31 : 1° The numerator is made up of the subscription or acquisition price of the securities or rights in the portfolio and the book value of the other assets. The denominator is made up of the paid-up amount of subscriptions to the fund. This amount is reduced by unit redemptions requested by unitholders and carried…

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Article R214-66 of the French Monetary and Financial Code

I. – The provisions of articles R. 214-32-18 to R. 214-32-21, R. 214-32-29, R. 214-32-32 to R. 214-32-36, R. 214-32-38 to R. 214-32-40 and R. 214-32-42 do not apply to local investment funds. II. – The assets of a local investment fund may be invested in : 1° no more than 10% in securities issued by a single issuer ; 2° A maximum of 35% in shares or units of…

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Article R214-67 of the French Monetary and Financial Code

A local investment fund may not invest more than 10% of its assets in rights representing a financial investment in entities mentioned in 2° of II of article L. 214-28 which are not covered by the other provisions of article L. 214-28 or II of article L. 214-1 and articles L. 214-30 and L. 214-38.

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Article R214-68 of the French Monetary and Financial Code

For the assessment of the limits set out in articles R. 214-66 and R. 214-67: 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…

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Article R214-70 of the French Monetary and Financial Code

A local investment fund : 1° May not hold more than 35% 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 why the limit…

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