Section 1: Negotiable debt securities

Articles in this section · 5

L213-1L213-2L213-3L213-4L213-4-1

Article L213-3

French Monetary and Financial CodeIn force
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Updated 8 Nov 2023

The following are authorised to issue negotiable debt securities:

1. Credit institutions, investment firms and the Caisse des Dépôts et Consignations, subject to compliance with the conditions laid down for this purpose by the Minister for the Economy;

1 bis. Finance companies, subject to compliance with the conditions laid down for this purpose by the Minister for the Economy and provided that the proceeds of these issues do not constitute funds repayable by the public within the meaning of Article L. 312-2 ;

2. Companies other than those mentioned in 1 and 1 bis, provided that they meet the conditions in terms of legal form, capital and auditing required for a public offering of financial securities or the admission of financial securities for trading on a regulated market and whose share capital is specified by decree, or equivalent conditions for companies with a registered office abroad;

3. Public sector companies that meet the conditions set out in 2;

4. Public sector companies with no share capital but which are authorised to make a public offer;

5. Economic interest groupings and general partnerships composed exclusively of joint stock companies meeting the conditions laid down in 2;

6. Institutions of the European Union and international organisations;

7. The Caisse d'Amortissement de la Dette Sociale (Social Debt Amortisation Fund) instituted by Article 1 of Ordinance no. 96-50 of 24 January 1996 relating to the reimbursement of social debt;

8. Local authorities and their groupings;

9. Associations governed by the law of 1st July 1901 relating to the contract of association or by articles 21 to 79 of the local civil code applicable in the departments of Bas-Rhin, Haut-Rhin and Moselle and meeting the conditions laid down for the issue of bonds by public offering;

10. The States ;

11. Securitisation or specialised financing bodies;

12. The Agence centrale des organismes de sécurité sociale ;

13. Regional hospital centres, the list of which is set by decree, subject to an overall limit on issues set for each of them by the same decree.

For the purposes of 2 and 4, companies authorised to make a public offer are understood to mean companies authorised to make a public offer other than those mentioned in 1° or 2° of article L. 411-2 or article L. 411-2-1.

A decree specifies the conditions to be met by the issuers mentioned in 2 to 13 and sets the conditions for the issue of negotiable debt securities.

Mariela Petrova

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Mariela Petrova

Mariela Petrova

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Toque #C2396

15+ Years In Corporate Practice

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