Sub-paragraph 3: Investment rules.

I. - The money market instruments referred to in 5° of I of article R. 214-32-18 are :

1° Issued or guaranteed by :

a) A Member State of the European Union or another State party to the Agreement on the European Economic Area or, for one of these States, in the case of a federal State, one of the members making up the Federation ;

b) A regional or local authority of a Member State of the European Union or of another State party to the Agreement on the European Economic Area;

c) The European Central Bank ;

d) The Central Bank of a Member State or of another State party to the Agreement on the European Economic Area;

e) The European Union ;

f) The European Investment Bank;

g) A public international body to which one or more Member States or other Contracting States belong; or

h) Or a third country;

2° Issued by a company whose securities are traded on the markets mentioned in 1° to 3° of I of article R. 214-32-18;

3° Issued or guaranteed by an institution subject to prudential supervision, the head office of which is located in a Member State of the European Union, or by an institution which meets one of the following criteria:

a) It is located in the European Economic Area ;

b) It is located in a country on a list drawn up by order of the Minister for the Economy;

c) It has undergone an external assessment by an agency referred to in Article L. 544-4, in accordance with the conditions laid down by the same order;

d) It is subject to and complies with prudential rules that are at least as strict as those laid down for institutions covered by this 3° and whose head office is located in a Member State of the European Union;

4° Issued by another entity subject to investor protection rules equivalent to those provided for in 1° to 3° of this I and having either the status of a company whose capital plus reserves amounts to at least 10 million euros and which presents its annual accounts in accordance with Council Directive 78/660/EEC of 25 July 1978 on the annual accounts of certain types of companies, transposed by Articles L. 123-12 to L. 123-24 of the Commercial Code, or the status of an entity dedicated to the financing of a group within the meaning of Council Directive 83/349/EEC of 13 June 1983 on consolidated accounts, comprising at least one company whose securities are admitted to trading on a regulated market within the meaning of article R. 214-32-18, or the status of a securitisation entity benefiting from a bank credit line granted by an institution mentioned in this 3°.

II. - The money market instruments mentioned in 5° of I of article R. 214-32-18 meet the following criteria:

1° They meet one of the conditions set out in 1° of article R. 214-32-17 and the criteria set out in 2° and 3° of the same article;

2° Appropriate information concerning them is available, including information enabling the credit risks associated with an investment in these instruments to be properly assessed, taking into account III, IV and V of this article;

3° They are freely negotiable.

III. - For money market instruments covered by 2° and 4° of I of this article or for those issued by the regional or local authorities mentioned in b of 1° of I or by a public international body without being guaranteed by a State or by one of the members of a federal State mentioned in a of 1° of I, the appropriate information, which must enable the credit risk associated with the instrument to be properly assessed, includes the following information:

1° Information concerning both the issue or the issuance programme and the legal and financial situation of the issuer prior to the issue of the money market instrument. This information must be updated regularly, in particular whenever a significant event occurs, and must be verified by qualified third parties who do not receive instructions from the issuer;

2° The information referred to in 1°, updated regularly and each time a significant event occurs, and verified by qualified third parties who do not receive instructions from the issuer;

3° Available and reliable statistics on the issue or issue programme.

IV. - For money market instruments covered by 3° of I of this article, the appropriate information, which must enable the credit risk associated with the instrument to be properly assessed, includes the following information:

1° Information concerning the issue or the issuance programme or concerning the legal and financial situation of the issuer prior to the issue of the money market instrument. This information must be updated regularly and whenever a significant event occurs;

2° The information referred to in 1°, updated regularly and each time a significant event occurs;

3° Available and reliable statistics on the issue or issue programme or other data enabling the credit risks associated with an investment in these instruments to be properly assessed.

V. - For money market instruments falling within the scope of 1° of I, with the exception of those falling within the scope of III and those issued by the European Central Bank or by a central bank mentioned in d of 1° of I, the appropriate information which must enable the credit risk associated with the instrument to be properly assessed includes information concerning the issue or issue programme or concerning the legal and financial situation of the issuer prior to the issue of the money market instrument.