Sub-paragraph 3: Investment rules.

Articles in this section · 28

D214-32-31R214-32-16R214-32-17R214-32-18R214-32-19R214-32-20R214-32-21R214-32-22R214-32-23R214-32-24R214-32-24-1R214-32-25R214-32-26R214-32-27R214-32-28R214-32-29R214-32-30R214-32-32R214-32-33R214-32-34R214-32-35R214-32-36R214-32-37R214-32-38R214-32-39R214-32-40R214-32-41R214-32-42

Article R214-32-22

French Monetary and Financial CodeIn force
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Updated 6 Nov 2023

A general-purpose investment fund may enter into the financial contracts referred to in 5° of I of Article L. 214-24-55 on the markets referred to in 1°, 2° or 3° of I of Article R. 214-32-18 or traded over-the-counter, under the following conditions :

1° These contracts relate to one or more of the following:

a) The assets referred to in article L. 214-24-55, including instruments with one or more of the characteristics of these assets ;

b) Interest rates ;

c) Exchange rates or currencies;

d) Financial indices meeting the conditions laid down in I of Article R. 214-32-25;

2° The counterparties to OTC financial contract transactions are either institutions acting as custodians for collective investment schemes, credit institutions whose registered office is in a Member State of the Organisation for Economic Co-operation and Development, investment firms whose registered office is in a Member State of the European Union or in another State party to the Agreement on the European Economic Area, or authorised branches as referred to in I of Article L. 532-48;

3° The financial contracts may, at the initiative of the general-purpose investment fund, be sold, liquidated or closed at any time by means of a symmetrical transaction, at their market value, and are subject to a reliable and verifiable valuation on a daily basis, which is not based solely on the market prices given by the counterparty. This valuation meets the following criteria:

a) it is based on a current market value which has been reliably established for the instrument or, if such a value is not available, on a valuation model using a recognised and appropriate method ;

b) It is verified by one of the following entities:

i) An appropriate third party, independent of the co-contractor, which carries out this verification at an appropriate frequency and in such a way that the general purpose investment fund can control it ;

ii) A department of the general purpose investment fund which is independent of the operational functions and which is able to carry out this verification.

Mariela Petrova

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Mariela Petrova

Mariela Petrova

Avocate au Barreau de Paris

Toque #C2396

15+ Years In Corporate Practice

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