French Monetary and Financial Code
In forceI. - (Repealed)
II. - A general-purpose investment fund may not hold more than :
1° 10% of the non-voting equity securities of any one issuer ;
2° 10% of the debt securities of any one issuer ;
3° 10% of money market instruments issued by the same issuer.
The limits laid down in 2° and 3° may not be complied with at the time of acquisition if, at that time, the gross amount of the debt securities or money market instruments or the net amount of the securities issued cannot be calculated.
III. - A general-purpose investment fund may hold up to 100% of the units or shares of the same collective investment scheme, UCITS or FIA governed by foreign law or investment fund mentioned in article R. 214-32-42.
IV. - II of this article may be waived in respect of :
1° Eligible financial securities and money market instruments issued or guaranteed by a Member State of the European Union or by its local authorities;
2° Eligible financial securities and money market instruments issued or guaranteed by a third country;
3° Eligible financial securities and money market instruments issued by a public international body to which one or more Member States belong;
4° Shares held by a general-purpose investment fund in the capital of a company incorporated in a third country which invests its assets mainly in the securities of issuers having their registered office in that country where, under the legislation of that country, such a holding constitutes the only possibility for the general-purpose investment fund to invest in the securities of issuers from that country;
5° Shares held by one or more SICAVs in the capital of subsidiary companies carrying on only management, advisory or marketing activities in the country where the subsidiary is established, with regard to the redemption of units at the request of unitholders exclusively on its or their behalf.
The derogation referred to in 4° is only applicable on condition that the company in the third country respects, in its investment policy, the limits established by II and by articles R. 214-32-29, R. 214-32-33 and R. 214-32-34.
V. - A general-purpose investment fund may not hold more than 10% of the debt securities of any one entity.
