French Monetary and Financial Code
In forceFor the purposes of Article L. 312-2, issues of debt securities are treated as collections of repayable funds from the public when they comply with the following conditions and limits:
1° These issues relate to debt securities mentioned in 2 of II of Article L. 211-1, with the exception of :
a) Last-ranking subordinated securities issued pursuant to article L. 228-97 of the Commercial Code ;
b) participating securities referred to in articles L. 213-32 to L. 213-35 ;
c) Other instruments of last rank mentioned in b of 9° of article L. 613-31-16, for which the issue contract provides that they absorb losses as a going concern;
d) Securities whose contract of issue provides that, in the event of liquidation of the issuer, they shall be redeemed only after preferred and unsecured creditors have been paid in full;
2° These issues are not reserved for persons providing the portfolio management service on behalf of third parties referred to in section 4 of Article L. 321-1, or for qualified investors within the meaning of section 1 of Article L. 411-2;
3° For securities other than negotiable debt securities, the nominal value of each security is less than €100,000.
