MUTUAL CREDIT FUNDS
[ UCITS ] [MUTUAL CREDIT FUNDS] [ SCPI ] [ ALTERNATIVE MANAGEMENT ]
SECURITIZATION
| Art. L. 214-43. – The common receivables fund is a joint ownership which has the exclusive purpose of acquiring receivables and issuing shares representing these receivables. The fund may have two or more sub-funds if its regulations so provide. Each sub-fund gives rise to the issue of units representing the fund assets allocated to it. The fund does not have legal personality. The provisions of the Civil Code relating to joint ownership, nor those of Articles 1871 to 1873 of the same code relating to joint-venture companies, do not apply to common debt funds. The conditions under which the fund may acquire debts and issue new units after the initial issue of units and the investment rules for sums currently available and pending allocation are defined by decree. The fund or, where applicable, the compartments of the fund may borrow under conditions set by decree. The units may give rise to different rights on capital and interest. They cannot give rise, by their holders, to a request for redemption by the fund. The minimum amount of a unit issued by a common debt fund is defined by decree. The fund or, as the case may be, the sub-funds of the fund may not assign the receivables that they acquire until they are due or forfeited, except in the event of liquidation under conditions defined by decree. He cannot pledge the debts he holds. The assignment of receivables is effected by the sole delivery of a slip, the details of which are fixed by decree. It takes effect between the parties and becomes enforceable against third parties on the date affixed on the slip when it is delivered. The delivery of the slip automatically entails the transfer of securities guaranteeing each claim and its enforceability against third parties without the need for any other formality. The transfer agreement may provide, for the benefit of the transferor, a claim on all or part of the possible liquidation surplus of the fund or, where applicable, of a sub-fund. For all transactions carried out on behalf of the co-owners, the designation of the fund or, where applicable, of a sub-fund may be validly substituted for that of the co-owners.Art. L. 214-44. – A document containing an assessment of the characteristics of the units that the fund is called upon to issue and of the debts that it intends to acquire and evaluating the risks presented by the latter is drawn up by a body appearing on a list drawn up by the minister in charge. of the economy after the opinion of the Commission des Opérations de Bourse. It is appended to the prospectus and communicated to unit subscribers. Mutual funds of receivables cannot be the subject of canvassing. Art. L. 214-45. – Art. L. 214-46. – Art. L. 214-47. – Art. L. 214-48. – Art. L. 214-49. – |
Amended regulation number 94-01 relating to debt mutual funds, COB monthly bulletin, n ° 355, 03/01/2001, pp. 39-48Commentary on the publication of regulation number 2000-05 amending regulation number 94-01 relating to common debt funds published in the Official Journal of December 22, 2000, COB monthly bulletin, n ° 353, 01/01/2001, pp. 13-14
Instruction of June 15, 1999, issued in application of amended regulation 94-01 relating to common debt funds, COB monthly bulletin, n ° 336, 01/06/1999, pp. 33-58 Securitization of future receivables, Xavier de Kergommeaux; Grégory Benteux,, Banking and Stock Exchange Law Review, n ° 2, 03/01/2000 A relaxed legislative framework for common debt funds, Xavier de Kergommeaux, Option Finance, n ° 556, 12/07/1999, p 37 Securitization of trade receivables: the offensive of French banks, Perrignon, Bertrand, Marchés et Techniques Financières-Haute Finance (MTF), 05/01/1999, p 15
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