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Monetary and Financial Code – Legislative Section
IV. - The Autorité des Marchés Financiers may withdraw its
authorisation from any real-estate collective investment scheme.
well as financial futures under conditions established by Article L.
214-94
Inserted by Order No. 2005-1278 of 13 October 2005 Art. 2 Official Journal
of 14 October 2005
g) Units or shares in OPCIs, with the exception of those
referred to in subsections 9 to 14 of Section 1 of Chapter IV of
Part I of Book II, authorised by the Autorité des Marchés
Financiers or authorised to be marketed in France
Article L. 214-92. - I. - Under conditions and within limits
determined in a decree issued following consultation with the
Conseil d'Etat, the assets of a real-estate collective investment
scheme shall exclusively consist of:
a) Properties that have been constructed or purchased with a
view to leasing them, and the rights in rem pertaining to these
assets listed in the decree issued following consultation with the
Conseil d'Etat referred to in the previous paragraph
b) Units in partnerships that are not admitted to trading on a
market for two in Articles L. 421-4, L. 422-1 and L. 423-1, and
that meet the following conditions:
1° The partners assume responsibility for liabilities over and
beyond their contributions except for cases in which, pursuant to
Article L. 214-55 or an equivalent provision in foreign law, they
are only responsible for liabilities in proportion to their own share
2° The assets are primarily composed of properties that have
been constructed or purchased with a view to leasing them, and
the rights in rem pertaining to these assets, rights retained by the
lessee pertaining to leasing contracts for properties with an eye to
their leasing, or direct or indirect equity interests in companies
fulfilling the conditions of this paragraph b)
3° Other assets include current account advances referred to
in Article L. 214-98, receivables resulting from their principal
activity, cash is referred to in i) and the liquid financial
instruments referred to in h)
4° The financial instruments that they issue shall not be
admitted to trading on a market referred to in Articles L. 421-4,
L. 422-1 and L. 423-1
c) Units of partnerships other than those set forth in point b),
units or shares in companies other than partnerships that are not
admitted to trading on a market referred to in Articles L. 421-4,
L. 422-1 et L. 423-1. These companies shall meet the following
conditions:
1° Liability of the partners or shareholders shall be limited to
the amount of their contributions
2° The assets are primarily composed of properties that have
been constructed or purchased with a view to leasing them, and
the rights in rem pertaining to these assets, rights retained by the
lessee pertaining to leasing contracts for properties with an eye to
their leasing, or direct or indirect equity interests in companies
fulfilling the conditions of 1°, 2° and 4° of b) or this paragraph c)
3° The financial instruments that they issue shall not be
admitted to trading on a market referred to in Articles L. 421-4,
L. 422-1 and L. 423-1
d) Shares traded on a market referred to in Articles 421-4, L.
422-1 and L. 423-1, and issued by a company whose assets
primarily consist of properties that have been constructed or
purchased with a view to leasing them, and the rights in rem
pertaining to these assets, rights retained by the lessee pertaining
to leasing contracts for properties with an eye to their leasing, or
direct or indirect equity interests in companies whose assets meet
the same conditions
e) Units or shares in real-estate investment companies as well
as units, shares or rights held in institutions under foreign law
with a similar purpose, regardless of their legal form
f) The financial securities referred to in paragraph II of
Article L. 211-1 and Article L. 211-41 admitted to trading on a
market referred to in Articles L. 421-1, L. 422-1 and L. 423-1 as
h) Deposits and liquid financial instruments as defined by
decree issued following consultation with the Conseil d'Etat
i) Cash as defined by decree issued following consultation
with the Conseil d'Etat
j) Current-account advances granted in application of Article
L. 214-98.
A decree issued following consultation with the Conseil
d'Etat shall define rules concerning risk spreading and risk caps,
particularly in terms of construction, which are applicable to the
real-estate investment company.
II. - A real-estate collective investment scheme and the
companies mentioned in paragraph I b) may not hold units,
shares, financial rights or voting rights in an entity, no matter
what its form, whose partners or members are indefinitely and
jointly liable for the entity's debts.
Inserted by Order No. 2005-1278 of 13 October 2005 Art. 2 Official Journal
of 14 October 2005
Amended by Act No. 2006-1771 of 30 December 2006 Art. 140 Official
Journal of 31 December 2006
Amended by Order No. 2007-544 of 12 April 2007 Art. 1 Official Journal of
13 April 2007
Amended by Order No. 2007-1490 of 18 October 2010 Art. 1 Official
Journal of 19 October 2010
Amended by Order No. 2009-15 of 8 January 2009 Art. 1 Official Journal of
9 January 2009
Article L. 214-93. - I. - Under conditions and within limits
determined in a decree issued following consultation with the
Conseil d'Etat, the assets of a real-estate collective investment
scheme shall consist of:
1° At least 60% real-estate assets. In the case of a limited
liability real-estate investment company with variable capital,
these real-estate assets shall be those mentioned in paragraph I a)
to e) of Article L. 214-92, with the assets referred to in points a)
to c) of paragraph I of the aforementioned article representing at
least 51% of the assets. In the case of a real-estate investment
trust, the assets are those referred to in paragraph I a) and b) of
Article L. 214-92 and, should they consist of a controlled equity
interest, the real-estate investment trust's units and the units or
shares in institutions under foreign law with an equivalent
purpose and similar form referred to in paragraph I e).
2° At least 10% of the assets referred to in paragraph I h) and
i) of Article L. 214-92. These assets must be free of all securities
and rights in favour of third parties.
Inserted by Order No. 2005-1278 of 13 October 2005 Art. 2 Official Journal
of 14 October 2005
Amended by Act No. 2006-1771 of 30 December 2006 Art. 140 Official
Journal of 31 December 2006
Article L. 214-94. - A real-estate collective investment scheme
may, within the limits and under conditions established by decree,
conclude financial futures contracts.
Inserted by Order No. 2005-1278 of 13 October 2005 Art. 2 Official Journal
of 14 October 2005
Amended by Order No. 2007-544 of 12 April 2007 Art. 1 Official Journal of
13 April 2007