When a securitisation undertaking or a specialised professional investment fund has several sub-funds, the application of the rules mentioned in articles
R. 332-14-2and
A. 332-3of the Insurance Code is assessed on a sub-fund-by-sub-fund basis. An undertaking may, at any time, have one or more sub-funds which meet the characteristics of economic loan funds and one or more sub-funds which do not.

