French Monetary and Financial Code
In forceThe following have the status of eligible counterparties within the meaning of Article L. 533-20:
1. a) The credit institutions referred to in Article L. 511-9 ;
b) The investment firms referred to in article L. 531-4;
c) Other authorised or regulated financial institutions;
d) The insurance and reinsurance undertakings referred to respectively in the first paragraph of article L. 310-1 and article L. 310-1-1 of the Insurance Code, the insurance group companies referred to in article L. 322-1-2 of the same Code, the mutual insurers and associations of mutual insurers covered by Book II of the Mutual Code, the mutual group associations referred to in article L. 111-4-2 of the same code, as well as provident institutions and their unions governed by Title III of Book IX of the Social Security Code, and the social protection insurance group companies mentioned in Article L. 931-2-2 of the same code;
e) The collective investments mentioned in I of article L. 214-1 as well as the collective investment management companies mentioned in article L. 543-1 ;
f) The pension reserve fund mentioned in article L. 135-6 of the Social Security Code, the occupational pension institutions mentioned in article L. 370-1 of the Insurance Code for their operations mentioned in article L. 370-2 of the same code, as well as the legal entities administering an occupational pension institution mentioned in article 8 of order no. 2006-344 of 23 March 2006 relating to supplementary occupational pensions;
g) Persons whose principal activity consists of dealing on own account in commodities or commodity derivatives, as referred to in j of 2° of Article L. 531-2 ;
h) (Repealed) ;
2. The French State, the Caisse de la dette publique, the Caisse d'amortissement de la dette sociale, the Banque de France, the Institut d'émission des départements d'outre-mer, the Institut d'émission d'outre-mer ;
3. Public international financial organisations to which France or any other member state of the Organisation for Economic Co-operation and Development belongs.
4. Legal entities meeting at least two of the following three criteria, based on individual accounting statements:
- balance sheet total equal to or greater than 20 million euros ;
- net sales or net revenue of at least €40 million; and
- shareholders' equity of at least 2 million euros.
An investment service provider other than an asset management company that enters into transactions in accordance with the provisions of Article L. 533-20 with a legal entity referred to in the first paragraph of this 4 must obtain express confirmation from the legal entity that it agrees to be treated as an eligible counterparty. The investment service provider may obtain this confirmation either in the form of a general agreement or for each transaction.
5. Caisse des dépôts et consignations and other authorised or regulated institutional investors;
6. At their request, the legal entities referred to in Article D. 533-11. In this case, the legal entity concerned must only be recognised as an eligible counterparty for services or transactions for which it would be treated as a professional client;
7. Entities governed by foreign law equivalent to those mentioned in 1, 2 and 4.
Where a legal entity referred to in 4 has its registered office or effective management outside mainland France, Guadeloupe, French Guiana, Martinique, La Réunion and Mayotte, the investment service provider other than an asset management company shall take into account the status of the legal entity as defined by the provisions in force in the State in which it has its registered office or effective management.
