French Monetary and Financial Code
In forceI. - The sums distributable by a UCITS are made up of :
1° Net income plus retained earnings plus or minus the balance of the income equalisation account;
2° Realised capital gains, net of costs, less realised capital losses, net of costs, recorded during the financial year, plus net capital gains of the same type recorded during previous financial years which have not been distributed or capitalised, less or increased by the balance of the gains equalisation account.
The sums referred to in 1° and 2° may be distributed, in whole or in part, independently of each other.
The distributable sums are paid within a maximum of five months following the end of the financial year.
II. - When the UCITS is authorised under Regulation (EU) No 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds:
1° By way of derogation from the provisions of I, the distributable sums may also include unrealised capital gains;
2° By way of derogation from the provisions of Article L. 232-12 of the French Commercial Code, prior certification of the accounts by the statutory auditor is not required in order to be able to distribute interim distributions before the annual accounts have been approved.
