French Monetary and Financial Code
In forceI. - After the fifth year, partial withdrawals of sums or securities and, in the case of capitalisation contracts, partial redemptions do not result in the closure of the equity savings plan.
II. - Before the end of the fifth year, any withdrawal of sums or securities from the plan or any redemption will result in the closure of the plan.
By way of derogation from this provision, withdrawals or redemptions of sums or securities included in the plan may be made during the five years following the opening of the plan without leading to closure, on condition that these sums or securities are allocated, within three months of the withdrawal or redemption, to financing the creation or takeover of a business for which the holder of the plan, his/her spouse, or partner in a civil solidarity pact, ascendant or descendant personally runs or manages the business, and when these sums or securities are used to subscribe in cash to the initial capital of a company, to purchase an existing business or when they are paid into the account of the operator of a sole proprietorship created less than three months before the date of payment. However, no payment may be made after the first withdrawal or redemption.
By way of derogation from this same provision, cash withdrawals or redemptions may be made from the plan before expiry of the period mentioned in the first paragraph of this II without leading to closure, provided that these withdrawals or redemptions are the result of redundancy, disability as defined in 2° or 3° of article L. 341-4 of the Social Security Code or the early retirement of the plan holder or his/her spouse or partner in a civil solidarity pact.
III -The fees charged to the plan holder by the person with whom the plan is opened for the purpose of opening, maintaining or transacting in the plan or transferring the plan to another person are subject to ceilings set by decree.
IV -When an entity whose securities are included in the plan is subject to compulsory liquidation proceedings or equivalent proceedings under foreign law, with the exception of the secondary insolvency proceedings referred to in Article 3(2) and (3) of Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings, the holder of the plan may request that the securities be withdrawn from the plan free of charge as soon as the judgment opening the proceedings is handed down. Such withdrawal does not entail the impossibility of making the payments referred to in I of this article or the closure of the plan referred to in the first paragraph of II.
