French Labour Code
In forceThe rules of the company savings plan provide that part of the sums collected may be allocated to the acquisition of units in funds invested, within the limits provided for in article L. 214-164 of the Monetary and Financial Code, in socially responsible companies within the meaning of article L. 3332-17-1 of this code.
The rules of the company savings plan give participants at least one opportunity to acquire either securities issued by open-ended investment companies mentioned in 1° of article L. 3332-15, or units in company mutual funds whose assets are made up of transferable securities admitted to trading on a regulated market and, on an ancillary basis, cash, in accordance with the rules laid down pursuant to article L. 214-24-55 of the Monetary and Financial Code, or units in undertakings for collective investment in transferable securities or collective investment schemes covered by paragraphs 1, 2 and 6 of sub-section 2, paragraph 2 or sub-paragraph 1 of paragraph 1 of sub-section 3 of Section 2 of Chapter IV of Title I of Book II of the Monetary and Financial Code, the assets of which are so composed. This provision is not required when a group savings plan or an inter-company savings plan with the same minimum investment period offers the company's participants the possibility of investing the sums paid in an undertaking for collective investment in transferable securities or in a collective investment covered by paragraphs 1, 2 and 6 of sub-section 2, paragraph 2 or sub-paragraph 1 of paragraph 1 of sub-section 3, or sub-section 4 of section 2 of Chapter IV of Title I of Book II of the Monetary and Financial Code with the same characteristics.
When a fonds commun de placement d'entreprise mentioned in 2° of article L. 3332-15 is invested in company securities and these are not admitted to trading on a regulated market, the assets of this fund must include at least one third of liquid securities. This condition is not required in any of the following cases:
1° When a mechanism has been set up to guarantee the liquidity of these securities under conditions determined by decree ;
2° Where, for the purposes of this book, the company, the company controlling it or any company controlled by it within the meaning of article L. 233-16 of the French Commercial Code has undertaken to repurchase, up to a limit of 10% of its share capital, the securities not admitted to trading on a regulated market held by the fonds commun de placement d'entreprise.
In the latter case, the net asset value of the fonds commun de placement d'entreprise is published at least once a year. Once the company's appraised value has been communicated, employees have two months before the publication of the fund's net asset value to submit their request to subscribe, redeem or arbitrate their assets.
