French Monetary and Financial Code
In forceDuring the pre-liquidation period, the fund :
1° May no longer arrange for new subscriptions of units other than those of its unitholders on the date of its entry into the pre-liquidation period in order to reinvest in units, shares, redeemable bonds, convertible bonds or profit-sharing securities, as well as in current account advances in companies which are not admitted to trading on a financial instruments market within the meaning of I of Article L. 214-28 or in entities mentioned in 2° of II of Article L. 214-28 whose securities or rights are included in its assets;
2° May, notwithstanding article R. 214-56, sell equity or debt securities held for more than twelve months to an affiliated undertaking. In this case, the sales are valued by an independent expert on the basis of a report by the fund's auditor. These sales and the related report are communicated to the Autorité des marchés financiers;
3° From the start of the financial year following that in which the pre-liquidation period begins, the fund may only hold as assets
a) securities or rights of companies not admitted to trading on a financial market within the meaning of I of Article L. 214-28 or securities or rights of companies admitted to trading on a financial market within the meaning of I of Article L. 214-28 where these securities or rights would have been taken into account for the assessment of the quotas mentioned in Article R. 214-47 if the fund had not entered the pre-liquidation period, current account advances to these same companies and rights in entities mentioned in 2° of II of article L. 214-28 whose securities or rights are included in its assets;
b) Investments made for the purpose of investing the proceeds from the sale of its assets and other proceeds pending distribution until the end of the financial year following that in which the sale was made or the proceeds were realised, at the latest, and the investment of its cash up to 20% of the net asset value of the fund.
