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Book IV - Collective investment products
Title II - AIFS
Chapter III - Funds open to professional investors
Section 2 - Declared funds
Sub-section 1 - Professional specialised funds
Paragraph 5 - Specific provisions applicable to professional specialised funds that grant loans
Article 423-36-3 from 30/07/2017

Article 423-36-3 into force since

  • Version into force since
ELI : /en/eli/fr/aai/amf/rg/article/423-36-3/20170730/notes

Pursuant to Article R. 214-203-3 (II) of the Monetary and Financial Code, management companies managing a professional specialised fund that grants loans shall have a system for analysing and measuring risk comprising:

  1. A written procedure for granting loans that sets out policies covering exposure by credit risk class for each fund;

  2. A procedure for analysing credit risk that includes the establishment of credit files intended to hold all the qualitative and quantitative information on borrowers;

  3. A system for measuring aggregate credit risk that makes it possible to:

    1. identify, measure and aggregate the credit risk resulting from lending transactions and to identify interactions between this risk and other risks to which the fund is exposed;

    2. identify and control concentration risk and residual risk by means of documented procedures;

    3. Verify that loans are adequately diversified having regard to the investment strategy;

  4. A proportionate procedure to monitor on ongoing basis the quality evolution of each individual loan on a quarterly basis in order to determine the appropriate valuation of loans, taking account of collateral or guarantees.