Article 425-22 into force since
- Version into force since
In application of the provisions of Articles L. 214-24-14, L. 214-190-1 and D. 214-240-4 of the Monetary and Financial Code, the rules or instruments of incorporation of the specialised financing vehicle may only provide for the possibility of issuing or redeeming units, shares or debt securities giving rise to different entitlements in the capital and interest if the specialised financing vehicle or its management company are able to calculate in an appropriate manner the effects of said entitlements on the value of each category of units, shares or debt securities. The details of the method used must guarantee equal treatment between holders of units, shares and debt securities, in particular, when debt securities entitle holders to ask for their early redemption, by determining a valueation that must be specified in the rules or instrument of incorporation of the specialised financing vehicle.
Head of publications: The Executive Director of AMF Communication Directorate. Contact: Communication Directorate – Autorité des marches financiers 17 place de la Bourse – 75082 Paris cedex 02