Posted on 9 September, 2022 - 11:33 | Category : .
I. – “Sociétés de credit foncier (SCF) are credit institutions authorized to operate as specialized financial companies by the Autorité de contrôle prudentiel, and their sole purpose is:
1. to grant or to acquire secured loans, exposures on public sector entities and securities, deposits and exposures as defined in articles L.513-3 to L.513-7;
2. in order to finance these categories of loans, exposures and securities, to issue bonds called obligations foncières that benefit from the privilege defined in articleL.513-11 and to raise other funds, whose subscription agreement or the prospectus designed to inform the general public in the sense of article L.412-1 or any equivalent document required for trading on foreign regulated markets refers to the same privilege.
I bis. – To finance the activities mentioned in I, sociétés de crédit foncier may issue “obligations foncières” whose maturity date may be extended, in accordance with the terms and conditions set by decree of the Conseil d’Etat.
II – SCFs may also finance the activities listed above by issuing bonds or raising funds which do not benefit from the privilege. They are allowed to issue promissory notes as mentioned in articles L.313-42 to L.313-48.
Notwithstanding any legal or contractual provisions to the contrary, SCFs may effect temporary assignments of their debt securities under the conditions set out in articles L.211-22 to L.211-34, pledge an investment account as defined in article L.211-20 and use all or a part of the assets in the account in accordance with articles L.211-36 to L.211-40 or in accordance with articles L.313-23 to L. 313-35, whether or not these assets are professional. In this case, the formulation of the announcement mentioned in article L.313-23 is determined by decree.
The assets or securities thus used or sold are not included in those benefiting from the legal privilege as defined in article L.513-11 and are not recognized by these companies as sptiulated in article L.513-12.
III – SCFs may acquire and own any real estate or other property required for the accomplishment of their purpose or obtained through the process of debt recovery.
IV – SCFs may not hold any equity interests
*Free translation