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For Securitisation
Companies
Securitisation vehicles are to comply with the provisions
of section XIII of the amended law of 10 August 1915 concerning
commercial companies, and from 1 January 2005, with those
of chapters II and IV of title II of the law of 19 December
2002 concerning the trade and company register as well as
the company’s accounting and yearly accounts. Their
management reports are to contain all significant information
concerning their asset situation likely to affect the rights
of investors.
For Securitisation
Funds
Securitisation funds are subject to the accounting and tax
system of mutual funds (Fonds Communs de Placement), as provided
for by the laws of 30 March 1988 and 20 December 2002 concerning
undertakings for collective investment with the exception
of the subscription tax which is not due.
For Sub-funds
Each sub-fund is an asset held in trust separate from the
other sub-funds of the securitisation vehicle. Each sub-fund
therefore holds its own rights and obligations. As a result
separate accounting (active and passive) is to be kept for
each entity.
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