The Autorité des marchés financiers ("AMF") has completed the reform of the legal framework for securitisation initiated by Order n° 2008-556 of 13 June 2008 and Decree n° 2008-711 of 17 July 2008. Thus, the AMF has added to its General Regulations (i) a new article 315-75 establishing the means of calculating the minimum amount of capital for a portfolio management company managing at least one securitisation fund and (ii) a chapter 1 bis in book IV which deals with rules to be followed by securitisation funds whose securities are offered to the public or admitted to trading on a regulated market or organised multilateral trading facility.

This is supplemented by an instruction of the AMF n° 2011-011 dated 11 January 2011 which specifies the conditions and procedures for approval of the prospectus, the terms of distribution of securities issued by securitisation funds and the content and distribution terms of the prospectus. The AMF has also published a series of questions and answers on securitisation funds2 which mainly address the role of the management company and the depositary, offerings to the public, admission to trading and distribution of securities.