The Ordinance n° 2017-1432 of 4 October 2017 introduced the possibility for "financing vehicles" (organismes de financement, OF) to grant loans. The OF are a category of investment funds which includes “securitization vehicles” (organismes de titrisation, OT) and the newly created “specialized financing vehicles” (organismes de financement spécialisé, OFS). Two decrees implementing this Ordinance have been published on 21 and 22 November 2018:
- The decree n° 2018-1004, inter alia, (i) amends the conditions under which the fonds professionnels spécialisés (professional specialized funds, FPS) can grant loans, (ii) provides that these conditions apply, for the most part, to OF, (iii) details the assets eligible for of the OF, (iv) authorizes redemption requests from investors in OFS and (v) imposes management companies of loan origination funds to implement specific stress tests ensuring the liquidity of their loans.
- The decree n° 2018-1008 provides further details concerning the conditions under which an OF can originate loans and details the conditions under which they can acquire and transfer receivables.