As mentioned in the first issue of the Update, financing companies (sociétés de financement) are regulated entities licensed to grant credit transactions but not to receive repayable funds from the public. The inability to receive repayable funds from the public makes refinancing more challenging. Pursuant to a Decree dated December 12, 2013, financing companies may refinance themselves through the issue of debt securities issued by way of private placement to qualified investors or with a denomination per security in excess of EUR 100,000. Decree no. 2014-511 dated May 22, 2014 went on to clarify that these debt securities include commercial paper (billets de trésorerie) and French medium term notes (BMTN).