Legal texts







  • Collective Action Clauses:
    • Article L. 213-22-1 of Monetary and Financial Code:

    I – Government securities with a maturity of more than one year, along with securities that were formerly a component part of such securities, shall include collective action clauses that allow the government to modify the terms and conditions of the issuance contract if it obtains the consent of the requisite majority of the holders.
    Any proposal for this purpose must be put to a vote by the security holders in accordance with the procedures defined in a decree. This decree shall determine the quorum and majority requirements, which may vary depending on whether the proposed modifications are in relation to a reserved matter or a non-reserved matter.
    The government may not exercise the voting rights attaching to its own securities that it purchased or holds under repurchase agreements.
    Such securities are not counted when calculating the quorum and majority requirements. The same provisions shall apply to entities controlled by the government that do not have autonomy of decision. The implementation procedures for this paragraph shall be defined by decree.

    Modifications to the terms and conditions of issuance contracts approved in this way shall apply to all of the securities then outstanding.

    II – The provisions in I shall apply to securities issued on or after 1 January 2013, except for securities related to lines created prior to that date.

    III – This article shall enter into force on 1 January 2013.
    The French version is available on the Legifrance website.