France

Use of credit derivatives by French funds is clarified by new Decree

Arnauld Achard, Stevens Brémond and Patrick Boyd, Clifford Chance, Paris. (+33 1 44 05 52 52). Emmanuel Courant, Company Secretary and General Counsel, Exane Structured Asset Management

In the wake of the implementation of a dedicated working group, decree n° 89-624 dated 6 September 1989 (the Decree) has been amended by decree n° 2002-1439 dated 10 December 2002 in order to explicitly authorise French organismes de placement collectif en valeurs mobilières (the OPCVMs) to have recourse to credit derivatives as protection buyers or protection sellers.