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Legal framework


The "Obligations de financement de l'Habitat (OH)" are issued by Crédit Mutuel-CIC Home Loan SFH, a duly licensed French credit institution.
Crédit Mutuel-CIC Home Loan SFH is supervised by the Autorité de Contrôle Prudentiel (ACPR), the French Banking Supervisory Authority.
Regulatory supervision is also performed by a specific controller (monitoring on monthly basis).


Supervision

  • Therefore, Crédit Mutuel-CIC Home Loan SFH is governed as a limited liability company, by the "Code de commerce"; as a credit institution, by the "Code monétaire et financier" - link to the provisions of articles L 513-28 and Seq of this code
  • As a credit institution, Crédit Mutuel-CIC Home Loan SFH is under permanent supervision and control of the ACPR, the French regulatory authority which has delivered the SFH agreement on June 6th, 2011.

Please refer to the following Banque de France website for the exhaustive list of Credit institution duly licensed in France and published at the "Journal Officiel" of the French Republic.

In addition, the Medium Term Notes Programme of Crédit Mutuel-CIC Home Loan SFH is under the supervision of the Autorité des Marchés Financiers (AMF). Therefore, the AMF has approved the Base Prospectus on June 10th, 2011 with Visa No. 11-215.


  • Crédit Mutuel Home Loan SFH has a limited purpose designed to be bankruptcy remote :
    • Its single purpose is to issue covered bonds and provide funding to the Group's entities
    • Limited recourse and non petition clauses included in all contracts signed with third parties
    • Double recourse to BFCM and to the collateral surety ("cover pool" of home loans)
  • In case of a Borrower Event of Default: automatic enforcement of the Collateral Surety
    • Regulated by common law: European collateral directive provisions transposed into the French Monetary and Financial Code (Article L211-38 July 2005)
    • Segregation of the assets by the Collateral Providers (CM11-CIC) to the benefit of the Issuer (Crédit Mutuel-CIC Home Loan SFH)
    • Assets will be entirely transferred in case of enforcement of the Collateral Surety.