− the number of shares that the Company holds at any time whatsoever does not exceed 10% of the shares comprising the Company’s share capital on the date in question; 3) resolves that the acquisition, sale or transfer of the shares may take place at any time, including in pre-offer periods and public offer periods, within the limits authorized by current legal and regulatory provisions, by any means, on regulated markets, multilateral trading platforms, with systematic internalizers or over the counter, including by means of the acquisition or sale of blocks of shares (without limiting the portion of the buyback program that may be realized by this means), by a tender or exchange offer, by using options or other forward financial instruments traded on regulated markets, multilateral trading platforms, with systematic internalizers or over the counter, or by the tendering of shares subsequent to the issue of securities giving access to the Company’s capital by means of conversion, exchange or redemption, by exercising a warrant or by any other means, either directly or indirectly via an investment services provider.
5) fully empowers the Board of Directors, with the right to sub-delegate said power under the conditions established by law, to decide upon and implement this authorization, to specify its terms and conditions if necessary and to determine its procedures, in order to carry out the buyback program and, in particular, to place any stock market order, enter into any agreement, allocate or reallocate the shares acquired to the objectives sought under the applicable legal and regulatory provisions, establish the terms and conditions according to which the rights of holders of securities or options will be protected, if appropriate, in accordance with legal, regulatory or contractual provisions, make any filings with the AMF and any other competent authority, and complete all other formalities and, in general, do whatever is necessary.
This authorization is granted for a period of eighteen (18) months from this meeting. It voids, from this day, as applicable, any unused part of any prior delegated power given to the Board of Directors for the purpose of trading in the Company’s shares, particularly that given by the shareholders in the Combined General Shareholders’ Meeting of May 27, 2010 in resolution Fifteen.
RESOLUTION ELEVEN (AUTHORIZATION TO BE GIVEN TO THE BOARD OF DIRECTORS FOR THE PURPOSE OF REDUCING THE SHARE CAPITAL BY CANCELLING TREASURY SHARES)
The General Shareholders’ Meeting fully empowers the Board of Directors, with the right to further delegate in the manner provided by law, to carry out one or more reduction(s) or cancellation(s) of the shares making up the share capital that may be performed in virtue of this authorization, to accordingly amend the bylaws, and to perform all formalities.
This authorization is granted for a period of twenty-six (26) months from the date of this meeting and voids, from this day, as the case may be, any unused part of any prior authorization granted to the Board of Directors for the purpose of reducing the share capital by cancelling treasury shares, and, in particular, that granted in resolution 17 of the Combined General Shareholders’ Meeting of May 27, 2010.
The General Shareholders’ Meeting, deliberating in accordance with the quorum and majority requirements for extraordinary business, having reviewed the report of the Board of Directors: 1) has decided to implement a reverse split of the shares making up the capital of the Company, so that every seven (7) shares with a nominal value of €1.60 each will be exchanged for one (1) new share with a nominal value of €11.20; 2) fully empowers the Board of Directors, with the right to sub-delegate said powers in accordance with the law, to: − set the start date for the reverse split transactions, at the earliest, upon the expiry of a period of fi fteen (15) days as of the publication of the reverse split notice by the Company in the French Bulletin for Mandatory Legal Announcements (Balo),
− set the period of exchange to two (2) years as of the start date of the reverse split transactions,
− establish a reverse split notice and ensure its publication in the French Bulletin for Mandatory Legal Announcements (Balo),
− record and set the exact number of shares to reverse split and the exact number of shares resulting from the reverse split before the period of exchange; 3) decides that, in accordance with the legislation in force, each shareholder holding a number of shares that is not a multiple of seven (7) shall be personally responsible for buying or selling the necessary shares to perform the reverse split; 4) notes that, for the period of exchange of two (2) years referred to in the above paragraph 2, relative dividend and voting rights, on the one hand, attached to the old shares prior to the reverse split and, on the other hand, to new reverse split shares, shall be proportional to their respective nominal value; accordingly, each non reverse split share entitles its holder to one voting right and each reverse split share entitles its holder to seven (7) voting rights; 5) notes that, following the period of exchange of two (2) years referred to in paragraph 2 above, the old shares not presented for the reverse split shall be delisted, shall lose their voting rights and shall see their dividend rights suspended, in accordance with Article 6 of French Decree No. 48-1683 of October 30, 1948; 6) notes that, the Board of Directors may also decide to conduct the publication provided for by Article L.228-6 of the French Commercial Code and, upon expiry of a period of two (2) years of this publication in two national newspapers, to sell the new shares unclaimed by beneficial owners on the stock market, with the net proceeds of sale being held at their disposal under conditions that shall be detailed in the notice of sale; 7) as a consequence of the above, decides that the Board of Directors shall be fully empowered, with the right to further delegate in the manner provided by law, to correspondingly amend the bylaws, and carry out all required publication formalities and, more generally, everything that will be useful and necessary for the reverse split of the shares in the Company under the above conditions and applicable regulations.
The General Shareholders’ Meeting, deliberating in accordance with the quorum and majority requirements for extraordinary business, having reviewed the report of the Board of Directors and the special report by the Statutory Auditors, and in accordance with the provisions of Articles L.225-129 and following of the French Commercial Code, in particular Article L.225-129-2 of said Code, and with the provisions of Articles L.228-91 and following of said Code: 1) delegates to the Board of Directors, with the right to sub-delegate said power in accordance with the law, its authorization to decide to carry out increases in the share capital, on one or more occasions, in France or abroad, in the proportions and at the timing of its choosing, by issuing, in euros or in any other currency or currency unit established by reference to more than one currency, shares (other than preferred shares) or securities giving access to the capital of the Company (whether in the form of new or existing shares), issued for valuable consideration or free of consideration, governed by Articles L.228-91 and following of the French Commercial Code, it being stipulated that subscription for such shares or other securities may be in cash, or by offset of debt or by capitalization of reserves, profits or share premiums or, on the same terms, to decide to issue securities giving right to the allotment of debt instruments governed by Article L.228-91 and following of the French Commercial Code;
− the aggregate par value of any additional shares that may be issued, in the event of new fi nancial transactions to protect the rights of holders of securities giving access to the capital will be added to these ceilings; 4) sets the period of validity of the authorization granted by this resolution at twenty-six (26) months from the date of this meeting; 5) if the Board of Directors makes use of this authorization: − resolves that the issuance(s) shall be reserved in priority for the shareholders who may make subscribe in proportion to the number of shares they hold,
− offer some or all of said unsubscribed shares or in the case of securities giving access to the share capital, securities, to the public, on the French and/or foreign markets,
− decide on the amount of the capital increase, the issue price as well as the amount of any premium that may be required on issuance, where applicable,
− set, if applicable, the terms for the exercise of the rights (where applicable, rights to conversion, exchange, redemption, including the delivery of Company assets, such as securities already issued by the Company) attached to the shares or securities giving access to the capital to be issued and, notably, set the date, which may be retroactive, from which the new shares will be vested, as well as any other terms and conditions to carry out the capital increase,
− on its own initiative, set off the cost of capital increases against the amount of the related premiums and deducting from this premium, the sums required to fund the legal reserve,
− duly record the carrying out of each capital increase and accordingly amend the bylaws,
8) formally notes that, in the event of the use by the Board of Directors of the authorization granted by this resolution, the Board of Directors shall report to the following Ordinary Shareholders’ Meeting, in accordance with the law and regulations, regarding the use made of the authorizations granted by this resolution.
RESOLUTION FOURTEEN (AUTHORIZATION TO BE GIVEN TO THE BOARD OF DIRECTORS TO DECIDE A CAPITAL INCREASE THROUGH ISSUANCE- WITHOUT PREFERENTIAL SUBSCRIPTION RIGHTS MAINTAINED – OF SHARES AND/OR SECURITIES GIVING ACCESS TO THE CAPITAL OF THE COMPANY AND/OR ISSUANCE OF SECURITIES ENTITLING HOLDERS TO THE ALLOTMENT OF DEBT SECURITIES)
− decide on the amount of the capital increase, the issue price and the amount of any premium that may be required on issuance, where applicable,
− establish, if applicable, the terms for the exercise of the rights (if applicable, rights to conversion, exchange, redemption, including the delivery of Company assets, such as treasury shares or securities already issued by the Company) attached to the shares or securities giving access to the capital to be issued and, notably, set the date, which may be retroactive, from which the new shares will be vested, as well as all other terms and conditions to carry out the capital increase,
− set the terms and conditions under which the Company shall have the option of buying or exchanging on the stock market, at any time or during specifi ed periods, the securities issued or to be issued immediately or in the future with a view of cancellation thereof, in accordance with the legal provisions,
− in the event of an issue of securities for the purpose of remunerating securities contributed as part of a public offer with an exchange component (takeover bid for shares), decide on the list of securities contributed to the exchange, establish the conditions of the issue, the exchange parity and, if applicable, the amount of the cash equalization payment to be paid without the procedures for price determination of paragraph 9 of this resolution being applied, and determine the terms and conditions of the issue in the context of a takeover bid for shares, an alternative offer to buy or exchange, a single offer to purchase or exchange the securities referenced for a payment in securities and in cash, a takeover bid for cash or exchange on a primary basis, accompanied by a takeover bid for shares or for cash on a secondary basis, or any other form of public offer in accordance with the law and regulations applicable to the said public offer,
− generally speaking, enter into all agreements, particularly to ensure the successful completion of planned issuances, take all necessary measures and accomplish all formalities necessary for the issuance, listing and fi nancial administration of securities issued by virtue of this authorization, as well as for the exercise of the rights attached hereto; 11) resolves that this authorization voids, from this day, as the case may be, any unused part of any prior authorization having the same purpose, and, in particular, the authorization relative to a capital increase without preferential subscription rights maintained by public offer, covering the securities and transactions referred to in this resolution, notably those granted in resolution 14 of the Combined General Shareholders’ Meeting of April 30, 2009.
The General Shareholders’ Meeting, deliberating in accordance with the quorum and majority for extraordinary business, having reviewed the report of the Board of Directors and the Special Report of the Statutory Auditors, per Article L.225-136 1° paragraph 2 of the French Commercial Code, and up to the limit of 10% of share capital per year (it being clearly stated that this 10% limit is as appraised at any time as capital adjusted according to the transactions affecting it subsequent to this General Shareholders’ Meeting), authorizes the Board of Directors to set the issue price according to the following procedures, with the option of delegation: In the case of securities representing shares in the Company admitted for trading on a regulated market, the issue price may not be less than the average of the three trading sessions preceding the setting of the issue price, less, as the case may be, a maximum 15% discount.
The General Shareholders’ Meeting sets the period of validity for the authorization that is the object of this resolution at twenty-six (26) months as from the day of this meeting, and notes that, should the Board of Directors make use of this authorization, it will prepare a supplementary report, certifi ed by the Statutory Auditors, describing the fi nal terms of the transaction and providing the criteria for the actual impact on the shareholder’s situation.
The General Shareholders’ Meeting, deliberating in accordance with the quorum and majority for extraordinary business, having reviewed the report of the Board of Directors and the special report by the Statutory Auditors, and in accordance with the provisions of Articles L.225-129 and following of the French Commercial Code, in particular Articles L.225-129-2, L.225-135 and L.225-136 of said Code, and in accordance with the provisions of Articles L.228-91 and following of said Code: 1) authorizes the Board of Directors, with the option to subdelegate said power under the terms set out by law, to decide to increase the share capital, in one or more increments, in the proportion and during the periods of its choosing, subject to Article L.233-32 of the French Commercial Code, in France or abroad, by an offering covered in Article L.4112, II of the French Monetary and Financial Code, either in euros or in any other currency or monetary unit established by reference to several currencies, by the issue of shares (excluding preferential shares) or securities giving access to the Company’s capital (whether these are new or existing shares), issued for free or against payment, governed by Articles L.228-91 and following of the French Commercial Code, it being clearly stated that shares and other securities may be subscribed for in cash, by offsetting receivables, or incorporating reserves, profits or premiums; or, in the same conditions, to decide to issue securities entitling the bearer to the allocation of debt securities governed by Articles L.228-91 and following of the French Commercial Code; 2) authorizes the Board of Directors, with the option of delegation under the terms set out by law, to decide to issue shares or securities giving access to the Company’s capital, to be issued following the issue, by the companies in which the Company directly or indirectly holds more than half of the share capital, or by the companies that directly or indirectly own more than half of its capital, of securities giving access to the Company’s capital.
This decision duly includes, for the bearers of securities that are likely to be issued by companies in the Company’s group, a waiver by the Company’s shareholders of their preferential subscription rights to the shares or securities giving access to the Company’s capital to which these securities entitle them; 3) authorizes the Board of Directors, with the option of delegation per the terms set out by law, to decide to issue securities that give access to the capital of the companies in which it directly or indirectly owns more than half of the capital; 4) decides to set the limits of the amounts of the authorized capital increases as follows in case the Board of Directors makes use of this authorization: − the maximum par value of the capital increases that may be carried out now or in the future by virtue of this resolution is €3 billion, which shall be deducted from the overall ceiling provided for in point 3 of resolution 13 or, where appropriate, from any overall ceiling that may be provided for in any resolution of the same type that may supersede said resolution during the period of validity of this authorization,
− along with these ceilings, where applicable, the par value of the shares to be issued potentially, in the event of new fi nancial transactions, to protect the rights of the bearers of securities giving access to the capital; 5) sets the period of validity of the authorization provided for by this resolution to twenty-six (26) months from the date of this meeting; 6) decides to eliminate the shareholders’ preferential subscription rights of the securities that are the subject of this resolution; 7) recognizes that if the subscriptions have not absorbed the entire issue, the Board may limit the transaction amount to the amount of subscriptions received, on the condition that that amount be equal to or greater than three-fourths of the issue decided on; 8) recognizes that this authorization duly includes, for holders of issued securities giving access to the Company’s capital, an express waiver by the shareholders of their preferential subscription right to which the securities will entitle them; 9) recognizes that, per Article L.225-136 1° paragraph 1 of the French Commercial Code: − the issue price of the directly-issued shares will be equal to or greater than the minimum set out by applicable regulations on the issue date (currently, the weighted average price of the last three trading sessions on the Euronext Paris regulated market before the capital increase subscription price was set, minus 5%), after, where applicable, that average is corrected in case of a difference between the vesting dates,
− the share issue price of the securities giving access to the capital, and the number of shares to which the conversion, redemption, or generally transformation, of each security giving access to the capital may entitle the bearer will be such that the sum collected immediately by the Company, plus, where applicable, the sum that is likely to be collected by it later, i.e. for each share issued as a consequence of the issue of these securities, equal to or greater than the minimum subscription price defi ned in the previous paragraph; 10) resolves that the Board of Directors, with the right to subdelegate said power in accordance with the law, shall be fully empowered to implement this resolution, and notably to: − decide on the capital increase and determine the securities to be issued,
6LEGAL INFORMATION Purpose and draft resolutions submitted to the General Shareholders’ Meeting of May 26, 2011 12) resolves that this authorization voids, from this day, as the case may be, any unused part of any prior authorization having the same purpose, i.e. any authorization relative to the capital increase without preferential subscription rights by an issue covered in Article L.411-2 of the French Monetary and Financial Code, covering the securities and transactions covered in this resolution.
− generally speaking, take all necessary measures and complete all necessary formalities for the issue, listing and fi nancial servicing of the securities issued by virtue of this authorization as well as the exercise of the rights attached hereto; 3) sets the period of validity of the authorization provided for by this resolution at twenty-six (26) months from the date of this meeting; 4) resolves that this authorization voids, from this day, as the case may be, any unused part of any prior authorization having the same purpose, i.e. any authorization to issue shares or securities giving access to the capital without preferential subscription rights in remuneration of contributions in kind bearing on equity securities or securities giving access to the capital, specifically that authorization given by resolution 15 of the Combined Shareholders’ Meeting of April 30, 2009.
RESOLUTION EIGHTEEN (AUTHORIZATION TO THE BOARD OF DIRECTORS TO DECIDE TO INCREASE THE SHARE CAPITAL VIA THE INCORPORATION OF PREMIUMS, RESERVES, RETAINED EARNINGS OR OTHER ITEMS)
The General Shareholders’ Meeting, deliberating in accordance with the quorum and majority for ordinary business, having reviewed the report of the Board of Directors and pursuant to the provisions of Article L.225-130 of the French Commercial Code: 1) authorizes the Board of Directors, with the option to subdelegate under the terms set out by law, to decide to increase the share capital in one or more increments in the proportion and during the periods it chooses, via the incorporation of premiums, reserves, retained earnings or other items whose capitalization is permitted by law and the Company’s bylaws, in the form of an issue of new equity shares or an increase in the par value of the existing equity shares which make up the equity capital, or by the combined use of these two processes. The maximum par value of the capital increases that may be carried out by virtue of this resolution may not exceed €3 billion, which
− that the shares allocated under this authorization, in proportion to old shares having double voting rights, will have this right as of their issue,
− generally speaking, take all necessary measures and complete all necessary formalities for the issue, listing and fi nancial servicing of the securities issued by virtue of this authorization as well as the exercise of the rights attached thereto; 3) sets the period of validity of the authorization provided for by this resolution to twenty-six (26) months from the date of this meeting; 4) resolves that this authorization voids, from this day, as the case may be, any unused part of any prior authorization having the same purpose, i.e. any authorization relative to the share capital increase by incorporation of premiums, reserves, retained earnings, specifically that given by resolution 16 of the Combined Shareholders’ Meeting of April 30, 2009.
The General Shareholders’ Meeting, deliberating in accordance with the quorum and majority for extraordinary business, having reviewed the report of the Board of Directors and the special report by the Statutory Auditors, pursuant to the provisions of Articles L.225-135-1 of the French Commercial Code: 1) authorizes the Board of Directors, with the right to subdelegate said power under the terms set out by law, to decide to increase the number of shares to be issued in the event of an share capital increase by the Company, with or without the preferential subscription right, at the same price as the one applied for the initial issue, within the deadlines and limits set out by applicable regulations on the issue date (currently, within thirty (30) days of the closing of the subscription, and within the limit of 15% of the initial issue), specifically with a view to granting an overallocation option in keeping with market practices; 2) resolves that the par value of the capital increases decide by virtue of this resolution is €3 billion, which shall be deducted from the overall ceiling provided for in point 3 of resolution 13 or, where appropriate, from any overall ceiling that may be provided for in any resolution of the same type that may supersede said resolutions during the period of validity of this authorization; 3) sets the period of validity of the authorization provided for by this resolution to twenty-six (26) months from the date of this meeting.
RESOLUTION TWENTY (AUTHORIZATION TO THE BOARD OF DIRECTORS FOR THE PURPOSE OF DECIDING TO INCREASE THE SHARE CAPITAL BY ISSUING SHARES OR SECURITIES GIVING ACCESS TO CAPITAL, RESERVED FOR MEMBERS OF EMPLOYEE SAVINGS PLANS WITH WAIVING OF PREFERENTIAL SUBSCRIPTION RIGHTS IN FAVOR OF SAID MEMBERS PURSUANT TO ARTICLE L.225-129-6 OF THE FRENCH COMMERCIAL CODE)
The General Shareholders’ Meeting, deliberating in accordance with the quorum and majority for extraordinary business, having reviewed the report of the Board of Directors and the special report by the Statutory Auditors, pursuant to, fi rstly, the provisions of Articles L.225-129-2, L.225-129-6 and L.225-138-1 of the French Commercial Code and, secondly, the provisions of Articles L.3332-18 to L.3332-24 of the French Labor Code:
− resolving that subscriptions may be made directly by benefi ciaries, members of a company or group savings plan (or similar plan), or via employee share ownership plans or other structures or entities allowed under applicable legal or regulatory provisions,
− in the event of allocations of bonus shares or securities giving access to capital, setting the nature, characteristics and number of shares or securities giving access to capital to be issued, the number to be allocated to each benefi ciary, and fi nalizing the dates, deadlines, terms and conditions of allocation of these shares or securities giving access to capital within current legal and regulatory limits and, in particular, choosing whether to substitute, in full or in part, the allocation of these shares or securities giving access to capital for any discounts from the Reference Price set out hereinabove, or to charge the equivalent value of these shares or securities giving access to capital against total matching contributions, or to combine the two options,
− recording the completion of capital increase(s) for the number of shares that will actually be subscribed,
− where appropriate, setting off the cost of the capital increases against the amount of the related premiums and deducting from this amount the sums required to raise the legal reserve to one-tenth of the new capital resulting from these capital increases,
RESOLUTION TWENTY-ONE (CHANGE IN THE BYLAWS RELATIVE TO THE PROCEDURES FOR SHAREHOLDING AND VOTING IN THE GENERAL SHAREHOLDERS’ MEETINGS)
RESOLUTION TWENTY-TWO (CHANGE IN THE ARTICLES OF ASSOCIATION RELATIVE TO THE NUMBER OF COMPANY SHARES THAT EACH DIRECTOR MUST OWN)
The General Shareholders’ Meeting, deliberating in accordance with the quorum and majority for extraordinary business, subject to the adoption of resolution 12, having reviewed the report of the Board of Directors, hereby resolves to update the number of Company shares which each director must own, and to change the sixth paragraph in Article 9 of the bylaws to read: Article 9 – Structure of the Board of Directors
(paragraph six) “Throughout his term, each director shall own at least one hundred and forty (140) Company shares”.
Additional information 7.1 STATEMENT BY THE PERSON RESPONSIBLE FOR THE REGISTRATION DOCUMENT 458 7.2 DOCUMENTS AVAILABLE TO THE PUBLIC 459 7.3 CROSS-REFERENCE TABLE OF REGISTRATION DOCUMENT 460 7.4 CROSS-REFERENCE TABLE OF ANNUAL FINANCIAL REPORT 462
Any person wishing to obtain additional information about Natixis can request documents free of charge and without obligation: ● by mail: Natixis Direction fi nancière Département Relations investisseurs Immeuble Arc-de-Seine 30, avenue Pierre Mendès France 75013 Paris
7 ADDITIONAL INFORMATION Cross-reference table of registration document 7.3 Cross-reference table of registration document
In order to make this document easier to read, the following cross-reference table outlines the main headings required by Annex 1 of EC regulation No. 809/2004 of April 29, 2004, implementing the so-called “Prospectus” directive.
Heading Registration document page number 12. Trend information n/a 13. Profi t forecasts or estimates n/a 14.
Administrative, management, and supervisory bodies and executive management 14.1. Administrative bodies 43 to 72 14.2. Administrative, management, and supervisory bodies and executive management confl icts of interest 92 15. Compensation and benefi ts 15.1. Amount of compensation and benefi ts in kind 84 to 88 15.2. Total amounts paid accrued by the issuer to provide pension, retirement or similar benefi ts 85 to 91 ; 291 to 295 16. Administrative and management bodies practices 16.1. Date of expiration of current terms of offi ce 43 to 72 16.2. Service contracts with members of the administrative bodies 92 16.3. Information about the issuer’s Audit Committee and Compensation Committee 77 to 79 16.4. Statement as whether or not the issuer complies with the corporate governance regime 42 17. Employees 17.1. Number of employees 397 to 400 17.2. Directors’ shareholdings and stock options 83 to 84 ; 425 to 426 17.3. Arrangements for involving employees in the issuer’s capital 226 18. Major shareholders 18.1. Shareholders owning more than 5% of the share capital or voting rights 429 18.2. Different voting rights of the aforementioned shareholders 429 18.3. Control of the issuer 430 18.4. Arrangements, known to the issuer, the operation of which may at a subsequent date result in a change in its control n/a 19. Related-party transactions 289 to 291 20.
Financial information concerning the issuer’s assets and liabilities, fi nancial position and profi ts and losses 20.1. Historical fi nancial information 186 to 327 ; 330 to 378 20.2. Pro forma fi nancial information n/a 20.4. Auditing of historical annual fi nancial information 328 to 329 ; 379 to 380 20.5. Age of latest fi nancial information 186 to 327 ; 330 to 378 20.6. Interim fi nancial and other information n/a 20.8. Legal and arbitration procedures 154 to 156 20.9. Signifi cant changes in the issuer’s fi nancial or commercial situation 431 21. Additional information 21.2. Memorandum and by-laws 416 to 421 22. Material contracts 129 to 130 23. Third party information and statement by experts and declarations of any interest n/a 24. Documents available to the public 458 25. Information on holdings 204 to 207
● Analysis of the results, fi nancial position, risks, and list of delegations for capital increase of the parent company and of the consolidated entities (Art. L.225-100 and L.225-100-2 of the French Commercial Code)
● Information concerning share buybacks (Article L.225-211, par. 2 of the French Commercial Code) n/a
● Statutory Auditors’ report on the annual fi nancial statements 379 to 380
All other chapters of reference documents fi led under numbers D.09-0208 and D.10-0375 that are not mentioned above are either of no material interest to investors or covered elsewhere in this registration document.
AFEP/MEDEF Association française des entreprises privées – Mouvement des entreprises de France/French business association
CAPEB Confédération de l’artisanat et des petites entreprises du bâtiment/Confederation of artisans and small companies in the building sector
CECEl Comité des établissements de crédit et des entreprises d’investissement, which became Autorité de Contrôle Prudentiel/French Credit Institutions and Investment Firms Committee, which has become the Regulatory Control Body
CHSCT Comité d’hygiène, de sécurité et des conditions de travail/Health, Safety, and Working Conditions Committee
FIDEPPP Fonds d’Investissement et de Développement des Partenariats Public-Privé/ Fund for investment and development of public-private partnerships
PLI Prêt locatif intermédiaire/Loan for investment in property to be rented at prices above “social” housing prices but below market prices for 6 (or 12) years