Afic signs agreements with Afecei and ANVAR

AFIC has become an affiliate of Afecei, the group representing credit organisations and investment companies. This will allow AFIC to gain access for its members to discussions with organisations such as the Comité de Réglementation bancaire et financière. It will also mean that AFIC will participate in the Peyrelevade commission, which is currently reporting on French investment banking and stock markets.

AFIC has also signed an important agreement with ANVAR, the French development agency, putting an end to the disputes between the two organisations over ANVARÂ’s investments in unquoted companies in France. ANVAR, which is a public body, cannot legally take equity stakes in businesses which it supports but has, for a year, been supplying convertible bonds for certain French unquoted companies. ANVAR has also agreed that it will limit the diluted equity stake it can take to 12.5% where it invests in deals alongside members of AFIC. It has also committed itself to certain exit clauses. According to the French press, ANVAR committed d30m last year in the form of convertible bonds.

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