French law clarifies eligibility conditions for senior non preferred ranking by defining "non-structured" instruments

Published on 5 August 2018, Decree no. 2018-710 (the Decree) adds an important component to the bail-in tool¹ under French law, by setting out the conditions in which a security (titre), receivable (créance), financial instrument (instrument) or right (droit) (each an Instrument) may be considered as non-structured for the purposes of article L. 613-30-3 I-4° of the French Code monétaire et financier, which defines the unsecured senior non-preferred ranking.

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