Investor Presentaiton
4. Appendices
Appendix 1 - EPIC Bpifrance benefits from highly protected legal
status
EPIC Status
1. Set up by a specific Law or Decree
Law required for the creation of a new category of EPIC
Decree for an EPIC belonging to an existing category
2. General interest missions defined by the law
With a specific object (specialty principle)
With some public law prerogatives
3. Strong controls by public authorities
Members of the Board of Directors appointed in whole or in
part by public authorities
Supervision by public authorities
4. Implicit but automatic guarantee of the State
No recovery or judicial liquidation proceedings for an EPIC
If an EPIC is unable to comply with its obligations, the State is
legally bound to fulfill them
⚫ Solvency is protected by Law²
5. Transformation or dissolution only possible
by law (Act or Decree)
bpifrance
•
•
Applicable to Bpifrance
The missions and organization of the EPIC Bpifrance are defined under
Act 2005-722 dated 29 June 2005, as amended and ratified, and which
referred to (i) the creation of the EPIC and (ii) the transformation of the
National Agency for Research Promotion (ANVAR) from a public corporation
into a limited company. This Act, together with Act 2013-529 of 21 June 2013
and Act 2012-1559 of 31 December 2012, confirm the creation of Bpifrance.
To promote and support innovation, most notably technological, and to
contribute to technology transfer
To promote the development and financing of small and medium-sized
enterprises
The 6 members of EPIC Bpifrance's Board of directors are appointed by
the State
•The Government Commissioner has the power to veto some decisions of
the Board of Directors
•The EPIC Bpifrance is under the supervision of both the Ministry for the
Economy, Industry and Employment, and the Ministry for Higher
Education and Research
• EPIC Bpifrance is also classified as an Other Government Body³ or
ODAC (Organisme Divers d'Administration Centrale), which means that its
debt is consolidated with that of the State (under Maastricht's Rules)
⚫Bpifrance Financement SA benefits, as a subsidiary, from an explicit
guarantee from EPIC Bpifrance for its bond issues. And, likewise,
Bpifrance benefits from an implicit guarantee from the State
The June 2005 Act was amended in 2010 and 2012 to stipulate the missions
and governance of Bpifrance, and to give specific empowerment to State
representatives being members of the Board
Permanence of Bpifrance's Legal Status as a Public Institution
1. An EPIC (Etablissement Public Industriel et Commercial) is a legal entity that carries out commercial and industrial activities whilst also being governed by some of
the rules applicable to public law entities
2. Lawn 80-539 art 1 - 16th july 1980 https://www.legifrance.gouv.fr/affichTexte.do?cidTexte=LEGITEXT000006068696&date Texte=20110729
3. https://www.insee.fr/en/metadonnees/definition/c1451
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