1. The legal framework for the SWF should be sound and support its effective operation and the achievement of its stated objective(s).
1.1. The legal framework for the SWF should ensure legal soundness of the SWF and its transactions.
1.2. The key features of the SWF’s legal basis and structure, as well as the legal relationship between the SWF and other state bodies, should be publicly disclosed.
Document: Act No.2012-1599 December 31st, 2012
https://www.legifrance.gouv.fr/affichTexte.do?cidTexte=JORFTEXT000026871127 [In French]
Bpifrance is a joint holding company, uniting the activities of the public institution OSEO, CDC Entreprises and the Strategic Investment Fund (Fonds Stratégique d'Investissement or "FSI"). Act no. 2012-1559 of December 31st of 2012 amended Order no. 2005-722 of June 29th of 2005. In turn, OSEO laid down the legal framework and governance arrangements to sanction the creation of Bpifrance.
Bpifrance Financement is a financial company (Compagnie Financière) incorporated under the form of a limited company (Société Anonyme) governed by Article L517-1 of the Code Monétaire et Financier and et Seq. [In French]
Ownership of Bpifrance is evenly split (49,18% each) between the French State (through the “EPIC Bpifrance”) and the Caisse des Dépôts et Consignations (the "CDC). Private commercial banks own 1,35% of Bpifrance’s capital. Bpifrance has three main subsidiaries dedicated to financing, export insurance and investments. The investment activities are operated through a management company (Bpifrance Investissement) licensed by the French Financial Market Authorities (AMF).
Therefore, all aspects of its governance, organization and compliance rules follow the French regulation, specifically Article L 531-1 et Seq of the French Financial and Monetary Code.
[In French] which is directly transposed from the European Union Regulation on asset management, and notably Article 49 of Règlement de l’Union Européenne n°468/2014