CARO represents the professionals who offer the services of agent and representative of the Masse as well as ancillary services to the issuers and investors in the bond market.
CARO was set up on the initiative of the bondholders’ representatives, following the reform process with the French Ordonnance No. 2017-970 of 10 May 2017, which promotes the development of the bond market.
With the disintermediation of corporate financing, and since 2013, the full development of the EuroPP market, the intervention of the representatives of the Masse has become professionalized and supplemented with new expertise: bondholders’ representative, covenants’ agent, security agent, support for the organization of general bond meetings …
Members are legal entities with their registered office in the European Union and who act as agents and bondholders’ representatives across on all types of debt issuances as, 'Plain Vanilla bonds, EMTN program, EuroPP issues, convertible bonds giving access to capital, or any other structured issue.
CARO enables members to share best practices, share their thoughts on regulatory developments at the Paris financial market, and also to defend the common interest of the profession.
In order to bring CARO together with a number of players contributing to the development of the Paris financial market, CARO has been hosting "Partners" among its members. These are professionals involved in the bond market value chain, who regularly collaborate with members and wish to participate in CARO activities.
CARO is a non-profit association, under the French law of 1 July 1901 and the decree of 16 August 1901. It is established with a board which is organized as follows: