French Business Law - French Legislation

Article L214-24-61 of the French Monetary and Financial Code

November 8, 2023

The feeder general-purpose investment fund shall monitor the activity of the master AIF or UCITS. In order to fulfil this obligation, it may rely on the information and documents received from the master AIF or UCITS or, where applicable, from the management company, custodian and auditor of this AIF or UCITS, unless it has reason to doubt the accuracy of the information and documents provided. The General Regulation of the…

Article L214-24-62 of the French Monetary and Financial Code

November 8, 2023

I. – The SICAV and the management company, for each of the general-purpose investment funds it manages, shall publish : 1° A prospectus including, in particular, the SICAV’s articles of association or the fund rules ; 2° An annual report in accordance with Article L. 214-24-19; 3° A half-yearly report covering the first six months of the financial year. II. – The annual and half-yearly reports are published within the…

Article L214-25 of the French Monetary and Financial Code

November 8, 2023

The Autorité des marchés financiers defines the conditions under which general-purpose investment funds must inform investors and may be advertised, in particular by audiovisual means, or canvassed. The articles of association or fund rules of general-purpose investment funds, as well as the documents intended for the information of their unitholders or shareholders, shall be drawn up in French. However, under the conditions set by the general regulations of the Autorité…

Article L214-26 of the French Monetary and Financial Code

November 8, 2023

Where one or more sub-funds are formed within a general-purpose investment fund, they are individually subject to the provisions of this Code governing that fund.

Article L214-26-1 of the French Monetary and Financial Code

November 8, 2023

In accordance with the conditions laid down in the general regulations of the Autorité des marchés financiers, the fund rules or articles of association of a general-purpose investment fund may reserve the subscription or purchase of its units or shares to no more than twenty investors or to a category of investors whose characteristics are precisely defined in the prospectus. The custodian or the person designated for this purpose by…

Article L214-26-2 of the French Monetary and Financial Code

November 8, 2023

Notwithstanding article L. 214-24-8, the custodian of a general-purpose investment fund shall only hold the assets mentioned in 1° to 6° of I of article L. 214-24-55. In the case of other assets, it shall retain proof of their existence, provided under conditions laid down by decree.

Article L214-27 of the French Monetary and Financial Code

November 8, 2023

Unless otherwise provided, articles L. 214-24-24 to L. 214-26-2 apply to private equity funds.

Article L214-28 of the French Monetary and Financial Code

November 8, 2023

I. – At least 50% of the assets of a fonds commun de placement à risques must be made up of non-trading securities, equity securities or securities giving access to the capital of companies, which are not admitted to trading on a French or foreign financial instruments market operated by a market undertaking or an investment services provider other than a portfolio management company or any other similar foreign body,…

Article L214-29 of the French Monetary and Financial Code

November 8, 2023

Where a fonds commun de placement à risques is a master FIA, the feeder undertakings for collective investment are subject to the holding, marketing, advertising and canvassing rules applicable to the master fund.

Article L214-30 of the French Monetary and Financial Code

November 8, 2023

I. – Innovation mutual funds are venture capital mutual funds at least 70% of whose assets consist of financial securities, limited liability company shares and current account advances, as defined in I and 1° of II of article L. 214-28, which grant subscribers of equity securities only the rights resulting from their status as shareholders or partners, to the exclusion of any other consideration, in particular in the form of…

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Title I: Financial instruments

Article L214-24-61 of the French Monetary and Financial Code

Article L214-24-62 of the French Monetary and Financial Code

Article L214-25 of the French Monetary and Financial Code

Article L214-26 of the French Monetary and Financial Code

Article L214-26-1 of the French Monetary and Financial Code

Article L214-26-2 of the French Monetary and Financial Code

Article L214-27 of the French Monetary and Financial Code

Article L214-28 of the French Monetary and Financial Code

Article L214-29 of the French Monetary and Financial Code

Article L214-30 of the French Monetary and Financial Code

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Title I: Financial instruments

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