French Business Law - French Legislation

Article R214-27 of the French Monetary and Financial Code

November 6, 2023

I. – The rules governing the composition of assets and the division of risks must be complied with at all times. However : 1° UCITS are not required to comply with the limits laid down in this sub-paragraph when exercising subscription rights in respect of financial instruments or money market instruments which form part of their assets; 2° Newly authorised UCITS may derogate from R. 214-21, R. 214-22, R. 214-23,…

Article R214-28 of the French Monetary and Financial Code

November 6, 2023

I. – A UCITS with a formula is a UCITS which meets the following two conditions: 1° It is managed passively and its management objective is to reach, at the end of a given period, an amount determined by the mechanical application of a predefined calculation formula, with reference to financial market indicators or financial instruments, and, where applicable, to distribute the remuneration predefined in the regulatory documents; 2° It…

Article R214-29 of the French Monetary and Financial Code

November 6, 2023

I. – A UCITS may not borrow. It may, however, acquire currencies by means of cross-currency loans. II. – By way of derogation from I, a UCITS may borrow provided that such borrowings : 1° Are used on a temporary basis and represent no more than 10% of its assets; or 2° enable the acquisition of real estate necessary for the direct pursuit of its activities and, in the case…

Article R214-30 of the French Monetary and Financial Code

November 6, 2023

The UCITS ensures that its overall risk linked to financial contracts does not exceed the total net value of its portfolio. The overall risk is calculated taking into account the current value of the underlying assets, the counterparty risk, future market trends and the time available to liquidate positions. For feeder UCITS, this calculation also takes into account the overall risk of the master UCITS in relation to financial contracts….

Article R214-31 of the French Monetary and Financial Code

November 6, 2023

The investment of a UCITS in another UCITS governed by French or foreign law may not exceed the limit set in article R. 214-24 unless it has been authorised by the Autorité des marchés financiers to be constituted as a feeder UCITS.

Article R214-31-1 of the French Monetary and Financial Code

November 6, 2023

I. – Notwithstanding articles R. 214-24 and R. 214-26, a feeder UCITS may invest up to 100% of its assets in units or shares of a single master UCITS governed by French or foreign law and hold up to 100% of the units or shares of the master UCITS. II. – The condition mentioned in 4° of Article R. 214-13 does not apply to the master French or foreign UCITS…

Article D214-31-2 of the French Monetary and Financial Code

November 6, 2023

The annual and half-yearly reports are published within the following deadlines, starting from the end of the periods to which they refer: 1° Four months for the annual report ; 2° Two months for the half-yearly report.

Article D214-32 of the French Monetary and Financial Code

November 6, 2023

Pursuant to I of Article L. 214-24-1, the marketing in France of units or shares of an AIF established in a third country managed by a management company established in a Member State of the European Union or an asset management company, as well as the marketing in France of units or shares of an AIF established in a Member State of the European Union or in a third country…

Article D214-32-1 of the French Monetary and Financial Code

November 6, 2023

Pursuant to I of Article L. 214-24-1, the marketing with passport, in France, by an authorised manager established in a third country for which France is the reference Member State, of units or shares of AIFs established in a third country, is subject to : 1° Compliance by the manager with the legislative and regulatory provisions applicable to portfolio management companies; 2° The existence of appropriate cooperation arrangements, designed to…

Article D214-32-2 of the French Monetary and Financial Code

November 6, 2023

Pursuant to the second paragraph of II of Article L. 214-24-1, the marketing in France, with passport, to professional clients, of units or shares of third-country AIFs or feeder AIFs which do not meet the requirements mentioned in the first paragraph of II of Article L. 214-24-1 by an asset management company is subject to : 1° Compliance by the portfolio management company with the legislative and regulatory provisions applicable…

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Chapter IV: Collective investments.

Article R214-27 of the French Monetary and Financial Code

Article R214-28 of the French Monetary and Financial Code

Article R214-29 of the French Monetary and Financial Code

Article R214-30 of the French Monetary and Financial Code

Article R214-31 of the French Monetary and Financial Code

Article R214-31-1 of the French Monetary and Financial Code

Article D214-31-2 of the French Monetary and Financial Code

Article D214-32 of the French Monetary and Financial Code

Article D214-32-1 of the French Monetary and Financial Code

Article D214-32-2 of the French Monetary and Financial Code

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Chapter IV: Collective investments.

Contact a French lawyer now

Contact a French Business Lawyer

Do you need French-law advice? Contact our Lawyers in France.

Our attorneys will contact you promptly within 24h. All information exchanged through this website will be communicated to attorneys only, and will remain confidential.

We Solve Legal & Tax Issues in France

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