Chapter IV: Collective investments

I. – The following constitute collective investment schemes 1° Undertakings for collective investment in transferable securities authorised in accordance with Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities, known as “UCITS” ; 2° Funds covered by Directive 2011/61/EU of the European Parliament and of the Council…

Any investment fund established under foreign law other than a closed-end fund, other than a UCITS or an FIA, requires authorisation from the Autorité des marchés financiers before it can market its units or shares in France. A decree defines the conditions under which this authorisation is granted.

The units or shares of UCITS or AIFs established on the basis of foreign law that have been notified in accordance with Article L. 214-2-2 or Article L. 214-24-1, as applicable, may be admitted to trading on a regulated market for financial instruments defined in Article L. 421-1 or on a multilateral trading facility defined in Article L. 424-1 under conditions laid down by decree.