Section 1: UCITS

UCITS take the form of either open-ended investment companies known as “SICAVs” or unit trusts. UCITS may comprise different classes of units or shares under conditions laid down by the fund rules or the articles of association of the open-ended investment company, in accordance with the general regulations of the Autorité des marchés financiers.

I. – A UCITS may have one or more sub-funds if its articles of association or fund rules so provide. Each sub-fund gives rise to the issue of a class of units or shares representing the assets of the UCITS allocated to it. Notwithstandingarticle 2285 of the French Civil Code and unless otherwise stipulated in the UCITS’ constitutive documents, the assets of a given sub-fund are liable only for the…

Creditors whose title arises from the safekeeping or management of the assets of a UCITS may take action only against those assets. Creditors of the depositary or third party to whom custody of the assets of the UCITS has been delegated may not pursue payment of their claims against the assets of a UCITS held by that depositary or third party.

The SICAV is a public limited company (société anonyme) or a simplified joint stock company (société par actions simplifiée) whose sole purpose is to manage a portfolio of financial instruments and deposits. The registered office and central administration of the SICAV are located in France. Subject to the provisions of article L. 214-7-4, the shares of the SICAV are issued and redeemed by the company at the request of subscribers…

A SICAV may delegate the management of its portfolio as referred to in article L. 214-7 to a management company. The registered office and head office of the management company are located in France. However, they may be located in another Member State of the European Union or another State party to the Agreement on the European Economic Area if the management company carries on business in France under the…

Notwithstanding the provisions of Titles II and III of Book II and Title II of Book VIII of the French Commercial Code, the following provisions apply to SICAVs: 1° Shares must be fully paid up as soon as they are issued; 2° Any contribution in kind is assessed by the statutory auditor under his responsibility; 3° Ordinary general meetings may be held without a quorum being required; the same applies…