Sub-paragraph 4: Operating rules

A merger, split or absorption affecting a general-purpose investment fund or a sub-fund is subject to approval by the Autorité des marchés financiers.

The Articles of Association of a SICAV or the regulations of a fonds commun de placement shall determine the duration of the accounting periods, which may not exceed twelve months. However, the first financial year may extend over any period not exceeding eighteen months. Within six weeks of the end of each half-year of the financial year, the SICAV and the management company, for each of the funds it manages,…

The income of a general-purpose investment fund includes net income, realised capital gains and losses net of costs and net unrealised capital gains and losses. Net income is equal to the amount of interest, arrears, premiums and lots, dividends, remuneration provided for in article L. 225-45 of the Commercial Code and all other income relating to the securities in the portfolio, plus the proceeds of sums temporarily available and less…

I. – The sums available for distribution by a general purpose investment fund are made up of : 1° Net income plus retained earnings plus or minus the balance of the income equalisation account; 2° Realised capital gains, net of costs, less realised capital losses, net of costs, recorded during the financial year, plus net capital gains of the same nature recorded during previous financial years which have not been…

Notwithstanding the provisions of the first paragraph of article L. 123-22 of the French Commercial Code, the accounts of a general-purpose investment fund may be kept in any currency, in accordance with the procedures laid down by decree.

When the AMF becomes aware of an infringement of the provisions of this Code committed by a statutory auditor of a management company or a general-purpose investment fund, or when it considers that the conditions of independence required for the proper performance of the statutory auditor’s duties are not met, the AMF may ask the competent court to relieve the statutory auditor of his duties in accordance with the procedures…

General purpose investment funds provide the Banque de France with the information required to compile monetary statistics.