Sub-paragraph 6: Master and feeder general purpose investment funds

I. – The articles of association or fund rules of a general-purpose investment fund known as a “feeder general-purpose investment fund” may stipulate that all of its assets are invested in shares or units of a single FIA, known as a “master FIA”, or a single UCITS, known as a “master UCITS”, and, on an ancillary basis, in cash. A feeder general-purpose investment fund may enter into financial contracts under…

The feeder general-purpose investment fund shall enter into an information exchange agreement with the master AIF or UCITS. However, this agreement may be replaced by internal conduct of business rules when the master AIF or UCITS and the feeder general-purpose investment fund are managed by the same management company. When the master AIF or UCITS temporarily suspends subscriptions or redemptions of its units or shares pursuant to Articles L. 214-24-33…

I. – When the feeder general-purpose investment fund and the master AIF or UCITS do not have the same depositary, their depositaries shall enter into an information exchange agreement in order to ensure the fulfilment of their respective obligations. The feeder general-purpose investment fund shall provide its depositary with all necessary information concerning the master AIF or UCITS in order for the depositary to fulfil its obligations. II. – The…

The statutory auditors of the feeder general-purpose investment fund, the AIF or the master UCITS shall exchange the information necessary to fulfil their respective obligations. The General Regulation of the Autorité des marchés financiers shall specify the conditions of application of this article.

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…