Sub-paragraph 1: Specialised professional funds

A specialised professional fund takes the form of a SICAV, a fonds commun de placement or a société en commandite simple. Depending on the case, it is called a “specialised professional investment company”, a “specialised professional investment fund” or a “partnership company”. The société de libre partenariat is subject to sub-paragraph 3 of this paragraph. By way of derogation from Articles L. 214-24-29, L. 214-24-34 and L. 214-24-55, a specialised…

Article L. 214-144 applies to specialised professional funds. The subscription and acquisition of units or shares may also be carried out by investors who are managers, employees or natural persons acting on behalf of the fund management company, as well as by the management company itself.

The General Regulation of the Autorité des marchés financiers shall determine in particular the conditions under which subscribers are informed of the investment rules specific to this specialised professional fund, the conditions under which it may derogate from Article L. 214-24-55, as well as the minimum frequency and the conditions for determining the net asset value.

I. – Notwithstanding the third paragraph of Article L. 214-24-29 and the first paragraph of Article L. 214-24-34, the fund rules or the articles of association of the specialised professional fund shall stipulate the terms and conditions for the issue, subscription, transfer and redemption of units or shares. The fund rules or the articles of association of the specialised professional fund shall specify the net asset value below which the…

Where a specialised professional fund is a master AIF, the rules governing investment holding, canvassing and marketing of the feeder AIF are those of the master AIF.