Subsection 2: Funds open to non-professional investors

General-purpose investment funds take the form either of open-ended investment companies known as “SICAVs”, or of unit trusts. General-purpose investment funds may comprise different classes of units or shares under conditions set by the fund rules or the SICAV’s articles of association, in accordance with the general regulations of the Autorité des marchés financiers.

I. – A general-purpose investment fund may have one or more sub-funds if its articles of association or fund rules so provide. Each sub-fund shall give rise to the issue of a class of units or shares representing the assets of the general-purpose investment fund allocated to it. Notwithstanding article 2285 of the French Civil Code and unless otherwise stipulated in the articles of association or fund rules, the assets…

Creditors whose title derives from the safekeeping or management of the assets of a general-purpose investment fund shall have an action only in respect of those assets. Creditors of the depositary may not pursue payment of their claims against the assets of a general-purpose investment fund held by it.

When the general-purpose investment fund is open to non-professional investors, III and IV of article L. 214-24-10 do not apply.

The SICAV is a public limited company (société anonyme) or a simplified joint-stock company (société par actions simplifiée), other than a simplified joint-stock company (société par actions simplifiée) established by a single person and whose articles of association expressly prohibit multiple members, whose sole purpose is the management of a portfolio of financial instruments and deposits. The registered office and central administration of the SICAV are located in France. Subject…

A SICAV may delegate the overall management of its portfolio to a portfolio management company. The initial capital of a SICAV making use of this option may not be less than an amount set by decree.

Notwithstanding 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 to extraordinary general…

The provisions of articles L. 224-1, L. 224-2, the second paragraph of article L. 225-2, articles L. 225-3 to L. 225-16, L. 225-25, L. 225-26, L. 225-258 to L. 225-270, the fourth paragraph of article L. 227-1, articles L. 227-13 to L. 227-16, L. 227-18, L. 228-23, L. 231-1 to L. 231-8, L. 233-8 and L. 441-14 of the French Commercial Code do not apply to SICAVs. SICAVs may not…

The redemption by the SICAV of its shares and the issue of new shares may be temporarily suspended by the Board of Directors, the Management Board or the officers of the simplified joint stock company, when exceptional circumstances so require and if the interests of the shareholders or the public so dictate, in accordance with the conditions laid down in the company’s Articles of Association. In the same circumstances, where…