General purpose investment funds and their management companies shall act independently and solely in the interests of their unitholders or shareholders. They must offer sufficient guarantees with regard to their organisation, their technical and financial resources, and the good repute and experience of their managers.
Without prejudice to the provisions of Title III of Book II of the French Commercial Code, the conditions of liquidation and the methods of asset distribution are determined by the fund rules or the articles of association of the general purpose investment fund. The management company shall act as liquidator; failing this, the liquidator shall be appointed by the courts at the request of any interested party. However, notwithstanding the…
Under the conditions defined by the general regulations of the Autorité des marchés financiers, responsibility vis-à-vis third parties for centralising subscription and redemption orders for units or shares of general-purpose investment funds is entrusted by the general-purpose investment fund or, where applicable, by the portfolio management company representing it, either to the investment fund, to the depositary, to a management company or to an investment services provider authorised to provide…
The statutory auditor is required to report as soon as possible to the Autorité des marchés financiers any fact or decision concerning the general-purpose investment fund of which he has become aware in the course of his duties, which is likely to: 1° constitutes a breach of the legal or regulatory provisions applicable to the general-purpose investment fund and is likely to have a material impact on its financial position,…
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…
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75001, Paris France
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is a Registered Trademark of
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182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
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