Subsection 3: Approval of AIFM established in a third country

An AIFM established in a third country wishing to manage European Union AIFs or to market in the European Union the units or shares of AIFs it manages must first obtain authorisation from the Autorité des marchés financiers when its Member State of reference is France. An AIF established in a third country, which has not globally delegated its management and which wishes to market its units or shares in…

The AIFM referred to in Article L. 532-30 shall comply with the legislative and regulatory provisions applicable to portfolio management companies, with the exception of Subsection 2 of Section 5 of Chapter III of this Title. If one of these provisions is incompatible with compliance with the law to which the AIFM or the AIF marketed in the European Union is subject, the AIFM is not required to comply with…

The AIFM referred to in Article L. 532-30 shall have a legal representative in France. The legal representative is the AIFM’s contact point in the European Union. All official correspondence between the competent authorities and the AIFM and between unitholders or shareholders established in the European Union of the AIF concerned, in accordance with this section, shall take place through this legal representative. It is also the contact point for…

In cases where more than one reference Member State is possible in application of the criteria defined by decree in the Conseil d’Etat, the operator submits a request to the authorities of all the possible reference Member States in accordance with the conditions laid down by decree in the Conseil d’Etat.

I. – After receiving the application for authorisation referred to in Article L. 532-30, the Autorité des marchés financiers shall examine whether the AIFM’s designation of France as the reference Member State meets the criteria set by decree in the Conseil d’Etat. If the Autorité des marchés financiers considers that this is not the case, it shall return the application for authorisation to the sender, stating the reasons. If the…

If the Autorité des marchés financiers disagrees with the AIFM’s designation of a reference Member State other than France, it may refer the matter to the European Securities and Markets Authority.

I. – The manager’s authorisation is granted by the Autorité des marchés financiers (AMF) under the conditions set out in article L. 532-9 and in accordance with the AMF General Regulation. II. – If the competent authorities of a reference Member State other than France do not comply, within a reasonable time, with the required terms of cooperation stipulated in 2° of Article L. 532-29, the Autorité des marchés financiers…

When the Autorité des marchés financiers considers that the AIFM may rely on the provisions of Article L. 532-31, it shall notify the European Securities and Markets Authority without delay. The AMF shall provide the following information to support its assessment: 1° A list of the provisions of this section with which the AIFM cannot comply ; 2° A demonstration, based on the technical standards of the European Securities and…

The Autorité des marchés financiers shall inform the European Securities and Markets Authority without delay of the outcome of the initial authorisation procedure, of any change in the AIFM’s authorisation and of any withdrawal of authorisation. When informing the European Securities and Markets Authority of applications for authorisation that it has refused, the AMF shall provide details of the AIFM that has applied for authorisation and the reasons for its…

I. – The AIFM’s subsequent operations in the European Union have no impact on the designation of France as the reference Member State. However, if the AIFM modifies its marketing strategy within two years of its initial authorisation and if this new strategy, if it had been the initial marketing strategy, would have had the effect of calling into question the designation of France as the reference Member State, the…