Subsection 3: Provisions relating to portfolio management companies.

To obtain authorisation as a portfolio management company, applicants must submit their application to the Autorité des marchés financiers. The application for authorisation must be accompanied by a file complying with the standard file drawn up by the Autorité des marchés financiers. This standard file includes the information to be provided for the application of the authorisation procedure provided for inArticle L. 532-9 and, where applicable, for the application of…

On receipt of an application for authorisation, the AMF will check that it complies with the standard file provided for in the second paragraph of Article R. 532-10 and, if it does, will examine it. The AMF may ask the applicant for any additional information needed to examine the application. The time limit set by the Authority is suspended until the additional information is received.

The Autorité des marchés financiers will notify the applicant of its decision within three months of the date of receipt of the file that complies with the standard file. The AMF may extend this period by up to a further three months if it deems it necessary in view of the particular circumstances of the case and after notifying the applicant.

The total assets of the AIFs mentioned in IV and VI of Article L. 532-9: 1° Do not exceed the threshold of 100 million euros, including assets acquired through the use of leverage; or 2° Does not exceed the threshold of 500 million euros where they do not use leverage and for which no redemption right may be exercised for a period of five years from the date of the…

Subject to the provisions of I of Article L. 532-9-1, the Autorité des marchés financiers shall be informed in advance of any proposed amendment to the factors taken into account for the authorisation of an asset management company. The AMF shall inform the applicant of the possible consequences of the proposed amendment on authorisation, in accordance with the conditions laid down in the AMF General Regulation. The AMF may request…

Where the applicant is a direct or indirect subsidiary of an investment firm or credit institution that does not have its registered office in France, it is also required to provide precise information on the supervision exercised over it and on the structure of the group to which it belongs and, where applicable, on the nature and extent of the authorisation of its parent company to provide investment services.

I. – Before attaching special conditions to an authorisation, granting an authorisation to acquire a holding or a controlling interest, or granting an authorisation to a portfolio management company which is : 1° A subsidiary of an insurance company, reinsurance company, credit institution, portfolio management company or investment firm authorised in a Member State of the European Union or in another State party to the Agreement on the European Economic…

When assessing the notification provided for in I of Article L. 532-9-1, the AMF shall assess, for the purpose of ensuring that the portfolio management company targeted by the proposed acquisition has sound and prudent management and taking into account the likely influence of the proposed acquirer on the portfolio management company, the suitability of the proposed acquirer and the financial soundness of the proposed acquisition by applying all of…

The AMF shall draw up a list of the information that it deems necessary to carry out the assessment provided for in Article R. 532-15-1 and that must be communicated to it as part of the notification provided for in I of Article L. 532-9-1. This list is accessible on the AMF website. The information requested shall be proportionate and appropriate to the nature of the proposed acquirer and the…

The Autorité des marchés financiers may oppose the proposed acquisition only if there are reasonable grounds for doing so based solely on the criteria set out in Article R. 532-15-1, or if the information provided by the proposed acquirer pursuant to Article R. 532-15-2 is incomplete.