Any investment fund established under foreign law other than a closed-end fund, other than a UCITS or an FIA, requires authorisation from the Autorité des marchés financiers before it can market its units or shares in France. A decree defines the conditions under which this authorisation is granted.
The units or shares of UCITS or AIFs established on the basis of foreign law that have been notified in accordance with Article L. 214-2-2 or Article L. 214-24-1, as applicable, may be admitted to trading on a regulated market for financial instruments defined in Article L. 421-1 or on a multilateral trading facility defined in Article L. 424-1 under conditions laid down by decree.
UCITS are undertakings for collective investment authorised in accordance with Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009.
I. – Any UCITS governed by French law which intends to market its units or shares and, where applicable, classes of units or shares, in another Member State of the European Union or party to the Agreement on the European Economic Area, shall first submit to the competent authority of the host State, via the Autorité des marchés financiers, in accordance with the conditions laid down by decree, a notification…
Any UCITS established under foreign law must be notified to the Autorité des marchés financiers by the competent authority of its home Member State before its units or shares are marketed in France or before such marketing ceases. The General Regulation of the Autorité des marchés financiers shall specify the conditions of application of this article.
The incorporation, conversion or liquidation of a UCITS or a UCITS subfund is subject to authorisation by the Autorité des marchés financiers. The AMF may withdraw its authorisation from any UCITS or UCITS subfund.
UCITS take the form of either open-ended investment companies known as “SICAVs” or unit trusts. UCITS may comprise different classes of units or shares under conditions laid down by the fund rules or the articles of association of the open-ended investment company, in accordance with the general regulations of the Autorité des marchés financiers.
I. – A UCITS may have one or more sub-funds if its articles of association or fund rules so provide. Each sub-fund gives rise to the issue of a class of units or shares representing the assets of the UCITS allocated to it. Notwithstandingarticle 2285 of the French Civil Code and unless otherwise stipulated in the UCITS’ constitutive documents, the assets of a given sub-fund are liable only for the…
Creditors whose title arises from the safekeeping or management of the assets of a UCITS may take action only against those assets. Creditors of the depositary or third party to whom custody of the assets of the UCITS has been delegated may not pursue payment of their claims against the assets of a UCITS held by that depositary or third party.
The SICAV is a public limited company (société anonyme) or a simplified joint stock company (société par actions simplifiée) whose sole purpose is to manage a portfolio of financial instruments and deposits. The registered office and central administration of the SICAV are located in France. Subject to the provisions of article L. 214-7-4, the shares of the SICAV are issued and redeemed by the company at the request of subscribers…
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is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
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is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
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