French Business Law - French Legislation

Article L214-7-1 of the French Monetary and Financial Code

November 8, 2023

A SICAV may delegate the management of its portfolio as referred to in article L. 214-7 to a management company. The registered office and head office of the management company are located in France. However, they may be located in another Member State of the European Union or another State party to the Agreement on the European Economic Area if the management company carries on business in France under the…

Article L214-7-2 of the French Monetary and Financial Code

November 8, 2023

Notwithstanding the provisions of 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…

Article L214-7-3 of the French Monetary and Financial Code

November 8, 2023

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…

Article L214-7-4 of the French Monetary and Financial Code

November 8, 2023

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…

Article L214-8 of the French Monetary and Financial Code

November 8, 2023

Subject to the provisions of article L. 214-8-7, a fonds commun de placement, which does not have legal personality, is a co-ownership of financial instruments and deposits, the units of which are issued and redeemed at the request of subscribers or unitholders, as the case may be, and at the net asset value plus or minus fees and commissions, as the case may be. The provisions of the Civil Code…

Article L214-8-1 of the French Monetary and Financial Code

November 8, 2023

A mutual fund is set up at the initiative of a management company, which is responsible for its management and chooses a custodian for the fund’s assets. This company draws up the fund rules. The registered office and central administration of the management company are located in France. However, they may be located in another Member State of the European Union or another State party to the Agreement on the…

Article L214-8-2 of the French Monetary and Financial Code

November 8, 2023

The minimum amount of assets that the fund must hold when it is set up is set by decree. These assets are valued, in the light of a report drawn up by the auditor, under conditions set by decree. Any contribution in kind is assessed by the auditor under his responsibility.

Article L214-8-3 of the French Monetary and Financial Code

November 8, 2023

In all cases where the provisions relating to companies and financial securities require the surname, first names and domicile of the holder of the security to be indicated, and for all transactions carried out on behalf of the co-owners, the name of the mutual fund may be validly substituted for that of all the co-owners.

Article L214-8-4 of the French Monetary and Financial Code

November 8, 2023

Unless otherwise stipulated in the fund rules, unitholders or their beneficiaries may not cause the fund to be split.

Article L214-8-5 of the French Monetary and Financial Code

November 8, 2023

Unitholders are liable for the debts of the co-ownership only up to the amount of the fund’s assets and in proportion to their share.

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Legislative part

Article L214-7-1 of the French Monetary and Financial Code

Article L214-7-2 of the French Monetary and Financial Code

Article L214-7-3 of the French Monetary and Financial Code

Article L214-7-4 of the French Monetary and Financial Code

Article L214-8 of the French Monetary and Financial Code

Article L214-8-1 of the French Monetary and Financial Code

Article L214-8-2 of the French Monetary and Financial Code

Article L214-8-3 of the French Monetary and Financial Code

Article L214-8-4 of the French Monetary and Financial Code

Article L214-8-5 of the French Monetary and Financial Code

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Legislative part

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