Paragraph 1: AIF marketing and pre-marketing procedures.

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D214-32D214-32-1D214-32-2D214-32-3D214-32-4D214-32-4-1D214-32-4-1-1R214-32-4-1-2

Article D214-32-3

French Monetary and Financial CodeIn force
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Updated 6 Nov 2023

Pursuant to the second paragraph of II of Article L. 214-24-2, the marketing, with a passport, in a Member State of the European Union other than France, to professional clients, of units or shares of third-country AIFs or feeder AIFs which do not meet the conditions laid down in the first paragraph of II of Article L. 214-24-2 is subject to :

1° The existence of appropriate cooperation arrangements between the Autorité des marchés financiers and the supervisory authorities of the third country where the AIF is established, in order to ensure an exchange of information enabling the Autorité des marchés financiers to perform its duties under Books V and VI ;

2° Where the AIF is established in a third country, the absence of inclusion on the lists published by international bodies involved in the fight against money laundering or terrorist financing of States or territories whose legislation or practices hinder the proper performance of the Financial Action Task Force's duties;

3° Where the AIF is established in a third country, the signature between that country and France, as well as any other Member State in which the units or shares of the AIF are to be marketed, of an agreement complying with the standards set out in Article 26 of the OECD Model Tax Convention on Income and on Capital and guaranteeing an exchange of information in tax matters, including any multilateral agreement in tax matters;

4° Compliance by the management company with the legislative and regulatory provisions applicable to management companies governed by Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011, with the exception of the provisions applicable to the marketing of AIF units or shares in the European Union, in France or in another Member State, or to the management of European Union AIF in a Member State other than France.

Where the Autorité des marchés financiers disagrees with the assessment made by the competent authorities of another Member State of the European Union on the application of 1° and 2°, it may refer the matter to the European Securities and Markets Authority.

Mariela Petrova

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Mariela Petrova

Mariela Petrova

Avocate au Barreau de Paris

Toque #C2396

15+ Years In Corporate Practice

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