Sub-paragraph 3: Investment rules.

Articles in this section · 28

D214-32-31R214-32-16R214-32-17R214-32-18R214-32-19R214-32-20R214-32-21R214-32-22R214-32-23R214-32-24R214-32-24-1R214-32-25R214-32-26R214-32-27R214-32-28R214-32-29R214-32-30R214-32-32R214-32-33R214-32-34R214-32-35R214-32-36R214-32-37R214-32-38R214-32-39R214-32-40R214-32-41R214-32-42

Article D214-32-31

French Monetary and Financial CodeIn force
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Updated 6 Nov 2023

I. - The shares or units of general-purpose investment funds, other than those referred to in Article L. 214-26-1, marketed in France, as well as the shares or units of FIAs governed by foreign law marketed in France under the conditions laid down in Article L. 214-24-1, 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 , provided that such admission is requested by these FIAs or by their French portfolio management company, or their approved management company established in a Member State of the European Union or their manager established in a Member State of the European Union. 214-24-1, provided that such admission is requested by these FIAs or by their French portfolio management company, or their approved management company established in a Member State of the European Union or their manager established in a third country and that the units or shares of these FIAs are traded at their net asset value, plus or minus a proportion of the fees or commissions relating to the issue or redemption of these units or shares.

II. - The shares or units of general-purpose investment funds marketed in France, as well as the shares or units of FIAs governed by foreign law marketed in France under the conditions set out in article L. 214-24-1, the management objective of which is based on an index, provided that the regulated market on which these shares or units are admitted to trading has set up a mechanism to ensure that the price of these shares or units does not deviate significantly from a reference value set by the rules of the regulated market in question. The AMF assesses the maximum acceptable deviation in the light of the characteristics of the assets of these FIAs and the markets on which they are listed. This difference may not exceed 5%.

III -Shares or units of general-purpose investment funds whose management objective is based on an index, other than those referred to in Article L. 214-26-1, marketed in France, as well as shares or units of FIAs governed by foreign law marketed in France under the conditions laid down in Article L. 214-24-1, whose management objective is based on an index, may be admitted to trading on a multilateral trading facility defined in Article L. 424-1 provided that :

1° the shares or units are already admitted to trading on a regulated market for financial instruments referred to in Article L. 421-1 or Article L. 422-1; and

2° The multilateral trading facility on which these shares or units are admitted to trading has set up a system to ensure that the price of these shares or units does not deviate significantly from a reference value set by the rules of the regulated market in question.

Mariela Petrova

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Working with a corporate lawyer in France — Q&A

Any time a strategic decision changes how the company is owned, governed or contractually bound — incorporation, fundraising, M&A, restructuring, shareholder agreements, or major commercial contracts. Earlier engagement always costs less than later remediation.

A notary (notaire) is a public officer who authenticates specific deeds (mainly real-estate transfers and certain family-law acts). A corporate lawyer (avocat) advises on strategy, negotiates and drafts company documents, and represents you in disputes. The two roles complement rather than overlap.

Yes — most of our clients are foreign suppliers, investors or holding entities. We bridge the gap between French law and your home jurisdiction's expectations and deliver everything bilingually.

The SAS (Société par Actions Simplifiée) is the default choice for most international structures: flexible governance, single shareholder allowed, no minimum capital, and works cleanly with foreign holding entities. We assess SARL, SA, SCI on the merits when the situation calls for it.

Yes — communications with a French avocat are protected by the secret professionnel (Article 66-5 of the Law of 31 December 1971). This protection is broader than the common-law attorney-client privilege and applies to written and oral exchanges.

We work on fixed fees for clearly scoped engagements (incorporation, contract drafting, audits) and on monthly retainers for ongoing advisory. Hourly billing is the exception, not the default. You always know the cost before work starts.

Typical timeline is 2–3 weeks from KYC kick-off to RCS registration, assuming standard documentation. Holding-company structures, foreign-shareholder identification or in-kind contributions can extend this — we flag the gating items at the first meeting.

Absolutely. We routinely coordinate with your in-house counsel, expert-comptable or notaire — pragmatic collaboration is the norm, not the exception. We send them everything they need to do their part without duplicating work.

Mariela Petrova

Mariela Petrova

Avocate au Barreau de Paris

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15+ Years In Corporate Practice

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