Sub-paragraph 1: Procedure for marketing FIAs in France

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L214-24-0L214-24-1

Article L214-24-1

French Monetary and Financial CodeIn force
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Updated 8 Nov 2023

I. - Any French portfolio management company, any management company established in a Member State of the European Union or any asset manager established in a third country shall, prior to marketing in France units or shares of FIAs established in a Member State of the European Union or in a third country to professional clients, with or without a passport, send a notification to the Autorité des marchés financiers for each FIA that it intends to market. The conditions for such marketing are set by decree. The General Regulation of the Autorité des marchés financiers sets out the notification procedures.

Any French portfolio management company marketing units or shares of AIFs established in a Member State of the European Union to professional clients in France may withdraw the notification file sent to the Autorité des marchés financiers pursuant to the previous paragraph. The conditions for such withdrawal are laid down in the General Regulations of the Autorité des marchés financiers.

II. - When a feeder AIF within the meaning of IV of Article L. 214-24, established in a Member State of the European Union and managed by a portfolio management company, is marketed to professional clients, such marketing is subject to the condition that the master AIF within the meaning of IV of Article L. 214-24 is also an AIF established in a Member State of the European Union, managed by an authorised management company established in a Member State of the European Union.

A French portfolio management company may, under conditions defined by decree, market in France, to professional clients, with or without a passport, units or shares of third-country AIFs or feeder AIFs within the meaning of IV of Article L. 214-24 established in a Member State of the European Union, which do not meet the requirements mentioned in the first paragraph of II.

III. - Any French portfolio management company, any authorised management company established in a Member State of the European Union, or any fund manager established in a third country, may market in France, to non-professional clients, units or shares of AIFs that it manages established in a Member State of the European Union or in a third country under the conditions defined by the General Regulations of the Autorité des marchés financiers.

Mariela Petrova

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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.

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Mariela Petrova

Mariela Petrova

Avocate au Barreau de Paris

Toque #C2396

15+ Years In Corporate Practice

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Communications protected by professional secrecy — secret professionnel de l'avocat, Article 66-5 of the Law of 31 December 1971.

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