Subsection 2: Composition and management

Articles in this section · 2

L224-2L224-3

Article L224-3

French Monetary and Financial CodeIn force
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Updated 8 Nov 2023

Payments into a retirement savings plan that has given rise to the opening of a securities account are allocated to the acquisition of financial securities offering sufficient protection for the savings invested and appearing on a list established by regulation, taking into account the financial management procedures of the plan.

Payments into a retirement savings plan which has given rise to subscription to a group insurance contract, the performance of which is linked to the cessation of professional activity, are allocated to the acquisition of rights expressed in euros, rights expressed in units of the diversification provision, rights expressed in units of annuities or rights expressed in units of account made up of the financial securities mentioned in the first paragraph of this article, subject to article L. 131-1 of the French Insurance Code.

Unless the policyholder expressly decides otherwise, payments are allocated in such a way as to gradually reduce the financial risks for the policyholder, in accordance with the conditions laid down by decree. The policyholder is offered at least one other asset allocation corresponding to a different investment profile, in particular, in the case of company pension savings plans, an allocation allowing the acquisition of units in funds invested, within the limits set out in article L. 214-164 of this code, in socially responsible companies within the meaning of article L. 3332-17-1 of the French Labour Code.

The allocations used to gradually reduce the financial risks correspond to investment profiles suited to a long-term horizon. The qualification of these profiles takes into account the level of exposure to financial risks and the expected return for the holder, under conditions specified by an order of the Minister for the Economy.

The conditions for sharing or allocating to retirement savings plans the commission retrocessions received for their financial management are set by regulation.

The provisions of the third and fourth paragraphs do not apply to retirement savings plans opening a group insurance contract whose guarantees are expressed in units of annuity.

Mariela Petrova

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Common Questions

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

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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