#2013-676Regulation of Asset Management in France
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This law reshapes the framework for asset management in France, focusing on collective investment schemes. It classifies investment funds into various categories and sets out the requirements for their operation and authorization. The law impacts fund managers and regulatory authorities, requiring compliance with EU directives and imposing specific conditions for marketing investment funds both within France and in other EU countries.
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Key Changes
- Redefines categories of investment funds under French law.
- Introduces authorization requirements for foreign investment funds marketed in France.
- Sets procedures for French investment funds marketing in the EU.
Obligations
What this law requires
Foreign investment funds (other than closed-type funds, OPCVMs, or authorized FIAs) must obtain authorization from the Autorité des marchés financiers (AMF) prior to marketing their shares or units in France
French OPCVMs intending to market shares or units in another EU or EEA member state must submit a notification dossier to the AMF specifying marketing modalities, which the AMF will transmit to the host state's competent authority
Fund managers must obtain authorization from the French Financial Markets Authority (Autorité des marchés financiers) prior to marketing shares or units of foreign investment funds (other than closed-end funds, OPCVMs, or authorized FIAs) in France
French OPCVMs proposing to market shares or units in other EU Member States or EEA countries must submit a notification file to the competent authority of the host state through the French Financial Markets Authority, specifying the marketing modalities
French OPCVMs must notify the competent authority of the host state in advance of any modifications to the marketing modalities or categories of shares/units specified in the notification file