FRANCE: AIFMD transposition texts published

Wednesday August 7 2013

The French transposition texts regarding the AIFMD have been published in French in the Official Journal.

Order no. 2013-676 transposes the AIFMD into French law and is intended to reform and simplify the legal framework for asset management by strengthening the protection of savers and investors, and by clearly distinguishing the funds covered by the AIFMD and those covered by the UCITS Directive.

Decree no. 2013-687 provides further details on the general regime for AIFs, and their investment and operating rules. Management companies which carry out activities that fall within the scope of this decree at its publication date are required to take all necessary measures to comply with its provisions, and to submit a formal request for authorisation by 22 July 2014.

Finally, a ministerial order provides a list of entities which can act as depositaries of AIFs. The order extends the ability to provide depositary services to French AIFs to the French branches of EU credit institutions and of certain EU investment firms.

Click on the above link for more details.