FRANCE: AMF amends Books III and IV of the General Regulation in line with AIFMD

Wednesday February 26 2014

The Autorité des Marchés Financiers (AMF) of France has announced that it has made revisions to Books III and IV of its General Regulation on providers and collective investment schemes as part of the finalisation of the implementation of the Alternative Investment Fund Managers Directive (AIFMD).

The main changes relate to Book IV on collective investment schemes and include:

• the creation of a Title II on alternative investment funds and more particularly to the application for marketing of these funds in France, the valuation of assets and information for investors and the regulator;
• the application to all AIFs marketed in France of certain marketing rules currently applicable to UCITS;
• the insertion of competitiveness measures, in particular, the relaxation of certain investment rules and simplification of subscription thresholds into two tiers ( EUR 100 000 for AIFs open to professional investors and EUR 0 for AIFs open to the general public) ;
• the inclusion of provisions to take account of the amendment of Article R. 214-15-1 of the Monetary and Financial Code concerning the calculation of exposure ratios and UCITS investment ratios.

Click on the above link for more details. (Only available in French)