FRANCE: AMF Publish Guide to Regulatory Documents Governing Collective Investments Schemes and Real Estate Funds

Tuesday April 2 2013

On 2 April 2013, the Autorité des Marchés Financiers published a guide to regulatory documents governing collective investments schemes and real estate funds.

Approving a CIS or a real estate fund and, where appropriate, each of its compartments, is contingent upon prior filing with the Autorité des Marchés Financiers (AMF) of a file containing the elements provided for in the following instructions of the AMF: instructions 2011-19 and 2011-20 for collective investment schemes (CISs), instruction 2011-21 for employee savings funds, instruction 2011-22 for authorised private equity funds, innovation funds and local investment funds and instruction 2011-23 for real estate funds. For CISs and real estate funds created as of July 1, 2011, the incorporation documents are the following:

• The Key Investor Information Document (KIID), replacing the simplified prospectus or information note;
• The prospectus, including the Regulations of the fund or articles of incorporation of the open-ended investment company (or open-end real estate investment companies).

CISs or real estate funds are required to release, on a regular basis, the information contained in the KIID. The information must be transparent, clear and non-misleading. To this view, this guide:

• presents several templates for articulating a KIID as soon as it concerns UCITS or non-UCITS, taking into account the characteristics of the different CISs and real estate funds concerned;
• recalls some applicable rules;
• sets out positions and recommendations for applying these rules;
• illustrates these rules, positions and recommendations by some examples.

Please see the above link for more details.