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Book III - Service providers
Title I ter - Asset management companies of UCITS
Chapter II - Authorisation requirements for asset management companies and for acquiring or increasing an equity interest in an asset management company
Section 1 - Authorisation requirements
Article 321-10 from 10/02/2025

Article 321-10 into force since

  • Version into force since
ELI : /en/eli/fr/aai/amf/rg/article/321-10/20250210/notes

I. - The share capital of a portfolio asset management company shall be equal to a minimum of EUR 125,000 and must be fully paid in cash at least to this minimum amount.

II. - When authorisation is granted and in subsequent financial years, the portfolio asset management company must be able to prove at any time that its level of own funds is at least equal to the higher of the two amounts referred to in 1° et 2° below:

  1. EUR 125 000 plus an amount equal to 0.02% of the amount by which the assets managed by the portfolio asset management company exceeds EUR 250 million.

    The total own funds requirement shall not exceed EUR 10 million.

    The assets included in the calculation of the additional own funds requirement referred to in the third paragraph are:

    a) French or foreign collective investment schemes in corporate form that have globally delegated management of their portfolio to the portfolio asset management company;

    b) French or foreign collective investment schemes in fund form managed by the portfolio asset management company, including portfolios for which it has delegated management but excluding portfolios that it manages on a delegated basis.

    Up to 50% of the additional own funds requirement may be met by a guarantee given by a credit institution or insurance undertaking having its registered office in a State that is a party to the European Economic Area Agreement, or in another State not party to the European Economic Area Agreement, provided the it is subject to prudential rules considered by the AMF to be equivalent to those applicable to credit institutions and insurance undertakings having their registered offices in a State that is party to the European Economic Area Agreement.

  2. One-quarter of the annual fixed overheads for the previous financial year calculated in accordance with article 13 of Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 and Commission Delegated Regulation (EU) 2022/1455 of 11 April 2022.

Where a portfolio asset management company is also authorised to manage a securitisation vehicle referred to in Article L. 214-167 I of the Monetary and Financial Code, it is not subject to the provisions of this section II.

III. - The own funds requirement at the time of authorisation shall be calculated on the basis of forecast data.

For subsequent years, the amount of overheads and the total value of portfolio assets used to determine the own funds requirement shall be calculated on the basis of the most recent of the following portfolio asset management company documents: annual statements for the previous financial year, interim statement of financial position certified by the statutory auditor or the data sheet referred to in Article 321-75.