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Book IV - Collective investment products
Title I - Undertakings for Collective Investment in Transferable Securities (UCITS)
Chapter unique - Undertakings for collective investment in transferable securities (UCITS)
Section 5 - Master and feeder funds
Paragraph 7 - Master CIS mergers and demergers
Article 411-101 from 29/03/2024

Article 411-101 into force since

  • Version into force since
ELI : /en/eli/fr/aai/amf/rg/article/411-101/20240329/notes

A feeder CIS whose master CIS is to be merged, taken over or demerged shall be liquidated unless the AMF gives its authorisation for:

  1. The feeder CIS to continue to be a feeder CIS of the master CIS or of another CIS that results from the merger or demerger of the master CIS;

  2. The feeder CIS to change master CIS and invest at least 85% of its assets in the units or shares of another CIS that is not the result of the merger or demerger;

  3. The feeder CIS to amend its rules or instruments of incorporation to convert itself into a non-feeder CIS.

The investment management company of the feeder UCITS shall file its authorisation application with the AMF no later than one month after the date on which it was informed about the proposed merger or demerger.

The investment management company of the feeder UCITS shall be informed within a period of fifteen working days following submission of the application whether or not authorisation has been granted for the operation referred to in 1°, 2° or 3°. Silence on the part of the AMF for a period of fifteen working days from the day the AMF acknowledges receipt of the application shall be deemed authorisation of the application.

An Instruction will specify the content of the authorisation application and the authorisation process.