Article 422-11 into force since 29 March 2024

I. - The authorisation of a unit trust (FCP), which is provided for under Article L. 214-24-24 of the Monetary and Financial Code, and, where applicable, of each sub-fund provided for in the same article, is subject to the prior filing with the AMF of an application containing the information specified in an AMF instruction.

The portfolio asset management company will be notified whether its FCP authorisation has been granted or refused within one month of the filing of the application.

If the AMF does not respond for one month following the acknowledgement of receipt of the application, authorisation is deemed to be granted.

If the AMF requires additional information, it shall notify the portfolio asset management company in writing, stipulating that it must receive the requested information within sixty days. If it does not receive this information within this period, the authorisation application is deemed to be rejected. The AMF issues a written acknowledgement of receipt when it has received all the information requested. This acknowledgement of receipt stipulates a new authorisation period, which cannot be longer than those referred to in paragraphs two and three.

II. - The period referred to in I is reduced to eight working days from the acknowledgement of receipt of the authorisation application by the AMF, when the FCP applying for authorisation is comparable to a UCITS or a retail investment fund already authorised by the AMF; this is in particular the case when, pursuant to the second paragraph of Article L. 214-24-41 of the Monetary and Financial Code, this FCP was created by a demerger of an FCP already authorised by the AMF.

The AMF assesses the comparability of the FCP applying for authorisation, referred to as the "comparable FCP" and the UCITS or retail investment fund previously authorised by the AMF, referred to as the "reference UCITS or retail investment fund", with respect to the following:

1. The reference UCITS or retail investment fund and the comparable FCP are managed by the same portfolio asset management company or the same delegated investment manager, or by investment management companies or delegated investment managers belonging to the same group, and subject to the AMF's assessment of the information provided by the portfolio asset management company of the comparable FCP under the terms set in an AMF Instruction;

2. The reference UCITS or retail investment fund has been authorised by the AMF and incorporated less than eighteen months before the date of receipt by the AMF of the authorisation application for the comparable FCP. At the reasoned request of the portfolio asset management company of the comparable FCP, the AMF may accept a reference UCITS or retail investment fund that has been authorised and incorporated more than eighteen months prior to the date of receipt of the application for the comparable FCP;

3. The reference UCITS or the retail investment fund has not undergone any changes other than those referred to in an AMF Instruction.

   At the reasoned request of the portfolio asset management company of the comparable FCP, the AMF may allow a UCITS or retail investment fund that has undergone changes other than those referred to in the Instruction to be a reference UCITS or retail investment fund;

4. Subscribers to the comparable FCP shall meet the requirements for subscribing and purchasing the reference UCITS or retail investment fund;

5. The investment strategy, risk profile, operating rules and rules of the comparable FCP shall be similar to those of the reference UCITS or retail investment fund.

By way of derogation from points 1° to 5° above, when, pursuant to the second paragraph of Article L. 214-24-41 of the Monetary and Financial Code, the comparable FCP was created by a demerger of an FCP already authorised by the AMF, the comparability of the new FCP is assessed by the AMF notably on the basis of whether the investment strategy, risk profile, operating rules and rules of the comparable FCP are similar to those of the reference AIF.

Whenever one of the incorporating documents of the comparable FCP is different from that of the reference UCITS or retail investment fund, or when by application of the second paragraph of Article L. 214-24-41 of the Monetary and Financial Code, this FCP results from the demerger of an FCP already authorised by the AMF, they shall be clearly identified in the authorisation application for the comparable FCP under the terms stipulated in an AMF Instruction.

If the AMF requires additional information, it shall notify the portfolio asset management company in writing, stipulating that it must receive the requested information within sixty days. If it does not receive this information within this period, the authorisation application is deemed to be rejected. The AMF issues a written acknowledgement of receipt when it has received all the information requested. This acknowledgement of receipt stipulates a new authorisation period, which may not exceed eight working days.

Whenever the comparable FCP or the reference UCITS or retail investment fund do not comply with the requirements referred to in this Article, the AMF shall notify the portfolio asset management company in writing, stipulating that it must receive within sixty days the supplementary information required to compile an authorisation application under the procedures described in I. If all the supplementary information is not received within this period, the authorisation application is deemed to be rejected. Upon receipt of all the supplementary information, the AMF shall issue a written acknowledgement of receipt and examine the authorisation application for the FCP under the conditions and procedures referred to in I. This acknowledgement of receipt stipulates a new deadline for authorisation which may not exceed one month.