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Book IV - Collective investment products
Title II - AIFS
Chapter II - Funds open to retail investors
Section 4 - Real estate investment companies and forestry investment companies
Paragraph 1 - General regime
Sub-paragraph 2 - Public offering
Article 422-192 from 22/11/2019

Article 422-192 into force since

  • Version into force since
ELI : /en/eli/fr/aai/amf/rg/article/422-192/20191122/notes

I. – SCPI, SEF or GFI may not make any offer to the public unless it has:

  1. Drafted an offering document authorised by the AMF;

  2. Issued a subscription form.

II. - Furthermore, the initial offer to the public shall be subject to the following:

  1. The subscription and paying up of the original capital by the founders;

  2. The authorisation of the management company;

  3. Acceptance of the external real estate valuation expert presented or the forest appraisers presented;

  4. Approval of the bank guarantee mentioned in Article 422-190.

III. - The provisions of this article do not apply when the SCPI, SEF or GFI makes an offer of its shares to the public, as mentioned in point 1° of Article L. 411-2 of the Monetary and Financial Code.