Article 422-7 into force since 29 March 2024

I. - The authorisation of a SICAV, which is provided for under Article L. 214-24-24 of the Monetary and Financial Code and, where applicable, the authorisation of each sub-fund provided for under the same Article is subject to the prior filing of an application with the AMF containing the information stipulated in an AMF Instruction.

The portfolio asset management company will be notified by the AMF whether its SICAV 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. The acknowledgement of receipt stipulates a new authorisation period, which cannot be longer than the one referred to in the previous paragraph.

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 SICAV 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. 214-24-33 of the Monetary and Financial Code, this SICAV was created by a demerger of a SICAV already authorised by the AMF.

The AMF assesses the comparability of the SICAV applying for authorisation, referred to as the "comparable SICAV" 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 each of the following:

1. The reference UCITS or retail investment fund and the comparable SICAV 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 investment management company of the comparable SICAV 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 SICAV. At the reasoned request of the investment management company of the comparable SICAV, 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 SICAV;

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 investment management company of the comparable SICAV, 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 SICAV shall meet the requirements for subscribing and purchasing the reference UCITS or retail investment fund;

5. The investment strategy, risk profile, operating rules and articles of incorporation of the comparable SICAV 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. 214-24-33 of the Monetary and Financial Code, the comparable SICAV was created by a demerger of a SICAV already authorised by the AMF, the comparability of the new SICAV is assessed by the AMF notably on the basis of whether the investment strategy, risk profile, operating rules and articles of incorporation of the comparable SICAV are similar to those of the reference retail investment fund.

Whenever one of the incorporating documents of the comparable SICAV is different from that of the reference UCITS or retail investment fund, or when by application of the second paragraph of Article L. 214-24-33 of the Monetary and Financial Code, this SICAV results from the demerger of a SICAV already authorised by the AMF, this shall be clearly identified in the authorisation application for the comparable SICAV, in accordance with the procedures 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 SICAV 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 SICAV 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.