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Book IV - Collective investment products
Title II - AIFS
Chapter III - Funds open to professional investors
Section 1 - Authorised funds
Sub-section 1 - Professional investment funds
Paragraph 1 - Subscription, purchase and redemption rules
Article 423-2 from 27/12/2025

Article 423-2 into force since

  • Version into force since
ELI : /en/eli/fr/aai/amf/rg/article/423-2/20251227/notes

Subscriptions and purchases of units or shares in professional investment funds are reserved for:

  1. Investors referred to in the first paragraph of Article L. 214-144 of the Monetary and Financial Code;

  2. Investors whose initial subscription is EUR 100,000 or more;

  3. All other investors, as soon as subscription and purchase is performed in their name and on their behalf by an investment service provider acting as part of an asset management investment service according to the conditions set in I of Article L. 533-13 of the Monetary and Financial Code and Article 314-11

  4. Retail investors within the meaning of Regulation (EU) No 2015/760, and under the conditions of that Regulation, where the fund is authorised as a European long-term investment fund pursuant to the same Regulation.