Article 424-2 into force since 29 March 2024

I. - Authorisation of a SICAV for employee shareholders’ savings schemes or an employee savings plan investment fund (FCPE) is subject to the prior filing of an application with the AMF that contains the elements stipulated in an AMF Instruction.

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 may not exceed one month.

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 AIF applying for authorisation is comparable to an AIF already authorised by the AMF; this is in particular the case when, pursuant to the second paragraph of Article L. 214-24-33 or the second paragraph of Article L. 214-24-41 of the Monetary and Financial Code, this AIF was created by a demerger of an AIF already authorised by the AMF.

The AMF assesses the comparability of the AIF applying for authorisation, referred to as the "comparable AIF" and the AIF previously authorised by the AMF, referred to as the "reference AIF", with respect to the following:

1° The reference AIF and the comparable AIF 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 AIF under the terms set in an AMF Instruction;

2° The reference AIF 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 AIF. At the reasoned request of the investment management company of the comparable AIF, the AMF may accept a reference AIF that has been authorised and incorporated more than eighteen months prior to the date of receipt of the application for the comparable AIF;

3° The reference AIF 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 AIF, the AMF may allow an AIF that has undergone changes other than those referred to in an AMF Instruction to be a reference AIF;

4° Subscribers to the comparable AIF shall meet the requirements for subscribing and purchasing the reference AIF.

5° The investment strategy, risk profile, operating rules and rules of the comparable AIF shall be similar to those of the reference AIF.

By way of derogation from points 1° to 5° above, when, pursuant to the second paragraph of Article L. 214-24-33 or the second paragraph of Article L. 214-24-41 of the Monetary and Financial Code, the comparable AIF was created by a demerger of an AIF already authorised by the AMF, the comparability of the new AIF is assessed by the AMF notably on the basis of whether the investment strategy, risk profile, operating rules and rules of the comparable AIF are similar to those of the reference AIF.

Whenever one of the incorporating documents of the comparable AIF is different from that of the reference AIF, or when by application of the second paragraph of Article L. 214-24-33 or the second paragraph of Article L. 214-24-41 of the Monetary and Financial Code, this AIF results from the demerger of an AIF already authorised by the AMF, this shall be clearly identified in the authorisation application for the comparable AIF 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 AIF or the reference AIF 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 AIF 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.