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Are you a French or foreign investment management company wishing to market UCITS or AIFs in France? Would you like to obtain a passport to market a product in Europe? You will find the information you need here.
UCITS are covered by a harmonised regime in the European Economic Area and may be marketed on a cross-border basis to retail or professional clients under a European passport mechanism that uses a procedure to notify the competent authority for these products.
European AIFs managed by an investment management company authorised in accordance with the AIFM Directive may also be marketed in Europe, to professional clients only, under a European passport mechanism that uses a procedure to notify the management company’s competent authority. However, the marketing of AIFs to retail clients is a matter for each host Member State.
Marketing a UCITS in France
The table below shows which procedure is applicable depending on your situation.
IMC authorised in another Member State
Marketing an AIF in France
The table below shows which procedure is applicable in France depending on your situation.
The above table summarises the procedures applicable to the marketing of AIFs in France, in accordance with the provisions resulting from the transposition of the AIFM Directive into French law. It has no bearing on other applicable provisions (for example, those arising from the Prospectus Regulation).
You will find all the information you need about the marketing procedures resulting from the transposition of the AIFM Directive into French law in the Guide to UCITS, AIF and other investment fund marketing regimes in France.
Focus on marketing materials
The AMF is the competent authority for the marketing of investment funds in France and may review your marketing materials before the launch of your product or during the life of the product, whether these materials relate to CIUs governed by French law or foreign UCITS admitted for marketing in France.
Before product launch
At the time the CIU is authorised and prior to any marketing, you are required to send to the AMF the marketing materials for products with significant risks of mis-selling, such as:
In addition, the AMF may also ask you to provide, prior to any marketing, the marketing materials for another type of fund. For example, the AMF may ask you to send it your marketing materials in advance if it identifies an innovative or unusual feature that could lead to a risk of mis-selling.
During the life of the product
The AMF may review the marketing materials relating to the various products that you market in France. This includes monitoring advertising campaigns that use posters, television and radio, as well as reviewing distributors’ websites and specialised magazines.
You are therefore required to send to the AMF, in accordance with a procedure that is currently being developed, any marketing materials relating to a CIU governed by French law or a foreign UCITS admitted for marketing in France, as well as any significant updates to such materials.
Annual payment of a fixed contribution to the AMF for foreign funds
Foreign funds have to pay a one-off fixed contribution of €2,000 at the time they are subject to a notification procedure or marketing authorisation in France and a fixed annual contribution of €2,000 for as long as the fund remains authorised. This contribution is payable per UCITS or AIF (or per sub-fund, where applicable) authorised for marketing in France (whether or not through a passport).
Information on the level of contributions and how to pay them can be found in the Guide to Contributions Due to the AMF.
Marketing a French UCITS or a French or European AIF in another Member State of the European Union or the European Economic Area
Marketing a UCITS in another Member State
UCITS established in France
Prior notification to the AMF (passport), which forwards this to the competent authority in the country where the product is marketed
Marketing an AIF in another Member State
(authorised under the AIFM Directive)
French or European AIF
Marketed with passport: prior notification to the AMF, which forwards this to the competent authority in the country where the product is marketed
Marketed with passport: prior notification to the authority regulating the investment management company
No passport (see local regulations)