General Regulation

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UCITS & investment funds UCITS

UCITS

Published on December 3, 2014

These products are governed by the UCITS IV Directive, as transposed into the Monetary and Financial Code and the AMF General Regulation. These products may take the form of common funds (FCPs) or of open-ended investment companies (SICAVs). They may be marketed throughout the European Union and in other States that are parties to the European Economic Area agreement, after notification of the regulator in the host country.

French or foreign UCITS: what is the difference?

French UCITS are authorised and monitored by the Autorité des Marchés Financiers which checks the information supplied in:

  • the regulatory documents: the key investor information document (KIID) and prospectus, to which are attached the rules for an FCP or the articles of association for a SICAV;
  • advertising materials.

The authorisation procedure is set out in AMF Instruction DOC-2011-19.

Foreign UCITS are not authorised by the AMF. However, they may be marketed on French territory under the European passport and after notification to the AMF. Although the French Regulator does not issue an authorisation in such cases, it may supervise the marketing of the products on French territory at any time.

The Key Investor Information Document (KIID)

UCITS exposure classifications
>French equities
>Eurozone equities
>equities of European Union countries 
>international equities
>bonds and other debt securities in Euros
>international bonds and other debt securities
>short-term money market instruments
>money-market instruments
>formula funds
>diversified

By the terms of the UCITS IV Directive, the publication of a Key Investor Information Document (KIID) is mandatory for all UCITS. The document must be clear and concise, and must present the essential information the investor needs to know before subscribing to a UCITS.

The guide to regulatory documents for UCITS and OPCI (AMF Position-Recommendation DOC-2011-05) addresses the drafting and content of the Key Investor Information Document. In particular, the "Investment Objectives and Policy" section of the KIID indicates the classification to which the investment fund belongs.

Marketing a UCITS from a European Union (EU) Member State or another State that is a party to the European Economic Area (EEA) agreement in France

A French or foreign management company seeking to market a foreign UCITS in France must send an application file to the competent authority of the UCITS, comprising the following items:

  1. The letter of notification containing the information on the terms provided for marketing of the shares or units in the UCITS in France, including, if applicable, the detail for each category of shares or units.
  2. the rules or the documents comprising the rules,
  3. the prospectus and, if applicable, the last annual report and any later half-yearly report that might have been issued,
  4. the certificate from the competent authority,
  5. the key investor information document, translated into French (KIID)
  6. the receipt for payment of the AMF contribution due on submission of any file. This amount is €2,000 per compartment or per UCITS if the latter does not contain any compartments. An annual contribution of €2,000 (per UCITS or per compartment, if any) is also due.

Marketing a French UCITS an EU Member State or another State that is a party to the EEA agreement

A French or foreign management company seeking to market a French UCITS in an EU Member State or in another State that is a party to the EEA agreement must send an application file to the AMF, by e-mail only, comprising the following items:

  1. the rules or the documents comprising the rules,
  2. the prospectus and, if applicable, the last annual report and any later half-yearly report that might have been issued,
  3. How to send the passport application to the AMF
    >For French management companies: electronic transmission via the GECO extranet.
    >For foreign management companies: electronic transmission by e-mail to the address: amf-ucits@amf-france.org.

    the certificate of authorisation by the AMF,
  4. the key investor information document, translated (KIID),
  5. the receipt for payment of any local contribution,
  6. the name of the country in which the UCITS is seeking to be marketed,
  7. the letter of notification containing the information on the terms provided for marketing of the shares or units in the UCITS in the territory of the host Member State, including, if applicable, the detail for each category of shares or units indicated in Annexe XVIII of AMF DOC-2011-19.

 

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Head of publications: The Executive Director of AMF Communication Directorate.
Contact: Communication Directorate – Autorité des marches financiers 17 place de la Bourse – 75082 Paris cedex 02