Paragraph 3: Investment ratios

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D214-22-1R214-21R214-22R214-23R214-24R214-25R214-26R214-27R214-28R214-29

Article D214-22-1

French Monetary and Financial CodeIn force
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Updated 6 Nov 2023

I. - Shares or units in undertakings for collective investment in transferable securities governed by French law marketed in France or in undertakings for collective investment in transferable securities governed by foreign law that have been notified in accordance with Article L. 214-2-2, provided that such admission is requested by these undertakings or by their management company and that the units or shares of these undertakings are traded at their net asset value, plus or minus, as applicable, a proportion of the fees or commissions relating to the issue or redemption of these units or shares.

II. - Shares or units in undertakings for collective investment in transferable securities governed by French law marketed in France or in undertakings for collective investment in transferable securities governed by foreign law that have been notified in accordance with Article L. 214-2-2, the management objective of which is based on an index, provided that the regulated market on which these shares or units are admitted to trading has put in place a system to ensure that the price of these shares or units does not deviate significantly from a reference value set by the rules of the regulated market in question. The AMF assesses the maximum acceptable deviation in the light of the characteristics of the assets of these undertakings and the markets on which they are listed. This difference may not exceed 5%.

III. - Shares or units in undertakings for collective investment in transferable securities governed by French law marketed in France and whose management objective is based on an index, or shares or units in undertakings for collective investment in transferable securities governed by foreign law that have been notified in accordance with Article L. 214-2-2 and whose management objective is based on an index, may be admitted to trading on a multilateral trading facility as defined in Article L. 424-1 provided that :

1° the shares or units are already admitted to trading on a regulated market for financial instruments referred to in Article L. 421-1 or Article L. 422-1; and

2° The multilateral trading facility on which these shares or units are admitted to trading has set up a system to ensure that the price of these shares or units does not deviate significantly from a reference value set by the rules of the regulated market in question.

Mariela Petrova

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Working with a corporate lawyer in France — Q&A

Any time a strategic decision changes how the company is owned, governed or contractually bound — incorporation, fundraising, M&A, restructuring, shareholder agreements, or major commercial contracts. Earlier engagement always costs less than later remediation.

A notary (notaire) is a public officer who authenticates specific deeds (mainly real-estate transfers and certain family-law acts). A corporate lawyer (avocat) advises on strategy, negotiates and drafts company documents, and represents you in disputes. The two roles complement rather than overlap.

Yes — most of our clients are foreign suppliers, investors or holding entities. We bridge the gap between French law and your home jurisdiction's expectations and deliver everything bilingually.

The SAS (Société par Actions Simplifiée) is the default choice for most international structures: flexible governance, single shareholder allowed, no minimum capital, and works cleanly with foreign holding entities. We assess SARL, SA, SCI on the merits when the situation calls for it.

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We work on fixed fees for clearly scoped engagements (incorporation, contract drafting, audits) and on monthly retainers for ongoing advisory. Hourly billing is the exception, not the default. You always know the cost before work starts.

Typical timeline is 2–3 weeks from KYC kick-off to RCS registration, assuming standard documentation. Holding-company structures, foreign-shareholder identification or in-kind contributions can extend this — we flag the gating items at the first meeting.

Absolutely. We routinely coordinate with your in-house counsel, expert-comptable or notaire — pragmatic collaboration is the norm, not the exception. We send them everything they need to do their part without duplicating work.

Mariela Petrova

Mariela Petrova

Avocate au Barreau de Paris

Toque #C2396

15+ Years In Corporate Practice

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Communications protected by professional secrecy — secret professionnel de l'avocat, Article 66-5 of the Law of 31 December 1971.

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