French Monetary and Financial Code
In forceIn this section and for the application of the provisions relating to AIFM established in a third country :
1° The AIFM is the legal person whose regular business is the management of one or more AIF;
2° The reference Member State of an AIFM established in a third country is the Member State whose authorities are competent to authorise and supervise the AIFM under the conditions defined by decree of the Conseil d'Etat ;
3° The host Member State of the AIFM is, depending on the case :
a) A Member State, other than the home Member State, in which an AIFM established in the European Union markets the units or shares of a third-country AIF ;
b) A Member State, other than the home Member State, in which an AIFM established in a third country manages EU AIF or markets the units or shares of an EU AIF;
c) A Member State, other than the reference Member State, in which an AIFM established in a third country markets the units or shares of a third-country AIF;
4° The AIFM established in a third country is the AIFM which is not established in the European Union;
5° A branch of an AIFM is a place of business which is part of the AIFM without having legal personality and which provides the services for which the AIFM has been authorised. All the places of operation established in a third country are considered to be a single branch;
6° In the case of AIFM established in a third country, the supervisory authorities are the national authorities of the third country empowered to supervise the AIFM;
7° For the purposes of the application of this section, the reference to the Member States of the European Union and to the European Union must be understood as including the other States party to the Agreement on the European Economic Area.
