French Monetary and Financial Code
In forceI. - 1. When an AIFM established in a third country and whose reference Member State is France intends to manage units or shares of AIFs established in another Member State of the European Union, either directly or by establishing a branch, the AMF shall verify that the AIFM is authorised to manage this type of AIF;
2. When the AIFM referred to in the first paragraph intends to manage units or shares of European Union AIFs established in another Member State for the first time, it shall provide the following information to the Autorité des marchés financiers:
a) The Member State in which it intends to manage AIF units or shares directly or by establishing a branch;
b) A programme of operations specifying in particular the services it intends to provide and identifying the AIF units or shares it intends to manage;
3. Where the AIFM referred to in the first paragraph intends to establish a branch, it shall provide the following information in addition to the information referred to in 2:
a) The organisation of the branch ;
b) The address in the home Member State of the AIF from which documents may be obtained;
c) The name and contact details of the persons responsible for managing the branch.
II. - Within one month of receiving the complete documentation referred to in point 2 of I, or within two months of receiving the documentation referred to in point 3 of I, the AMF will forward this documentation to the competent authorities of the AIFM's host Member States. This transmission shall take place on condition that the AIF is managed by the AIFM in accordance with the legislative and regulatory provisions applicable to portfolio management companies.
The Autorité des marchés financiers shall attach a certificate stating that it has granted authorisation to the AIFM and shall notify it without delay of the transmission to the competent authorities of the host Member States.
Upon receipt of notification of the transmission, the AIFM may begin to provide its services in the host Member States.
The Autorité des marchés financiers shall inform the European Securities and Markets Authority that the AIFM may begin to manage the units or shares of the AIF in the host Member States.
III. - In the event of a change in any of the information communicated in accordance with 2 of I and, where applicable, 3 of I, the AIFM shall notify the AMF in writing at least one month before implementing the planned change or without delay after an unforeseen change.
If a planned modification results in the AIF manager's management of the AIF's units or shares no longer complying with the legislative and regulatory provisions applicable to portfolio management companies, the AMF shall immediately inform the AIF manager that it must not proceed with the modification.
If a modification is implemented in breach of the first and second paragraphs or if an unforeseen modification has occurred as a result of which the AIF Manager or its management of the AIF's units or shares no longer complies with the legislative and regulatory provisions applicable to portfolio management companies, the Autorité des marchés financiers shall take the necessary measures, including, where appropriate, prohibiting the marketing of the AIF.
If the modifications can be accepted insofar as they do not affect the compliance of the AIF manager or its management of the AIF's units or shares with the legislative and regulatory provisions applicable to portfolio management companies, the Autorité des marchés financiers shall inform the competent authorities of the AIF manager's host Member States of these modifications without delay.
