Sub-paragraph 1: Freedom of establishment

Articles in this section · 3

R532-24R532-25R532-25-1

Article R532-25

French Monetary and Financial CodeIn force
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Updated 5 Nov 2023

I. When a portfolio management company plans to change any of the factors mentioned in 2°, 5° and 6° of II of Article D. 532-20 or any of the assessment factors communicated to the Autorité des marchés financiers, it shall notify the Autorité des marchés financiers at least one month before the change is made. The Autorité des marchés financiers will inform the host state authority that has been designated as the contact point.

Where such a change would result in the asset management company no longer complying with the laws and regulations applicable to it, the Autorité des marchés financiers shall, within fifteen working days of receiving any of the items referred to in the previous paragraph, ask the asset management company not to proceed with the change and shall inform the competent authority of the host State that has been designated as the contact point.

Where the asset management company implements such a change despite the warning from the Autorité des marchés financiers, the latter shall take all appropriate measures and shall notify without delay the competent authority of the host State that has been designated as the contact point of the measures taken.

II. In the event of a change in the information communicated pursuant to the first paragraph of II ofArticle R. 532-24, the Autorité des marchés financiers shall notify the competent authorities of the host Member State of the asset management company accordingly.

The AMF shall update the information contained in the certificate referred to in IV of Article R. 532-24 and shall inform the competent authorities of the management company's host Member State of any change in the scope of the authorisation granted to the management company or in the details of any restrictions on the types of UCITS that the management company is authorised to manage.

When the AMF considers that measures need to be taken by the portfolio management company to adapt its administrative structures or financial situation to the activities it carries on or intends to carry on, it shall request the company to take such measures by registered letter with acknowledgement of receipt or by delivery against receipt.

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.

Yes — communications with a French avocat are protected by the secret professionnel (Article 66-5 of the Law of 31 December 1971). This protection is broader than the common-law attorney-client privilege and applies to written and oral exchanges.

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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