FRANCE Law and Practice Contributed by: Rima Maitrehenry, Fabrice Rymarz, Charles-Xavier Vincenti and Stein Mpassi Loufouma, Racine
Non-French AIFs could be marketed to French investors (see 2.3.6 Rules Concerning Market- ing of Alternative Funds ) through either: • the marketing passport available under the AIFMD, in which case the marketing is limited to professional investors; or • a specific prior authorisation from the AMF for all other cases (such prior authorisation is often difficult to obtain since it is based on equivalence treatments/rules, as applicable to AIFMs). 2.3.8 Marketing Authorisation/Notification Process The marketing authorisation/notification is iden - tical to that provided by the AIFMD. In practice, the following applies. For French or EU AIFs managed by French AIFMs and dedicated to professional clients, the marketing authorisation must be requested from the AMF via the ROSA extranet platform. For French or EU AIFs managed by EU AIFMs and dedicated to professional clients, their mar - keting in France is subject to prior notification to the AMF via the AIFM supervisory authorities. Marketing may begin in France as of the date of notification to the AMF by such authorities. French AIFs managed by French AIFMs are authorised to be marketed in France to retail investors, subject to a prior authorisation by the AMF submitted via the ROSA extranet platform. EU AIFs managed by EU AIFMs may be mar - keted to French retail investors, subject to a pri - or authorisation by the AMF and to compliance with the following conditions:
• that an instrument of exchange of information and mutual assistance in the field of asset management on behalf of third parties is in place between the AMF and the supervisory authority of the AIF’s AIFM; and • that the AIF complies with the conditions set out in a mutual recognition agreement on AIFs authorised to be marketed to retail investors, concluded between the AMF and the AIF’s AIFM supervisory authority. Third-country AIFs may be marketed in France to professional clients and/or retail investors subject to the prior authorisation of the AMF and to compliance with the following conditions: • for marketing to professional clients – com - pliance with the AIFMD, and existence of a co-operation agreement between the AMF and the third-country supervisory authority of the AIF’s AIFM; • for marketing to retail investors – an instru - ment of exchange of information and mutual assistance in the field of asset management on behalf of third parties being in place between the AMF and the supervisory author - ity of the AIFM’s AIF; and • the AIF’s compliance with the conditions set out in a mutual recognition agreement on AIFs authorised to be marketed to retail investors, concluded between the AMF and the supervisory authority of the AIF’s AIFM. 2.3.9 Post-Marketing Ongoing Requirements When an AIF has been marketed in France, the AMF considers this AIF as still marketed in France as long as investors to whom such AIF has been marketed remain investors in the AIF. The marketing authorisation or marketing noti - fication must be maintained as long as French investors continue to hold units or shares in this AIF.
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