FRANCE Law and Practice Contributed by: Rima Maitrehenry, Fabrice Rymarz, Charles-Xavier Vincenti and Stein Mpassi Loufouma, Racine
3.6 Tax Regime There are no differences between the tax treat - ment of retail investors and professional inves - tors. When investing in French Exempt AIFs and French Transparent AIFs (notably those that can comply with the Tax Quota), retail investors are subject to the same tax regime as the one explained for professional investors in 2.6 Tax Regime . However, the following tax incentives may be especially relevant for French individual retail investors: • securities of certain retail funds may be invested through a personal equity savings plan ( plan d’épargne en actions ) or a life insurance contract – the income received through these schemes can benefit from a favourable tax regime, under certain condi - tions; and • the subscription to securities of certain retail funds (notably FIP and FCPI) may, under cer - tain conditions, grant individual investors an income tax reduction. 4. Legal, Regulatory or Tax Changes 4.1 Recent Developments and Proposals for Reform 2024 saw a number of improvements in the French asset management industry, aimed at making certain French fund vehicles more attractive. The following is a brief overview of some of the main developments, by AIF type. FCPR Increase in the market capitalisation threshold for companies in the EEA, whose equity securi - ties may be held by FCPR, from EUR150 million
3.3.3 Local Regulatory Requirements for Non- Local Managers See 2.3.3 Local Regulatory Requirements for Non-Local Managers . 3.3.4 Regulatory Approval Process See 2.3.4 Regulatory Approval Process . 3.3.5 Rules Concerning Pre-Marketing of Retail Funds See 2.3.5 Rules Concerning Pre-Marketing of Alternative Funds . 3.3.6 Rules Concerning Marketing of Retail Funds See 2.3.6 Rules Concerning Marketing of Alter- native Funds . 3.3.7 Marketing of Retail Funds See 2.3.7 Marketing of Alternative Funds . 3.3.8 Marketing Authorisation/Notification Process See 2.3.8 Marketing Authorisation/Notification Process . 3.3.9 Post-Marketing Ongoing Requirements See 2.3.9 Post-Marketing Ongoing Require- ments . 3.3.10 Investor Protection Rules See 2.3.10 Investor Protection Rules . 3.3.11 Approach of the Regulator See 2.3.11 Approach of the Regulator .
3.4 Operational Requirements See 2.4 Operational Requirements . 3.5 Fund Finance See 2.5 Fund Finance .
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