Société de Libre Partenariat - A New French Investment Structure

The Macron Law, which is still under discussion by the French parliament, created a new investment vehicle called the “société de libre partenariat”. This type of vehicle aims at competing with the anglo-saxon partnership of the Luxembourg “société en commandite spéciale”. The Dechert team in Paris will be producing a Dechert OnPoint on this issue in the near future.

ACPR and AMF Communication Regarding Marketing Practices in France

The Autorité de Contrôle Prudentiel et de Résolution and the Autorité des Marchés Financiers published a press release detailing these two regulatory authorities’ views on marketing documents. The ACPR and AMF confirmed that any information dedicated to the public must be “clear, accurate and not misleading”. The ACPR published several new instructions to detail the applicable best practices.

Read "L’Autorité des marchés financiers (AMF) et l’Autorité de contrôle prudentiel et de résolution (ACPR) se coordonnent afin d’harmoniser leurs attentes en matière de communication publicitaire"

Update of AMF Instruction Regarding Programme of Activities for French Management Companies and Self-Managed Funds

The Autorité des Marchés Financiers has updated its Instruction n° 2012-19 relating to the drafting of the programme of activities for a French management company or a self-managed funds. The purpose of this update is mainly to harmonize this Instruction with the implementation under French law of the AIFM Directive.

Read "Guide d’élaboration du programme d’activité des sociétés de gestion de portefeuille et des placements collectifs autogérés"