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Dechert LLP

Modernization of French Alternative Investment Funds: The Stakes of Ordinance No. 2024-662 Dated July 3, 2024

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The French Ordinance no. 2024-662 dated July 3, 2024, on the modernization of the regime governing alternative investment funds (the Ordinance) represents a major step forward. This has been long called in the Paris...more

BCLP

All Washed Up - What Are the Risks for Firms That Won’t Show Greenwashing the Red Card?

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In recent years, there has been a noticeable increase in green products and the promotion of sustainable objectives across the financial services industry. For example, we have seen much discussion of green loans, green...more

World Law Group

2021 Venture Capital Guide - France

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World Law Group member firms recently collaborated on a Global Venture Capital Guide that covers more than 30 jurisdictions on investment approval processes, typical investment sectors and investment structures on Venture...more

Dechert LLP

Financial Services Quarterly Report -Third Quarter 2019: GP-Led Secondary Transactions: Mitigating Risk of Regulatory Scrutiny of...

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The secondary market has experienced rapid growth over the past decade, and that growth has been particularly fast in the last five years. The most striking feature of this growth is the general partner (GP)-led secondary...more

Dechert LLP

Investment Funds Update – Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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Eligibility of UK equities for French plan d’épargne en actions if Hard Brexit - In February, France passed an ordinance (the “Ordinance”) relating to the consequences of a no-deal Brexit. Article 4 provides the rules...more

Dechert LLP

Investment Funds Update – Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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Implementation of AMF position 2019-03 on "certain aspects of the MiFID II adequacy requirements" - The AMF position DOC-2019-03 incorporates the ESMA guidance on "certain aspects of the MiFID II adequacy requirements"...more

Dechert LLP

Investment Funds Update – Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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Money Market Funds - The AMF published a guide describing the main impacts of the application of the MMF Regulation, as well as the details of the authorization procedures specific to such money market funds, notably...more

Dechert LLP

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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Publication of decrees amending the regime of French direct lending funds - The Ordinance n° 2017-1432 of 4 October 2017 introduced the possibility for "financing vehicles" (organismes de financement, OF) to grant loans....more

Kramer Levin Naftalis & Frankel LLP

Changes to the Asset Management Framework in France

Ordinance No. 2017-1432 dated Oct. 4, 2017 (the Ordinance), together with its two implementing decrees dated Nov. 19, 2018, is bringing significant changes to the French legal framework for asset management and direct...more

Dechert LLP

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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Monitoring of promotional documentation: the AMF changes its approach regarding various financial products for private individuals - The Autorité des Marchés Financiers (the AMF, the French financial markets authority)...more

Dechert LLP

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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AFG issues template of PRIIPs KID for French Société Civile de Placement Immobilier - The Association Française de la Gestion Financière ("AFG") published for the benefit of its members a template of the PRIIPs Key...more

Dechert LLP

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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AMF publishes Q&A concerning money market funds ("MMF") - In time for MMF Regulations’ entry coming into force on 21 July 2018, the Autorité des Marchés Financiers (the French financial markets regulator) issued a guide on...more

Dechert LLP

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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MiFID II update - The Autorité des Marchés Financiers continues to update its doctrine following the entry into force of MiFID II. As a result, on 26 June, the AMF published updated versions of 14 of its positions,...more

Dechert LLP

Investment Funds Update Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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UCITS/AIFs’ Share Classes and Hedging - Pursuant to the ESMA Opinion n° 34-43-296 relating to share classes of UCITS, the AMF updated its regulations and doctrine with respect to the hedging possible when a fund (or a...more

Dechert LLP

Investment Funds Update Europe - Legal and regulatory updates for the funds industry from the key asset management centres and...

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Proposals to make French funds more attractive for international marketing - A working group set up by Euroclear France, Ailancy, professional associations and different actors of the asset management industry, presented...more

Dechert LLP

Investment Funds Update Europe - Legal and regulatory updates for the funds industry from the key asset management centres and...

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AMF Public Consultation on ICOs - The AMF launched a public consultation on Initial Coin Offerings (ICOs) on 26 October 2017 in order to assess how these fundraisings could be regulated. Out of the three regulatory options...more

Dechert LLP

Investment Funds Update Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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AMF Study on Fees Charged in 2015 by UCITS Distributed in France - The Autorité des Marchés Financiers (the French financial regulator, AMF) conducted a study based on the fees disclosed in the KIID distributed to...more

Dechert LLP

Investment Funds Update Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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Entry into force of MiFID II - The Directive 2014/65/EU on Markets in Financial Instruments (MiFID II) entered into force in France on 3 January 2018. Within the framework, the French legal framework has been updated over...more

Jones Day

Relaxation of the French Banking Monopoly—A Major Milestone Reached

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The Situation: On October 4, 2017, ordinance no 2017-1432, which addresses the modernization of the legal regime of assets management and financing debt, was published. The Result: The reform introduces four new exceptions...more

Dechert LLP

Investment Funds Update: Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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AMF Priorities in the EMIR Review - The Autorité des Marchés Financiers (the “AMF”, the French financial markets authority) published two position papers on 2 May 2017 relating to the EMIR review...more

Dechert LLP

Emmanuel Macron Elected President: French Taxation to Fall in Line with the European Average?

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Following the election of Emmanuel Macron as President of the French Republic, you will find below a few examples of expected tax changes of potential importance to our clients....more

Dechert LLP

Investment Funds Update: Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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AFG - Publication of a Public Position on RTS PRIIPs - The Association Française de la Gestion Financière (the “AFG”, the French professional association of asset managers) published on 18 April, jointly with the French...more

Dechert LLP

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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Significant Update of the General Regulations of the AMF ("GRAMF") - The Arrêté of 27 February 2017 and published to the Official Journal on 7 March 2017 has amended significantly the General Regulations of the AMF (the...more

Dechert LLP

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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AMF - Update of the MiFID II guide for asset management companies - The Autorité des Marchés Financiers (the “AMF”, the French financial markets authority) updated its MiFID II Guide for Asset Management Companies on 6...more

Dechert LLP

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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AMF Instructions Update - French "minibons" - Pursuant to the implementation under French law of the “minibon” (a category of note which can be issued by certain type of French entities) which can be marketed by, among...more

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