AIFM passporting in France

1. EEA AIFMs

AIFMs authorised in their EEA home State may exercise passport rights for management and marketing in France in relation to most types of AIF, on a services and / or branch basis. In order to do so, the French Financial Authority (Autorité des marchés financiers) (“AMF”) requires the AIFM to satisfy certain service conditions set out, amongst other things, in the AMF Instruction no. 2008–03.

Regardless of whether an existing passport permitting management business under another single market directive (such as UCITS) is held, EEA AIFMs are required to make a separate notification to their home State competent authority if they intend to manage or market an EEA AIF on a passported basis. The home State competent authority will send the management passport notification to the AMF on behalf of the EEA AIFM.

EEA AIFMs will need to send the following documents to their home State competent authority if contemplating management of French AIFs on a cross-border basis:

  • A programme of activity detailing the service or services that they wish to provide and identifying the AIFs that they plan to manage; and
  • A statement indicating that their home State competent authority has authorised them under AIFMD.

EEA AIFMs will need to send the following documents to their home State competent authority if exercising a branch passport in France:

  • A programme of activity detailing the service or services that they wish to provide and identifying the AIFs that they plan to manage;
  • The organisational structure of the branch
  • A French address from which documents may be requested along with the names and contact details of the branch’s directors; and
  • A statement indicating that their home State competent authority has authorised them under AIFMD.

2. Third country AIFMs

AIFMs based in Non-EEA jurisdictions who wish to market AIFs in France will be required to request marketing authorisation from the AMF.

In order to market in France either a Non-EEA AIF or an EEA AIF which is managed by a Non-EEA AIFM, the Non-EEA AIFM must comply with security and transparency rules which are equivalent to those applicable in France. Such marketing of a Non-EEA AIF or an EEA AIF which is managed by a Non-EEA AIFM is also subject to the set-up of a mutual exchange data system related to the Non-EEA AIFM between the AMF and the competent authority of the Non-EEA AIF or EEA AIF.

3. Fees

France does not charge an application fee for outward or inward AIFMD passport notifications. However, as an AIFM is an entity supervised by the AMF, the AMF requires AIFMs that passport into France on a services basis or as a branch to pay periodic fees. Such periodic fees should be paid annually to the AMF. They are calculated on the basis of the amount of the assets under management (i) wherever their localization at 31 December of the previous year; and (ii) notified at the latest on 30 April of the current year, on which a determined rate is applied.

Regarding the marketing of an EEA AIF in France, please note that the passporting of a foreign AIF is subject to the payment of an AMF fee (“Redevance”) up front and annually (around EUR 2,000 per AIF / per sub-fund). In addition to the documents to be provided under the AIFM passport stated under Article 32 of the AIFMD, evidence of payment of the AMF Redevance shall be provided to the AMF.