France – CM AM

Update BRP Country Manual Asset Management – France

BRP has published its latest Country Manuals Asset Management for France

Definitions & Concepts, Regulatory Overview and Behaviour Template

The Country Manual has been reviewed to ensure that the content of all the documents remains accurate and up to date.

Material changes

The main changes/modifications are as follows:

• The provision of macroeconomic analysis and financial research (without specific information on strategies, products or services) is now permitted if based on an ongoing advisory agreement either by remote means of communication into France or by locally licensed entities. Therefore, the CM AM Behaviour Template (CM AM BT) now answers the relevant cross-border and (indirect) onshore scenarios with “Grey zone/YES – Permitted based on an agreement covering the service”.
• Providing business cards (in the context of socialising) is permitted in France. The CM AM BT therefore now provides the answer “YES” in all scenarios.

The marketing of investment strategies is permitted within the framework of the “Pre-Marketing Directive”. Thus, the CM AM BT answers the relevant onshore and cross-border scenarios with “Grey zone/YES” provided that the relevant AIF is not yet established and notified for marketing under the Pre-Marketing Directive by the (duly licensed) ManCo.

Non-material changes

• The CM AM Regulatory Overview (CM AM RO) now includes information on National Private Placement Regimes (“NPPRs”) pursuant to art. 42 AIFMD which may permit the marketing of AIFs by non-EEA AIFMs to Professional Clients on a private placement basis.

In addition, some comments and content have been slightly reworded in the CM, without introducing substantive changes to reflect the regulatory situation/current interpretation of the regulatory framework more accurately.

For more information, please contact us: info@brpsa.com

Geneva, May 21st, 2024