Requirement for a Local Centralizing Agent in France

France recently amended its AIFMD regulations with respect to the requirement for AIFMD-authorized asset managers to appoint a local centralizing agent (correspondant centralisateur) in connection with marketing AIFs in France. In early June, the General Regulations of the Autorité des Marchés Financiers were amended to limit this requirement to the following situations:

• Marketing of EU AIFs to non-professional clients in France with a passport.
• Marketing of non-EU AIFs in France without a passport.
• Marketing of EU AIFs in France without a passport.

Effectively, this amendment removes the local centralizing agent requirement only for EU fund managers marketing EU AIFs in France to professional investors with a passport.

Read the AMF's updated Instruction n° 2014-03 on the marketing of shares or units of AIFs pursuant to this modification (in French only)

Publication of Several Professional Guides by the AFG

The Association Française de la Gestion Financière (AFG) published three professional guides on 30 June 2015. The guides detail good practices for management companies when entering into agreements with distributors. Two guides provide specific recommendations for distribution agreements entered into with (i) a Prestataire de Services d’Investissement or (ii) a Conseiller en Investissements Financiers. The third guide provides clarifications on the differences between the existing French intermediaries (agent lié, PSI, CIF, IAS…).

Copies of the reports can be found on the AFG Website (in French only)

Performance of French Private Equity Funds at the end of 2014 According to the AFIC

The Association Française des Investisseurs pour la Croissance (AFIC) published its annual report on 25 June 2015. The report, prepared with EY, looks at the net performance of French private equity at end 2014.

Read the full report in French: "Performance Nette Des Acteurs Français Du Capital-Investissement à Fin 2014"

Read a shortened version of the report in English: "Net Returns of French Private Equity Funds At Year End 2014"