Investment Funds Update – Europe: Legal and regulatory updates for the funds industry from the key asset management centres and primary European fund domiciles - Issue 11, 2019: France

Dechert LLP

Dechert LLP

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 pending the update of the AMF’s relevant Instruction. In addition, the guide provides clarifications on the MMF Regulation. In addition, the AFG indicated in a meeting held on 10 January 2019 that further Guidelines (both from ESMA and AMF) will be published in the next weeks.

Read: AMF Q&A

French “Apport-Cession” regime

Pursuant to the entry into force on 1 January 2019 of the 2019 French Finance Law of 2019, the “apport-cession” regime is now applicable when investing in private equity products. Pursuant to the 2019 Finance Law, article 150 0 B ter of the French tax code has been updated to allow French investors to benefit from a deferral mechanism on taxes on the capital gains realized when investing in certain French private equity alternative investment funds (such as fonds commun de placement à risques, fonds professionnels de capital investissement or sociétés de capital risque).

Read: Amended French tax Code

AMF Procedure on Whistleblowing

The AMF has published an Instruction to provide the procedures applicable to whistleblowers in France under the EU Whistleblower regime provided by the implementing Directive 596/2014 ("Whistleblowers") of Regulation (EU) No 596/2014 ("Market Abuse Regulation"). This Instruction provides the communication channels available to whistleblowers as well as the terms of declaration, registration and confidentiality rules surrounding their reports. 

Read: AMF Instruction

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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