French SICAV – Reduction of the Minimum Number of Shareholders for Unlisted SICAV

The Ordinance n° 2015-1127 was published on 10 September 2015. The purpose of this Ordinance was to reduce the required minimum number of shareholders in French sociétés anonymes from seven to two. Such amendment is only applicable for unlisted sociétés anonymes. A SICAV (société d’investissement à capital variable) can be formed as a société anonyme and therefore, this amendment will be applicable for certain unlisted French funds and will mainly simplify their creation.

Publication by the AFG of Summary Asset Allocations for French FIVG and UCITS

Pursuant to the AMF modifications to its doctrine (Position-Recommendation n° 2011-25) with respect to the level of liquidity a French fund can hold on an ancillary basis (see last monthly update), the Association Française de la Gestion Financière (AFG) has published synthetic summaries of the possible allocation of assets for French fonds d’investissements à vocation générale (FIVG) and French UCITS (OPCVM). These documents can be consulted on the AFG website.