Further to the transposition in France of the UCITS IV Directive in October 2011, the Autorité des Marchés Financiers proposed various amendments to Book III and Book IV of its General Regulation. The Ministry of the Economy and Finance has approved the new provisions in a decree dated 15 October 2012, published in the Official Journal on 25 October.
The amendments intended chiefly to:
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standardise the rules regarding the vetting timeframes applicable to CIS compliant with the UCITS IV Directive and those applicable to other CIS and to OPCIs, particularly in the case of fund mergers;
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enable OPCIs existing prior to the date on which General Regulation amendments enabling the transposition of the Directive were approved, namely 3 October 2011, to comply in advance with the requirement to produce a Key Investor Information Document instead of a simplified prospectus by 1 July 2013;
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remove the quarterly audit requirement for some non-UCITS with assets under management of more than €80 million. This amendment concerns private equity funds, funds subject to streamlined investment rules (ARIA funds), special investor funds, alternative funds of funds and employee savings funds;
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remove the rule on equal treatment and information for unitholders in feeder funds and those in master funds, since there is no such provision in the UCITS IV Directive;
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clarify the role of the centralising correspondent where a foreign CIS marketed in France is not registered at the French central depositary.
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