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It sets out France’s main financial law provisions stemming from the Monetary and Financial Code, the General Regulation of the Autorité des Marchés Financiers (AMF), and the AMF’s instructions, positions and recommendations applicable to the marketing in France of share or units of foreign undertakings for collective investments in transferable securities (UCITS) as authorised in accordance with the UCITS IV Directive. However, it does not refer to the provisions already covered by UCITS IV (e.g. rules governing publication of the prospectus or the Key Investor Information Document, which are already provided for in the Directive), particularly where a UCITS is subject to the rules of its home country. Neither does this document refer to other applicable provisions arising, for example, from contract law or consumer law. The fact that this document does not deal with the marketing of other collective investment undertakings does not mean that there is no legal framework in this area. In other words, distributors must comply with all relevant provisions, regardless of the type of undertaking they are marketing.
Marketing UCITS shares or units, as with any financial instrument, is defined as their presentation through different means (advertising, direct marketing, advice, etc.) by an investment services provider, a financial investment adviser or a direct marketer of banking or financial services with a view to encouraging a client to buy them.
It does not concern the sale of financial instruments:
Distributors of UCITS units or shares are responsible for determining, under the supervision of the competent authorities and courts, whether they are actually engaged in marketing activities in France.