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FR - Introduction in France of the concept of “pre-marketing” of funds

On 4 July 2016, the Autorité des Marchés Financiers (AMF) modified its doctrine in order to facilitate the launch of new funds in France.

On 4 July 2016, the Autorité des Marchés Financiers (AMF) modified its doctrine in order to facilitate the launch of new funds in France. The concept of “pre-marketing” was introduced, and the definition of the act of marketing, in France, of units or shares of undertakings for collective investment in transferrable securities (UCITS) or alternative investment funds (AIF), was adapted.

Prior to the launch of a fund, professionals may need to consult with potential investors in order to test the reception the product will receive. And yet until now certain forms of presentation or discussion with investors could be qualified as marketing acts which trigger the application of rules that are sometimes ill-adapted to the product development stage. Thus, to encourage innovation, to facilitate the creation of new funds in France, and to give legal security to the market players, the AMF has introduced the concept of “pre-marketing” and specified the situations which do not trigger the application of the marketing rules in France