France is among the first jurisdictions to have transposed the AIFM Directive, in July 2013.
How can international investors benefit from this early implementation and from the French expertise?
Read the article here. (PDF, 1Mb).

Key benefits for investors choosing Paris asset managers

– Paris AIFMs and AIFs are already largely AIFMD-compliant:

Ahead of the AIFM Directive, the French regulation had already extended many UCITS rules to non-UCITS funds (depositary, conflicts of interest, disclosure, etc.)

International investors can take advantage of this ‘first-mover approach’:

No cost of adaptation to be carried by investors

No change in relationship and functioning between the Paris players and the investors

Professional investors can benefit from all the safeguards of the Directive straight away

Key figures

See detailed graph on pdf.

Key benefits for investors choosing Paris funds:

– Paris funds are launched faster than funds domiciled in the other main jurisdictions:
Max. 8 days for AMF approval of all funds reserved for one or few investors
Max. 8 days for AMF approval of funds similar to previously approved funds (approval by analogy)
No need for AMF approval of Paris PSF (Professional Specialised Funds)


– Paris funds are safer than funds domiciled in the other main jurisdictions:
A solid and skill-rich network of depositaries plays a key role in the industry’s export capability
Audits/reviews are performed on a quarterly or half-yearly basis on Paris funds, as opposed to just annual audits in the other main fund domiciliation centers, for audit fees lower than in the other main jurisdictions


– Fees on Paris funds are among the lowest in Europe


– Zero tax on funds:
No FTT on funds, no corporation tax on SICAVs, no stamp duty, no subscription tax (no ‘taxe d’abonnement’)

An international and vibrant industry, to better service international investors

– A steady growth of Asset Management Companies
See detailed graph on pdf.

– Over E 400 billion managed on behalf of international investors

– Over 75% of Paris Asset Management Companies work for foreign clients

– A fund and asset management industry ready to better service international clients:
AMF has delivered the greatest number of AIFM licenses throughout Europe during the first 3 months of AIFMD  implementation.

November 2013. ©
Publication from Paris Fund Industry, in association with the AFG Communication and Training Department and the AFG Economics and Research Department

Source: AMF
Paris Fund Industry, AFG
31 rue de Miromesnil
F – 75008 PARIS
+33 1 44 94 96 66
+33 1 44 94 94 00
Paris Fund Industry spans the entire value chain for investment fund and asset management industry based in France.
AFG, the French asset management association, is a founding member of Paris Fund Industry.

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