France – AMF Investment in Real Estate and Forests

France – AMF Investment in Real Estate and Forests

On 29 April 2019, FR AMF issued English translation of guide on real estate, forests.

Background

AMF issued instruction relating to investment in certain real estate, forestry funds.

  • Overview
  • Finalized legal regime for the public offering of forest investment groupings (GFI).
  • And replaced, consolidated DOC-2002-01 on forestry investment companies (SEF) and instruction DOC-2003-03, relating to real estate investment companies (SCPI).
  • Made adjustments to SCPIs, SEFs regime to take into account AIFMD, PRIIP KID.
  • To adjust fund management fees provisions, and formalize existing AMF practices.
  • Also issued revised AMF Position - Recommendation DOC-2011-25 A guide to the monitoring of collective investment undertakings to add section on SCPI, SEF, GFI.
  • To add a new position relating to the capital increases of SCPI, SEF, GFI vehicles.