Investment Fund Market Guide – France
Key features (Register market)
| Yes/No | Remarks |
Settlement free of payment | Yes |
|
Settlement against payment | Yes | Refer to CBL’s Eligible currencies and the fund currency specified in fund prospectus. |
Disclosure Requirements | Yes | Refer to Disclosure Requirements – Investment Funds – France. |
Restrictions on customer | Yes | |
Restrictions on settlement | No |
|
| Remarks |
Market type / link type (Settlement link) | Register market and CSD link |
Eligible fund types in CBL | Register market: UCITS and AIFs (both bearer and administered registered form) CSD linka: CSD-eligible investment funds, T2S-eligible funds and ETFs |
a. Please refer to the Market Link Guide – France for more details on funds in the CSD link.
Eligible fund types in CBL
Register market
French investment funds that are created pursuant to the UCITS directive / AIFMD are eligible in Clearstream Banking, namely:
- Undertaking for Collective Investment in Transferable Securities (UCITS),
(Organismes de Placement Collectif en Valeurs Mobilières (OPCVM)) - Alternative Investment Funds (AIF),
(Fonds d’Investissement Alternatifs (FIA))
In France, the financial securities (titres financiers) are dematerialised in accordance with the law no. 81-1160 of 30 December 1981 (as codified under Articles L. 211-3 of the Monetary and Financial Code, the “Code”). Consequently, investment fund units and shares are evidenced by book-entries in the securities accounts.
These financial securities can be issued in either bearer form (au porteur) or registered form (forme nominative). Pursuant to Sapin 2 Law and Article D. 211-9-1 of the Code, Clearstream Banking will act as the Registered Intermediary (intermédiaire inscrits) for French investment funds.
CSD market
Please refer to the Market Link Guide – France for more information.
Exchange Traded Funds (ETFs)
Listed ETFs have the same settlement process as listed equities.
CSD-eligible funds, T2S-eligible funds
French investment funds that are eligible in Euroclear France or T2S can be made eligible in Clearstream Banking.