Regulatory AlertsGuide on Employee Savings Funds
The French Autorité des Marchés Financiers (AMF) issued this guide to clarify the implementation of capital increases via relay funds and address specific operational requirements for employee savings funds investing in non-listed shares and leveraged structures. The document details liquidity mechanisms, share valuation methods, shareholder agreements, and the necessary diligence procedures when establishing a report of non-compliance. It serves as a regulatory reference for managing these specialized investment vehicles under French labor and financial codes.
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II - Investment Products II. 1 - Collective Investments II. 1.3. Specific Provisions for FIA II. 1.3.4. Specific Provisions for Employee Savings Funds
Doctrine UCITS
Guide on Employee Savings Funds
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Applicable as of March 28, 2024 Position - Recommendation DOC-2012-10
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Summary This guide provides clarification on the procedures for implementing a capital increase through a relay fund with or without a subscription formula, on the specificities of employee savings funds invested in corporate shares not admitted to trading on a regulated market (liquidity mechanism, share valuation, and shareholder agreements) and leveraged employee savings funds, as well as on the diligence to be carried out in the event of drawing up a report of non-compliance.
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Reference texts
Articles L. 3332-16 and L. 3332-17 of the Labor Code
Articles L. 214-163 and following of the Monetary and Financial Code
Articles 424-1 and following of the General Regulation
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This guide provides clarification on the procedures for implementing a capital increase through a relay fund with or without a subscription formula, on the specificities of employee savings funds invested in corporate shares not admitted to trading on a regulated market (liquidity mechanism, share valuation, and shareholder agreements) and leveraged employee savings funds, as well as on the diligence to be carried out in the event of drawing up a report of non-compliance.
Download the doctrine
Reference texts
Articles L. 3332-16 and L. 3332-17 of the Labor Code
Articles L. 214-163 and following of the Monetary and Financial Code
Articles 424-1 and following of the General Regulation
This guide provides clarification on the procedures for implementing a capital increase through a relay fund with or without a subscription formula, on the specificities of employee savings funds invested in corporate shares not admitted to trading on a regulated market (liquidity mechanism, share valuation, and shareholder agreements) and leveraged employee savings funds, as well as on the diligence to be carried out in the event of drawing up a report of non-compliance.
Download the doctrine
Reference texts
Articles L. 3332-16 and L. 3332-17 of the Labor Code
Articles L. 214-163 and following of the Monetary and Financial Code
Articles 424-1 and following of the General Regulation
This guide provides clarification on the procedures for implementing a capital increase through a relay fund with or without a subscription formula, on the specificities of employee savings funds invested in corporate shares not admitted to trading on a regulated market (liquidity mechanism, share valuation, and shareholder agreements) and leveraged employee savings funds, as well as on the diligence to be carried out in the event of drawing up a report of non-compliance. This document has not been updated regarding the texts transposing MiFID II and/or separating the legal regime of investment firms and portfolio management companies. This update will be carried out shortly.
Download the doctrine
Reference texts
Articles L.3332-16 and L.3332-17 of the Labor Code
Articles L. 214-163 and following of the Monetary and Financial Code
Articles 424-1 and following of the General Regulation
FCPEs invested in company shares: practical questions
Decision record relating to leveraged employee common investment funds (FCPE)
Employee savings: Q&A relating to the implementation of a capital increase through a relay fund with or without a subscription formula
Q&A on the innovations brought to employee shareholding FCPEs by the law for the development of participation and employee shareholding
Refusal of an FCPE structure involving leverage that includes the issuer as a party to the underlying hedging and the use of long-term derivative products in the context of a share buyback program
Keywords
Employee Savings Legal notices: Publisher: The Director of the Communication Department of the AMF. Contact: Communication Department, Autorité des Marchés Financiers - 17, place de la Bourse - 75082 Paris Cedex 02