Regulatory AlertsInstruction DOC-2019-04: Real Estate Investment Trusts, Forest Savings Companies, and Forest Investment Groups
The French Financial Markets Authority (AMF) issued Instruction DOC-2019-04 to clarify the procedures for obtaining visa approval for public offerings of shares in Real Estate Investment Trusts (SCPI), Forest Savings Companies (SEF), and Forest Investment Groups (GFI). The instruction details requirements for share transfers on the order register, mandatory information disclosures to shareholders and the regulator, the role of real estate or forest experts, and regulations governing mergers. These guidelines implement Articles 422-189 to 422-249-5 of the AMF General Regulation to ensure transparency and compliance in collective investment products.
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II - Investment Products II. 1 - Collective Investments II. 1.3. Specific Provisions for AIFs II. 1.3.2. Specific Provisions for Funds Open to Non-Professional Investors Doctrine AIFM
Real Estate Investment Trusts, Forest Savings Companies and Forest Investment Groups
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Applicable from November 27, 2025 Instruction DOC-2019-04
Download Viewed Version Summary Instruction DOC-2019-04 provides clarification on the procedures for applying for a visa for the public offering of shares in SCPIs, SEFs, and GFIs, the transfer of shares on the order register, the information to be provided to partners and the AMF, the real estate or forest expert, as well as mergers.
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Download the full overview of the doctrine Reference texts
Articles 422-189 to 422-249-5 of the AMF General Regulation
AMF Instruction DOC-2019-04 - Annexes I, I bis, I ter, II, III, IV, V and VI Archives
Instruction DOC-2019-04 provides clarification on the procedures for applying for a visa for the public offering of shares in SCPIs, SEFs, and GFIs, the transfer of shares on the order register, the information to be provided to partners and the AMF, the real estate or forest expert, as well as mergers.
Download the doctrine
Download the full overview of the doctrine Reference texts
Articles 422-189 to 422-249-5 of the General Regulation
AMF Instruction DOC-2019-04 - Annexes I, I bis, I ter, II, III, IV, V and VI
Instruction DOC-2019-04 provides clarification on the procedures for applying for a visa for the public offering of shares in SCPIs, SEFs, and GFIs, the transfer of shares on the order register, the information to be provided to partners and the AMF, the real estate or forest expert, as well as mergers.
Download the doctrine
Download the full overview of the doctrine Reference texts
Articles 422-189 to 422-249-5 of the General Regulation
AMF Instruction DOC-2019-04 - Annexes I, I bis, I ter, II, III, IV, V and VI
Instruction DOC-2019-04 provides clarification on the procedures for applying for a visa for the public offering of shares in SCPIs, SEFs, and GFIs, the transfer of shares on the order register, the information to be provided to partners and the AMF, the real estate or forest expert, as well as mergers.
Download the doctrine
Download the full overview of the doctrine Reference texts
Articles 422-189 to 422-249-5 of the General Regulation
AMF Instruction DOC-2019-04 - Annexes I, I bis, I ter, II, III, IV and V
Instruction DOC-2019-04 provides clarification on the procedures for applying for a visa for the public offering of shares in SCPIs, SEFs, and GFIs, the transfer of shares on the order register, the information to be provided to partners and the AMF, the real estate or forest expert, as well as mergers.
Download the doctrine
Download the full overview of the doctrine Reference texts
Articles 422-189 to 422-249-5 of the General Regulation
AMF Instruction DOC-2019-04 - Annexes I, I bis, I ter, II, III, IV and V Keywords
Collective Investments Legal notices: Publisher: The Director of the AMF Communication Department. Contact: Communication Department, Financial Markets Authority - 17, place de la Bourse - 75082 Paris Cedex 02