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DOC-2011-22 Approval Procedures, Establishment of a DIC and/or DICI and a Rulebook, and Periodic Information for Private Equity Funds
The French Autorité des Marchés Financiers (AMF) issued Instruction DOC-2011-22 to detail the regulatory framework for approved private equity funds (FCPR, FCPI, and FIP). The instruction specifies the procedures for fund approval, the mandatory establishment of Key Information Documents (DIC/DICI) and Rulebooks, and the requirements for periodic investor information. It further clarifies the processes for creating funds, managing mid-life modifications, and communicating with both investors and the regulator.
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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
Collective Investments


Approval Procedures, Establishment of a DIC and/or, where applicable, a DICI and a Rulebook, and Periodic Information for Private Equity Funds


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Applicable from December 18, 2025
Instruction DOC-2011-22


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Summary
Instruction DOC-2011-22 details the rules applicable to approved private equity funds (FCPR, FCPI, and FIP) regarding the approval procedure, the establishment of a Key Information Document (DIC) and/or, where applicable, a Key Investor Information Document (DICI) and a Rulebook, as well as periodic information. Clarifications are provided in particular on the creation, modifications of an approved private equity fund during its life (mutations/changes), and the methods of informing investors and the AMF.


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Reference Texts


Articles 422-120-1 to 422-120-14 of the AMF General Regulation


Annexes I to XI of Instruction DOC-2011-22


Compensation report and cases of non-compliance with investment restrictions - forms and declarations


Commission Regulation (EU) No 583/2010 of July 1, 2010
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