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DOC-2011-23 Approval Procedures, Establishment of DIC and/or DICI and/or Prospectus and Periodic Information for OPCI and Professional Real Estate Collective Investment Undertakings
The French Financial Markets Authority (AMF) issued Instruction DOC-2011-23 to detail the regulatory rules governing the approval procedures, key document establishment, and periodic reporting requirements for OPCI and professional real estate collective investment undertakings. The instruction provides specific guidance on the creation, lifecycle modifications, and investor information obligations for these entities. It references Articles 422-121 and 423-12 of the AMF General Regulation and aligns with EU Regulation No 583/2010.
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II - Investment Products
II. 1 - Collective Investments
II. 1.3. Specific Provisions for FIA
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/or a Prospectus and Periodic Information for OPCI and Professional Real Estate Collective Investment Undertakings
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Applicable as of December 18, 2025
Instruction DOC-2011-23
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Summary
Instruction DOC-2011-23 details the rules applicable to OPCI and professional real estate collective investment undertakings regarding the approval procedure, the establishment of a key information document (DIC) and/or, where applicable, a key information document for investors (DICI) and a prospectus, as well as periodic information. Clarifications are provided, in particular, on the creation, modifications of an OPCI or a professional real estate collective investment undertaking during its life (mutations/changes), and the methods for informing investors and the AMF.
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Reference Texts
Articles 422-121 and following of the General Regulation
Articles 423-12 and following of the General Regulation
Annexes I to X of Instruction DOC-2011-23
Report on compensation and cases of non-compliance with investment restrictions
Commission Regulation (EU) No 583/2010 of July 1, 2010
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Instruction DOC-2011-23 details the rules applicable to OPCI and professional real estate collective investment undertakings regarding the approval procedure, the establishment of a key information document (DIC) and/or, where applicable, a key information document for investors (DICI) and a prospectus, as well as periodic information. Clarifications are provided, in particular, on the creation, modifications of an OPCI or a professional real estate collective investment undertaking during its life (mutations/changes), and the methods for informing investors and the AMF.
Download the doctrine
Reference Texts
Articles 422-121 and following of the AMF General Regulation
Articles 423-12 and following of the AMF General Regulation
Annexes I to X of Instruction DOC-2011-23
Report on compensation and cases of non-compliance with investment restrictions - forms and declarations
Commission Regulation (EU) No 583/2010 of July 1, 2010
Instruction DOC-2011-23 details the rules applicable to OPCI and professional real estate collective investment undertakings regarding the approval procedure, the establishment of a key information document (DIC) and/or, where applicable, a key information document for investors (DICI) and a prospectus, as well as periodic information. Clarifications are provided, in particular, on the creation, modifications of an OPCI or a professional real estate collective investment undertaking during its life (mutations/changes), and the methods for informing investors and the AMF.
Download the doctrine
Reference Texts
Articles 422-121 and following and 423-12 and following of the AMF General Regulation
Annexes I to X of Instruction DOC-2011-23
Report on compensation and cases of non-compliance with investment restrictions
Commission Regulation (EU) No 583/2010 of July 1, 2010
Instruction DOC-2011-23 details the rules applicable to OPCI and professional real estate collective investment undertakings regarding the approval procedure, the establishment of a key information document (DIC) and/or, where applicable, a key information document for investors (DICI) and a prospectus, as well as periodic information. Clarifications are provided, in particular, on the creation, modifications of an OPCI or a professional real estate collective investment undertaking during its life (mutations/changes), and the methods for informing investors and the AMF.
Download the doctrine
Reference Texts
Articles 422-121 and following and 423-12 and following of the AMF General Regulation
Annexes I to XIV of Instruction DOC-2011-23
Report on compensation and cases of non-compliance with investment restrictions
Commission Regulation (EU) No 583/2010 of July 1, 2010
Instruction DOC-2011-23 details the rules applicable to OPCI and professional real estate collective investment undertakings regarding the approval procedure, the establishment of a key information document for investors (DICI) and a prospectus, as well as periodic information. Clarifications are provided, in particular, on the creation, modifications of an OPCI or a professional real estate collective investment undertaking during its life (mutations/changes), and the methods for informing investors and the AMF.
Download the doctrine
Reference Texts
Articles 422-121 and following and 423-12 and following of the AMF General Regulation
Annexes I to XIV of Instruction DOC-2011-23
Report on compensation and cases of non-compliance with investment restrictions
Commission Regulation (EU) No 583/2010 of July 1, 2010
Instruction DOC-2011-23 details the rules applicable to OPCI and professional real estate collective investment undertakings regarding the approval procedure, the establishment of a key information document for investors (DICI) and a prospectus, as well as periodic information. Clarifications are provided, in particular, on the creation, modifications of an OPCI or a professional real estate collective investment undertaking during its life (mutations/changes), and the methods for informing investors and the AMF.
Download the doctrine
Reference Texts
Articles 422-121 and following and 423-12 and following of the AMF General Regulation
Annexes I to XIV of Instruction DOC-2011-23
Report on compensation and cases of non-compliance with investment restrictions
Commission Regulation (EU) No 583/2010 of July 1, 2010
Instruction DOC-2011-23 details the rules applicable to OPCI and professional real estate collective investment undertakings regarding the approval procedure, the establishment of a key information document for investors (DICI) and a prospectus, as well as periodic information. Clarifications are provided, in particular, on the creation, modifications of an OPCI or a professional real estate collective investment undertaking during its life (mutations/changes), and the methods for informing investors and the AMF.
Download the doctrine
Reference Texts
Articles 422-121 and following and 423-12 and following of the AMF General Regulation
Annexes I to XIV of Instruction DOC-2011-23
Report on compensation and cases of non-compliance with investment restrictions
Commission Regulation (EU) No 583/2010 of July 1, 2010
Instruction DOC-2011-23 details the rules applicable to OPCI and professional real estate collective investment undertakings regarding the approval procedure, the establishment of a key information document for investors (DICI) and a prospectus, as well as periodic information. Clarifications are provided, in particular, on the creation, modifications of an OPCI or a professional real estate collective investment undertaking during its life (mutations/changes), and the methods for informing investors and the AMF.
Download the doctrine
Reference Texts
Articles 422-121 and following and 423-12 and following of the AMF General Regulation
Annexes I to XIV of Instruction DOC-2011-23
Collection of OPCI annual situations
Report on compensation and cases of non-compliance with investment restrictions
Commission Regulation (EU) No 583/2010 of July 1, 2010
Instruction DOC-2011-23 details the rules applicable to OPCI and professional real estate collective investment undertakings regarding the approval procedure, the establishment of a key information document for investors (DICI) and a prospectus, as well as periodic information. Clarifications are provided, in particular, on the creation, modifications of an OPCI or a professional real estate collective investment undertaking during its life (mutations/changes), and the methods for informing investors and the AMF.
Download the doctrine
Reference Texts
Articles 422-121 and following and 423-12 and following of the AMF General Regulation
Report on compensation and cases of non-compliance with investment restrictions
Annexes I to XIV of Instruction DOC-2011-23
Collection of OPCI annual situations
Commission Regulation (EU) No 583/2010 of July 1, 2010
Instruction DOC-2011-23 details the rules applicable to OPCI and professional real estate collective investment undertakings regarding the approval procedure, the establishment of a key information document for investors (DICI) and a prospectus, as well as periodic information. Clarifications are provided, in particular, on the creation, modifications of an OPCI or a professional real estate collective investment undertaking during its life (mutations/changes), and the methods for informing investors and the AMF.
Download the doctrine
Reference Texts
Articles 422-121 and following and 423-12 and following of the AMF General Regulation
Annexes I to XIV of Instruction DOC-2011-23
Commission Regulation (EU) No 583/2010
Collection of OPCI annual situations
Instruction DOC-2011-23 details the rules applicable to OPCI and professional real estate collective investment undertakings regarding the approval procedure, the establishment of a key information document for investors (DICI) and a prospectus, as well as periodic information. Clarifications are provided, in particular, on the creation, modifications of an OPCI or a professional real estate collective investment undertaking during its life (mutations/changes), and the methods for informing investors and the AMF.
Download the doctrine
Reference Texts
Articles 422-121 and following and 423-12 and following of the AMF General Regulation
Annexes I to XIII of Instruction DOC-2011-23
Collection of OPCI annual situations
Commission Regulation (EU) No 583/2010
Instruction DOC-2011-23 details the rules applicable to OPCI and professional real estate collective investment undertakings regarding the approval procedure, the establishment of a key information document for investors (DICI) and a prospectus, as well as periodic information. Clarifications are provided, in particular, on the creation, modifications of an OPCI or a professional real estate collective investment undertaking during its life (mutations/changes), and the methods for informing investors and the AMF.
Download the doctrine
Reference Texts
Articles 422-121 and following and 423-12 and following of the AMF General Regulation
Annexes I to XIII of Instruction DOC-2011-23
Commission Regulation (EU) No 583/2010
Collection of OPCI annual situations
Instruction DOC-2011-23 details the rules applicable to OPCI and professional real estate collective investment undertakings regarding the approval procedure, the establishment of a key information document for investors (DICI) and a prospectus, as well as periodic information. Clarifications are provided, in particular, on the creation, modifications of an OPCI or a professional real estate collective investment undertaking during its life (mutations/changes), and the methods for informing investors and the AMF. This document has not been updated with regard to the texts transposing MiFID II and separating the legal regime of investment firms and portfolio management companies. This update will be carried out shortly.
Download the doctrine
Reference Texts
Articles 422-121 and following and 423-12 and following of the AMF General Regulation
Annexes of Instruction DOC-2011-23
Commission Regulation (EU) No 583/2010
This instruction details the rules applicable to OPCI and professional real estate collective investment undertakings regarding the approval procedure, the establishment of a key information document for investors (DICI) and a prospectus, as well as periodic information. Clarifications are provided, in particular, on the creation, modifications of an OPCI or a professional real estate collective investment undertaking during its life (mutations/changes), and the methods for informing investors and the AMF.
Download the doctrine
Reference Texts
Articles 422-121 and following of the General Regulation
Articles 423-12 and following of the General Regulation
Annexes of Instruction DOC-2011-23
European Regulation 583/2010
This instruction details the rules applicable to OPCI and professional real estate collective investment undertakings regarding the approval procedure, the establishment of a key information document for investors (DICI) and a prospectus, as well as periodic information. Clarifications are provided, in particular, on the creation, modifications of an OPCI or a professional real estate collective investment undertaking during its life (mutations/changes), and the methods for informing investors and the AMF.
Download the doctrine
Reference Texts
Articles 424-1 and following of the General Regulation
Annexes of Instruction DOC-2011-23
European Regulation 583/2010
This instruction details the rules applicable to OPCI regarding the approval procedure, the establishment of a key information document for investors (DICI) and a prospectus, as well as periodic information. Clarifications are provided, in particular, on the creation, modifications of an OPCI during its life (mutations/changes), and the methods for informing investors and the AMF.
Download the doctrine
Keywords
Prospectus
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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
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