Guide on Employee Savings Funds

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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
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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