RegAlert2026-02-04
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Order of 26 November 2025 approving modifications to the General Regulation of the Autorité des marchés financiers
The order approves modifications to the AMF General Regulation to implement the ELTIF II Regulation and Ordinance No. 2024-662. It adapts rules for feeder general-purpose investment funds (FIVG) to align with the AIFM Directive, simplifies conditions for creating share classes with different rights for OFS, OPCI, and OPPCI funds, and regulates carried interest share creation. The order also streamlines valuation processes for SCPIs and forestry funds, relaxes professional fund competitiveness rules, allows ELTIF-approved funds to offer subscriptions below net asset value, and extends the option to establish estimated values to all UCITS and AIFs.
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Order of 26 November 2025 approving modifications to the General Regulation of the Autorité des marchés financiers
04 February 2026
This order approves modifications to the AMF General Regulation intended to draw the consequences of the ELTIF II Regulation and Ordinance No. 2024-662 of 3 July 2024, which adapted the national framework applicable to alternative investment funds to facilitate the application of this Regulation in France.
It modifies in particular the provisions of Book IV of the General Regulation in order to (i) adapt the rules applicable to feeder general-purpose investment funds (FIVG), taking into account their new alignment with the AIFM Directive regime, (ii) remove or relax certain conditions governing the creation of classes of shares or securities conferring different rights on the assets or income, notably for OFS, OPCI and OPPCI, and to regulate the creation of carried interest shares for these funds, and (iii) take into account the simplification of the process for establishing and communicating the realization and reconstruction values of SCPIs, forestry savings companies and forestry investment groups, as well as the evolution of audit frequencies.
The order also makes adjustments aimed at strengthening the competitiveness of professional funds, notably by relaxing the regime for share classes, by allowing ELTIF-approved funds to offer subscriptions at a price lower than the net asset value under the conditions provided for by the ELTIF II Regulation, and by extending to all UCITS and AIFs the option to establish an estimated value, specifying the calculation methods and investor information requirements.
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Publisher: The Director of the AMF Communication Department. Contact: Communication Department, Autorité des marchés financiers - 17, place de la Bourse - 75082 Paris Cedex 02
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Source: Autorite des Marches Financiers — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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