Contractual FCPRs: Clarification by the French Autorité des marchés financiers and by the governmental decree dated December 17, 2008
By Allard de Waal, Delphine Prevot and Laurent Ragot
A law enacted on August 4, 2008 and clarified by a governmental decree dated December 17, 2008 has introduced a new investment vehicle to meet the requests of the private equity industry in France: the contractual FCPR. A revised version of the general regulations of the French securities regulatory authority, the Autorité des marchés financiers (AMF), is still pending. However, the AMF has provided useful clarifications in a FAQ released on November 6, 2008.