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Contractual FCPRs: Clarification by the French Autorité des marchés financiers and by the governmental decree dated December 17, 2008

December 26, 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.

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