Financial Market Council Reminds Investment Management Companies of Disclosure Obligations
The Financial Market Council (FMC) is reminding investment management companies that they must comply with their disclosure obligations regarding the Venture Capital Undertakings for Collective Investment (OPCVM) they manage. These obligations are defined by the provisions of the Collective Investment Schemes Code, promulgated by Law No. 2001-83 of July 24, 2001, amended and supplemented by subsequent texts, including Article 20. They are also framed by the regulation on collective investment schemes in securities and portfolio management for third-party accounts, as referred to in the Minister of Finance's decree of April 29, 2010, particularly Articles 25, 34, 84, and 142.
The Council also reminds the concerned companies that, pursuant to Article 149 of the aforementioned regulation, they must transmit, within three months following the close of the financial year, their certified financial statements, annual management report, as well as the general and special reports of the auditor.
Consequently, investment management companies of Venture Capital OPCVM are called upon to comply with these obligations and, if necessary, regularize their situation without delay, under penalty of the sanctions provided for by the legal provisions governing the financial market.
