Société de gestion de portefeuille (SGP) / Portfolio management company authorisation (France)
The Société de gestion de portefeuille (SGP) / Portfolio management company authorisation is issued by Financial Markets Authority (AMF) under Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD). It can be passported to the other EU/EEA states by notification. The legal decision period is 3 months from receipt of a complete application, extendable by up to 3 additional months (Article R. 532-15 CMF / Instruction DOC-2008-03). Ownership changes need the regulator's approval before completion.
At a glance
| Official name | Société de gestion de portefeuille (SGP) / Portfolio management company authorisation1 |
|---|---|
| Issued by | Financial Markets Authority |
| Jurisdiction | France |
| Licence family | Fund manager |
| Legal basis | Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD)2 Directive 2009/65/EC on undertakings for collective investment in transferable securities (UCITS)3 Regulation (EU) 2020/1503 on European crowdfunding service providers for business (ECSPR)4 |
| Passporting | EU/EEA passport available |
| Statutory decision time | 3 months from receipt of a complete application, extendable by up to 3 additional months (Article R. 532-15 CMF / Instruction DOC-2008-03)5 |
What it lets you do
- Managing alternative investment funds. Performing portfolio management and risk management for funds that are not UCITS, such as hedge, private equity and real estate funds.
- Managing UCITS funds. Managing undertakings for collective investment in transferable securities, the EU's retail fund format.
- Portfolio management. Managing client portfolios that include financial instruments on a discretionary, client-by-client basis.
Where it is valid
How long it takes
Statutory: 3 months from receipt of a complete application, extendable by up to 3 additional months (Article R. 532-15 CMF / Instruction DOC-2008-03)5. Observed: not published. The statutory clock usually starts only when the regulator treats the application as complete, and pauses while it waits for answers to its questions.
Buying a company that already holds it
Prior approval required. Acquiring or increasing a qualifying holding needs the AMF's prior approval. For portfolio management companies (SGP) the thresholds are 10%, 20%, 33.33% and 50% of capital or voting rights (Code monétaire et financier, Article L. 532-9-1). For crypto-asset service providers MiCA Articles 83 and 84 apply: the thresholds are 20%, 30% and 50%, and the AMF assesses the acquirer within 60 working days of a complete notification.6
Laws behind it
- Alternative Investment Fund Managers Directive: Directive 2011/61/EU
- UCITS Directive: Directive 2009/65/EC
- European Crowdfunding Service Providers Regulation: Regulation (EU) 2020/1503
- Transfer of Funds Regulation (travel rule): Regulation (EU) 2023/1113
Sources
- geco.amf-france.org: thirdParties · retrieved 2026-09-24
- eur-lex.europa.eu: HTML (32011L0061) · retrieved 2026-09-24
- eur-lex.europa.eu: HTML (32009L0065) · retrieved 2026-09-24
- eur-lex.europa.eu: HTML (32020R1503) · retrieved 2026-09-24
- amf-france.org: DOC 2008 03 FR(19) BMR (PDF) · retrieved 2026-09-24
- eur-lex.europa.eu: TXT (32023R1114) · retrieved 2026-09-24
Want the FM licence in France?
Tell us your business model and target markets. We check the fit before you spend on an application, then handle the licence end to end.
A free preliminary assessment: we check your business model against the licence before you spend on an application. We handle this licence and any other fintech licence, including jurisdictions the Atlas does not cover yet.