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 | Portfolio management company authorisation1 |
|---|---|
| Local name | Société de gestion de portefeuille (SGP) |
| Also known as | SGP · Société de gestion de portefeuille · AMF portfolio management company licence · French asset management company licence · French ManCo licence |
| 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
FM in other countries
| Country | Licence | Regulator | Min. capital | Application fee | Statutory time |
|---|---|---|---|---|---|
| Abu Dhabi Global Market (ADGM) | Fund manager licenceFinancial Services Permission for Managing a Collective Investment Fund (Category 3C) | FSRA | n/a | n/a | n/a |
| Bermuda | Fund Administrator LicenceFund Administrator Licence (Part III, Investment Funds Act 2006) | BMA | n/a | n/a | n/a |
| British Virgin Islands | Fund manager licenceBVI mutual fund recognition (private/professional fund), registration (public fund) or approval (incubator/approved fund) - funds are recognised/registered/approved, not 'licensed' | BVI FSC | n/a | n/a | n/a |
| Cayman Islands | Regulated Mutual FundRegulated Mutual Fund (registered, master, or administered fund under the Mutual Funds Act) | CIMA | n/a | n/a | n/a |
| Cayman Islands | Registered Private FundRegistered Private Fund under the Private Funds Act | CIMA | n/a | n/a | n/a |
| Cyprus | Alternative Investment Fund Manager (AIFM) authorisation | CySEC | n/a | n/a | ~3 mo |
| Cyprus | Sub-threshold Alternative Investment Fund Manager registration | CySEC | n/a | n/a | n/a |
| Cyprus | UCITS Management Company authorisation | CySEC | n/a | n/a | n/a |
| Czech Republic | Sub-threshold Alternative Investment Fund Manager registrationSub-threshold Alternative Investment Fund Manager registration pursuant to Section 15 of AMCIF | CNB | n/a | CZK 10,000 | ~1 mo |
| Czech Republic | Investment Company / Fund Manager licence | CNB | n/a | CZK 50,000 | ~6 mo |
| Dubai International Financial Centre (DIFC) | Fund manager licenceFinancial Services Permission for Managing a Collective Investment Fund (Category 3C) | DFSA | n/a | USD 10,000 | n/a |
| Estonia | Small fund manager registration without activity licence | FI | n/a | n/a | n/a |
| Estonia | Operating licence as a fund management company | FI | n/a | EUR 600 | n/a |
| France | Portfolio management company authorisation | AMF | n/a | n/a | ~3 mo |
| Germany | Investment management company licence | BaFin | n/a | n/a | n/a |
| Ireland | Alternative Investment Fund Manager (AIFM) Authorisation/Registration | CBI | n/a | n/a | n/a |
| Ireland | UCITS Management Company Authorisation | CBI | n/a | n/a | n/a |
| Luxembourg | Alternative investment fund manager (AIFM) authorisation | CSSF | n/a | EUR 18,000 | ~3 mo |
| Luxembourg | Management company authorisedManagement company authorised under Chapter 15 of the Law of 17 December 2010 | CSSF | n/a | EUR 18,000 | ~6 mo |
| Netherlands | Alternative Investment Fund Manager (AIFM) licenceAlternative Investment Fund Manager (AIFM) licence under Wft Article 2:65 and Directive 2011/61/EU | AFM | n/a | EUR 200 | ~6 mo |
| Netherlands | Fund manager licenceUndertakings for Collective Investment in Transferable Securities (UCITS / ICBE) registration under Wft and Directive 2009/65/EC | AFM | n/a | n/a | n/a |
| Poland | Investment Fund Company licence | KNF | n/a | n/a | n/a |
| Poland | Alternative Investment Company Manager registration / licence | KNF | n/a | n/a | n/a |
| Seychelles | Fund Administrator's LicenceFund Administrator's Licence (and Restricted Fund Administrator's Licence) under the Mutual Fund and Hedge Fund Act 2008 | FSA | n/a | n/a | n/a |
| Spain | Fund manager licence (SGIIC) | CNMV | n/a | EUR 10,000 | n/a |
| Switzerland | Fund management company licence | FINMA | n/a | n/a | n/a |
| Switzerland | Manager of collective assets licence | FINMA | n/a | n/a | n/a |
| United Kingdom | Fund manager licenceAlternative Investment Fund Manager (AIFM) Authorisation / Registration | FCA | n/a | n/a | n/a |
Values come from each licence's page, where every figure has its source.
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 · retrieved 2026-09-24
- EUR-Lex: CELEX 32011L0061 · retrieved 2026-09-24
- EUR-Lex: CELEX 32009L0065 · retrieved 2026-09-24
- EUR-Lex: CELEX 32020R1503 · retrieved 2026-09-24
- amf-france.org: DOC 2008 03 FR(19) BMR (PDF) · retrieved 2026-09-24
- EUR-Lex: CELEX 32023R1114 · retrieved 2026-09-24
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