# Société de gestion de portefeuille (SGP) / Portfolio management company authorisation (France)

Source page: https://protegra.io/licensing/licences/fund-manager/france-sgp/

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 authorisation [1] |
| --- | --- |
| Issued by | [Financial Markets Authority](https://protegra.io/licensing/regulators/amf-france/) |
| Jurisdiction | [France](https://protegra.io/licensing/jurisdictions/france/) |
| Licence family | [Fund manager](https://protegra.io/licensing/licences/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](https://protegra.io/licensing/activities/aif-management/)
- [Managing UCITS funds](https://protegra.io/licensing/activities/ucits-management/)
- [Portfolio management](https://protegra.io/licensing/activities/portfolio-management/)

- **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

_Issued in France (gold); can be passported to the other EU/EEA states (blue) by notification._

## 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](https://protegra.io/licensing/laws/eu-aifmd-2011-61/): Directive 2011/61/EU
- [UCITS Directive](https://protegra.io/licensing/laws/eu-ucits-2009-65/): Directive 2009/65/EC
- [European Crowdfunding Service Providers Regulation](https://protegra.io/licensing/laws/eu-ecspr-2020-1503/): Regulation (EU) 2020/1503
- [Transfer of Funds Regulation (travel rule)](https://protegra.io/licensing/laws/eu-tfr-2023-1113/): Regulation (EU) 2023/1113

## Sources

1. [geco.amf-france.org: thirdParties](https://geco.amf-france.org/back-office/thirdParties): retrieved 2026-09-24
2. [eur-lex.europa.eu: HTML (32011L0061)](https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32011L0061): retrieved 2026-09-24
3. [eur-lex.europa.eu: HTML (32009L0065)](https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32009L0065): retrieved 2026-09-24
4. [eur-lex.europa.eu: HTML (32020R1503)](https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32020R1503): retrieved 2026-09-24
5. [amf-france.org: DOC 2008 03 FR(19) BMR (PDF)](https://www.amf-france.org/sites/institutionnel/files/private/2026-07/DOC-2008-03_FR%2819%29_BMR.pdf): retrieved 2026-09-24
6. [eur-lex.europa.eu: TXT (32023R1114)](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32023R1114): retrieved 2026-09-24

Last verified 2026-09-24 · Author: Danil Marmysh · Reviewed by Anastasia Sidorenkova · © Protegra. Data: CC BY 4.0, cite "Protegra Licensing Atlas". Not legal advice.