The Autorité des Marchés Financiers (hereafter “AMF”) draws subscribers’ attention to the specific risks associated with Fonds Communs de Placement à Risques (Venture Capital Investment Funds, or FCPR) ; at least fifty (50) % of the asset is comprised of equity securities or securities providing direct or indirect access to the capital of companies that are not listed on a regulated French or foreign market or, by special dispensation from Article L.214-20 of the French Financial Markets Code (Code des Marchés Financiers), shares of limited liability companies endowed with an equivalent status in their country of residence.
The AMF draws subscribers’ attention to the fact that the net asset value of the present FCPRs (hereafter the “Funds”) may not reflect, up or down, the potential of the portfolio’s assets over the life of the Fund and may not take into account the potential change in their value.
Since FIDEPPP benefits from a streamlined procedure, it has not been subject to AMF approval. It may therefore adopt exceptional investment rules. Consequently, investors’ attention is drawn to the fact that the shares of the Funds can only be subscribed, sold, transferred or acquired, directly or through a third party, by qualified investors as defined by Article L. 411-2 of the French Monetary and Financial Code (Code monétaire et financier) and Articles D. 411-1, D. 411-2, D. 734-1, D. 744-1, D. 754-1 and D. 764-1 of the same code and by the investors mentioned in I. of Article 414-27 of the AMF’s General Regulations (Règlement Général) (hereafter the “Eligible Investors”).
The FIDEPPP 2 FCPR is an FCPR contractuel that is not subject to the approval of the Autorité des Marchés Financiers and can adopt exceptional investment rules.
The subscription and acquisition of shares of the FIDEPPP 2 FCPR, just as the sale or transfer of said shares (in all cases, whether directly or through a third party), are strictly reserved for the qualified investors mentioned in Articles L. 411-2, D. 411-1 and D. 411-2, of the French Monetary and Financial Code and the other investors mentioned in article 412-113 of the Autorité des Marchés Financiers’ General Regulations.
Any purchaser or subscriber may only sell or transfer the shares he holds in one of the Funds, directly or through a third party, to Eligible Investors.