The European directive governing alternative investment funds is Directive 2011/61/EU, also known as the AIFM Directive. This directive establishes the requirements for alternative investment fund managers, including the criteria for obtaining full AIFM authorisation.

Authorisation for portfolio management companies in France is granted by the AMF. This authorisation is essential for identifying a management company, as it specifies the nature of the authorised activities. It can be consulted on the GECO database accessible from the AMF website.

The primary role of a financial investment adviser (CIF) is to provide investment advice and receive-transmit orders limited to UCI units previously advised on. CIFs are subject to strict requirements, including registration with the ORIAS register and membership of a professional association approved by the AMF.

To identify a portfolio management company, several cumulative criteria must be verified. First, the existence of an AMF authorisation, consultable on the GECO database. Then, the managed assets thresholds: more than €100 million with leverage or more than €500 million without leverage with a five-year redemption lock-up. Finally, the organisational structure must be led by at least two persons possessing the necessary integrity and adequate experience, in accordance with Article 317-4 of the AMF General Regulation.

The three fundamental missions of a depositary are cash flow monitoring, asset safekeeping in segregated accounts, and monitoring the compliance of fund operations. These missions are defined by the legislative framework transposing European directives and are essential for ensuring the security and compliance of funds.

This statement is false. French investment firms can act as depositaries for UCITS only subject to capital adequacy conditions. The Code monétaire et financier precisely lists the entities authorised to act as depositaries, including French investment firms under certain conditions.

Management companies are identified by their AMF authorisation and organisational structure. Distributors are recognised by their ORIAS registration and membership of a professional association. Depositaries are identified by their registered office in France and their specific missions. This classification clearly distinguishes the roles and responsibilities of each player in the asset management sector.

In accordance with Article R. 532-12-1 of the Code monétaire et financier, a company managing more than €500 million without leverage with a five-year redemption lock-up must indeed hold full AIFM authorisation. This authorisation is necessary to meet the specific regulatory requirements for alternative investment funds.