The collective investment scheme mechanism involves three main players: the management company, which makes investment decisions and is responsible for the NAV; the depositary, which ensures the safekeeping of assets and monitors the regularity of decisions; and the valuation agent, which periodically calculates the NAV. These roles are essential for understanding the internal workings of collective investment schemes.

The depositary ensures the safekeeping of the scheme's assets, monitors the regularity of management decisions, and verifies the NAV calculation in accordance with Article 323-5 of the AMF General Regulation. This role is crucial for ensuring the security and compliance of collective investment scheme operations.

UCITS are governed by the UCITS Directive and benefit from the European passport, while AIFs are regulated by the AIFM Directive and cover strategies not falling under the UCITS directive, such as real estate or private equity. This distinction is crucial for understanding the regulatory framework applicable to each type of collective investment scheme.

The two main legal forms of collective investment schemes are the SICAV, which is a public limited company with legal personality, and the FCP, which is a co-ownership structure without legal personality. This distinction is essential for understanding investor rights in each structure.

Types of collective investment schemes include UCITS and AIFs, while key players are the management company, the depositary, and the valuation agent. This classification helps distinguish structural components from functional components of collective investment schemes.

The distinction between funds open to non-professionals and those reserved for professionals is based on the level of protection required. UCITS and FIVG are open to the general public due to their compliance with strict rules, while FPS and SLP are reserved for professionals due to their greater flexibility and higher risk level.

The NAV calculation frequency is bimonthly for general-purpose schemes, but becomes mandatory on a daily basis when assets exceed 80 million euros. This nuance is important for understanding the regulatory obligations of schemes based on their size.

A SICAV is a public limited company with legal personality. The investor becomes a shareholder, has voting rights at general meetings, and can stand for election to the board of directors. This definition is crucial for distinguishing the SICAV from the FCP among collective investment scheme structures.

UCITS are defined by the UCITS directive and include SICAV and FCP. AIFs encompass all other collective investment instruments that do not meet UCITS criteria, such as SCPI and OPCI. This classification is based on the regulatory characteristics of each type.

In an FCP, the investor is a unitholder without voting rights, as it is a co-ownership structure without legal personality. This information is crucial for differentiating investor rights between a SICAV and an FCP.