The authorization application for a UCITS must include several essential documents. Under Instruction DOC-2011-19, it must contain a prospectus, the Key Information Document (KID), the fund rules or SICAV articles of incorporation, the management company's business plan, and the depositary's commitment letter. These documents allow the AMF to verify the product's compliance with applicable rules.

The Key Information Document (KID) includes a summary risk indicator (SRI) that allows investors to quickly assess the product's risk level. This indicator is presented on a scale from 1 to 7, where 1 represents low risk and 7 represents high risk. This helps investors easily compare different products based on their risk profile.

The validity of a prospectus approved by the AMF is strictly governed by European Prospectus Regulation 2017/1129. The prospectus remains valid for a period of 12 months from its issuance. This duration allows issuers to raise funds over a defined period without having to renew the visa, unless significant changes occur.

European Prospectus Regulation 2017/1129 sets a threshold for public offerings requiring a visa. In France, this threshold is 8 million euros over twelve months. However, France has exercised its national option to exempt certain offerings not exceeding this amount. For admissions to a regulated market, the visa is always required.

Prospectus review timelines vary depending on the specific situation. For a first-time application, allow 20 trading days. If a registration document is already validated, the timeline is reduced to 10 days. The simplified procedure for frequent issuers takes 3 to 5 days, while a prospectus supplement requires 7 days. These timelines enable the AMF to ensure that each file is processed diligently.

Distributors play an active role in product governance. They do not simply validate the target market defined by the manufacturer; they can also refine it if necessary. They verify product suitability with clients at the point of sale and report back to the manufacturer if discrepancies are observed. They also exclude clients who fall within the negative target market.

The Key Information Document (KID) is a standardized document that summarizes the essential characteristics of an investment product. It is limited to three A4 pages and must include information such as product identification, product nature and objectives, the summary risk indicator (SRI), performance scenarios, costs, and the recommended holding period. It has been mandatory for UCITS and AIFs since January 1, 2023.

Professional AIFs may simply be declared if they remain below the AIFMD threshold. However, it is important to note that even when authorization is not required, these funds must be declared to the AMF. This declaration allows the AMF to supervise activities and ensure that funds comply with applicable rules, even if those rules are less stringent than for AIFs open to non-professional investors.