Pursuant to Decree no. 2014-485 dated May 14, 2014, conditions for cross-border marketing of Alternative Investment Funds ("AIFs") is clarified, whether on the basis of the passport or not (in the latter case pursuant to Article 42 of the Alternative Investment Fund Managers Directive).  

In a number of instances, the marketing of AIFs was subject to the AIFM complying with rules applicable to French asset managers, whether arising from the AIFMD or French law. This criterion was extremely broad and has been narrowed to compliance with the provisions set out in the AIFMD only.