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Restricted access to French mutual funds

Restricted access to French mutual funds due to the situation in Ukraine
12 April 2022

    RESTRICTIONS ON SALES OF TRANSFERABLE SECURITIES DENOMINATED IN ANY OFFICIAL CURRENCY OF A MEMBER STATE OF THE EUROPEAN UNION ISSUED AFTER 12 APRIL 2022 OR UNITS IN COLLECTIVE INVESTMENT UNDERTAKINGS PROVIDING EXPOSURE TO SUCH SECURITIES

    Article 5 of Council Regulation No. 833/2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine, as amended, states that it shall be prohibited to sell transferable securities denominated in any official currency of a Member State issued after 12 April 2022 or units in collective investment undertakings providing exposure to such securities, to any Russian national or natural person residing in Russia or any legal person, entity or body established in Russia or of which the beneficial owner is a Russian national or resident.

    Article 1 of Council Regulation No. 765/2006 concerning restrictive measures in view of the involvement of Belarus in the situation in Ukraine, as amended, states that it shall be prohibited to sell transferable securities denominated in any official currency of a Member State issued after 12 April 2022 or units in collective investment undertakings providing exposure to such securities, to any Belarusian national or natural person residing in Belarus or any legal person, entity or body established in Belarus or of which the beneficial owner is a Belarusian national or resident.

    In light of these restrictions detailed above, as of 12 April 2022, HSBC Asset Management (France) will not be accepting any direct or indirect investment or reinvestment in its Funds, including French company mutual funds (FCPEs) and open-ended investment funds (SICAVs), from:

    • any Russian or Belarusian national, regardless of where he/she lives; or
    • any natural person residing in Russia or in Belarus; or
    • any legal person, entity or body established or incorporated in Russia or Belarus, including any branch or representative office of said legal person, entity or body located outside Russia or Belarus (if applicable).

    These restrictions do not apply to nationals of European Union (EU) Member States, nor to natural persons holding a temporary or permanent residency card in an EU Member State. 

    They also have no impact on existing investments of Russian or Belarusian nationals or residents.

    Prospectuses will be updated to include wording that restricts subscriptions to shares and units in HSBC Asset Management's (France) funds, including French company mutual funds (FCPEs) and open-ended investment funds (SICAVs), to ensure that all investments/reinvestments comply with EU Regulations.