By Charlotte GAUCHON
18 June 2025
Investments in atypical assets such as wine, works of art or manuscripts are attracting a growing number of savers and entrepreneurs. However, the legal framework surrounding these transactions is dense and often misunderstood. Intermediaries in general assets (IBDs), the key players in this market, are subject to strict regulations overseen by the Autorité des marchés financiers (AMF). Understanding their obligations is essential to securing investments and avoiding legal pitfalls. The complete guide to investment intermediaries and their regulatory framework provides an overview, while this article details the applicable regimes and the specific obligations that arise from them. Distinction between the regimes: normal versus lighter The legislator, through the Hamon Act of 2014, introduced a fundamental distinction between two categories of intermediaries in sundry goods. This segmentation is based on the nature of the transaction offered to the investor. Depending on...
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