Mutual fund (FCP)
UCITS that issues units but which, unlike a company – such as a SICAV (open-end investment company) – does not have a legal personality. An investor who purchases units becomes a member of a co-ownership of financial instruments but has no voting rights. The investor is not a shareholder. An FCP is represented by a management company, which provides administrative, financial and accounting management.
Source: Banque de France