Print from the website of the AMF
Published on July 16, 2013
Investment services providers (ISP) other than asset management companies are investment companies and credit institutions that have received an authorisation to provide investment services. The conduct of each of these services is subject to compliance with good conduct and organisation rules: after an opinion from the AMF, the authorisation is issued by the Autorité de Contrôle Prudentiel et de Résolution (ACPR) which keeps an updated list of authorised service providers.
The investment services providers (ISP) defined in Article L.531-1 of the Monetary and Financial Code may provide the following investment services defined in Article D.321-1:
Except for the exemptions set out in the Monetary and Financial Code, the provision of investment services requires an authorisation issued by the ACPR, after approval by the Autorité des Marchés Financiers (AMF) of the programme of operations pertaining to the investment advice service and/or portfolio management service for third parties. Concerning the other investment services, custody account keeping services and financial instrument clearing activities, the AMF may issue remarks.
The prudential rules applying to ISPs are under the powers of the ACPR.
The AMF defines organisation and conduct of business rules applying to those professionals who are authorised to provide investment services (Book III of its General Regulation). These rules complete the provisions already set out in the Monetary and Financial Code (Articles L.533-1 to L.533-24):
Compliance with organisation rules:
Compliance with conduct of business rules:
Within the framework of its monitoring and surveillance mission, the AMF may conduct audits governed by a charter.
The list of ISPs other than asset management companies is published on the ACPR website. The register of financial firms (REGAFI) contains all the companies authorised to conduct banking, financial or payment services activity, including ISPs.