Print

Regulation

Persons receiving market soundings

Relevant on February 1, 2017

Programme of operations guide for asset management companies and self-managed collective investments

Relevant on January 12, 2017

The position-recommandation DOC-2012-19 outlines how to complete the sections of the autorization application (including the program of operations) and complementary sheets. In particular it provides specific instructions on the “four eyes” (quatre yeux) rule, access to (information on) the position of the market member, the credit analysis, delegation and outsourcing, the practice of cash pooling (centralised treasury management authorised provided that certain conditions are met) as well as on internal control procedures.

Read on

Guide to the regulatory documents governing collective investments schemes

Relevant on January 12, 2017

This guide details how to draft the key investor information document (KIID) and the prospectus (including Regulations / Articles of Incorporation) for UCITS and non-UCITS (including venture capital funds, employee investment funds and innovation venture capital trusts) and for funds that are accessible to the public.

Read on

Guide to drafting CIS marketing materials and distributing CISs

Relevant on January 12, 2017

This guide outlines the behaviours to be adopted and the bad practice which is prohibited when drafting CIS marketing materials and when distributing CIS (general principles, communication on financial indexes and strategy, etc.). These provisions cover structured funds, index funds, funds using Constant Proportion Portfolio Insurance (CPPI) strategies, SOFICAs, real-estate funds and authorised venture capital funds.

Read on

Sound remuneration policies under the UCITS Directive 

Relevant on December 20, 2016

The AMF is applying ESMA guidelines on remuneration policies for portfolio management companies under the UCITS Directive (ESMA/2016/575). The AMF is incorporating these guidelines into a position that makes certain clarifications to prevent poorly designed remuneration structures from adversely affecting risk management and control. Some of the provisions apply in a manner appropriate to the fund manager’s size and organisation, as well as to the nature, scope and complexity of the fund manager’s business.

Read on

Legal notice