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Regulation

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.

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Information to be provided to investors by the issuer and crowdfunding investment adviser or investment services provider within the framework of crowdfunding

Relevant on November 15, 2016

In its 2014-12 Instruction the AMF specifies the information that the (CIP or PSI) crowdfunding platform must forward to the investor. It concerns information relating to the project initiator, issuer of the securities offering (their activity, their project, the characteristics of the existing securities and securities to issue, the exit conditions) and the platform itself (fees charged to the investor, right to receive the details of the services provided to the project initiator and the related fees).

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Description of the AMF review process of registration applications by crowdfunding investment advisers and the transmission of annual disclosures by said advisers

Relevant on November 15, 2016

Pending AMF authorisation of one or more associations of crowdfunding investment advisers (CIAs), the AMF shall review the professional skills and ability of applicants to comply with the business conduct and organisational rules provided for in the AMF General Regulation. The AMF will conduct its review on the basis of an application file whose content requirements are specified in Instruction DOC-2014-11.

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Implementation and information to be disclosed under IFRS 9 – Financial instruments

Relevant on November 10, 2016

Authorisation processes, preparation of a KIID and a prospectus and periodic reporting for retail investment funds, funds of alternative funds and professional retail investment funds

Relevant on November 8, 2016

Instruction DOC-2011-20 details the rules applicable to retail investment funds, funds of alternative funds and professional retail investment funds as to the authorisation process and the preparation of a key investor information document (KIID) and a prospectus and periodic reporting. In particular, it provides details about the creation of these funds, changes to them during their life (subject to pre-approval/subject to ex-post notification) and the procedures for notifying investors and the AMF.

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Legal notice