News releases AMF: 2013

The AMF publishes a guide related to investment research

Published on December 20, 2013

To make the rules that apply to investment research more understandable and clarify its expectations for their application, the AMF has published a position-recommendation (DOC-2013-25).

Following a review of the practices related to the production and dissemination of investment research, the AMF has decided to publish a guide for investment firms. The purpose of the guide, published in the form of a position-recommendation, is to state the provisions in effect and the AMF's interpretation of actual situations that were brought to its attention by professionals.

With a concern for clarifying the regulatory framework for investment research without introducing new national requirements, the AMF has ensured that the positions and recommendations formulated in the guide are consistent with European rules.

The main positions and recommendations of the guide concern:

  • the definition of investment research and specific provisions for marketing communication;
  • scope of rules relating to investment investment research;
  • management of conflicts of interest for maintaining the independence of research (potential conflicts of interest in the organisation due to personal transactions by the financial analyst or the relationship between the analyst and issuers);
  • commercial services provided by financial analysts;
  • rules for preparing and disseminating research.

The AMF has indicated that the positions and recommendations will go into effect no later than 30 June 2014. 

Press contact:
AMF Communication Directorate - Christèle Fradin - Tel.: +33 (0)1 5345 6029 or +33 (0)1 5345 6028

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