Print

Regulation

MIFID II suitability requirements

Relevant on March 6, 2019

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

Relevant on January 24, 2019

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

A guide to drafting collective investment marketing materials and distributing collective investments

Relevant on January 3, 2019

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

A guide to fees

Relevant on January 3, 2019

Rebates on subscription/redemption fees and management fees in funds of funds may only be made under certain conditions indicated in this guide. Clarifications are also given about performance fees as well as the methods for calculating variable management fees with equalisation liabilities for ARIA funds, alternative funds of funds, and contractual CIS.

Read on

A guide to the monitoring of collective investment undertakings

Applicable from January 3, 2019 to March 12, 2019

This guide provides a reminder of how certain aspects of the regulations governing CIS should be applied, such as control procedures, maturity management, side pocket funds, compensation procedures, calculating exposure and overall risk, and information for investors (in relation to mergers and in relation to the guaranteed amount of their investment) as well as the monitoring of ETFs.

Read on

Legal information
Head of publications: The Executive Director of AMF Communication Directorate.
Contact: Communication Directorate – Autorité des marches financiers 17 place de la Bourse – 75082 Paris cedex 02