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In-depth Savings & services providers: Miscellaneous

MiFID II and the new rules applicable to asset management companies: new update to AMF policy

Published on January 3, 2019

The Autorité des Marchés Financiers (French Financial Markets Authority, or AMF) is continuing to update its policy (instructions, positions and recommendations) to take account of the impact of the legislative and regulatory provisions arising from MiFID II and the creation of separate legal structures for asset management companies (AMCs) and investment firms (IFs). This update also provides an opportunity to provide further clarifications that may be of use to market operators. Three policy documents have been updated and one new instruction has been issued.

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The AMF publishes a guide on the implementation of the obligations of UCITS depositaries

Published on December 21, 2018

The UCITS V Directive specifies the obligations applicable to UCITS depositaries. The AMF is publishing a guide detailing certain aspects of the new system that were the subject of exchanges with the depositaries in the framework of their authorisation or review of their performance specifications.

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The AMF publishes a study on the volatility of French money market funds

Published on October 31, 2018

In order to mark the entry into force of European regulation on money-market funds, the AMF carried out a historical analysis of the volatility of French money market funds, both standard funds and short-term funds, whose net asset value varies depending on their market value.

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Asset management: some reminders ahead of the 2018 post-summer holiday period

Published on October 23, 2018

Money market funds, securitisation: management companies need to prepare for new regulatory deadlines in the coming months. At the same time, the AMF intends to continue its support initiatives relating to the new markets in financial instruments framework, MiFID II. Overview of the main texts to watch out for, with Xavier Parain, deputy Secretary General, who heads up the AMF's Asset Management Directorate.

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Entry into force of the MMF Regulation: the AMF assists management companies in their authorisation and management process

Published on September 20, 2018

Regulation (EU) 2017/1131 on money market funds (MMFs) enters into application on 21 July 2018. In this context, the French Financial Markets Regulator (AMF) has published a guide for companies that wish or are required to submit an application for authorisation as a money market fund for one or several of their funds.

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The implementation of MiFID II and the new regime for asset management companies: the AMF continues its policy updates

Published on July 20, 2018

The Autorité des Marchés Financiers (French Financial Markets Authority or AMF) is continuing its policy updates to account for the impact of MiFID II’s implementation and the creation of two separate legal structures for asset management companies (AMCs) and investment firms (IFs).

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Stress test scenarios for money market funds: Application of the ESMA guidelines by the AMF

Published on July 5, 2018

The Autorité des Marchés Financiers (AMF) has published a position (DOC-2018-05) in order to incorporate the ESMA guidelines for stress test scenarios under article 28 of the money market fund (MMF) regulation.

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Classes of units or shares in UCITS and AIFs: the AMF modifies its General Regulation and updates its policy

Published on June 29, 2018

The Autorité des marchés financiers (AMF) is clarifying, for AIFs open to non-professional investors, the possibility of creating classes of units or shares implementing both currency risk hedging and hedging for another risk factor. The AMF is also specifying that only currency risk may be specifically hedged for a class of units or shares in a UCITS. Lastly, the rules applying to AIFs open to non-professional investors have been relaxed.

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The implementation of MiFID II and the new regime for asset management companies: the AMF will publish regular policy updates

Published on June 18, 2018

The Autorité des Marchés Financiers (French Financial Markets Authority or AMF) is currently updating its policy (instructions, position papers and recommendations) to account for the impact on form and substance of MiFID II’s implementation and the introduction of the new legal structure for asset management companies. This will take several months. Four initial documents are being published today.

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The AMF Scientific Advisory Board dedicated a session to the issue of asset management.

Published on June 6, 2018

At the AMF Scientific Advisory Board meeting of April 10th 2018, Serge Darolles presented an article on liquidity risk management on both the asset and liability sides of a fund. On the other hand, Thierry Roncalli provided an analysis of the debate around active and passive asset management, questioning the future of active management and the likely consequences on financial markets.

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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