In-depth Savings & services providers: UCITS

The AMF complies with ESMA’s Opinion on share classes of UCITS funds

Published on August 31, 2017

On 30 January 2017, the European Securities and Markets Authority (ESMA) published an Opinion for national competent authorities, specifying the extent to which different types of units or shares (share classes) of the same UCITS fund can differ from one another. The AMF is applying this Opinion and provides some details on the content of the Opinion.

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Remuneration policy for asset management companies: the AMF has created a form to help firms comply with UCITS V

Published on November 9, 2016

In order to comply with UCITS V provisions regarding remuneration policy, asset management companies need to update their programme of activity. In addition to this change, companies are being asked to fill out a form describing the remuneration policies they have adopted. The form must be approved by the AMF by 31 March 2017.

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The AMF publishes a guide to initial application of the UCITS V Directive for asset management companies

Published on March 11, 2016

To help management companies navigate the upcoming implementation of the UCITS V Directive, the AMF is providing a guide describing the changes that will affect depositaries and remuneration policies.

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Amended UCITS Directive: current status of application measures

Published on January 18, 2016

The European Commission recently adopted a delegated regulation detailing the implementation measures for the amended UCITS Directive. The measures address the diligence required of fund depositaries.

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Revised UCITS Directive adopted by European Parliament

Published on July 22, 2014

At its plenary session on 14 April 2014, the European Parliament adopted the law pertaining to the revised UCITS Directive. Long awaited by the AMF, UCITS V marks a significant step forward in investor protection since it strengthens the framework applicable to depositaries responsible for the safe keeping of the fund’s assets and sets the remuneration policy for managers to limit excessive risk-taking.

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The AMF specifies conditions for access by non-professional clients to funds intended for professional investors

Published on January 10, 2014

Continuing the recent modifications to its General Regulation, the AMF has updated position-recommendation DOC-2007-21 concerning professional obligations for non-professional clients and portfolio management for third parties.

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Transposition of the UCITS IV Directive

Published on July 3, 2013

The order transposing Directive 2009/65/EC amending Volumes III and IV of the Monetary and Financial Code was signed and adopted by the Council of Ministers today. France is one of the very first countries to finish transposing the directive.

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The European Commission publishes a draft revision of the UCITS Directive covering the regime for depositaries, remuneration for managers and administrative sanctions

Published on July 3, 2012

This long-awaited revision of the UCITS Directive should align the regime for UCITS depositaries with that applicable to depositaries of alternative investment funds. Its contents are limited to three areas, in respect of which a harmonised European framework is proposed: clarified roles and responsibilities for depositaries, rules governing remuneration for managers, and administrative sanctions.

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The AMF responds to the European Commission consultation on the draft UCITS V Directive

Published on August 23, 2011

The European Commission has launched a public consultation on amendments to be made to the UCITS Directive to harmonise and update the regime for UCITS depositaries, with the aim of improving protection for European investors. This consultation forms part of the process of preparing the UCITS V Directive, which the AMF is following particularly closely.

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AMF launches a consultation on amending Book III of the General Regulation to transpose UCITS IV

Published on July 28, 2011

Further to the work done by the Treasury on transposing Directive No 2009/65/EC of 13 July 2009 (“UCITS IV”) in the Monetary and Financial Code, the AMF is launching a consultation on the directive’s implementing measures, which will modify Book III of its General Regulation concerning portfolio management companies and depositaries of collective investment schemes.

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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