General Regulation

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Published on April 28, 2014

Investment management companies authorised by the AMF may apply to extend their authorisation. They are also required to inform the regulator in the course of their existence of modifications made to the initial authorisation file (Article L. 532-9.1 of the Monetary and Financial Code and Article 313-3 of the AMF General Regulation). These modifications are subject either to prior authorisation by the AMF or to a disclosure, depending on the case.

Authorisation extensions

Applications to extend authorisations must be made to the AMF using the supplementary forms provided in the application package relating to the instruments used by the management company within the framework of the products or mandates it manages, or using the standard authorisation package as a basis (Annexes 1, 1-1 bis and 1.2 to 1-9 of Instruction DOC-2008-03). 

Modifications subject to prior authorisation by the AMF

Modifications to material items in the authorisation application and requiring prior authorisation by the AMF include, for example, a change of shareholders or reorganisation of the company in terms of its resources or control. 

Information about modificationsA summary table listing the modifications relating to investment management companies is available in Article 8 of AMF Instruction DOC-2008-03.

Modifications subject to disclosure to the AMF

One-off and non-significant modifications, such as a change of name, of professional association, etc., must merely be disclosed to the AMF immediately, annually or at the AMF’s request, depending on the case.
The guide to drafting the programme of activity required of investment management companies (AMF Position-Recommendation DOC-2012-19) can provide help for investment management companies wishing to modify their programme of activity.

Contributions due to the AMF

During their lifetime, companies must pay the AMF one or several contributions for their activities:

  • investment management companies must pay an annual contribution calculated on the basis of the outstanding amounts of the funds and the mandates they manage;
  • products in company form (SICAV, SCPI, etc.) are subject to an individual annual contribution calculated on the basis of the last known amount outstanding for the previous year.

The calculation rate is identical for both groups: 0.008 per thousand of the outstanding amount, subject to a minimum of €1,500.
 

 

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