AMF : Doctrine

Policy content

• I - Issuers and financial disclosure
  • I. 1 - Periodic and ongoing information
    • I. 1.1. Financial disclosure
      • I. 1.1.1. General provisions
        • Recommendation DOC-2013-08: Pro forma financial information
        • Position - Recommendation DOC-2004-04: Disclosure of profit estimate
        • Instruction DOC-2011-04: Procedures for communicating on transactions involving the temporary transfer of shares.
      • I. 1.1.2. Information to shareholders
        • Recommendation DOC-2015-09: Communication by companies aimed at promoting their securities to individual investors
        • Position DOC-2015-10: Communication by companies on fees associated with holding securities in pure registered form
        • Recommendation DOC-2012-05: General meetings of shareholders of listed companies
        • Recommendation DOC-2011-06: Proxy voting advisory firms
      • I. 1.1.3. Information from senior managers
      • Position DOC-2007-15: Allocation of free shares or stock options to employees or directors
      • I. 1.1.5. Transfer of a company from a market to another
        • Position - Recommendation DOC-2010-03: AMF Q&A pertaining to the transfer of a listed company from Alternext to Euronext
    • I. 1.2. Corporate governance and internal control
      • Recommendation DOC-2012-02: Corporate governance and executive compensation in companies referring to the AFEP/MEDEF code - Consolidated presentation of the recommendations contained in the AMF annual reports
      • Recommendation DOC-2010-16: Reference framework for risk management and internal control systems
      • Recommendation DOC-2010-15: AMF supplementary report on corporate governance, executive compensation and internal control – Mid-caps and small-caps governed by the Middlenext corporate governance code of December 2009
      • Recommendation DOC-2010-19: Audit Committees
    • I. 1.3. Dissemination, filing and storage of regulated information
      • Instruction DOC-2007-03: Electronical filing to the AMF of regulated information
    • I. 1.4. Accounting information
      • I. 1.4.1. Financial statements
        • Recommendation DOC-2016-09: 2016 financial statements
        • Recommendation DOC-2015-08: 2015 Financial Statements
        • Recommendation DOC-2014-13: Financial statements 2014
        • Recommendation DOC-2013-19: Financial statements 2013
        • Recommendation DOC-2012-16: Financial statements 2012
        • Recommendation DOC-2011-16: Financial statements 2011
        • Recommendation DOC-2010-12: Financial statements 2010
        • Recommendation DOC-2009-28: Financial statements 2009
        • Recommendation DOC-2008-22: Financial statements 2008
        • Recommendation DOC-2007-23: Financial statements 2007
        • Recommendation DOC-2006-22: Financial statements 2006
      • I. 1.4.2. IFRS
        • Recommendation DOC-2016-12: Implementation and information to be disclosed under IFRS 9 – Financial instruments
        • Recommendation DOC-2016-03: Implementation of IFRS 15 – Revenue from Contracts with Customers – and related disclosures
        • Position DOC-2011-13: Classification of collective investments schemes as cash equivalents
        • Recommendation DOC-2008-13: Fair value measurement of certain financial instruments
    • I. 1.5. Relationships with the statutory auditors
      • Position - Recommendation DOC-2010-25: Relationships between statutory auditors and the AMF
  • I. 2 - Prospectus
    • Instruction DOC-2009-10: Prospectus drawn up for the public offering of shares in mutual or cooperative banks
    • Position DOC-2010-06: AMF Q&A pertaining to the articulation of sukuk prospectuses and practical procedures for securing approval for the admission to trading on a regulated market
    • Position DOC-2007-17: Questions and answers on profit forecasts
    • Position DOC-2006-17: Concept of profit forecasts
    • Recommendation DOC-2009-11: Preparing documentation for corporate finance transactions subject to the approval of the AMF
  • I. 3 - Registration document
    • Position - Recommendation DOC-2009-16: Guide d'élaboration des documents de référence
  • I. 4 - Takeover bids
    • I. 4.1. General rules and common provisions
      • Instruction DOC-2009-08: Takeover bids supervision
    • I. 4.2. Independent appraisal
      • Instruction DOC-2006-08: Fairness opinion
      • Recommendation DOC-2006-15: Fairness opinion in the context of corporate finance transactions
    • I. 4.3. Shareholders’ agreement
      • Position DOC-2004-02: Advertising campaigns for public disclosure of standstill commitments to hold shares entered into under the Dutreil Act
    • I. 4.4. Major holding notification, letter of intent and change in intent
      • Instruction DOC-2008-02: Major shareholding notification and letter of intent
    • I. 4.5. Orderly acquisition procedure
      • Instruction DOC-2010-02: Transparency and procedure for the orderly acquisition of debt securities that do not give access to capital
  • I. 5 - Financial operations
    • I. 5.1. Capital increases
      • I. 5.1.1. Capital increases with preferential subscription rights maintained
        • Position DOC-2011-12: Using the extension clause in capital increases with preferential subscription rights
        • Position DOC-2007-11: Capital increases by means of allocation of stock warrants, as a substitue for preferential subscription rights
      • I. 5.1.2. Capital increases without preferential subscription rights
        • Position DOC-2012-09: Private placement of financial instruments
        • Position DOC-2004-03: Capital increases reserved for certain categories of investors
        • Position - Recommendation DOC-2012-18: Information provided to the market in the event of equity lines or step-up equity financing
        • Recommendation DOC-2009-13: Delegation of powers given by the assembly
    • I. 5.2. Share purchase warrants
      • Position DOC-2008-09: Issuance of bonds with redeemable share subscription warrants followed by the allocation of those redeemable share subscription warrants to the issuer’s employees or directors
      • Position DOC-2007-11: Capital increases by means of allocation of stock warrants, as a substitue for preferential subscription rights
    • I. 5.3. Initial public offerings
      • Position - Recommendation DOC-2015-02: Initial Public Offerings
    • I. 5.4. Share buybacks - Stabilisation
    • I. 5.5. Spin-offs and mergers
      • Position - Recommendation DOC-2011-11: Transfers of assets and mergers
    • I. 5.6. Major assets disposal and acquisition
      • Position - Recommendation DOC-2015-05: Major Asset Disposals and Acquisitions
• II - Investment products
  • II. 1 - Collective investment schemes (CISs)
    • II. 1.1. Common provisions applicable to UCITS and CISs
      • Instruction DOC-2017-05: Conditions for setting up redemption gate mechanisms
      • Position - Recommendation DOC-2011-05: Guide to the regulatory documents governing collective investments schemes
      • Position - Recommendation DOC-2011-25: A guide to the monitoring of collective investment schemes
      • Position - Recommendation DOC-2011-24: Guide to drafting CIS marketing materials and distributing CISs
      • Position DOC-2012-15: Criteria applicable to "philanthropic" collective investments
      • Position DOC-2007-19: Extra-financial criteria for securities selection and application of these criteria to funds declaring themselves compliant with Islamic law
      • Position DOC-2008-14: Fund performance swaps and actively managed investment structures
      • Position DOC-2012-12: A guide to fees
      • Instruction DOC-2011-15: Calculation of global exposure for authorised UCITS and AIFs
    • II. 1.2. Specific provisions applicable to UCITS
      • Instruction DOC-2011-19: Authorisation procedures, preparation of a KIID and a prospectus and periodic reporting for French and foreign UCITS marketed in France
      • Position DOC-2013-06: ETFs and other UCITS issues
    • II. 1.3. Specific provisions applicable to CISs open to all subscribers
      • Position DOC-2013-16: Key concepts of the Alternative Investment Fund Managers Directive
      • Position DOC-2013-22: Frequently asked questions on the transposition of the AIFM Directive into French law
      • Instruction DOC-2014-02: Disclosure to investors in unauthorised or undeclared AIFs
      • II. 1.3.1. Specific provisions applicable to Funds open to non-professional investors
        • Instruction DOC-2011-20: Authorisation processes, preparation of a KIID and a prospectus and periodic reporting for retail investment funds, funds of alternative funds and professional retail investment funds
        • Instruction DOC-2011-23: Authorisation and establishment processes for a KIID and a prospectus and periodic information for real estate collective investment undertakings and professional real estate collective investment undertakings
        • Instruction DOC-2011-22: Authorisation procedures, preparation of a KIID and rules, and reporting for private equity funds
        • Position - Recommendation DOC-2012-11: Guide for retail and professional private equity funds
      • II. 1.3.2. Specific provisions applicable to Funds open to professional investors
        • Instruction DOC-2011-20: Authorisation processes, preparation of a KIID and a prospectus and periodic reporting for retail investment funds, funds of alternative funds and professional retail investment funds
        • Instruction DOC-2011-23: Authorisation and establishment processes for a KIID and a prospectus and periodic information for real estate collective investment undertakings and professional real estate collective investment undertakings
        • Instruction DOC-2012-06: Procedures for making disclosures and introducing changes, preparation of a prospectus and reporting for specialised professional funds and professional private equity funds
        • Position DOC-2005-14: Q&A on professional specialised investment funds
        • Position - Recommendation DOC-2012-11: Guide for retail and professional private equity funds
        • Position DOC-2006-18: Calculation period for the net asset values of funds of alternative funds and retail investment funds
      • II. 1.3.3. Specific provisions applicable to employee investment undertakings
        • Instruction DOC-2011-21: Authorisation procedures, preparation of a KIID and a prospectus, and reporting for employee investment undertakings
      • II. 1.3.4. Specific provisions applicable to securitisation vehicles
        • Instruction DOC-2011-01: Securitisation vehicles
  • II. 2 - Other investment products
    • Position DOC-2017-01: Questions and answers – Prohibition of marketing communications with regard to the provision of investment services on certain financial derivatives
    • Position DOC-2011-08: Q&A on foreign exchange trading
• III - Providers
  • III. 1 - Investment services providers
    • III. 1.1. Authorisation / Programme of operations / Passport
      • Instruction DOC-2016-02: Organisation of asset management companies for managing loan-granting AIFs
      • Instruction DOC-2008-03: Authorisation procedure for investment management companies, disclosure obligations and passporting
      • Position - Recommendation DOC-2012-19: Programme of operations guide for asset management companies and self-managed collective investments
      • Instruction DOC-2014-01: Programme of activity, obligations incumbent on investment services providers, passport notification
      • Position - Recommendation DOC-2008-15: Funds of hedge funds management in France
      • Position - Recommendation DOC-2008-23 : Questions and answers on the provision of an investment service of investment advice
      • Position DOC-2012-08: Placement services and marketing of financial instruments
      • Position DOC-2013-22: Frequently asked questions on the transposition of the AIFM Directive into French law
    • III. 1.2. Organisational rules
      • Position - Recommendation DOC-2007-24: Q&A on the organisational rules of investment services providers
      • Position - Recommendation DOC-2014-06: Guide to the organisation of the risk management system within asset management companies
      • Instruction DOC-2012-01: Risk management organisation for collective investment undertaking management activities and discretionary portfolio management investment services
      • Position DOC-2012-17: Compliance function requirements
    • III. 1.3. Rules of conduct
      • Recommendation DOC-2017-07: Future performance simulations
      • Position DOC-2016-14: Sound remuneration policies under the UCITS Directive 
      • Position - Recommendation DOC-2007-25: Q&A on the rules of conduct applicable to investment services providers
      • Position DOC-2012-13: Suitability requirements for financial services and products provided to clients
      • Position - Recommendation DOC-2014-07: Guide to best execution
      • Position DOC-2013-11: Remuneration policies for alternative investment fund managers
      • Position - Recommendation DOC-2007-21: Professional obligations towards retail clients imposed on investment services providers managing a portfolio on behalf of a third party
      • Instruction DOC-2008-04: Application of business conduct rules to marketing of units or shares in UCITS or AIFs by asset management companies, management companies or managers
      • Instruction DOC-2007-02: Investment decision and order execution support services
    • III. 1.4. Other obligations
      • Instruction DOC-2008-05: Reporting suspicious transactions
      • Instruction DOC-2007-06: Financial instrument transaction reporting to the AMF by investment services
      • Position DOC-2007-26: Q&A on the rules of conduct applicable to investment services providers
      • Position DOC-2013-09: The exemption for market making activities and primary market operations under Regulation (EU) 236/2012
  • III. 2 - Other providers
    • III. 2.1. Custody account-keeper
      • Instruction DOC-2005-09: Discretionary portfolio management certificate
    • III. 2.2. Depositaries
      • Instruction DOC-2016-01: Authorisation procedure for investment firms acting as a UCITS depositary – Review procedure for the performance specifications of other UCITS and AIF depositaries
    • III. 2.3. Financial analysts
      • Recommendation DOC-2007-12: Production of independant research for large scale securities offerings intended for retail investors
    • III. 2.4. Legal entities managing certain Other AIFs
      • Instruction DOC-2013-21: Registration arrangements for legal entities, other than portfolio management companies, managing certain Other AIF
      • Position DOC-2013-22: Frequently asked questions on the transposition of the AIFM Directive into French law
  • III. 3 - Anti-money laundering and combating the financing of terrorism
    • Position - Recommendation DOC-2010-22: Guidelines regarding the prevention of money laundering and terrorist financing
    • Position - Recommendation DOC-2010-23: Guidelines on the obligation to report suspicious transactions to TRACFIN
    • Position - Recommendation DOC-2013-04: AMF guidelines on the concept of third party introducer with regard to the fight against money laundering and terrorist financing
    • Position - Recommendation DOC-2013-05: Guidelines on the notion of beneficial owner with regard to the fight against money laundering and terrorist financing
    • Position - Recommendation DOC-2013-23: Guidelines on the notion of politically exposed persons in connection with anti-money laundering and counter-terrorist financing
  • III. 4 - Crowdfunding
    • Instruction DOC-2014-12: Information to be provided to investors by the issuer and crowdfunding investment adviser or investment services provider within the framework of crowdfunding
    • Instruction DOC-2014-11: Description of the AMF review process of registration applications by crowdfunding investment advisers and the transmission of annual disclosures by said advisers
• IV - Marketing - Customer relationship
  • IV. 1 - General provisions
    • Recommendation DOC-2017-07: Future performance simulations
    • Position DOC-2013-02: Collecting ‘know-your-client’ information
    • Position - Recommendation DOC-2017-08: Position/Recommendation supplementing Position 2013-02 on collecting know-your-client information
    • Instruction DOC-2012-07: Complaint handling
    • Position - Recommendation DOC-2014-05: Agreements on the distribution of financial instruments
    • Position DOC-2012-08: Placement services and marketing of financial instruments
    • Instruction DOC-2013-07: Requirements relating to the professional competence of financial investment advisers, the updating of their knowledge, and reporting to the AMF on their activity and that of associations
    • Position - Recommendation DOC-2006-23: Questions and answers on the rules that apply to financial investment advisers
  • IV. 2 - Specific provisions applicable to certain products
    • Instruction DOC-2017-06: Procedure for preparing and registering an information document that must be filed with the AMF by intermediaries in miscellaneous assets
    • Position - Recommendation DOC-2011-24: Guide to drafting CIS marketing materials and distributing CISs
    • Position DOC-2013-13: Guide pour la rédaction des documents commerciaux dans le cadre de la commercialisation des titres de créance structurés
    • Position DOC-2010-05: Marketing of complex financial instruments
    • Position DOC-2014-04: Guide to UCITS and AIF marketing regimes in France
    • Instruction DOC-2014-03: Procedure for marketing units or shares of AIFs
    • Instruction DOC-2008-04: Application of business conduct rules to marketing of units or shares in UCITS or AIFs by asset management companies, management companies or managers
    • Position DOC-2013-12: Requirement to offer a guarantee (of the formula and/or capital, as appropriate) for structured UCITS and AIFs, “guaranteed” UCITS and AIFs and structured debt securities issued by special purpose entities and marketed to the general public
    • Position DOC-2008-20: Questions and answers about the marketing of investment vehicles primarily for tax deduction purposes
• V - Market infrastructure
  • V. 1 - Regulated market and multilateral trading facilities
    • Position DOC-2012-03: Systems and controls in an automated trading environment
    • Instruction DOC-2015-04: Agricultural commodities futures market
  • V. 2 - Central depositories, clearing houses, payment and settlement systems
    • Instruction DOC-2009-07: On the file to be submitted to the AMF by a central securities depository or a securities settlement system manager, within the framework of the prior approval application to the AMF for allowing an institution to open an account with the central securities depository or take part in the securities settlement system
  • V. 3 - Other market participants
    • Position DOC-2013-14: Scope of the regulation on credit rating agencies
• VI - Market abuse
  • VI. 1 - Accepted market practices
  • VI. 2 - Market soundings
    • Position DOC-2017-02: Persons receiving market soundings

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