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In-depth Savings & services providers: Miscellaneous

Regulatory news and key issues, Autumn 2017

Published on October 27, 2017

With the summer season behind us, Xavier Parain, head of asset management, reviews the latest regulatory developments and key issues for the coming period. He gives a progress update on the steps taken so far and looks at the big deadlines in the months ahead for the MiFID 2 reforms to the Markets in Financial Instruments framework, packaged retail and insurance-based investment products (PRIIPs) and other European issues, including securitisation and the Money Market Funds Regulation. Read on to learn about the new economic opportunities being created this autumn, the latest on the Sapin 2 framework, and how proposals by the FROG group to boost competitiveness are being put into practice. We also touch on several pieces of European legislation, looking at key dates and the final stages remaining before their introduction.

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The AMF updates its policy for ETFs

Published on October 25, 2017

The AMF is supplementing its Position-Recommendation DOC-2011-25, "Guide to monitoring CIUs", with two recommendations on the monitoring of exchange-traded funds (ETFs). The first relates to procedures and maintenance of subscriptions and redemptions in the event of a significant reduction in the liquidity of the underlying assets of an index followed by the ETF, or significant valuation problems. The second outlines what to do if one or more of the ETF's financial counterparties defaults.

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AMF publishes summary of the public consultation on corporate finance advice

Published on September 25, 2017

Following a consultation in January and February, the AMF presents the responses it received and its suggestions for the activity of corporate finance advice.

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The AMF is updating its policy on the organisational and transparency rules applicable to management companies wishing to invest in or gain exposure to CoCos through their funds

Published on June 22, 2017

Recognising the growing interest among asset managers in contingent convertible bonds, commonly known as CoCos, the AMF is updating its policy and clarifying the organisational and transparency rules applicable to management companies that want to invest in or gain exposure to these instruments.

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Setting up redemption gates mechanisms: the AMF publishes a new instruction and adjusts its existing policy

Published on April 12, 2017

In addition to the amendments to its General Regulation, the Autorité des marchés financiers (AMF) is issuing a new instruction (DOC-2017-05) and adapts its policy to incorporate the terms and conditions for setting up redemption gates mechanisms in open ended funds.

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Implementing “FROG” innovations and preparing for the entry into force of the PRIIPs Regulation: updates to AMF policy

Published on April 4, 2017

Following on from the work done as part of the market-wide “FROG” project, the Autorité des Marchés Financiers (AMF) has amended its policy on AMF classifications, the disclosure of management fees charged by UCITS and certain AIFs, management delegation and the transformation of a common fund into a SICAV. The AMF has also made changes to its policy in preparation for the entry into force of the “PRIIPs” Regulation and following the amendments to the AMF’s General Regulation that were approved on 28 June 2016.

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Management companies: obligation to exchange margins takes effect on 1 March 2017 for non-centrally cleared derivatives

Published on March 31, 2017

In application of the delegated regulation defining and implementing the obligation to exchange collateral for non-centrally cleared contracts, management companies that manage UCITS and AIFs – like any other financial counterparty – will be required to progressively implement this obligation, as stipulated by EMIR, the European Market Infrastructure Regulation on derivatives. The Autorité des Marchés Financiers (AMF) wishes to draw the attention of French management companies to the entry into force, on 1 March 2017, of the obligation to exchange variation margins.

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Key figures for asset management: first figures for 2016

Published on March 6, 2017

The AMF is releasing its first set of key figures for 2016. France had 630 authorised asset management companies at 31 December 2016. The text below is a detailed look at authorisation withdrawals and management companies created in 2016.

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Management companies: the AMF offers advice for how best to implement and use stress tests

Published on March 3, 2017

The Autorité des Marchés Financiers (AMF) is publishing a guide containing an overview of French management companies’ current practices in the area of stress testing. The guide also provides examples of market-event and liquidity stress tests. The AMF held a public consultation in 2016 to help it prepare the guide.

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Use of benchmarks: the AMF integrates new best practices into its policy

Published on March 3, 2017

The Autorité des marchés financiers (AMF) reminds asset management companies of how important it is to draft the management objective clearly, especially when a fund refers to a benchmark index. The AMF is updating its policy to integrate best practices in this matter.

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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