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In-depth Savings & services providers: AIF

Loan origination by investment funds: publication of an AMF instruction on the organisation of management companies

Published on August 26, 2016

The Autorité des Marchés Financiers (AMF) has published an instruction on the organisational conditions to be fulfilled by French asset management companies managing alternative investment funds (AIFs) that wish to grant loans (DOC-2016-02). This instruction describes the requirements that must be met to obtain an authorisation or an extension of an authorisation.

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ELTIF: first funds authorised by the AMF

Published on May 26, 2016

EU Regulation 2015/760, which took effect on 9 December 2015, introduced the European long-term investment fund, or ELTIF. These funds are designed to procure long-term financing for infrastructure projects, unlisted companies, and listed small and mid-sized companies (SMEs) that issue equity or debt instruments. The AMF has just issued its first two ELTIF authorisations to two funds classified as French limited partnerships, or SLPs.

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AIFM Directive: the AMF publishes the 34 bilateral cooperation agreements signed with non-European supervisors of alternative investment fund managers

Published on January 22, 2016

To assist management companies in their international operations, the AMF is publishing in full on its website the 34 AIFM bilateral cooperation agreements signed by the AMF between July 2013 and October 2014 with non-European supervisors of alternative investment fund managers.

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French limited partnerships (SLPs): the first four partnerships registered by the AMF

Published on January 11, 2016

The French limited partnership (société de libre partenariat – SLP) is a new kind of organisational structure established by the Macron Act in August 2015. It adds to the list of options already available in France for investors to be involved in the governance of investment funds, such as SICAVs organised as public limited companies (société anonymes) or simplified joint-stock companies (sociétés par actions simplifiées). The SLP is designed to allow for management flexibility, as limited partnerships do, while giving managers and investors legal certainty. The first four SLPs to be set up were registered by the AMF at the end of 2015.

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Creation of the “société de libre partenariat” (SLP): the AMF updates its General Regulation and its instruction DOC-2012-06

Published on October 13, 2015

The law for growth, activity and equal economic opportunities has led to the opportunity to create a new kind of professional specialized fund: the “société de libre partenariat” (SLP). To take the specificities related to this product into account, the AMF is modifying its General Regulation and its instruction DOC-2012-06 regarding the procedures for declaration, modifications, drafting of a prospectus and periodic information on professional specialized and private equity investment funds.

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AIFM Directive: D-Day

Published on August 6, 2014

The AIFM Directive providing a new regulatory framework for alternative investment fund managers around Europe came into force on 22 July 2014. Here is a review of the system set up by the AMF.

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The AMF is updating its instructions on authorisation procedures for investment management companies and other investment services providers

Published on April 28, 2014

Following the publication of new provisions in Book III of the AMF General Regulation, arising from transposition of the AIFM Directive (Directive 2011/61/EU) into French law, the AMF has updated its instructions on service providers.

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The AMF has updated its list of frequently asked questions on the transposition of the AIFM Directive into French law

Published on April 8, 2014

The AMF has updated its list of frequently asked questions on the transposition of the AIFM Directive into French law. This AMF Position (DOC-2013-22) aims to answer professionals’ questions on the rules applicable to asset management.

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Implementation of the AIFM Directive: the AMF continues to support market participants

Published on February 17, 2014

To support market participants in implementing the new rules arising from the AIFM Directive, the AMF has published a list of frequently asked questions on the subject in the form of a position (DOC-2013-22). It has also published an instruction on registration arrangements for legal entities managing certain types of alternative investment funds (AIF) where those legal entities are not required to be authorised as portfolio management companies (DOC-2013-21).

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AIFM Directive Transposition in Book III of the AMF General Regulation

Published on September 4, 2013

The Directive on Alternative Investment Fund Managers (AIFM Directive) completes the European legislative framework of asset management. The Directive was transposed into French law by Order n° 2013-676 of 25 July 2013 and Decree n° 2013-687 of 25 July 2013 amending the legal framework of asset management. Further to this, Book III of the AMF General Regulation on service providers has also just been amended by a Decree of 8 August 2013.

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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