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Book III - Service providers
Title I - Investment services providers
Chapter III - Financial instrument governance requirements
Section 1 - Financial instrument governance obligations for manufacturers
Article 313-12 from 03/01/2018

Article 313-12 into force since

  • Version into force since
ELI : /en/eli/fr/aai/amf/rg/article/313-12/20180103/notes

I.- The manufacturer shall undertake an analysis for each financial instrument that it manufactures to assess:

  1. the risks of poor outcomes for end clients posed by the financial instrument; and

  2. in which circumstances these outcomes may occur.

II.- It shall assess the financial instrument under negative conditions covering what would happen if, for example:

  1. the market environment deteriorates;

  2. the manufacturer or a third party involved in manufacturing and or functioning of the financial instrument experiences financial difficulties or other counterparty risk materialises for the manufacturer or the third party;

  3. the financial instrument fails to become commercially viable; or

  4. demand for the financial instrument is much higher than anticipated, compromising its financial position or disrupting the market of the underlying assets.