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Book III - Service providers
Title I bis - Asset management companies of AIFs
Chapter V - Other provisions
Section 1 - Management of inside information and restrictions to be applied within the asset management companies of aifs
Sub-section 2 - Watch list
Article 320-3 from 03/01/2018 to 25/04/2020

Article 320-3 into force from to

  • Version into force from to
ELI : /en/eli/fr/aai/amf/rg/article/320-3/20180103/notes

To ensure compliance with the abstention requirement set out in Articles 8, 10 and 14 of the market abuse regulation (regulation n° 596/2014/EU), asset management companies shall establish and maintain an appropriate procedure for supervising the issuers and financial instruments on which they have inside information.

Such supervision shall cover:

  1. Transactions in financial instruments by the asset management company for its own account;

  2. Personal transactions, as defined in Article 63 of Delegated Regulation (EU) n° 231/2013 of the Commission of 19 December 2012, made by or on behalf of the relevant persons referred to in point 2 of Article 1 of the same Regulation;

To this end, the compliance and internal control officer shall draw up a watch list of the issuers and financial instruments on which the asset management company has inside information.

The relevant entities shall inform the compliance and internal control officer when they believe they possess inside information.

In such case, the issuer or the financial instruments to which the inside information pertains shall be put on the watch list, under the supervision of the compliance and internal control officer.

The watch list shall indicate the reason for adding an issuer or financial instrument to the list and the names of the persons who have access to the inside information.

The provisions of the foregoing paragraph shall not apply where the asset management company, in its capacity as issuer of financial instruments, maintains the list provided for in Article 18 of the market abuse regulation (regulation n° 596/2014/EU).

The relevant entities shall inform the compliance and internal control officer when they believe that information they had previously reported pursuant to the fifth paragraph has ceased to be inside information.

The contents of the watch list are confidential. Dissemination of items in the watch list is restricted to the persons designated by name in the procedures referred to in the first paragraph of Article 320-2.