Article 321-108 into force since
- Version into force since
I. - Asset management companies must not group client orders with orders passed on behalf of UCITS or with transactions for their own account prior to transmission or execution, unless the following conditions are met.
The grouping of orders and transactions is unlikely to be detrimental overall for any of the clients or UCITS whose orders have been included;
An order allocation policy has been established and is effectively applied to ensure by means of sufficiently specific procedures an equitable allocation of grouped orders and transactions, explaining how, in each case, the order quantities and prices determine the allocations and the treatment of partially executed orders.
II. - Where an asset management company groups an order with one or more other client orders or orders passed on behalf of other UCITS and the grouped order is partially executed, the company shall allocate the corresponding transactions in accordance with its order allocation policy referred to in 2° of I.
Head of publications: The Executive Director of AMF Communication Directorate. Contact: Communication Directorate – Autorité des marches financiers 17 place de la Bourse – 75082 Paris cedex 02