Article 321-45 into force since
- Version into force since
Articles 321-43 and 321-44 do not apply to the following personal transactions:
Personal transactions executed as part of a third-party portfolio management service and without any prior instruction concerning the transaction between the portfolio manager and the relevant person or another person on whose behalf the transaction is executed;
Personal transactions in units or shares in a collective investment scheme, provided that the relevant person or any other person on whose behalf the transactions are executed is not involved in the management of such scheme.
The foregoing provision shall not apply to the collective investment schemes governed by Article L. 214-154 of the Monetary and Financial Code, or to the schemes referred to in Articles L. 214-144 to L. 214-147 ibid. that rely on the waiver provided for in III of Article R. 214-193 ibid.
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