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Article 321-49 into force since

  • Version into force since
ELI : /en/eli/fr/aai/amf/rg/article/321-49/20180103/notes

I. - The conflicts of interest policy established in compliance with Article 321-48 must specifically:

  1. Identify, with reference to the asset management company's collective asset management activities, the circumstances which constitute or may give rise to a conflict of interest entailing a material risk of damage to the interests of the UCITS or one or more clients when providing management of a UCITS;

  2. Specify procedures to be followed and measures to be adopted in order to manage such conflicts.

II. - The procedures and measures provided for in Point 2° shall be designed to ensure that relevant persons engaged in different business activities involving a conflict of interest of the kind specified in Point 1° carry on those activities at a level of independence appropriate to the size and activities of the asset management company and of the group to which it belongs, and to the materiality of the risk of damage to clients' interests.

The procedures to be followed and measures to be adopted shall include such of the following as are necessary and appropriate for the asset management company to ensure the requisite degree of independence:

  1. Effective procedures to prevent or control the exchange of information between relevant persons engaged in activities involving a risk of a conflict of interest where the exchange of that information may damage the interests of one or more clients;

  2. Separate supervision of relevant persons whose principal functions involve carrying out activities on behalf of, or providing services to, clients whose interests may conflict, or who otherwise represent different interests that may conflict, including those of the asset management company;

  3. Elimination of any direct links between the remuneration of relevant persons principally engaged in one activity and the remuneration of, or revenues generated by, other relevant persons principally engaged in another activity, where a conflict of interest is likely to arise in relation to those activities;

  4. Measures to prevent or limit any person from exercising inappropriate influence over the way in which a relevant person carries out his activities;

  5. Measures to prevent or control the simultaneous or sequential involvement of a relevant person in separate activities other than collective asset management where such involvement may impair the proper management of conflicts of interest;

  6. Measures to ensure that a relevant person may only provide paid advisory services in that capacity and on behalf of the asset management company to companies issuing the securities held by the UCITS under the company's management or the securities that it plans to acquire, regardless of whether it is the company concerned or the UCITS under management that pays for those services.

If the adoption or the practice of one or more of those measures and procedures does not ensure the requisite degree of independence, asset management companies shall adopt such alternative or additional measures and procedures as are necessary and appropriate for those purposes.