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Regulation: Homepage
General regulation
General Regulation user guide
GR into force since 17/03/2022
Book I - The Autorité des marchés financiers
Title II - The ruling procedure of the Autorité des marchés financiers
Chapter 1er - Request for ruling
Chapter 2 - Examination of the request
Chapter 3 - Publication of the ruling
Title III - Certification of standard agreements for transactions in financial instruments
Title IV - Inspections and investigations by the Autorité des marchés financiers
Chapter 2 - Informing the AMF about the net asset values of collective investment schemes
Chapter 3 - Supervision of persons referred to in section II of article L. 621-9 of the Monetary and Financial code
Chapter 4 - Investigations
Title V - The establishment of procedures to report the failings referred to in article L. 634-1 of the monetary and financial code
Book II - Issuers and financial disclosure
Title I - Admission of financial securities to trading on a regulated market and offer of securities to the public
Chapter I - Scope
Chapter II - Information to be disseminated when securities are admitted to trading on a regulated market or offered to the public
Section 1 - Prospectus
Section 2 - Filing, approval and circulation of prospectuses
Section 3 - Special cases
Chapter II bis - Summary information to be disseminated in the case of an offer to the public not subject to a prospectus approved by the AMF
Chapter III - Right of the AMF to suspend or prohibit a public offer or admission of securities to trading on a regulated market and to be informed prior to such admission
Chapter IV - Appointment of a correspondent by persons or entities having their registered office outside France
Chapter V - Designating the AMF as the competent authority to supervise an offer
Chapter VI - Sounding out the market for financial offerings
Chapter VII - Offers made via a website and not subject to a prospectus approved by the AMF
Title II - Periodic and ongoing disclosure obligations
Chapter I - Common provisions and dissemination of regulated information
Chapter II - Periodic information
Section 1 - Financial and accounting information
Section 2 - Other information
Section 3 - Equivalence criteria for periodic information for issuers having their registered office outside the European Economic Area
Chapter III - Ongoing disclosure
Section 1 - Obligation to inform the public
Section 2 - Crossing of shareholding thresholds, declarations of intent and changes of intent
Section 3 - Shareholder agreements
Section 4 - Other information
Section 5 - Transactions in the company's securities by officers and directors and persons referred to in article L. 621-18-2 of the monetary and financial code
Section 6 - Lists of insiders
Section 7 - Statement of intent in the event of preparations for a takeover bid
Section 8 - Provisions applying to issuers of financial instruments that are no longer traded on a regulated market
Section 9 - Short positions reporting
Section 10 - Disclosure of securities financing transactions involving equity securities
Title III - Takeover bids
Chapter I - General rules and common provisions
Section 1 - Scope, definitions and general principles
Section 2 - Nature of the offer and conditions precedent
Section 3 - Filing of the draft offer, the draft offer documentand the draft reply document
Section 4 - Disclosures to shareholders and the public
Section 5 - Contents of the draft offer document and the reply document
Section 6 - Review of the draft offer by the amf
Section 7 - Distribution of the offer and reply documents
Section 8 - Other information
Section 9 - Offer timetable
Section 10 - Obligations of officers and directors, persons concerned by the offer and their advisers
Section 11 - Trading in the securities concerned by the public offer
Section 12 - Oversight of public offers
Section 14 - Suspending the effects of restrictions on the exercise of voting rights and extraordinary powers to appoint and dismiss directors, members of the supervisory board, members of the management board, chief executive officers and deputy chief executive officers
Chapter II - Standard procedure
Section 1 - General provisions
Section 2 - Competing and improved offers
Chapter III - Simplified procedure
Chapter IV - Mandatory filing of a draft offer
Chapter V - Public offers for financial instruments admitted to trading on an organised multilateral trading facility
Chapter VI - Buyout offers with squeeze-out
Chapter VII - Squeeze-outs
Chapter VIII - Disclosure and procedure for orderly acquisition of debt securities that do not give access to equity
Section 1 - Disclosure of acquisitions of debt securities that do not give access to equity
Section 2 - Procedure for orderly acquisition of debt securities that do not give access to equity
Title IV - Buyback programmes for shares and transaction reporting
Section 1 - General provisions
Section 2 - Provisions complementing accepted market practices
Title V - Marketing in France of financial instruments traded on a recognised foreign market or a regulated market of the European Economic Area (EEA)
Title VI - Fairness opinions
Chapter I - Appointing an independent appraiser
Chapter II - Appraisal report
Chapter III - Recognition of professional associations
Section 1 - Requirements for AMF recognition
Section 2 - Recognition procedure
Section 3 - Reporting to the AMF
Book III - Service providers
Title I - Investment services providers
Chapter I - Procedures for authorisation and programme of operations
Section single - Approval of the programme of operations
Chapter II - Organisational rules
Section 1 - Compliance system
Section 2 - Verification of the knowledge of specified persons
Section 3 - Safeguarding client assets
Section 4 - Professional licences
Section 5 - Record keeping
Section 6 - Annual data sheet
Section 7 - Third-party risk management
Chapter III - Financial instrument governance requirements
Section 1 - Financial instrument governance obligations for manufacturers
Section 2 - Financial instrument governance obligations for distributors
Chapter IV - Conduct of business rules
Section 1 - General provisions
Section 2 - Information to customers
Section 3 - Assessment of the suitability and appropriateness of the service to be provided
Section 4 - Verification of the level of knowledge and assessment of the knowledge and skills of the persons providing investment advice or information
Section 5 - Clients agreements
Section 6 - Order handling and execution when providing the portfolio management service
Section 7 - Inducements and fees
Section 8 - Obligations in the case of offers of financial securities or minibons via a website
Chapter V - Other provisions
Section 1 - Management of inside information and restrictions to be applied within authorised investment services providers
Section 2 - Derogations to the publication of transactions
Section 3 - Obligations of investment services providers relating to the prevention of money laundering and terrorist financing
Section 4 - Handling and monitoring of subscription applications and book entry
Section 5 - Accepted market practices
Section 6 - Provisions for orders with instructions for deferred settlement and delivery and derivatives markets
Chapter VI - Systematic internalisers
Section 1 - Informing the AMF
Section 2 - Derogations to the publication of transactions
Title I bis - Asset management companies of AIFs
Chapter I - Procedures for authorisation, programme of operations and passport
Section 1 - Authorisation and programme of operations
Section 2 - Passport for asset management companies seeking to manage aifs or provide investment services in the other member states of the european union
Section 3 - Specific rules on the authorisation of managers seeking to manage european union aifs or to market aifs of the european union or third countries under their management in the european union with a passport
Chapter II - Authorisation requirements for aif asset management companies and for acquiring or increasing an equity interest in an aif asset management company
Section 1 - Authorisation requirements
Section 2 - Content of the programme of operations
Section 3 - Requirements for acquiring or increasing an equity interest in an asset management company
Chapter III - Organisational rules
Section 1 - Organisational rules
Section 2 - Compliance system
Section 3 - Responsibilities of senior management and supervisory bodies
Section 4 - Verification of the knowledge of specified persons
Section 5 - Complaint handling
Section 6 - Personal transactions
Section 7 - Conflicts of interest
Section 8 - Professional licences
Section 9 - Record keeping
Section 10 - Annual data sheet
Section 10 bis - Report of compensation paid and non-compliance with AIF investment rules
Section 11 - Risk management
Section 12 - Liquidity management
Section 13 - Information transmission on financial contracts
Section 14 - Internal audit
Section 15 - Organisation of compliance and internal control functions
Section 16 - Outsourcing
Section 17 - Delegation of AIF management
Chapter IV - Conduct of business rules
Section 1 - General provisions
Section 2 - Order handling and execution
Section 3 - Fees
Section 4 - Information about AIF management
Section 5 - Obligations in the case of offers of financial securities or minibons via a website
Chapter V - Other provisions
Section 1 - Management of inside information and restrictions to be applied within the asset management companies of aifs
Section 2 - Obligations relating to the prevention of money laundering and terrorist financing
Section 3 - Miscellaneous provisions
Section 4 - Handling and monitoring of subscription applications and book
Title I ter - Asset management companies of UCITS
Chapter I - Procedures for authorisation, programme of operations and passport
Section 1 - Authorisation and programme of operations
Section 2 - Passport
Chapter II - Authorisation requirements for asset management companies and for acquiring or increasing an equity interest in an asset management company
Section 1 - Authorisation requirements
Section 2 - Content of the programme of operations
Section 3 - Requirements for acquiring or increasing an equity interest in an asset management company
Chapter III - Organisational rules
Section 1 - General organisational requirements
Section 2 - Compliance system
Section 3 - Responsibilities of senior management and supervisory bodies
Section 4 - Verification of the knowledge of specified persons
Section 5 - Complaint handling
Section 6 - Personal transactions
Section 7 - Conflicts of interest
Section 8 - Professional licences
Section 9 - Record keeping
Section 10 - Annual data sheet
Section 10 bis - Report of compensation and non-compliance with UCITS investment rules
Section 11 - Risk management
Section 12 - Transmission of information on derivative instruments
Section 13 - Internal audit
Section 14 - Organisation of compliance and internal control functions
Section 15 - Outsourcing
Section 16 - Delegation management of UCITS
Chapter IV - Conduct of business rules
Section 1 - General provisions
Section 2 - Handling and executing orders
Section 3 - Inducements
Section 4 - Information about subscription or redemption orders for units or shares of UCITS and the management of UCITS
Section 5 - Obligations in the case of offers of financial securities or minibons via a website
Chapter V - Other provisions
Section 1 - Management of inside information and restrictions to be applied within authorised asset management companies
Section 2 - Obligations relating to the prevention of money laundering and terrorist financing
Section 3 - Miscellaneous provisions
Section 4 - Handling and monitoring of subscription applications and book entry
Title I quater - Others asset management companies
Title II - Other service providers
Chapter I - Custody account-keepers
Section unique - Provisions relating to custody account-keeping - terms of reference for the custody account-keeper
Chapter II - Depositaries of UCITS
Section 1 - Duties of the UCITS depositary
Section 2 - Organisational structures and resources of the depositary
Section 3 - Procedures for safekeeping of certain assets by the UCITS depositary
Section 4 - Procedures for supervising legal and regulatory compliance of decisions made by the UCITS or its management company
Chapter III - AIF depositaries
Section 1 - Duties of the depositary of AIF
Section 2 - Organisational structures and resources of the AIF depositary
Section 3 - Procedures for custody of certain assets by the AIF depositary
Section 4 - Procedures for supervising compliance of the decisions made by the AIF or its asset management company
Chapter III bis - Depositaries of securitisation vehicles
Section 1 - Duties of the depositary of securitisation vehicles
Section 2 - Organisational structures and resources of the depositary of securitisation vehicles
Section 3 - Procedures for custody of certain assets by the depositary
Section 4 - Procedures for supervising legal and regulatory compliance of decisions made by the management company of securitisation vehicle
Chapter IV - Clearers
Chapter V - Financial investment advisers
Section 1 - Professional entrance requirements
Section 2 - Conduct of business rules
Section 3 - Organisational rules
Section 4 - Governance of products, services and transactions
Section 5 - Reception and transmission of units or shares in collective investment undertakings
Section 6 - Authorisation of representative associations
Chapter V bis - Crowdfunding investment advisers
Section 1 - Admission requirements
Chapter VI - Direct marketers
Chapter VII - Investment analysts not associated with an investment service provider
Section 1 - Scope
Section 2 - Production and dissemination of investment research
Section 3 - Dissemination of investment research produced by third parties
Chapter VIII - Data reporting services providers
Section single - Authorisation requirements and changes
Book IV - Collective investment products
Title I - Undertakings for Collective Investment in Transferable Securities (UCITS)
Chapter unique - Undertakings for collective investment in transferable securities (UCITS)
Section 1 - Authorisation
Section 2 - General rules
Section 3 - Operating rules
Section 4 - Calculating global exposure
Section 5 - Master and feeder funds
Section 6 - Information to be provided to investors
Section 7 - marketing of CIS in france
Section 8 - Passport
Section 9 - Reporting to the AMF
Title II - AIFS
Chapter I - General provisions
Section 1 - Procedure for marketing and pre-marketing of AIFs
Section 2 - Valuation
Section 3 - Information
Chapter II - Funds open to retail investors
Section 1 - Retail investment funds
Section 2 - Private equity funds
Section 3 - Real estate collective investment undertakings
Section 4 - Real estate investment companies and forestry investment companies
Section 5 - Funds of alternative funds
Chapter III - Funds open to professional investors
Section 1 - Authorised funds
Section 2 - Declared funds
Chapter IV - Employee savings scheme funds
Section 1 - Authorisation
Section 2 - Formation
Section 3 - Operating rules
Section 4 - Calculating aggregate risk
Section 5 - Information du public
Section 6 - Provisions specific to the employee savings plan investments (FCPE) covered by Article L. 214-165-1 of the Monetary and Financial Code
Chapter V - Financing vehicles
Section 1 - Provisions common to financing vehicles
Section 2 - Provisions specific to securitisation vehicles
Section 3 - Provisions specific to specialised financing vehicles
Title III - Other collective investments
Title IV - Miscellaneous assets
Book V - Market infrastructures
Title I - Regulated markets and market operators
Chapter I - Market operator and recognition of regulated markets
Section 1 - Procedures for recognising regulated markets
Section 2 - Changes in the conditions governing recognition of regulated markets
Section 3 - Market operator's authorisation
Chapter II - Organisational rules for market operators and rules of conduct
Section 1 - Organisational rules
Section 2 - Conflicts of interest
Section 3 - Compliance rules for members of staff of the market operator
Section 4 - Issuance of a professional licence to certain members of staff of a market operator and the conditions in which they perform their duties
Chapter III - Members of regulated markets
Chapter IV - Principles for trading on regulated markets - transparency rules
Section 1 - General provisions
Section 2 - Derogations to transparency principles and publication of market information
Section 3 - Notification to the amf
Chapter V - Admission of financial instruments to trading on a regulated market
Chapter VI - Special provisions for certain markets
Section 1 - Orders with instructions for deferred settlement and delivery
Section 2 - Corporate actions
Section 3 - Other provisions
Section 4 - Provisions applicable to certain compartments
Title II - Multilateral trading facilities
Chapter I - General provisions
Section 1 - Authorisation for an investment services provider to operate a multilateral trading facility and changes to the conditions of this authorisation
Section 2 - Authorisation for a market operator to operate a multilateral trading facility and changes to the conditions of this authorisation
Section 3 - Multilateral trading facility's rules
Chapter II - Transparency and conduct of business rules
Section 1 - Derogations to transparency principles
Section 2 - Rules of conduct
Chapter III - Supervision of the functioning of the mtf and its members
Section 1 - Issuance of professional licences to some members of staff
Section 2 - Notification to the amf
Chapter IV - Multilateral trading facilities registered as an sme growth market
Chapter V - Organised multilateral trading facilities
Title III - Organised trading facilities (OTF)
Chapter I - General provisions
Section 1 - Approval for the operation of an organised trading facility by investment services providers and changes to the conditions of this approval
Section 2 - Authorisation for a market operator to operate a multilateral trading facility and changes to the conditions of this authorisation
Section 3 - Organised trading facility's rules
Chapter II - Trading principles, transparency and conduct of business rules
Section 1 - Specific requirements applicable to the otf operator
Section 2 - Derogations to transparency principles
Section 3 - Rules of conduct
Chapter III - Supervision of the functioning of the otf and its clients
Title IV - Clearing houses
Chapter I - Common provisions
Section 1 - Approval and publication of clearing house operating rules
Section 2 - Rules of conduct applicable to clearing house and its staff
Section 3 - Issuance of professional licences to certain clearing house staff
Section 4 - Clearing house participation conditions
Section 5 - Transparency rules
Section 6 - Clearing house operation
Section 7 - Collateral requirements
Section 8 - Default procedures
Section 9 - Others provisions
Title V - Central depositories of financial instruments
Title VI - Central depositaries of financial instruments
Chapter unique - Central depositories and payment and settlement systems for financial instruments
Section 1 - Approval and publication of the operating of central depositaries
Section 2 - Methods of valuation
Section 3 - Issuance of professional licences to certain members of the central depositary's staff
Section 4 - Conditions of access to central depositaries
Section 5 - Anti-money laundering measures
Title VII - Transfer of ownership of financial instruments accepted by a central depository or settlement system
Title VIII - Provisions common for trading platforms : position limits and position reporting
Book VI - Market abuse: insider dealing and market manipulation
Book VII - Token Issuers and Digital Assets Services Providers
Title I - Initial coin offering
Chapter I - Scope
Chapter II - Approval of the information document
Section 1 - Filing and approval of the information document
Section 2 - Amended information document
Chapter III - Dissemination of the information document and marketing material
Section 1 - Dissemination of the information document
Section 2 - Marketing material
Chapter IV - Communications by the issuer following approval
Chapter V - Suspension of all communications concerning the token offering mentioning its approval, and withdrawal of the approval
Title II - Digital Assets Services Providers
Chapter I - Registration requirements, license requirements and common provisions applicable to licensed digital assets services providers
Section 1 - Registration requirements
Section 2 - License requirements
Section 3 - Common provisions applicable to licensed digital assets services providers
Chapter II - Specific provisions applicable to licensed digital assets services providers
Section 1 - Provisions applicable to the service of custody of digital assets on behalf of third parties
Section 2 - Provisions applicable to the service of buying or selling digital assets in a currency that is legal tender and the service of trading of digital assets for other digital assets
Section 3 - Provisions applicable to the service of operation of a trading platform for digital assets
Section 4 - Provisions relating to the services referred to in Article L. 54-10-2 5° of the Monetary and Financial Code
GR Archives
Upcoming GR
Policy
AMF policy by book
AMF policy documents: user guide
Policy content
I - Issuers and financial disclosure
I. 1 - Periodic information
I. 1.1. Guide on periodic information
I. 1.2. Filing requirements
DOC-2013-08 Pro forma financial information
I. 1.3. Non Financial disclosure
I. 1.4. Alternative performance measures
I. 1.5. Accounting information
I. 1.5.1. Table of contents of the recommendations and financial statements of the current year
DOC-2021-06 Closing of the 2021 financial statements and financial statements examination work
DOC-2018-06 Table des matieres recommandations d'arrêté des comptes applicables au 1er janvier 2018 (in French only)
DOC-2020-09 2020 Financial statements and review of 2018-2019 financial statements
I. 1.5.2. Previous year’s financial statements
DOC-2019-13 2019 Financial Statements and Review of 2017-2018 Financial Statements
DOC-2018-12 Annual report - 2018 financial statements and review of the 2016-2017 financial statements
DOC-2017-09 2017 Financial Statements
DOC-2016-09 2016 financial statements
DOC-2015-08 2015 Financial Statements
DOC-2014-13 Financial statements 2014
DOC-2013-19 Financial statements 2013
DOC-2012-16 Financial statements 2012
DOC-2011-16 Financial statements 2011
DOC-2010-12 Financial statements 2010
DOC-2009-28 Financial statements 2009
DOC-2008-22 Financial statements 2008
DOC-2007-23 Financial statements 2007
DOC-2006-22 Financial statements 2006
I. 1.5.3 Statutory auditors
DOC-2010-25 Relationships between statutory auditors and the AMF
I. 2 - Ongoing information
I. 2.1. Guide on ongoing information
DOC-2007-03 Electronical filing to the AMF of regulated information
I. 2.2. Filing requirements
I. 3 - Universal registration document
I. 3.1. Guide on universal registration document
I. 3.2. Filing requirements
I. 4 - Prospectus and information document for a public offering
I. 4.1. European prospectus
I. 4.1.1. Guide
I. 4.1.2. Filing requirements
I. 4.2. National prospectuses
I. 4.3. Key information document
DOC-2018-07 Informations à founir aux investisseurs dans le cadre d'une offre ouverte au public d'un montant inférieur à 8 millions d'euros
I. 4.4. Initial coin offering
DOC-2019-06 Procedure for examination of the application and establishment of an information document for approval by the AMF on an initial coin offering
I. 5 - Financial operations
I. 5.1. Guide
I. 5.2. Initial public offering
I. 5.3. Share buybacks
DOC-2017-04 Guide relatif aux interventions des émetteurs cotés sur leurs propres titres et aux mesures de stabilisation
DOC-2017-03 Modalités de déclaration des opérations réalisées dans le cadre des interventions des émetteurs cotés sur leurs propres titres et des mesures de stabilisation
I. 5.4. Transfer from a regulated market to a MTF
DOC-2010-03 AMF Q&A pertaining to the transfer of a listed company from Alternext to Euronext
I. 5.5. Major assets disposal and acquisition
DOC-2015-05 Major Asset Disposals and Acquisitions
I. 6 - Takeover bids
I. 6.1. General rules
DOC-2006-07 Takeover bids
DOC-2009-08 Takeover bids supervision
I. 6.2. Independent expert
DOC-2006-08 Fairness opinion
DOC-2006-15 Fairness opinion in the context of corporate finance transactions
I. 6.3. Shareholders’ agreement
DOC-2004-02 Advertising campaigns for public disclosure of standstill commitments to hold shares entered into under the Dutreil Act
I. 6.4. Major holding notification, letter of intent and change of intent
DOC-2008-02 Major shareholding notification and letter of intent
I. 6.5. Orderly acquisition procedure
DOC-2010-02 Transparency and procedure for the orderly acquisition of debt securities that do not give access to capital
I. 7 - Corporate governance and general meetings
I. 7.1. General meetings
DOC-2012-05 General meetings of shareholders of listed companies
DOC-2011-04 Procedures for communicating on transactions involving the temporary transfer of shares.
DOC-2015-09 Communication by companies aimed at promoting their securities to individual investors
DOC-2015-10 Communication by companies on fees associated with holding securities in pure registered form
DOC-2011-06 Proxy voting advisory firms
I. 7.2. Corporate governance
DOC-2012-02 Corporate governance and executive compensation in companies referring to the AFEP-MEDEF code - Consolidated presentation of the recommendations contained in the AMF annual reports
DOC-2015-05 Major Asset Disposals and Acquisitions
DOC-2011-17 AMF 2011 annual report on corporate governance and executive compensation
DOC-2010-15 AMF supplementary report on corporate governance, executive compensation and internal control – Mid-caps and small-caps governed by the Middlenext corporate governance code of December 2009
DOC-2010-16 Reference framework for risk management and internal control systems
II - Investment products
II. 1 - Collective investment schemes (CISs)
II. 1.1. Common provisions applicable to UCITS and CISs
DOC-2011-24 Guide to drafting marketing communications and distributing collective investments and SOFICA fund
DOC-2020-03 Information to be provided by collective investment schemes incorporating non-financial approaches
DOC-2018-05 Requirements for stress test scenarios under article 28 of the european money market fund regulation
DOC-2012-12 A guide to fees
DOC-2011-25 A guide to the monitoring of collective investment undertakings
DOC-2021-01 Performance fees in UCITS and certain types of AIFs
DOC-2020-08 Requirements for liquidity stress testing in UCITS and AIFs
DOC-2011-05 A guide to regulatory documents governing collective investment undertakings
DOC-2008-14 Fund performance swaps and actively managed investment structures
DOC-2011-15 Calculation of global exposure for authorised UCITS and AIFs
DOC-2007-19 Extra-financial criteria for securities selection and application of these criteria to funds declaring themselves compliant with Islamic law
DOC-2012-15 Criteria applicable to "philanthropic" collective investments
DOC-2017-05 Conditions for setting up redemption gate mechanisms
II. 1.2. Specific provisions applicable to UCITS
DOC-2011-19 Authorisation procedures, preparation of a KIID and a prospectus and periodic reporting for French and foreign UCITS marketed in France
DOC-2013-06 ETFs and other UCITS issues
II. 1.3. Specific provisions applicable to CISs open to all subscribers
II. 1.3.1. Common provisions
DOC-2014-09 Methods for meeting requirements to report to the AMF under the AIFM directive
DOC-2013-16 Key concepts of the Alternative Investment Fund Managers Directive
II. 1.3.2. Specific provisions applicable to Funds open to non-professional investors
DOC-2011-22 Authorisation procedures, preparation of a KIID and rules, and reporting for private equity funds
DOC-2011-23 Authorisation and establishment processes for a KIID and a prospectus and periodic information for real estate collective investment undertakings and professional real estate collective investment undertakings
DOC-2011-20 Authorisation processes, preparation of a KIID and a prospectus and periodic reporting for retail investment funds, funds of alternative funds and professional retail investment funds
DOC-2019-04 Real estate investment companies, Forestry investment companies and Forestry groups
DOC-2012-11 Guide for retail and professional private equity funds
II. 1.3.3. Specific provisions applicable to Funds open to professional investors
DOC-2011-23 Authorisation and establishment processes for a KIID and a prospectus and periodic information for real estate collective investment undertakings and professional real estate collective investment undertakings
DOC-2011-20 Authorisation processes, preparation of a KIID and a prospectus and periodic reporting for retail investment funds, funds of alternative funds and professional retail investment funds
DOC-2012-06 Procedures for making disclosures and introducing changes, preparation of a prospectus and reporting for specialised professional funds and professional private equity funds
DOC-2005-14 Q&A on professional specialised investment funds
DOC-2012-11 Guide for retail and professional private equity funds
DOC-2006-18 Calculation period for the net asset values of funds of alternative funds and retail investment funds
II. 1.3.4. Specific provisions applicable to employee investment undertakings
DOC-2011-21 Authorisation procedures, preparation of a KIID and a prospectus, and reporting for employee investment undertakings
DOC-2012-10 Guide relating to employee investment undertakings
II. 1.3.5. Specific provisions applicable to securitisation vehicles
DOC-2011-01 Securitisation vehicles
II. 2 - Other investment products
DOC-2017-01 Questions and answers – Prohibition of marketing communications with regard to the provision of investment services on certain financial derivatives
DOC-2011-08 Q&A on foreign exchange trading
III - Providers
III. 1 - Investment services providers
III. 1.1. Authorisation / Programme of operations / Passport
DOC-2012-19 Programme of operations guide for asset management companies and self-managed collective investments
DOC-2018-08 Joint guidelines of the European banking authority (EBA) and the European securities and markets authority (ESMA) on the assessment of the suitability of members of the management body and key function holders (eba/gl/2017/12)
DOC-2008-03 Authorisation procedure for investment management companies, disclosure obligations and passporting
DOC-2016-02 Organisation of asset management companies for managing loan-granting AIFs
DOC-2008-23 Questions and answers on the concept of investment service of investment advice
DOC-2014-01 Programme of activity of investment services providers and information provided to the AMF
DOC-2012-08 Placement services and marketing of financial instruments
DOC-2013-22 Frequently asked questions on the transposition of the AIFM Directive into French law
DOC-2009-24 Q&A on changes in the ownership structure of asset management companies
DOC-2017-10 Prudential assessment of acquisitions and increases of qualifying holdings in the financial sector
DOC-2008-15 Funds of hedge funds management in France
III. 1.2. Organisational rules
DOC-2012-01 Risk management organisation for collective investment undertaking management activities and discretionary portfolio management investment services
DOC-2014-06 Guide to the organisation of the risk management system within asset management companies
DOC-2009-29 Questions-Réponses sur le dispositif de vérification du niveau de connaissances minimales des acteurs de marché
DOC-2021-04 Compliance function requirements
DOC-2007-24 Q&A on the organisational rules of investment services providers
DOC-2006-09 Examination for the issuance of professional licences to compliance and internal control officers and investment services compliance officers
III. 1.3. Rules of conduct
DOC-2013-10 Rémunérations et avantages reçus dans le cadre de la commercialisation et de la gestion sous mandat d'instruments financiers
DOC-2007-25 Q&A on the rules of conduct applicable to investment services providers
DOC-2014-07 Guide to best execution
DOC-2019-12 Professional obligations of investment services providers to retail clients with regard to third-party portfolio management
DOC-2019-03 MIFID II suitability requirements
DOC-2008-04 Application of business conduct rules to marketing of units or shares in UCITS or AIFs by asset management companies, management companies or managers
DOC-2007-02 Investment decision and order execution support services
DOC-2017-07 Future performance simulations
DOC-2016-14 Sound remuneration policies under the UCITS Directive
DOC-2005-19 Exercising voting rights for asset management companies
DOC-2013-11 Remuneration policies for alternative investment fund managers
III. 1.4. Other obligations
DOC-2013-09 The exemption for market making activities and primary market operations under Regulation (EU) 236/2012
III. 2 - Other providers
III. 2.1. Custody account-keeper
DOC-2005-09 Discretionary portfolio management certificate
III. 2.2. Depositaries
DOC-2016-01 Authorisation procedure for investment firms acting as a UCITS depositary – Review procedure for the performance specifications of other UCITS and AIF depositaries
III. 2.3. Financial analysts
DOC-2007-12 Production of independent research for large scale securities offerings intended for retail investors
III. 2.4. Legal entities managing certain Other AIFs
DOC-2013-21 Registration arrangements for legal entities, other than portfolio management companies, managing certain Other AIF
DOC-2013-22 Frequently asked questions on the transposition of the AIFM Directive into French law
III. 2.5
III. 2.6. Digital assets services providers
DOC-2020-07 Questions & answers on the digital asset service providers regime
DOC-2019-24 Digital assets service providers - Cybersecurity system of requirements (version 1.0)
DOC-2019-23 Rules applicable to digital asset service providers
III. 3 - Anti-money laundering and combating the financing of terrorism
DOC-2019-14 Guidelines on risk factors
DOC-2019-18 Guidelines on the obligation to report to TRACFIN
DOC-2019-17 Guidelines on the concept of politically exposed persons
DOC-2019-16 Guidelines on due diligence obligations with respect to clients and their beneficial owners
DOC-2019-15 Guidance on the risk-based approach to combating money laundering and terrorist financing
III. 4 - Crowdfunding
DOC-2014-12 Information to be provided to investors by the issuer and crowdfunding investment adviser or investment services provider within the framework of crowdfunding
DOC-2014-10 Placing without a firm commitment basis and crowdfunding
DOC-2014-11 Description of the AMF review process of registration applications by crowdfunding investment advisers and the transmission of annual disclosures by said advisers
DOC-2018-02 Marketing of crowdfunding offers, calculation of default rates and run-off management of platforms
IV - Marketing - Customer relationship
IV. 1 - General provisions
DOC-2020-04 Requirements applicable to professional associations of financial investment advisors
DOC-2013-07 Requirements relating to the professional competence of financial investment advisers, the updating of their knowledge, and reporting to the AMF on their activity and that of associations
DOC-2006-23 Questions and answers on the rules that apply to financial investment advisers
DOC-2008-23 Questions and answers on the concept of investment service of investment advice
DOC-2012-08 Placement services and marketing of financial instruments
DOC-2017-07 Future performance simulations
DOC-2018-04 Guidelines on MIFID II product governance requirements
DOC-2018-03 Placing of financial instruments without a firm commitment basis, investment advice and consultancy services provided to firms in relation to capital structure, industrial strategy and mergers and acquisitions
DOC-2017-08 Position/Recommendation supplementing Position 2013-02 on collecting know-your-client information
DOC-2012-07 Complaint handling
DOC-2013-02 Collecting 'know-your-client' information
IV. 2 - Specific provisions applicable to certain products
DOC-2011-24 Guide to drafting marketing communications and distributing collective investments and SOFICA fund
DOC-2010-05 Marketing of complex financial instruments
DOC-2014-04 Guide to UCITS, AIF and other investment fund marketing regimes in France
DOC-2014-03 Procedure for marketing units or shares of AIFs
DOC-2014-02 Disclosure to investors in unauthorised or undeclared AIFs
DOC-2017-06 Procedure for preparing and registering an information document that must be filed with the AMF by intermediaries in miscellaneous assets
DOC-2008-04 Application of business conduct rules to marketing of units or shares in UCITS or AIFs by asset management companies, management companies or managers
DOC-2013-12 Requirement to offer a guarantee (of the formula and/or capital, as appropriate) for structured UCITS and AIFs, "guaranteed" UCITS and AIFs and structured debt securities issued by special purpose entities and marketed to the general public
V - Market infrastructure
V. 1 - Regulated market and multilateral trading facilities
DOC-2020-02 Clarifications regarding the notion of trading venue, applicable in particular to financial instruments registered in a distributed ledger
DOC-2017-12 Position limits for commodity derivatives traded on Euronext
V. 2 - Central depositories, clearing houses, payment and settlement systems
DOC-2009-07 On the file to be submitted to the AMF by a CSD or a SSS manager, within the framework of the prior approval application to the AMF for allowing an institution to open an account with the CSD or take part in the securities settlement system
V. 3 - Other market participants
DOC-2019-05 Procedure of recognition of foreign exchanges
DOC-2013-14 Scope of the regulation on credit rating agencies
VI - Market abuse
VI. 1 - Market soundings
DOC-2017-02 Persons receiving market soundings
VI. 2 - Whistleblowers
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GR into force since 17/03/2022
Article 422-27

Book IV - Collective investment products

Title II - AIFS

Chapter II - Funds open to retail investors

Section 1 - Retail investment funds

Sub-section 3 - Operating rules

Paragraph 2 - Accounting and financial provisions

Sub-paragraph 1 - Valuation

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Article 422-27 from 21/12/2013

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Article 422-27

General regulation of the AMF

Article 422-27 into force since 21 December 2013

Version into force since 21 December 2013

ELI : /en/eli/fr/aai/amf/rg/article/422-27/20131221/notes

Article 422-27

The asset management company shall value assets for which no prices have been observed or quoted on the day the net asset value is determined.

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Version into force since 21 December 2013

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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

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