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The AMF amends its Programme of Operations Guide for Asset Management Companies
18 December 2024

The AMF amends its Programme of Operations Guide for Asset Management Companies

The AMF is amending the provisions on capital requirements for asset management companies in its programme of operations guide for asset management companies and self-managed collective investments (Position-Recommendation DOC-2012-19) to take account of the provisions of Regulation (EU) 2019/2033 on the prudential requirements of investment firms (IFR Regulation).

The order of 27 November 2024 amended Articles 317-2, 321-10 and 321-154 of the AMF General Regulation to transpose the amendments made by Directive (EU) 2019/2034 on the prudential supervision of investment firms (IFD Directive) to Directive 2011/61/EU on alternative investment fund managers (AIFM Directive) and Directive 2009/65/EU (UCITS Directive) regarding the methods for calculating a quarter of overheads when determining asset management companies’ capital requirements.

These three articles of the General Regulation, which previously referred to Articles 34b to 34d of Delegated Regulation (EU) 241/2014, now refer to Article 13 of the IFR Regulation and Delegated Regulation (EU) 2022/1455. The impact for asset management companies is essentially that they will be able to deduct more variable costs when calculating their overheads, including, for example, all remuneration paid to tied agents.

Consequently, the AMF has updated the provisions of paragraph 6 on capital in its Position-Recommendation DOC-2012-19, as well as the simplified table to help calculate capital, which is included in Annex II.

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