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The AMF updates its policy on disclosures by collective investment schemes incorporating non-financial methods
21 December 2023

The AMF updates its policy on disclosures by collective investment schemes incorporating non-financial methods

The AMF is updating its Position-Recommendation DOC-2020-03, which defines the disclosures to be made by collective investment schemes incorporating non-financial approaches, to expand its scope to Other AIFs listed as units of account (UA) in life insurance policies sold to non-professional clients in France.

Context

Position-Recommendation DOC-2020-03 sets out the information relating to the inclusion of non-financial criteria that French collective investment schemes and foreign UCITS and ELTIFs (European Long Term Investment Funds) marketed in France to non-professional clients may disclose. These provisions are set out in the various regulatory (key investor information documents, prospectus) and marketing documents.

Other AIFs that have at least one non-professional unitholder or shareholder are therefore subject to this requirement, unlike Other AIFs listed as UAs in life insurance policies sold to an equivalent non-professional clientele. This situation creates a risk of mis- communication and mis-information of these end investors and introduces an unjustified difference in the treatment of non-financial criteria between different types of funds.

Extension of the doctrine to Other AIFs referenced as UA in life insurance policies for non-professional clients

The AMF is extending the scope of its Position-Recommendation DOC-2020-03 to Other AIFs listed as UA in life insurance policies for non-professional clients when they wish to disclose their non-financial characteristics both significantly or in a more limited manner. This policy applies to the regulatory and commercial documentation developed for the collective investment schemes. Insurers' communications to their clients are governed by ACPR recommendation 2022-r-02. 

This extension of the scope of the AMF doctrine is therefore intended to ensure both consistency in the application of the expectations on extra-financial communication of collective investment schemes marketed to non-professional clients as well as increase investor protection.