The implementation of MiFID II and the new regime for asset management companies: the AMF continues its policy updates
The Autorité des Marchés Financiers (French Financial Markets Authority or AMF) is continuing its policy updates to account for the impact of MiFID II's implementation and the creation of two separate legal structures for asset management companies (AMCs) and investment firms (IFs).
14 policy documents have been updated. These changes are mostly related to legislative and regulatory references.
14 policy documents updated
The following 14 policy documents have been updated:
|Position||DOC-2014-04||Guide to UCITS and AIF marketing regimes in France|
|Instruction||DOC-2014-03||Procedure for marketing units or shares of AIFs|
Methods for meeting requirements to report to the AMF under the AIFM directive
Sound remuneration policies under the UCITS Directive
Frequently asked questions on the transposition of the AIFM Directive into French law
|Position/Recommendation||DOC-2005-19||Exercising voting rights for asset management companies|
|Position||DOC-2012-15||Criteria applicable to "philanthropic" collective investments|
|Instruction||DOC-2013-21||Registration methods for legal entities (other than asset management companies) managing certain Other AIFs|
Q&A on professional specialised investment funds
Extra-financial criteria for securities selection and application of these criteria to CISs declaring themselves compliant with Islamic law
|Instruction||DOC-2006-09||Examination for the issuance of professional licences to compliance and internal control officers and investment services compliance officers|
Calculation of global exposure for authorised UCITS and AIFs
|Recommendation||DOC-2017-07||Future performance simulations|
|Instruction||DOC-2014-02||Disclosure to investors in unauthorised or undeclared AIFs|
These documents may be viewed under Regulation > Policy by clicking on the “Learn more” links at the bottom of the pages or by using the advanced search feature.
Elements of position DOC-2008-16 were inserted into position DOC-2014-04
For simplification purposes, the aspects of position DOC-2008-16 relating to the sale of units or shares of foreign investment funds other than UCITS and AIFs in France were appended to position DOC-2014-04 so as to combine the two documents.
AMF instruction DOC-2003-02 was repealed
The AMF also repealed instruction DOC-2003-02 on debt securitisation funds (FCC). This instruction became obsolete in 2014 following Order no. 2013-676 of 25 July 2013 amending the legal framework for asset management and providing a transition period ending on 22 July 2014, by which time all debt securitisation funds were to become common securitisation funds (FCT).
Four documents were left unchanged
The AMF has already determined that four documents will not be affected by the transposition of the MiFID II directive or by the creation of two separate legal structures for asset management companies (AMCs) and investment firms (IFs). These four documents listed in the table below therefore remain unchanged.
Procedure for preparing and registering an information document that must be filed with the AMF by intermediaries in miscellaneous assets
|Position||DOC-2013-11||Remuneration policies for alternative investment fund managers|
Conditions for setting up redemption gate mechanisms
Guide for retail and professional private equity funds
On the same topic
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