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The implementation of MiFID II and the new regime for asset management companies: the AMF will publish regular policy updates
18 June 2018

The implementation of MiFID II and the new regime for asset management companies: the AMF will publish regular policy updates

The Autorité des Marchés Financiers (French Financial Markets Authority or AMF) is currently updating its policy (instructions, position papers and recommendations) to account for the impact on form and substance of MiFID II's implementation and the introduction of the new legal structure for asset management companies. This will take several months. Four initial documents are being published today.

The implementation of MiFID II

The AMF is changing its policy to incorporate levels one and two of MiFID II into the French Monetary and financial Code and the AMF General Regulation, including elements that require removing provisions from the General Regulation pursuant to MiFID II level two provisions which act as European regulations.

Effects of having separate legal structures for asset management companies and investment firms

The AMF is updating its policy to account for the creation of two separate legal structures for asset management companies (AMCs) and investment firms (IFs). Asset management companies may no longer provide only asset management services on behalf of third parties. Under certain conditions, asset management companies may request authorisation to provide asset management services on behalf of third parties, investment advisory and the reception and execution of orders in addition to their UCITS/AIF management activities. This change must be incorporated into the AMF’s policy.

Updated policy documents

The AMF has updated the four documents in the chart below:

Scope Reference Title
Instruction DOC-2008-03 and its appendices Authorisation process for asset management companies, disclosure requirements and passport 
Instruction DOC-2016-01  Authorisation process for investment firms acting as UCITS depositaries - Review process for the performance specifications of other UCITS depositaries and AIFs
Position/Recommendation DOC-2009-24  Q&A on changes in shareholding for asset management companies 
Position  DOC-2017-10  Prudential assessment of acquisitions and increases of qualifying holdings in the financial sector

These documents are available on the AMF website on the Regulation page, under Policy, section III - Providers, point III.1.1. Authorisation / Programme of operations / Passport or by conducting an advanced search.

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