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:
|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.
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