Notification forms for the cross-border exercise of the activities of passemanagement companies, and the marketing of UCITS and AIFs: the AMF updates its doctrine

Following on the harmonisation of the rules on the cross-border distribution of UCITS and AIFs at the European level carried out by Directive 2019/1160 of 20 June 2019 (known as the ‘CBDF Directive’), on 25 March 2024, the European Commission published two delegated regulations (Delegated Regulation (EU) 2024/911 and Delegated Regulation (EU) 2024/912), and two implementing regulations (Implementing Regulation (EU) 2024/910 and Implementing Regulation (EU) 2024/913). 

The purpose of these texts is to harmonise not only the content of the information notified in respect of the cross-border distribution of funds, but also the information notified in respect of the activities of management companies under the UCITS and AIFM Directives, commonly known as the European 'passports'. In particular, they provide for models that are now harmonised at the European level for passport notifications. These documents are intended to replace the models set out in the annexes to the AMF Instructions from 14 July 2024. 

They are available as part of the following AMF instructions:   

The main new features are as follows: 

• Consideration of the existing obligation to update the information already notified in passports; 
• Mandatory addition of the Legal Entity Identification (LEI);  
• Expansion of the information requested in the notification letter on delegations in respect of cross-border activities and of information on the managers of a branch in a new annex to this letter; 
• Creation of a specific form for the management by an management company of a UCITS authorised in another Member State.

In addition, it should be noted that European models will be created for the administrative certifications relating to compliance with the provisions of the UCITS and AIFM Directives. The AMF will ask portfolio asset management companies applying for a passport to complete their data by uploading the documents to their dedicated ROSA space.