Regime applicable to financial investment advisers: update of Position-Recommendation DOC-2006-23

Context

FIAs are people who provide advice on investment, investment services and transactions in various commodities. They are subject to the rules of organisation and good conduct set out in the Monetary and Financial Code and the AMF General Regulation. The AMF regularly updates its guidance to remind FIAs of some of their obligations and to clarify its expectations regarding the application of these regulations.

Update of the Position-Recommendation

This update incorporates:

• the revised ESMA guidelines on product governance requirements, the application of which is extended to FIAs;
• regulatory references and cross-references to other AMF guidelines applicable to FIAs, notably on the concept of "investment advice", the fight against money laundering and terrorist financing, asset freezing obligations and the handling of complaints;
• positions or clarifications previously outsourced by the AMF, notably on independent advice and client categorisation;
• an alignment of the rules applicable to FIAs with those applicable to investment service providers offering investment advice in respect of charges on certain funds, effective from 1 January 2024.