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AMF policy documents: user guide

Policy content

I - Issuers and financial disclosure

I. 1 - Periodic information

I. 1.1. Guide on periodic information

I. 1.2. Filing requirements

DOC-2013-08 Pro forma financial information

I. 1.3. Non Financial disclosure

I. 1.4. Alternative performance measures

I. 1.5. Accounting information

I. 1.5.1. Table of contents of the recommendations and financial statements of the current year

DOC-2020-09 2020 Financial statements and review of 2018-2019 financial statements

DOC-2018-06 Table des matieres recommandations d'arrêté des comptes applicables au 1er janvier 2018 (in French only)

I. 1.5.2. Previous year’s financial statements

DOC-2019-13 2019 Financial Statements and Review of 2017-2018 Financial Statements

DOC-2018-12 Annual report - 2018 financial statements and review of the 2016-2017 financial statements

DOC-2017-09 2017 Financial Statements

DOC-2016-09 2016 financial statements

DOC-2015-08 2015 Financial Statements

DOC-2014-13 Financial statements 2014

DOC-2013-19 Financial statements 2013

DOC-2012-16 Financial statements 2012

DOC-2011-16 Financial statements 2011

DOC-2010-12 Financial statements 2010

DOC-2009-28 Financial statements 2009

DOC-2008-22 Financial statements 2008

DOC-2007-23 Financial statements 2007

DOC-2006-22 Financial statements 2006

I. 1.5.3 Statutory auditors

DOC-2010-25 Relationships between statutory auditors and the AMF

I. 1.5.4. IFRS

DOC-2008-13 Fair value measurement of certain financial instruments

I. 2 - Ongoing information

I. 2.1. Guide on ongoing information

DOC-2007-03 Electronical filing to the AMF of regulated information

I. 2.2. Filing requirements

I. 3 - Universal registration document

I. 3.1. Guide on universal registration document

I. 3.2. Filing requirements

I. 4 - Prospectus and information document for a public offering

I. 4.1. European prospectus

I. 4.1.1. Guide

I. 4.1.2. Filing requirements

I. 4.2. National prospectuses

I. 4.3. Key information document

DOC-2018-07 Informations à founir aux investisseurs dans le cadre d'une offre ouverte au public d'un montant inférieur à 8 millions d'euros

I. 4.4. Initial coin offering

DOC-2019-06 Procedure for examination of the application and establishment of an information document for approval by the AMF on an initial coin offering

I. 5 - Financial operations

I. 5.1. Guide

I. 5.2. Initial public offering

I. 5.3. Share buybacks

DOC-2017-03 Modalités de déclaration des opérations réalisées dans le cadre des interventions des émetteurs cotés sur leurs propres titres et des mesures de stabilisation

DOC-2017-04 Guide relatif aux interventions des émetteurs cotés sur leurs propres titres et aux mesures de stabilisation

I. 5.4. Transfer from a regulated market to a MTF

DOC-2010-03 AMF Q&A pertaining to the transfer of a listed company from Alternext to Euronext

I. 5.5. Major assets disposal and acquisition

DOC-2015-05 Major Asset Disposals and Acquisitions

I. 6 - Takeover bids

I. 6.1. General rules

DOC-2006-07 Takeover bids

DOC-2009-08 Takeover bids supervision

I. 6.2. Independent expert

DOC-2006-08 Fairness opinion

DOC-2006-15 Fairness opinion in the context of corporate finance transactions

I. 6.3. Shareholders’ agreement

DOC-2004-02 Advertising campaigns for public disclosure of standstill commitments to hold shares entered into under the Dutreil Act

I. 6.4. Major holding notification, letter of intent and change of intent

DOC-2008-02 Major shareholding notification and letter of intent

I. 6.5. Orderly acquisition procedure

DOC-2010-02 Transparency and procedure for the orderly acquisition of debt securities that do not give access to capital

I. 7 - Corporate governance and general meetings

I. 7.1. General meetings

DOC-2012-05 General meetings of shareholders of listed companies

DOC-2015-09 Communication by companies aimed at promoting their securities to individual investors

DOC-2015-10 Communication by companies on fees associated with holding securities in pure registered form

DOC-2011-06 Proxy voting advisory firms

DOC-2011-04 Procedures for communicating on transactions involving the temporary transfer of shares.

I. 7.2. Corporate governance

DOC-2012-02 Corporate governance and executive compensation in companies referring to the AFEP-MEDEF code - Consolidated presentation of the recommendations contained in the AMF annual reports

DOC-2015-05 Major Asset Disposals and Acquisitions

DOC-2011-17 AMF 2011 annual report on corporate governance and executive compensation

DOC-2010-15 AMF supplementary report on corporate governance, executive compensation and internal control – Mid-caps and small-caps governed by the Middlenext corporate governance code of December 2009

DOC-2010-16 Reference framework for risk management and internal control systems

II - Investment products

II. 1 - Collective investment schemes (CISs)

II. 1.1. Common provisions applicable to UCITS and CISs

DOC-2011-25 A guide to the monitoring of collective investment undertakings

DOC-2021-01 Performance fees in UCITS and certain types of AIFs

DOC-2020-08 Requirements for liquidity stress testing in UCITS and AIFs

DOC-2018-05 Requirements for stress test scenarios under article 28 of the european money market fund regulation

DOC-2020-03 Information to be provided by collective investment schemes incorporating non-financial approaches

DOC-2011-05 A guide to regulatory documents governing collective investment undertakings

DOC-2011-24 A guide to drafting collective investment marketing materials and distributing collective investments

DOC-2008-14 Fund performance swaps and actively managed investment structures

DOC-2012-12 A guide to fees

DOC-2011-15 Calculation of global exposure for authorised UCITS and AIFs

DOC-2007-19 Extra-financial criteria for securities selection and application of these criteria to funds declaring themselves compliant with Islamic law

DOC-2012-15 Criteria applicable to "philanthropic" collective investments

DOC-2017-05 Conditions for setting up redemption gate mechanisms

II. 1.2. Specific provisions applicable to UCITS

DOC-2011-19 Authorisation procedures, preparation of a KIID and a prospectus and periodic reporting for French and foreign UCITS marketed in France

DOC-2013-06 ETFs and other UCITS issues

II. 1.3. Specific provisions applicable to CISs open to all subscribers

II. 1.3.1. Common provisions

DOC-2014-09 Methods for meeting requirements to report to the AMF under the AIFM directive

DOC-2013-16 Key concepts of the Alternative Investment Fund Managers Directive

II. 1.3.2. Specific provisions applicable to Funds open to non-professional investors

DOC-2019-04 Real estate investment companies, Forestry investment companies and Forestry groups

DOC-2011-20 Authorisation processes, preparation of a KIID and a prospectus and periodic reporting for retail investment funds, funds of alternative funds and professional retail investment funds

DOC-2011-23 Authorisation and establishment processes for a KIID and a prospectus and periodic information for real estate collective investment undertakings and professional real estate collective investment undertakings

DOC-2011-22 Authorisation procedures, preparation of a KIID and rules, and reporting for private equity funds

DOC-2012-11 Guide for retail and professional private equity funds

II. 1.3.3. Specific provisions applicable to Funds open to professional investors

DOC-2011-20 Authorisation processes, preparation of a KIID and a prospectus and periodic reporting for retail investment funds, funds of alternative funds and professional retail investment funds

DOC-2011-23 Authorisation and establishment processes for a KIID and a prospectus and periodic information for real estate collective investment undertakings and professional real estate collective investment undertakings

DOC-2012-06 Procedures for making disclosures and introducing changes, preparation of a prospectus and reporting for specialised professional funds and professional private equity funds

DOC-2005-14 Q&A on professional specialised investment funds

DOC-2012-11 Guide for retail and professional private equity funds

DOC-2006-18 Calculation period for the net asset values of funds of alternative funds and retail investment funds

II. 1.3.4. Specific provisions applicable to employee investment undertakings

DOC-2011-21 Authorisation procedures, preparation of a KIID and a prospectus, and reporting for employee investment undertakings

DOC-2012-10 Guide relating to employee investment undertakings

II. 1.3.5. Specific provisions applicable to securitisation vehicles

DOC-2011-01 Securitisation vehicles

II. 2 - Other investment products

DOC-2011-08 Q&A on foreign exchange trading

DOC-2017-01 Questions and answers – Prohibition of marketing communications with regard to the provision of investment services on certain financial derivatives

III - Providers

III. 1 - Investment services providers

III. 1.1. Authorisation / Programme of operations / Passport

DOC-2008-03 Authorisation procedure for investment management companies, disclosure obligations and passporting

DOC-2016-02 Organisation of asset management companies for managing loan-granting AIFs

DOC-2008-23 Questions and answers on the concept of investment service of investment advice

DOC-2014-01 Programme of activity of investment services providers and information provided to the AMF

DOC-2012-08 Placement services and marketing of financial instruments

DOC-2012-19 Programme of operations guide for asset management companies and self-managed collective investments

DOC-2018-08 Joint guidelines of the European banking authority (EBA) and the European securities and markets authority (ESMA) on the assessment of the suitability of members of the management body and key function holders (eba/gl/2017/12)

DOC-2013-22 Frequently asked questions on the transposition of the AIFM Directive into French law

DOC-2009-24 Q&A on changes in the ownership structure of asset management companies

DOC-2017-10 Prudential assessment of acquisitions and increases of qualifying holdings in the financial sector

DOC-2008-15 Funds of hedge funds management in France

III. 1.2. Organisational rules

DOC-2007-24 Q&A on the organisational rules of investment services providers

DOC-2009-29 Questions-Réponses sur le dispositif de vérification du niveau de connaissances minimales des acteurs de marché

DOC-2014-06 Guide to the organisation of the risk management system within asset management companies

DOC-2012-01 Risk management organisation for collective investment undertaking management activities and discretionary portfolio management investment services

DOC-2006-09 Examination for the issuance of professional licences to compliance and internal control officers and investment services compliance officers

DOC-2012-17 Compliance function requirements

III. 1.3. Rules of conduct

DOC-2007-25 Q&A on the rules of conduct applicable to investment services providers

DOC-2014-07 Guide to best execution

DOC-2019-12 Professional obligations of investment services providers to retail clients with regard to third-party portfolio management

DOC-2013-10 Rémunérations et avantages reçus dans le cadre de la commercialisation et de la gestion sous mandat d'instruments financiers

DOC-2019-03 MIFID II suitability requirements

DOC-2008-04 Application of business conduct rules to marketing of units or shares in UCITS or AIFs by asset management companies, management companies or managers

DOC-2007-02 Investment decision and order execution support services

DOC-2017-07 Future performance simulations

DOC-2016-14 Sound remuneration policies under the UCITS Directive

DOC-2005-19 Exercising voting rights for asset management companies

DOC-2013-11 Remuneration policies for alternative investment fund managers

III. 1.4. Other obligations

DOC-2013-09 The exemption for market making activities and primary market operations under Regulation (EU) 236/2012

III. 2 - Other providers

III. 2.1. Custody account-keeper

DOC-2005-09 Discretionary portfolio management certificate

III. 2.2. Depositaries

DOC-2016-01 Authorisation procedure for investment firms acting as a UCITS depositary – Review procedure for the performance specifications of other UCITS and AIF depositaries

III. 2.3. Financial analysts

DOC-2007-12 Production of independent research for large scale securities offerings intended for retail investors

III. 2.4. Legal entities managing certain Other AIFs

DOC-2013-21 Registration arrangements for legal entities, other than portfolio management companies, managing certain Other AIF

DOC-2013-22 Frequently asked questions on the transposition of the AIFM Directive into French law

III. 2.5

III. 2.6. Digital assets services providers

DOC-2020-07 Questions & answers on the digital asset service providers regime

DOC-2019-23 Rules applicable to digital asset service providers

DOC-2019-24 Digital assets service providers - Cybersecurity system of requirements (version 1.0)

III. 3 - Anti-money laundering and combating the financing of terrorism

DOC-2019-18 Guidelines on the obligation to report to TRACFIN

DOC-2019-17 Guidelines on the concept of politically exposed persons

DOC-2019-16 Guidelines on due diligence obligations with respect to clients and their beneficial owners

DOC-2019-15 Guidance on the risk-based approach to combating money laundering and terrorist financing

DOC-2019-14 Guidelines on risk factors

III. 4 - Crowdfunding

DOC-2014-12 Information to be provided to investors by the issuer and crowdfunding investment adviser or investment services provider within the framework of crowdfunding

DOC-2014-10 Placing without a firm commitment basis and crowdfunding

DOC-2014-11 Description of the AMF review process of registration applications by crowdfunding investment advisers and the transmission of annual disclosures by said advisers

DOC-2018-02 Marketing of crowdfunding offers, calculation of default rates and run-off management of platforms

IV - Marketing - Customer relationship

IV. 1 - General provisions

DOC-2020-04 Requirements applicable to professional associations of financial investment advisors

DOC-2013-07 Requirements relating to the professional competence of financial investment advisers, the updating of their knowledge, and reporting to the AMF on their activity and that of associations

DOC-2006-23 Questions and answers on the rules that apply to financial investment advisers

DOC-2008-23 Questions and answers on the concept of investment service of investment advice

DOC-2012-08 Placement services and marketing of financial instruments

DOC-2017-07 Future performance simulations

DOC-2018-04 Guidelines on MIFID II product governance requirements

DOC-2018-03 Placing of financial instruments without a firm commitment basis, investment advice and consultancy services provided to firms in relation to capital structure, industrial strategy and mergers and acquisitions

DOC-2017-08 Position/Recommendation supplementing Position 2013-02 on collecting know-your-client information

DOC-2012-07 Complaint handling

DOC-2013-02 Collecting 'know-your-client' information

IV. 2 - Specific provisions applicable to certain products

DOC-2011-24 A guide to drafting collective investment marketing materials and distributing collective investments

DOC-2017-06 Procedure for preparing and registering an information document that must be filed with the AMF by intermediaries in miscellaneous assets

DOC-2008-04 Application of business conduct rules to marketing of units or shares in UCITS or AIFs by asset management companies, management companies or managers

DOC-2010-05 Marketing of complex financial instruments

DOC-2013-12 Requirement to offer a guarantee (of the formula and/or capital, as appropriate) for structured UCITS and AIFs, "guaranteed" UCITS and AIFs and structured debt securities issued by special purpose entities and marketed to the general public

DOC-2014-02 Disclosure to investors in unauthorised or undeclared AIFs

DOC-2014-04 Guide to UCITS, AIF and other investment fund marketing regimes in France

DOC-2014-03 Procedure for marketing units or shares of AIFs

DOC-2013-13 Guide pour la rédaction des documents commerciaux dans le cadre de la commercialisation des titres de créance structurés

V - Market infrastructure

V. 1 - Regulated market and multilateral trading facilities

DOC-2020-02 Clarifications regarding the notion of trading venue, applicable in particular to financial instruments registered in a distributed ledger

DOC-2017-12 Position limits for commodity derivatives traded on Euronext

V. 2 - Central depositories, clearing houses, payment and settlement systems

DOC-2009-07 On the file to be submitted to the AMF by a CSD or a SSS manager, within the framework of the prior approval application to the AMF for allowing an institution to open an account with the CSD or take part in the securities settlement system

V. 3 - Other market participants

DOC-2019-05 Procedure of recognition of foreign exchanges

DOC-2013-14 Scope of the regulation on credit rating agencies

VI - Market abuse

VI. 1 - Market soundings

DOC-2017-02 Persons receiving market soundings

VI. 2 - Whistleblowers

Latest policy

AMF Instructions for each book

Book I - The Autorité des marchés financiers

Book II - Issuers and financial disclosure

Book III - Service providers

Book IV - Collective investment products

Book V - Market infrastructures

Book VI - Market abuse: Insider dealing and market manipulation

Book VII - Token issuers and digital assets services providers

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AMF Household Savings Newsletter - No. 33 - May 2019

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AMF Household Savings Newsletter - No. 33 - May 2019

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06 May 2019

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AMF Household Savings Newsletter - No. 33 - May 2019

This letter of the AMF Household Savings Newsletter presents the main results of the recent campaign of mystery visits led by the AMF. In particular, this campaign saw the implementation by bank advisors of the new requirements of the MIF 2 Regulation.

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