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- Applicable from 26 March 2026
- Position - Recommendation DOC-2012-19
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This page is not translated in English at the moment
The position-recommendation DOC-2012-19 outlines how to complete the sections of the autorization application (including the program of operations) and complementary sheets. In particular it provides specific instructions on the "four eyes" (quatre yeux) rule, access to (information on) the position of the market member, the credit analysis, delegation and outsourcing, the practice of cash pooling (centralised treasury management authorised provided that certain conditions are met) as well as on internal control procedures.
Reference texts
This page is not translated in English at the moment
The position-recommandation DOC-2012-19 outlines how to complete the sections of the autorization application (including the program of operations) and complementary sheets. In particular it provides specific instructions on the "four eyes" (quatre yeux) rule, access to (information on) the position of the market member, the credit analysis, delegation and outsourcing, the practice of cash pooling (centralised treasury management authorised provided that certain conditions are met) as well as on internal control procedures.
Reference texts
The position-recommandation DOC-2012-19 outlines how to complete the sections of the autorization application (including the program of operations) and complementary sheets. In particular it provides specific instructions on the "four eyes" (quatre yeux) rule, access to (information on) the position of the market member, the credit analysis, delegation and outsourcing, the practice of cash pooling (centralised treasury management authorised provided that certain conditions are met) as well as on internal control procedures.
Reference texts
The position-recommandation DOC-2012-19 outlines how to complete the sections of the autorization application (including the program of operations) and complementary sheets. In particular it provides specific instructions on the “four eyes” (quatre yeux) rule, access to (information on) the position of the market member, the credit analysis, delegation and outsourcing, the practice of cash pooling (centralised treasury management authorised provided that certain conditions are met) as well as on internal control procedures. This document has not been updated for the laws and regulations that transpose MiFID II and legally separate investment firms from asset management companies. The update will take place in the near future.
Reference texts
Reference texts
Reference texts
Reference texts
The position-recommandation DOC-2012-19 outlines how to complete the sections of the autorization application (including the program of operations) and complementary sheets. In particular it provides specific instructions on the "four eyes" (quatre yeux) rule, access to (information on) the position of the market member, the credit analysis, delegation and outsourcing, the practice of cash pooling (centralised treasury management authorised provided that certain conditions are met) as well as on internal control procedures.
Reference texts
Reference texts
The position-recommandation DOC-2012-19 outlines how to complete the sections of the autorization application (including the program of operations) and complementary sheets. In particular it provides specific instructions on the "four eyes" (quatre yeux) rule, access to (information on) the position of the market member, the credit analysis, delegation and outsourcing, the practice of cash pooling (centralised treasury management authorised provided that certain conditions are met) as well as on internal control procedures.
Reference texts
Reference texts
- Article 311-1 of the General Regulation
- Article 311-2 of the General Regulation
- Article 312-2 of the General Regulation
- Article 312-3 of the General Regulation
- Article 312-6 of the General Regulation
- Article 312-7 of the General Regulation
- Article 312-8 of the General Regulation
- Article 313-54 of the General Regulation
- Articles 313-72 to 313-77 of the General Regulation
- Article 316-3 of the General Regulation
- Article 316-4 of the General Regulation
- Article 317-7 of the General Regulation
- Articles 317-1 to 317-5 of the General Regulation
- Article 318-1 of the General Regulation
- Article 318-58 of the General Regulation
This version of the document is not available in English
The position-recommandation DOC-2012-19 outlines how to complete the sections of the autorization application (including the program of operations) and complementary sheets. In particular it provides specific instructions on the "four eyes" (quatre yeux) rule, access to (information on) the position of the market member, the credit analysis, delegation and outsourcing, the practice of cash pooling (centralised treasury management authorised provided that certain conditions are met) as well as on internal control procedures.
Reference texts
- Article 311-1 of the General Regulation
- Article 311-2 of the General Regulation
- Article 312-2 of the General Regulation
- Article 312-3 of the General Regulation
- Article 312-6 of the General Regulation
- Article 312-7 of the General Regulation
- Article 312-8 of the General Regulation
- Article 313-54 of the General Regulation
- Articles 313-72 to 313-77 of the General Regulation
- Article 316-3 of the General Regulation
- Article 316-4 of the General Regulation
- Article 317-7 of the General Regulation
- Articles 317-1 to 317-5 of the General Regulation
- Article 318-1 of the General Regulation
- Article 318-58 of the General Regulation
The position-recommandation DOC-2012-19 outlines how to complete the sections of the autorization application (including the program of operations) and complementary sheets. In particular it provides specific instructions on the "four eyes" (quatre yeux) rule, access to (information on) the position of the market member, the credit analysis, delegation and outsourcing, the practice of cash pooling (centralised treasury management authorised provided that certain conditions are met) as well as on internal control procedures.
Reference texts
- Article 311-1 of the General Regulation
- Article 311-2 of the General Regulation
- Article 312-2 of the General Regulation
- Article 312-3 of the General Regulation
- Article 312-6 of the General Regulation
- Article 312-7 of the General Regulation
- Article 312-8 of the General Regulation
- Article 313-54 of the General Regulation
- Articles 313-72 to 313-77 of the General Regulation
- Article 316-3 of the General Regulation
- Article 316-4 of the General Regulation
- Article 317-7 of the General Regulation
- Articles 317-1 to 317-5 of the General Regulation
- Article 318-1 of the General Regulation
- Article 318-58 of the General Regulation
The position-recommandation DOC-2012-19 outlines how to complete the sections of the autorization application (including the program of operations) and complementary sheets. In particular it provides specific instructions on the "four eyes" (quatre yeux) rule, access to (information on) the position of the market member, the credit analysis, delegation and outsourcing, the practice of cash pooling (centralised treasury management authorised provided that certain conditions are met) as well as on internal control procedures.
Reference texts
- Article 311-1 of the General Regulation
- Article 311-2 of the General Regulation
- Article 312-6 of the General Regulation
- Article 312-8 of the General Regulation
- Article 313-54 of the General Regulation
- Articles 313-72 to 313-77 of the General Regulation
This version is not available in English
Keywords
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