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

Instruction-Position-Recommendation DOC-2019-12 specifies some of the professional obligations of investment services providers, including portfolio asset management companies, vis-à-vis retail clients with regard to portfolio management on behalf of third parties, for example when entering into the agreements referred to in Article 314-11 of the AMF General Regulation, in the context of the relationship with the custodian-account keeper, or the obligations when the provider offers to manage portfolios invested in unlisted securities. The document collates and updates the information previously contained in Instruction DOC 2018-11 and Position-Recommendation DOC-2007-21.