General Regulation

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Policy AMF Instructions for each Book

Real estate investment companies, Forestry investment companies and Forestry groups

Relevant on March 13, 2019

Calculation of global exposure for authorised UCITS and AIFs

Relevant on June 26, 2018

This instruction presents the methods for calculating global exposure of authorised UCITS and AIFs. After going over the scope of application, perimeter and definition of the global risk of an authorised UCITS or AIF, the instruction explains the commitment calculation approach (conversion methods, netting and hedging rules, specific provisions for interest rate derivative instruments and structured funds, etc.) and the Value at Risk (VaR) method.

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Procedure for marketing units or shares of AIFs

Relevant on June 26, 2018

Instruction DOC-2014-03 describes the procedure for marketing AIFs in France. It also specifies the procedure for marketing in another European Union Member State of AIFs managed by a French asset management company authorised under the AIFM Directive.

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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

Relevant on April 26, 2018

Instruction DOC-2011-20 details the rules applicable to retail investment funds, funds of alternative funds and professional retail investment funds as to the authorisation process and the preparation of a key investor information document (KIID) and a prospectus and periodic reporting. In particular, it provides details about the creation of these funds, changes to them during their life (subject to pre-approval/subject to ex-post notification) and the procedures for notifying investors and the AMF. This document has not been updated for the laws and regulations that transpose MIF 2 and legally separate investment firms from asset management companies. The update will take place in the near future.

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Authorisation procedures, preparation of a KIID and a prospectus, and reporting for employee investment undertakings

Relevant on April 26, 2018

Instruction DOC-2011-21 outlines the rules that apply to employee investment undertakings (FCPE or SICAVAS) regarding the authorisation process, the drawing up of a key investor information document (KIID) and prospectus, and periodic disclosure. Information is provided about the formation of an employee investment undertaking, any changes during the life of an employee investment undertaking (changes subject to pre-approval or changes subject to ex-post notification) and the means by which information is provided to subscribers and the AMF. This document has not been updated for the laws and regulations that transpose MIF 2 and legally separate investment firms from asset management companies. The update will take place in the near future.

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

Relevant on April 26, 2018

The AMF details the rules that apply to French UCITS and foreign UCITS distributed in France as regards the approval procedure, the drafting of a key investor information document (KIID) and a prospectus, and periodic reporting. Clarifications are provided about the creation of a French UCITS, changes during the life of UCITS, and the requirements regarding reporting to investors and to the AMF. This document has not been updated for the laws and regulations that transpose MIF 2 and legally separate investment firms from asset management companies. The update will take place in the near future.

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Authorisation procedures, preparation of a KIID and rules, and reporting for private equity funds

Relevant on March 15, 2017

Instruction DOC-2011-22 outlines the rules that apply to private equity funds (FCPR, FCPI and FIP) regarding the authorization process, the drawing up of a key investor information document (KIID) and rules, and periodic disclosure. Information is provided about the formation of a private equity fund, any changes during the life of a private equity fund (changes subject to pre-approval or changes subject to ex-post notification) and the means by which information is provided to investors and the AMF.

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

Relevant on March 15, 2017

AIF's declared open to professional investors that are specialist professional funds and professional private equity funds are subject to specific rules that relate to, in particular, reporting procedures (creation and changes during the life of the fund), procedures for disclosing information to holders and shareholders when making changes during the life of the fund and writing a prospectus and periodic disclosures. Instruction DOC-2012-06 also clarifies details of transitional provisions applicable to certain funds closed to subscription.

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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

Relevant on March 15, 2017

Instruction DOC-2011-23 details the rules applicable to real estate collective investment undertakings and professional real estate collective investment undertakings regarding the authorisation process, the preparation of a key investor information document (KIID) and a prospectus, and periodic information. In particular, it provides details about the creation of these funds, changes to a real estate collective investment undertaking or a professional real estate collective investment undertaking (subject to pre-approval/subject to ex-post notification) during its life, and the procedures for notifying investors and the AMF.

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Conditions for setting up redemption gate mechanisms

Relevant on March 15, 2017

Instruction DOC-2017-05 specifies procedures for setting up gates in UCITS, retail investment funds, private equity funds, professional private equity investment funds and employee investment schemes.

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Securitisation vehicles

Relevant on July 23, 2015

AMF Instruction DOC-2011-01 details the requirements and procedures for obtaining approval of a prospectus and the methods for marketing financial securities issued by a securitisation vehicle. These details also apply to the contents and distribution requirements for the prospectus and periodic information.

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Legal information
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