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In-depth Savings & services providers: Miscellaneous

The implementation of MiFID II and the new regime for asset management companies: the AMF continues its policy updates

Published on July 20, 2018

The Autorité des Marchés Financiers (French Financial Markets Authority or AMF) is continuing its policy updates to account for the impact of MiFID II’s implementation and the creation of two separate legal structures for asset management companies (AMCs) and investment firms (IFs).

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Stress test scenarios for money market funds: Application of the ESMA guidelines by the AMF

Published on July 5, 2018

The Autorité des Marchés Financiers (AMF) has published a position (DOC-2018-05) in order to incorporate the ESMA guidelines for stress test scenarios under article 28 of the money market fund (MMF) regulation.

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Classes of units or shares in UCITS and AIFs: the AMF modifies its General Regulation and updates its policy

Published on June 29, 2018

The Autorité des marchés financiers (AMF) is clarifying, for AIFs open to non-professional investors, the possibility of creating classes of units or shares implementing both currency risk hedging and hedging for another risk factor. The AMF is also specifying that only currency risk may be specifically hedged for a class of units or shares in a UCITS. Lastly, the rules applying to AIFs open to non-professional investors have been relaxed.

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The implementation of MiFID II and the new regime for asset management companies: the AMF will publish regular policy updates

Published on June 18, 2018

The Autorité des Marchés Financiers (French Financial Markets Authority or AMF) is currently updating its policy (instructions, position papers and recommendations) to account for the impact on form and substance of MiFID II’s implementation and the introduction of the new legal structure for asset management companies. This will take several months. Four initial documents are being published today.

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The AMF Scientific Advisory Board dedicated a session to the issue of asset management.

Published on June 6, 2018

At the AMF Scientific Advisory Board meeting of April 10th 2018, Serge Darolles presented an article on liquidity risk management on both the asset and liability sides of a fund. On the other hand, Thierry Roncalli provided an analysis of the debate around active and passive asset management, questioning the future of active management and the likely consequences on financial markets.

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Investment funds’ liquidity risk management tools: the AMF amends its General Regulation and updates its policy

Published on May 23, 2018

As announced in early March, the Autorité des marchés financiers (AMF) continues its efforts to update the French framework for liquidity risk management. The AMF amends its General Regulation and its policy to clarify the framework applicable to three tools in particular: subscription and/or redemption notice periods, redemptions in kind and the full or partial closing of subscriptions.

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Classification of financial instruments as ‘simple’ or ‘complex’ as regards organisational rules for asset management companies: the AMF updates its policy

Published on February 23, 2018

The AMF has amended its policy to propose a simpler and clearer methodology for assessing whether financial contracts and financial securities incorporating a financial contract are ‘simple’ or ‘complex’, as regards the management company’s organisation and human resources. The Authority has also clarified the characteristics of strategies that may be classified as ‘complex’, along with the specific risk management requirements this entails.

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Regulatory news and key issues, Autumn 2017

Published on October 27, 2017

With the summer season behind us, Xavier Parain, head of asset management, reviews the latest regulatory developments and key issues for the coming period. He gives a progress update on the steps taken so far and looks at the big deadlines in the months ahead for the MiFID 2 reforms to the Markets in Financial Instruments framework, packaged retail and insurance-based investment products (PRIIPs) and other European issues, including securitisation and the Money Market Funds Regulation. Read on to learn about the new economic opportunities being created this autumn, the latest on the Sapin 2 framework, and how proposals by the FROG group to boost competitiveness are being put into practice. We also touch on several pieces of European legislation, looking at key dates and the final stages remaining before their introduction.

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The AMF updates its policy for ETFs

Published on October 25, 2017

The AMF is supplementing its Position-Recommendation DOC-2011-25, "Guide to monitoring CIUs", with two recommendations on the monitoring of exchange-traded funds (ETFs). The first relates to procedures and maintenance of subscriptions and redemptions in the event of a significant reduction in the liquidity of the underlying assets of an index followed by the ETF, or significant valuation problems. The second outlines what to do if one or more of the ETF's financial counterparties defaults.

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AMF publishes summary of the public consultation on corporate finance advice

Published on September 25, 2017

Following a consultation in January and February, the AMF presents the responses it received and its suggestions for the activity of corporate finance advice.

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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