AMF Publishes 2015 Risk Mapping

The AMF published its 2015 mapping concerning the main risks affecting the financial markets and analysing highlights statements regarding market developments and financing of the economy, but also the organization of markets and intermediation, as well as household savings and fund management.

Read the AMF's 2015 risk mapping.

AMF Publishes 2014 Key Figures of Asset Management

The French Financial Market Authority has posted a study on the 2014 key figures of asset management inside highlights the strong activity of the Paris place.

Read the AMF's 2014 key figures of asset management.

Compliance of the AMF's Doctrine with AIFMD

The AMF has updated internal regulations to implement the provisions of the AIFMD, including:

• AMF Position-recommendation 2011-05 - Guide to the regulatory documents governing collective investments schemes and real estate funds.
• Position-AMF recommendation 2011-24 - Guide to drafting CIS marketing materials and distributing CISs. 
• Position-Recommendation 2011-25 – A guide to the monitoring of collective investment schemes. 
• AMF Instruction 2011-01 - securitization vehicles.

Risk Management Within Asset Management Companies

Two documents relating to the risk management system within portfolio management companies have been updated by the AMF:

• AMF Instruction 2012-01 - Risk management organisation for collective investment undertaking management activities and discretionary portfolio management investment services.
• AMF Position- recommendation 2014-06 - guide for the organization of the risk management system within portfolio management companies.

Management Mandate / "Retail Clients"

The AMF has updated the Position-recommendation 2007-21 – “Professional obligations towards retail clients imposed on investment services providers managing a portfolio on behalf of a third party”, in order to enhance investor protection and practices framework for portfolio managers with regard to non-professional clients who sign an individual management mandate. In particular, the amendments are focused on the introduction of (i) specific principles already applicable in the area of collective portfolio management and (ii) protective provisions for clients signing mandates an individual management mandate mainly invested in unlisted securities.

Read the AMF's Position-recommendation 2007-21 – “Professional obligations towards retail clients imposed on investment services providers managing a portfolio on behalf of a third party”.