Investment Funds Update – Europe: Legal and regulatory updates for the funds industry from the key asset management centres and primary European fund domiciles - Issue 12, 2019: France

Dechert LLP

Dechert LLP

Implementation of AMF position 2019-03 on "certain aspects of the MiFID II adequacy requirements" 

The AMF position DOC-2019-03 incorporates the ESMA guidance on "certain aspects of the MiFID II adequacy requirements" (ESMA35-43-1163). The purpose of these guidelines is to specify the steps that investment services providers must take to verify the adequacy requirements for the provision of investment advisory and portfolio management services on behalf of third parties. This position is intended to replace, as of March 6, the AMF position DOC-2012-13 incorporating the ESMA guidelines adopted under MIF I.

Read: The AMF position in French

GR AMF and regulatory documents language 

The Decree of February 12, 2019 has amended the AMF General Regulation on the regime related to the language in which documents for investor information must be written. 

This regime simplifies the system and corrects a provision that gave preference to French funds that could distribute under certain conditions these documents written "in a common language other than French," whereas this option was not available for foreign funds marketed in France.

Read: The full Decree (in French)

AFG recommendation on distribution agreements with an investment service provider

This professional recommendation has been updated by the AFG, incorporating requirements from MiFID II, FATCA and GDPR.

The examples provided constitute a "toolbox" intended to facilitate the work of management companies, in particular by highlighting the key points and standard provisions that should be inserted in distribution agreements.

Read: The full updated recommendation (in French)

AFG 2019 recommendation on corporate governance

AFG has published its annual recommendation on corporate governance. This recommendation mainly aims to (i) facilitate the shareholders’ participation at general meetings and (ii) reinforce the independence and efficiency of the boards by setting up tools encouraging adapted and transparent remuneration.

Read: The full AFG recommendation (in French)

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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