Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and primary European fund domiciles - Issue 6, 2018: France

Dechert LLP

Dechert LLP

MiFID II update

The Autorité des Marchés Financiers continues to update its doctrine following the entry into force of MiFID II. As a result, on 26 June, the AMF published updated versions of 14 of its positions, instructions or other recommendations, which mainly aim at amending legal references throughout these documents.

In addition to these changes, the AMF has decided:

  • to include in its Position 2014-04 the provisions of previous Position 2008-16, which provided the regime for the authorization in France of funds other than UCITS or AIFs. The consolidated Position 2014-04 now includes provisions applicable to the marketing in France of all types of funds; and
  • to delete its Instruction 2003-02 which related to French fonds communs de créances, a form of securitization vehicle which had been abolished with the entry into force of the AIFM Directive.

Read: AMF update

Money market funds – stress tests

Pursuant to the publication by ESMA of its guidelines on the stress tests scenarios under Article 28 of the Money Market Funds Regulation (EU Regulations 2017/1131), the Autorité des Marchés Financiers published a Position 2018-05 which provides that these guidelines are incorporated in the AMF regulations and that, as a result, will apply to French money market funds.

Read: AMF update

French conseillers en investissements financiers and MiFID II

The Autorité des Marchés Financiers published on 13 June an updated version of its guide dedicated to the application of MiFID II by French Conseillers en Investissements Financiers (a French national regime which allows certain persons or entities to provide financial advice under lighter regulations and approval process).

Pursuant to the entry into force of MiFID II in France, French CIFs are now required to comply with the provisions of the revised Directive. This guide aims at summarizing the main requirements now applicable to these CIFs.

Read:  AMF update 

Latest statistics relating to French investment funds

The latest statistics relating to French investment funds are available.

Read:  French investment funds statistics


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