AMF Doctrine – Authorisation of “Pre-Marketing” Activities -
The AMF updated its Position n° 2014-04, which is a guide to the marketing regime of UCITS and AIFs in France. These changes have been implemented following...more
The implementation of the AIFM Directive has afforded the French legislature the opportunity to simplify its range of regulated investment vehicles, with the aim of making France’s financial markets more attractive – both to...more
AMF Doctrine – Direct Lending by French Funds -
The Autorité des Marchés Financiers (the French financial markets regulator, the “AMF”) has published on 27 June 2016 an Instruction n° 2016-02. This instruction is...more
Direct Lending by French Funds -
The Autorité des Marchés Financiers (the French financial markets regulator, the “AMF”) has published on 1 April 2016 the results from the public consultation organized at the end of last...more
MIF 2 Directive – AMF Guide -
The AMF published a guide on the implementation of the MIF 2 Directive. The document is drafted as a Q&A on several issues with respect to the implementation of the MIF 2 Directive, subject...more
ELTIF Regulations in France -
The 2015 Amending Finance Law (law n° 2015-1786) included several provisions modifying the French Monetary and Financial Code (Code monétaire et financier) in order to implement under French...more
Socially Responsible Investment in France -
The Autorité des Marchés Financiers (“AMF”) published a report on the French market practice with respect to Socially Responsible Investment (“SRI”). The study focused on...more
Public Consultation on the Origination of Loans by Funds -
Within the framework of the implementation of the ELTIF Regulations in France, the Autorité des Marchés Financiers (“AMF”) launched a public consultation on 22...more
French SICAV – Reduction of the Minimum Number of Shareholders for Unlisted SICAV -
The Ordinance n° 2015-1127 was published on 10 September 2015. The purpose of this Ordinance was to reduce the required minimum number...more
Adoption of the Macron Law - Creation of the SLP -
The bill on the Growth and Activity and Equality of Economic Opportunities, known as the Macron law, was finally promulgated in France on 6 August 2015. The Macron law...more
9/10/2015
/ AIFM ,
AMF ,
Asset Management ,
Bilateral Agreements ,
EU ,
FATCA ,
France ,
Investment Funds ,
Limited Partnerships ,
Macron Law ,
OPCI ,
Partnerships ,
Real Estate Investments ,
UCITS
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...more
Requirement for a Local Centralizing Agent in France -
France recently amended its AIFMD regulations with respect to the requirement for AIFMD-authorized asset managers to appoint a local centralizing agent...more
Guidelines on the Use of Stress Tests by French Management Companies -
The Association Française de la Gestion financière (the AFG), the French association of management companies, published on 7 May 2015 guidelines on...more
Update of the AMF Doctrine on French Professional Specialized Funds -
The AMF updated its Instruction n° 2012-06 specifying the rules to be followed (i) for the drafting of the prospectus of a French Professional...more
5/13/2015
/ AFG ,
AIF ,
AMF ,
Asset Management ,
Conflicts of Interest ,
Credit Rating Agencies ,
European Securities and Markets Authority (ESMA) ,
Fees ,
France ,
Investment Funds ,
Management Companies ,
Settlement ,
Social Media ,
UCITS
UCITS: New KIID Q&A -
ESMA published revised Q&A’s on the KIID on 26 March 2015. The Q&A includes a new question on the treatment of past performance information in case of fund mergers....more
4/28/2015
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
EMIR ,
EU ,
European Securities and Markets Authority (ESMA) ,
Fund Managers ,
Investment Funds ,
Memorandum of Understanding ,
MiFID II ,
Money Market Funds ,
Shadow Banking ,
Singapore ,
Swaps ,
UCITS
AFG and Amafi's Response to ESMA on MiFID II/MiFIR -
The AFG, (Association Française de Gestion), the association representing French management companies, replied to ESMA’s consultation paper on MiFID II and MIFIR on 2...more
4/7/2015
/ AMF ,
Asset Management ,
Compliance ,
Equity Markets ,
European Securities and Markets Authority (ESMA) ,
France ,
Investment Funds ,
Management Companies ,
MiFID ,
MiFID II ,
MiFIR ,
Private Equity ,
Trade Market Abuse ,
Trials
EMIR: Non-Deliverable FX Forwards and Interest Rate Swap Clearing -
Non-deliverable FX forwards -
ESMA confirms that EMIR clearing requirements will not apply to non-deliverable FX forwards, though reserves its...more
4/2/2015
/ Benchmarks ,
Capital Markets ,
Crowdfunding ,
EMIR ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
FX Forwards ,
Interest Rates ,
Investment Funds ,
MiFID II ,
Swap Clearing
Société de Libre Partenariat - A New French Investment Structure -
The Macron Law, which is still under discussion by the French parliament, created a new investment vehicle called the “société de libre partenariat”....more
EU Passes New Council Directive to Implement “EU-FATCA" -
The Council Directive passed by the EU on 1 December 2014 implements the OECD’s Common Reporting Standard (CRS) in Europe. The Directive has to be implemented...more
3/10/2015
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Benchmarks ,
CCPs ,
EIOPA ,
EMIR ,
ETFs ,
EU ,
European Securities and Markets Authority (ESMA) ,
FATCA ,
Insolvency ,
Investment Funds ,
MiFID II ,
Money Market Funds ,
Regulatory Agenda ,
Sovereign Debt ,
Swap Clearing ,
Swaps ,
UCITS
AIFMD – FCA Publishes Information to Assist Alternative Investment Fund Managers with Annex IV Reporting -
New FCA Q&As on GABRIEL for Annex IV reporting: On 20 January 2015, the FCA published a new Q&As document to...more
CSSF Reminder Regarding Nomination of Depositaries of Bearer Shares -
The Luxembourg regulator for the financial services industry (CSSF) has issued a press release and a FAQ in relation to the immobilization of bearer...more
2/20/2015
ICAV Update - Bill Passed by Lower House of Parliament:
On 28 January 2015, the lower house of the Irish Parliament, the Dail, approved the draft legislation, including various amendments recommended during the Report...more
On 15 January 2015, the German Investment Fund Association BVI issued its latest investment statistics report, giving an overview of the net assets and net sales within the German investment fund and asset management markets....more
According to a change of the German Investment Code (Kapitalanlagegesetzbuch – KAGB), which entered into force on 21 December 2014, a German Investment Management Company’s risk management process has to ensure that the...more
In November 2014, the German Financial Supervisory Authority, BaFin, issued a guidance notice with regard to the minimum investment criteria of German retail closed-ended funds, with a view to avoid so-called blind pool...more