Print

Management companies Company authorisation

Authorisation of investment management companies by the AMF

Published on April 28, 2014

To create an investment management company in France, an authorisation application file must be compiled. The authorisation application template is provided in AMF Instruction DOC-2008-03 (Annex 1-1).

Authorisation application features

The authorisation application is structured in 6 parts:

  1. the application presentation form,
  2. the characteristics of the company
  3. the activities and organisation of the asset management company,
  4. the marketing terms of the financial products it manages,
  5. the financial data of the company and the development hypotheses applied,
  6. applications under the freedom to provide services and free establishment and international positioning.

The application also comprises a list of attachments, which is specified in AMF Instruction DOC-2008-03, and notably:

  • the statement by capital providers (Annex 2 of AMF Instruction DOC-2008-03),
  • the information to be supplied by the directors of an investment management company (Annex 3 of Instruction DOC-2008-03).

Authorisation timescale for a new management company
The regulatory authorisation timescale is three months, with the possibility of a three-month extension.
In practice, the average authorisation time is a little over two months.
 

Finally, the authorisation application comprises eight supplementary forms (Annexes 1-2 to 1-9 of Instruction DOC-2008-03) corresponding to the categories of financial instruments the company wishes to deal in within the framework of its management activities:

  1. instruments traded on a regulated or organised market (listed financial instruments, negotiable debt securities, etc.),
  2. selection of European UCITS and AIFs available to retail customers,
  3. selection of shares or units in European AIFs intended for professional customers and third-country AIFs,
  4. financial instruments not admitted to trading on a regulated or organised market,
  5. real-estate assets,
  6. loans,
  7. non-complex derivatives(financial contracts),
  8. complex OTC derivatives (including securities with embedded complex derivatives).

In order to help prepare the programme of activity, the AMF has drawn up a specific guide to drafting the programme of activity required of investment management companies (AMF Position-Recommendation DOC-2012-19).

Main stages in the authorisation process

The terms of the authorisation process and of information exchanges with the AMF are set out in AMF Instruction DOC-2008-03. 

Main stages in the authorisation process

The authorisation application file is used on the occasion of the creation of a management company, but also during the lifetime of the company, for example when it makes a modification subject to approval by the regulator, such as a change to its:

  • organisation,
  • shareholders,
  • programme of activity.

 

Page top

Legal information
Head of publications: Florence Gaubert, Executive Director of AMF Communication Directorate.
Contact: Communication Directorate – Autorité des marches financiers 17 place de la Bourse – 75082 Paris cedex 02