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Regulation

Agricultural commodities futures market

Relevant on April 24, 2017

Guide to the regulatory documents governing collective investments schemes

Relevant on March 15, 2017

This guide details how to draft the key investor information document (KIID) and the prospectus (including Regulations / Articles of Incorporation) for UCITS and non-UCITS (including venture capital funds, employee investment funds and innovation venture capital trusts) and for funds that are accessible to the public.

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Programme of operations guide for asset management companies and self-managed collective investments

Applicable from March 15, 2017 to June 19, 2017

The position-recommandation DOC-2012-19 outlines how to complete the sections of the autorization application (including the program of operations) and complementary sheets. In particular it provides specific instructions on the “four eyes” (quatre yeux) rule, access to (information on) the position of the market member, the credit analysis, delegation and outsourcing, the practice of cash pooling (centralised treasury management authorised provided that certain conditions are met) as well as on internal control procedures.

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Authorisation procedures, preparation of a KIID and rules, and reporting for private equity funds

Relevant on March 15, 2017

Instruction DOC-2011-22 outlines the rules that apply to private equity funds (FCPR, FCPI and FIP) regarding the authorization process, the drawing up of a key investor information document (KIID) and rules, and periodic disclosure. Information is provided about the formation of a private equity fund, any changes during the life of a private equity fund (changes subject to pre-approval or changes subject to ex-post notification) and the means by which information is provided to investors and the AMF.

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Procedures for making disclosures and introducing changes, preparation of a prospectus and reporting for specialised professional funds and professional private equity funds

Relevant on March 15, 2017

AIF's declared open to professional investors that are specialist professional funds and professional private equity funds are subject to specific rules that relate to, in particular, reporting procedures (creation and changes during the life of the fund), procedures for disclosing information to holders and shareholders when making changes during the life of the fund and writing a prospectus and periodic disclosures. Instruction DOC-2012-06 also clarifies details of transitional provisions applicable to certain funds closed to subscription.

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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