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Regulation

Placing of financial instruments without a firm commitment basis, investment advice and consultancy services provided to firms in relation to capital structure, industrial strategy and mergers and acquisitions

Relevant on March 14, 2018

Position limits for commodity derivatives traded on Powernext

Relevant on February 7, 2018

Marketing of crowdfunding offers, calculation of default rates and run-off management of platforms

Relevant on February 1, 2018

Position-recommendation DOC-2018-02 aims to clarify the AMF’s expectations on the marketing of crowdfunding offers, calculation of default rates and run-off management of platforms. In particular, it specifies the best practice for securities and minibons crowdfunding in relation to providing information that is balanced, clear, accurate and not misleading, calculating and publishing default rates and setting up a system of run-off management for platforms that market minibons. It is aimed at crowdfunding investment advisors and investment services providers.

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

Relevant on January 31, 2018

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. This document has not been updated for the laws and regulations that transpose MiFID II and legally separate investment firms from asset management companies. The update will take place in the near future.

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Risk management organisation for collective investment undertaking management activities and discretionary portfolio management investment services

Relevant on January 31, 2018

Collective investment undertaking management activities and discretionary portfolio management investment services are subject to specific risk management organisation rules (counterparty, liquidity and market risks and operational risk). The instruction DOC-2012-01 defines the permanent risk management function, the procedures for delegation to third parties and risk management policy and procedures (measurement, supervision, documentation and filing). This document has not been updated for the laws and regulations that transpose MiFID II and legally separate investment firms from asset management companies. The update will take place in the near future.

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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