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AIFM Directive: the AMF provides assistance for market participants

Published on April 28, 2014

The AIFM Directive aims to provide a new regulatory framework for alternative investment fund managers in Europe and was transposed into French national law over the summer 2013. As part of this process, the AMF is providing assistance for relevant market participants, notably existing management companies, with a view to its application.

The AMF provides assistance for your approval or registration procédures

Contact us

For any questions about the system arising from the AIFM Directive, you may:

  • Contact your usual portfolio manager, or
  • Send a message to the dedicated e-mail address:

The AMF answers your questions on AIFM

The AMF has published an FAQ on the transposition into French law of the AIFM Directive, the purpose of which is to clarify certain points and answer the questions asked by professionals. This publication is in the form of a position and is referenced DOC-2013-22. It is updated regularly to take account of any new issues.

The AMF published an AIFM Guide for Management Companies published on 16 April 2013 and an AIFM Guide on Fund Manager Remuneration Policies published on 2 August 2013 (in French only).

On 10 January 2014, the AMF also published an update of Instruction DOC-2008-03 on the authorisation procedure for investment management companies, disclosure obligations of such service providers and passporting. This instruction is dedicated to asset management companies whether they are subject to MiFID, the UCITS4 Directive and/or the AIFM Directive. A single procedure is provided, whatever the approval being applied for, subject to certain specifics in AIFM Directive approval which will be explicitly mentioned.

In parallel, the AMF published a new instruction on 19 November 2013 on the registration terms for legal entities (other than asset management companies) managing funds subject to the AIFM Directive, referred to as FIAs (reference DOC-2013-21). 

Those companies that are already approved as asset management companies and wish to obtain approval under the AIFM Directive may download the ad hoc forms (reply form and new approval grid for asset management companies) from the website, in the section Forms & Declarations > Management Companies & Other ISP > Asset Management Company Approval > AIFM Directive.

Relevant French regulations and documentation on AIFM

The instructions of the AMF

The AMF is working on updating its instructions to bring them into line with the new system arising from the AIFM Directive. Updates will be published as they are ready through to finalisation of the work. The table below lists the new instructions published to take account of the impacts of the AIFM Directive and those that have already been updated.

Title of the instruction Reference           

 Date update published          

Authorisation procedures, preparation of a KIID and a prospectus and periodic reporting for French and foreign UCITS marketed in France (this document is currently being translated) DOC-2011-19 21 February 2014
Risk management organisation for collective investment undertaking management activities and discretionary portfolio management investment services (this document is currently being translated) DOC-2012-01 21 February 2014

Authorisation procedure for investment management companies, disclosure obligations and passporting


 10 January 2014
Programme of activity, obligations incumbent on investment services providers, passport notification  DOC-2014-01  10 January 2014
 Calculation of global exposure for authorised UCITS and AIFs  DOC-2011-15  10 January 2014
Application of business conduct rules to marketing of units or shares in UCITS or AIFs by asset management companies, management companies or managers  DOC-2008-04  10 January 2014
 Complaint handling  DOC-2012-07  20 November 2013
 Investment decision and order execution support services  DOC-2007-02  20 November 2013
 Registration arrangements for legal entities, other than portfolio management companies, managing certain Other AIF  DOC-2013-21  18 November 2013


The AMF specifies the impacts of AIFM Directive transposition on funds On the occasion of transposition into French law of the Directive on Alternative Investment Fund Managers (AIFM Directive) and to make French collective investments more competitive, the AMF presented a guide on 12 July 2013 containing a series of modernisation measures to enhance the attractiveness of the products and services offered by France's investment management industry. 

French laws, regulations and documentation

  • Order n° 2013-676 of 25 July 2013 and Decree n° 2013-687 of 25 July 2013 amending the legal framework regulating asset management
  • Decree of 8 August 2013 approving the amendments to the General Regulation of the Autorité des marchés financiers (Book III)

  • Decree of 11 December 2013 approving the amendments to the General Regulation of the Autorité des marchés financiers (Book III and IV)

  • Decree of 11 February 2014 approving the amendments of the General Regulation of the Autorité des marchés financiers (Book III and IV)

Bilateral cooperation agreements with regulators of non-European alternative investment fund managers

To effectively discharge its responsibilities under the Alternative Investment Fund Managers Directive (AIMD), the AMF has signed a series of bilateral agreements (MOU) setting out the arrangements for cooperating and exchanging information with other signatory supervisors. These arrangements are now in effect.

The agreements describe in detail how the AMF and the authority of another signatory country will exchange information and how the AMF can obtain the information needed to supervise entities from that country. They also make provision for the country’s authority to assist the AMF in ensuring that entities domiciled in that country comply with domestic regulations stemming from the AIFMD, and in carrying out enforcement actions where necessary.

Pursuant to articles 20, 34, 36 and 42 AIFMD, the existence of a cooperation agreements between the AMF and its counterparts outside the European Union (EU) is one of the pre-conditions for the following situations to take place:

  • delegation by a French manager of an alternative investment fund (AIF) of portfolio management or risk management functions to an entity domiciled outside the EU;
  • management by a French manager of AIFs domiciled outside and not marketed within the EU;
  • marketing without a passport (i.e. under the procedures set by national regimes, where such is the case) in the EU by a French manager of AIFs domiciled outside the EU;
  • marketing without a passport in the EU by a non-EU manager of AIFs domiciled inside or outside the EU.

The non-EU authorities with which the AMF has so far signed a bilateral agreement are listed below.

Since similar agreements are likely to be signed with other non-EU supervisors, the AMF may subsequently update the list and publish it on this website.

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