AMF : Doctrine

Policy content

• I - Issuers and financial disclosure
  • I. 1 - Periodic and ongoing information
    • I. 1.1. Financial disclosure
      • I. 1.1.1. General provisions
        • Recommendation DOC-2013-08: Pro forma financial information
        • Instruction DOC-2011-04: Procedures for communicating on transactions involving the temporary transfer of shares.
      • I. 1.1.2. Information to shareholders
        • Position DOC-2015-10: Communication by companies on fees associated with holding securities in pure registered form
        • Recommendation DOC-2015-09: Communication by companies aimed at promoting their securities to individual investors
        • Recommendation DOC-2012-05: General meetings of shareholders of listed companies
        • Recommendation DOC-2011-06: Proxy voting advisory firms
      • I. 1.1.3. Information from senior managers
        • Position DOC-2007-15: Allocation of free shares or stock options to employees or directors
      • I. 1.1.5. Transfer of a company from a market to another
        • Position - Recommendation DOC-2010-03: AMF Q&A pertaining to the transfer of a listed company from Alternext to Euronext
    • I. 1.2. Corporate governance and internal control
      • Recommendation DOC-2012-02: Corporate governance and executive compensation in companies referring to the AFEP-MEDEF code - Consolidated presentation of the recommendations contained in the AMF annual reports
      • Recommendation DOC-2010-16: Reference framework for risk management and internal control systems
      • Recommendation DOC-2010-15: AMF supplementary report on corporate governance, executive compensation and internal control – Mid-caps and small-caps governed by the Middlenext corporate governance code of December 2009
    • I. 1.3. Dissemination, filing and storage of regulated information
      • Instruction DOC-2007-03: Electronical filing to the AMF of regulated information
    • I. 1.4. Accounting information
      • I. 1.4.1. Financial statements
        • Recommendation DOC-2019-13: 2019 Financial Statements and Review of 2017-2018 Financial Statements
        • Recommendation DOC-2018-12: Annual report - 2018 financial statements and review of the 2016-2017 financial statements
        • Recommendation DOC-2017-09: 2017 Financial Statements
        • Recommendation DOC-2016-09: 2016 financial statements
        • Recommendation DOC-2015-08: 2015 Financial Statements
        • Recommendation DOC-2014-13: Financial statements 2014
        • Recommendation DOC-2013-19: Financial statements 2013
        • Recommendation DOC-2012-16: Financial statements 2012
        • Recommendation DOC-2011-16: Financial statements 2011
        • Recommendation DOC-2010-12: Financial statements 2010
        • Recommendation DOC-2009-28: Financial statements 2009
        • Recommendation DOC-2008-22: Financial statements 2008
        • Recommendation DOC-2007-23: Financial statements 2007
        • Recommendation DOC-2006-22: Financial statements 2006
      • I. 1.4.2. IFRS
        • Recommendation DOC-2008-13: Fair value measurement of certain financial instruments
    • I. 1.5. Relationships with the statutory auditors
      • Position - Recommendation DOC-2010-25: Relationships between statutory auditors and the AMF
  • I. 2 - Prospectus
    • Instruction DOC-2019-06: Procedure for examination of the application and establishment of an information document for approval by the AMF on an initial coin offering
    • Instruction DOC-2009-10: Prospectus drawn up for the public offering of shares in mutual or cooperative banks
  • I. 3 - Registration document
    • Position - Recommendation DOC-2009-16: Guide d'élaboration des documents de référence
  • I. 4 - Takeover bids
    • I. 4.1. General rules and common provisions
      • Instruction DOC-2009-08: Takeover bids supervision
      • Instruction DOC-2006-07: Takeover bids
    • I. 4.2. Independent appraisal
      • Recommendation DOC-2006-15: Fairness opinion in the context of corporate finance transactions
      • Instruction DOC-2006-08: Fairness opinion
    • I. 4.3. Shareholders’ agreement
      • Position DOC-2004-02: Advertising campaigns for public disclosure of standstill commitments to hold shares entered into under the Dutreil Act
    • I. 4.4. Major holding notification, letter of intent and change in intent
      • Instruction DOC-2008-02: Major shareholding notification and letter of intent
    • I. 4.5. Orderly acquisition procedure
      • Instruction DOC-2010-02: Transparency and procedure for the orderly acquisition of debt securities that do not give access to capital
  • I. 5 - Financial operations
    • I. 5.1. Capital increases
      • Position DOC-2012-09: Private placement of financial instruments
    • I. 5.4. Share buybacks - Stabilisation
    • I. 5.6. Major assets disposal and acquisition
      • Position - Recommendation DOC-2015-05: Major Asset Disposals and Acquisitions
• II - Investment products
  • II. 1 - Collective investment schemes (CISs)
    • II. 1.1. Common provisions applicable to UCITS and CISs
      • Position - Recommendation DOC-2020-03: Information to be provided by collective investment schemes incorporating non-financial approaches
      • Position DOC-2018-05: Requirements for stress test scenarios under article 28 of the european money market fund regulation
      • Instruction DOC-2017-05: Conditions for setting up redemption gate mechanisms
      • Position DOC-2012-15: Criteria applicable to "philanthropic" collective investments
      • Position DOC-2012-12: A guide to fees
      • Position - Recommendation DOC-2011-25: A guide to the monitoring of collective investment undertakings
      • Position - Recommendation DOC-2011-24: A guide to drafting collective investment marketing materials and distributing collective investments
      • Instruction DOC-2011-15: Calculation of global exposure for authorised UCITS and AIFs
      • Position - Recommendation DOC-2011-05: A guide to regulatory documents governing collective investment undertakings
      • Position DOC-2008-14: Fund performance swaps and actively managed investment structures
      • Position DOC-2007-19: Extra-financial criteria for securities selection and application of these criteria to funds declaring themselves compliant with Islamic law
    • II. 1.2. Specific provisions applicable to UCITS
      • Position DOC-2013-06: ETFs and other UCITS issues
      • Instruction DOC-2011-19: Authorisation procedures, preparation of a KIID and a prospectus and periodic reporting for French and foreign UCITS marketed in France
    • II. 1.3. Specific provisions applicable to CISs open to all subscribers
      • Position DOC-2014-09: Methods for meeting requirements to report to the AMF under the AIFM directive
      • Instruction DOC-2014-02: Disclosure to investors in unauthorised or undeclared AIFs
      • Position DOC-2013-22: Frequently asked questions on the transposition of the AIFM Directive into French law
      • Position DOC-2013-16: Key concepts of the Alternative Investment Fund Managers Directive
      • II. 1.3.1. Specific provisions applicable to Funds open to non-professional investors
        • Instruction DOC-2019-04: Real estate investment companies, Forestry investment companies and Forestry groups
        • Position - Recommendation DOC-2012-11: Guide for retail and professional private equity funds
        • Instruction DOC-2011-23: Authorisation and establishment processes for a KIID and a prospectus and periodic information for real estate collective investment undertakings and professional real estate collective investment undertakings
        • Instruction DOC-2011-22: Authorisation procedures, preparation of a KIID and rules, and reporting for private equity funds
        • Instruction DOC-2011-20: Authorisation processes, preparation of a KIID and a prospectus and periodic reporting for retail investment funds, funds of alternative funds and professional retail investment funds
      • II. 1.3.2. Specific provisions applicable to Funds open to professional investors
        • Position - Recommendation DOC-2012-11: Guide for retail and professional private equity funds
        • Instruction DOC-2012-06: Procedures for making disclosures and introducing changes, preparation of a prospectus and reporting for specialised professional funds and professional private equity funds
        • Instruction DOC-2011-23: Authorisation and establishment processes for a KIID and a prospectus and periodic information for real estate collective investment undertakings and professional real estate collective investment undertakings
        • Instruction DOC-2011-20: Authorisation processes, preparation of a KIID and a prospectus and periodic reporting for retail investment funds, funds of alternative funds and professional retail investment funds
        • Position DOC-2006-18: Calculation period for the net asset values of funds of alternative funds and retail investment funds
        • Position DOC-2005-14: Q&A on professional specialised investment funds
      • II. 1.3.3. Specific provisions applicable to employee investment undertakings
        • Position - Recommendation DOC-2012-10: Guide relating to employee investment undertakings
        • Instruction DOC-2011-21: Authorisation procedures, preparation of a KIID and a prospectus, and reporting for employee investment undertakings
      • II. 1.3.4. Specific provisions applicable to securitisation vehicles
        • Instruction DOC-2011-01: Securitisation vehicles
  • II. 2 - Other investment products
    • Position DOC-2017-01: Questions and answers – Prohibition of marketing communications with regard to the provision of investment services on certain financial derivatives
    • Position DOC-2011-08: Q&A on foreign exchange trading
• III - Providers
  • III. 1 - Investment services providers
    • III. 1.1. Authorisation / Programme of operations / Passport
      • Instruction DOC-2019-23: Rules applicable to digital asset service providers
      • Position DOC-2018-08: Joint guidelines of the European banking authority (EBA) and the European securities and markets authority (ESMA) on the assessment of the suitability of members of the management body and key function holders (eba/gl/2017/12)
      • Position DOC-2017-10: Prudential assessment of acquisitions and increases of qualifying holdings in the financial sector
      • Instruction DOC-2016-02: Organisation of asset management companies for managing loan-granting AIFs
      • Instruction DOC-2014-01: Programme of activity of investment services providers and information provided to the AMF
      • Position DOC-2013-22: Frequently asked questions on the transposition of the AIFM Directive into French law
      • Position - Recommendation DOC-2012-19: Programme of operations guide for asset management companies and self-managed collective investments
      • Position DOC-2012-08: Placement services and marketing of financial instruments
      • Position - Recommendation DOC-2009-24: Q&A on changes in the ownership structure of asset management companies
      • Position - Recommendation DOC-2008-15: Funds of hedge funds management in France
      • Position - Recommendation DOC-2008-23 : Questions and answers on the concept of investment service of investment advice
      • Instruction DOC-2008-03: Authorisation procedure for investment management companies, disclosure obligations and passporting
    • III. 1.2. Organisational rules
      • Instruction DOC-2019-24: Digital assets service providers - Cybersecurity system of requirements (version 1.0)
      • Position - Recommendation DOC-2014-06: Guide to the organisation of the risk management system within asset management companies
      • Position DOC-2012-17: Compliance function requirements
      • Instruction DOC-2012-01: Risk management organisation for collective investment undertaking management activities and discretionary portfolio management investment services
      • Position DOC-2009-29: Questions-Réponses sur le dispositif de vérification du niveau de connaissances minimales des acteurs de marché
      • Position - Recommendation DOC-2007-24: Q&A on the organisational rules of investment services providers
      • Instruction DOC-2006-09: Examination for the issuance of professional licences to compliance and internal control officers and investment services compliance officers
    • III. 1.3. Rules of conduct
      • Instruction - Position - Recommendation DOC-2019-12: Professional obligations of investment services providers to retail clients with regard to third-party portfolio management
      • Position DOC-2019-03: MIFID II suitability requirements
      • Recommendation DOC-2017-07: Future performance simulations
      • Position DOC-2016-14: Sound remuneration policies under the UCITS Directive 
      • Position - Recommendation DOC-2014-07: Guide to best execution
      • Position DOC-2013-11: Remuneration policies for alternative investment fund managers
      • Position - Recommendation DOC-2013-10: Rémunérations et avantages reçus dans le cadre de la commercialisation et de la gestion sous mandat d’instruments financiers
      • Instruction DOC-2008-04: Application of business conduct rules to marketing of units or shares in UCITS or AIFs by asset management companies, management companies or managers
      • Position - Recommendation DOC-2007-25: Q&A on the rules of conduct applicable to investment services providers
      • Instruction DOC-2007-02: Investment decision and order execution support services
      • Position - Recommendation DOC-2005-19: Exercising voting rights for asset management companies
    • III. 1.4. Other obligations
      • Position DOC-2013-09: The exemption for market making activities and primary market operations under Regulation (EU) 236/2012
      • Instruction DOC-2008-05: Reporting suspicious transactions
      • Instruction DOC-2007-06: Financial instrument transaction reporting to the AMF by investment services
  • III. 2 - Other providers
    • III. 2.1. Custody account-keeper
      • Instruction DOC-2005-09: Discretionary portfolio management certificate
    • III. 2.2. Depositaries
      • Instruction DOC-2016-01: Authorisation procedure for investment firms acting as a UCITS depositary – Review procedure for the performance specifications of other UCITS and AIF depositaries
    • III. 2.3. Financial analysts
      • Recommendation DOC-2007-12: Production of independent research for large scale securities offerings intended for retail investors
    • III. 2.4. Legal entities managing certain Other AIFs
      • Position DOC-2013-22: Frequently asked questions on the transposition of the AIFM Directive into French law
      • Instruction DOC-2013-21: Registration arrangements for legal entities, other than portfolio management companies, managing certain Other AIF
    • III. 2.5
  • III. 3 - Anti-money laundering and combating the financing of terrorism
    • Position DOC-2019-18: Guidelines on the obligation to report to TRACFIN
    • Position - Recommendation DOC-2019-17: Guidelines on the concept of politically exposed persons
    • Position DOC-2019-16: Guidelines on due diligence obligations with respect to clients and their beneficial owners
    • Position - Recommendation DOC-2019-15: Guidance on the risk-based approach to combating money laundering and terrorist financing
    • Position DOC-2019-14: Guidelines on risk factors
  • III. 4 - Crowdfunding
    • Position - Recommendation DOC-2018-02: Marketing of crowdfunding offers, calculation of default rates and run-off management of platforms
    • Instruction DOC-2014-12: Information to be provided to investors by the issuer and crowdfunding investment adviser or investment services provider within the framework of crowdfunding
    • Instruction DOC-2014-11: Description of the AMF review process of registration applications by crowdfunding investment advisers and the transmission of annual disclosures by said advisers
    • Position DOC-2014-10: Placing without a firm commitment basis and crowdfunding
• IV - Marketing - Customer relationship
  • IV. 1 - General provisions
    • Instruction DOC-2020-04: Requirements applicable to professional associations of financial investment advisors
    • Position DOC-2018-04: Guidelines on MIFID II product governance requirements
    • Position DOC-2018-03: 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
    • Position - Recommendation DOC-2017-08: Position/Recommendation supplementing Position 2013-02 on collecting know-your-client information
    • Recommendation DOC-2017-07: Future performance simulations
    • Position - Recommendation DOC-2014-05: Agreements on the distribution of financial instruments
    • Instruction DOC-2013-07: Requirements relating to the professional competence of financial investment advisers, the updating of their knowledge, and reporting to the AMF on their activity and that of associations
    • Position DOC-2013-02: Collecting ‘know-your-client’ information
    • Position DOC-2012-08: Placement services and marketing of financial instruments
    • Instruction DOC-2012-07: Complaint handling
    • Position - Recommendation DOC-2008-23 : Questions and answers on the concept of investment service of investment advice
    • Position - Recommendation DOC-2006-23: Questions and answers on the rules that apply to financial investment advisers
  • IV. 2 - Specific provisions applicable to certain products
    • Instruction DOC-2017-06: Procedure for preparing and registering an information document that must be filed with the AMF by intermediaries in miscellaneous assets
    • Position DOC-2014-04: Guide to UCITS, AIF and other investment fund marketing regimes in France
    • Instruction DOC-2014-03: Procedure for marketing units or shares of AIFs
    • Instruction DOC-2014-02: Disclosure to investors in unauthorised or undeclared AIFs
    • Position DOC-2013-13: Guide pour la rédaction des documents commerciaux dans le cadre de la commercialisation des titres de créance structurés
    • Position DOC-2013-12: Requirement to offer a guarantee (of the formula and/or capital, as appropriate) for structured UCITS and AIFs, “guaranteed” UCITS and AIFs and structured debt securities issued by special purpose entities and marketed to the general public
    • Position - Recommendation DOC-2011-24: A guide to drafting collective investment marketing materials and distributing collective investments
    • Position DOC-2010-05: Marketing of complex financial instruments
    • Position DOC-2008-20: Questions and answers about the marketing of investment vehicles primarily for tax deduction purposes
    • Instruction DOC-2008-04: Application of business conduct rules to marketing of units or shares in UCITS or AIFs by asset management companies, management companies or managers
• V - Market infrastructure
  • V. 1 - Regulated market and multilateral trading facilities
    • Position DOC-2020-02: Clarifications regarding the notion of trading venue, applicable in particular to financial instruments registered in a distributed ledger
    • Instruction DOC-2017-12: Position limits for commodity derivatives traded on Euronext
    • Position DOC-2012-03: Systems and controls in an automated trading environment
  • V. 2 - Central depositories, clearing houses, payment and settlement systems
    • Instruction DOC-2009-07: On the file to be submitted to the AMF by a central securities depository or a securities settlement system manager, within the framework of the prior approval application to the AMF for allowing an institution to open an account with the central securities depository or take part in the securities settlement system
  • V. 3 - Other market participants
    • Instruction DOC-2019-05: Procedure of recognition of foreign exchanges
    • Position DOC-2013-14: Scope of the regulation on credit rating agencies
• VI - Market abuse
  • VI. 1 - Accepted market practices
  • VI. 2 - Market soundings
    • Position DOC-2017-02: Persons receiving market soundings
  • EN - VI. 3 - Lanceurs d'alerte

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