FRANCE: AIFMD Transposition in Book III of the AMF General Regulation

Thursday September 5 2013

The AMF has announced that Book III of the AMF General Regulation on service providers has been amended by a Decree of 8 August 2013 in line with the transposition of the Directive into French law by Order n° 2013-676 of 25 July 2013 and Decree n° 2013-687 of 25 July 2013.

A Title 1bis has been created and is devoted to asset management companies subject to the AIFMD. This title describes the resignation procedure of such companies, introducing specific rules on managers in third countries and setting out provisions on delegation of management functions for investment funds subject to the AIFMD (AIFs) and on remuneration policies. A specific chapter on AIF depositaries has also been published.

The AMF has also announced that it is pursuing efforts to simplify and modernise the framework of asset management. Book IV of its General Regulation relating to collective investments will therefore be amended in the coming months to introduce provisions on investment funds subject to the AIFMD.

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