FRANCE: AMF publish instruction on portfolio management companies, reporting requirements and passporting

Tuesday October 14 2014

The Autorité des Marchês Financiers (AMF) have provided, through a revised instruction, clarification on the methods and procedures for approval of portfolio management companies.

This instruction applies to all investment portfolio management entities, including:

• management companies that manage a portfolio or one or more UCITS authorised according to Directive 2009/65/EC (whether under French or foreign law);
• portfolio management companies managing one or more AIFs under Directive 2011/61/EU (whether under French or foreign law), whether they are fully subject to the AIFM Directive or not. When specificities exist for authorisation under the AIFM Directive, they are specifically identified in this instruction;
• companies providing portfolio investment management services;
• management companies that manage a portfolio or several other collective investment schemes within the meaning of paras 1 and 2 of Article L. 214-191 para I of the Monetary and Financial Code.

This instruction addresses:

• the authorisation process for management firms
• the “passport in” process for foreign management companies wishing to provide investment services or manage one or more UCITS or AIFs in France;
• the “passport out” process for French management companies wishing to provide investment services or manage one or more UCITS or AIFs.

Click on the above link for further details.