FRANCE: AMF Publish MiFID II Guide for Financial Investment Advisers

Thursday October 26 2017

Autorité des marchés financiers (AMF) have published a MiFID II guide for financial investment advisers (CIF).

The new European Markets in Financial Instruments Directive (MiFID) will come into effect on 3 January 2018. In this framework, CIFs will be subject to a national regulatory regime with rules similar to those of MiFID II. In other words , the MiFID II rules do not apply directly to the CIF but are implemented in a national regulatory regime that partially replicates them (for example the governance obligations of financial instruments or the clarifications provided by MiFID II on the content of the adequacy assessment are included in the CIF regime. In this perspective, the AMF publishes a guide to accompany the CIF in its implementation.

CIF’s can provide advice on financial investments and can receive and transmit orders on behalf of clients on the units or shares of mutual funds.

From January 3^rd 2018 and onwards, CIFs will be subject to certain requirements similar to those of investment firms.

The CIF will continue to provide a program of activity which contains planned activities and its organizational structure. Moreover, the associations of CIF will determine the withdrawal rules of membership.

The rules on CIF governance, conflicts of interest and transparency have been tightened. There are also requirements as to the quantity and diversity of products evaluated by CIFs independently.

Please click on the above link for more information.