FRANCE: AMF Publishes Guide to the Monitoring of Collective Investment Schemes

Friday June 9 2017

L’Autorité des marchés financiers (AMF) has published a guide on monitoring of collective investment schemes (CIS).

The guide provides a reminder of how certain aspects of the regulations governing CIS should be applied, such as control procedures, maturity management, side pocket funds, compensation procedures, calculating exposure and overall risk, and information for investors (in relation to mergers and the guaranteed amount of their investment).

When monitoring CIS’s, the AMF ensures that the operating conditions and management strategies of the CISs and real estate funds comply with their regulatory documents and with the applicable legislative and regulatory provisions. This monitoring process is distinct from the controls and investigations which can be carried out by the AMF concurrently. In this context, the document:

• Recalls certain regulatory provisions applicable and indicates how they shall be interpreted;
• Sets out recommendations for applying them;
• Gives concrete examples of UCITS and non-UCITS.

The positions and recommendations presented in this guide are in line with the doctrine already published or applied by the AMF as part of the examination of the individual approval files.

Click on the link above for further details.