FRANCE: AMF publishes MiFID II guide for Management Companies

Thursday March 17 2016

Directive 2014/65 / EU of 15 May 2014 concerning the Markets in Financial Instruments Directive  (“MiFID II”) is required to be transposed into French law before July 3, 2016. The MiFID II Directive will come into force on January 3, 2017.

MiFID II will be implemented by delegated acts whose publication is expected soon. In this regard, the French financial regulator, the Autorité des Marchés Financiers (“AMF”), has published a new guide to assist management companies in its implementation. The guide contains a description of the new provisions that should apply and will be updated based on other texts that will complement the Directive.

The guide includes information on a number of topics, including:

• Guide to sound practices
• Product governance
• ‘Independent’ investments
• Customer information
• Verification of knowledge and skills of personnel providing investment advice or information about financial services and instruments
• The evaluation of the adequacy and appropriateness of the products or services provided to clients
• Proceedings for services provided
• Benefits and compensation
• Best execution, better selection and reporting
• Transparency and market structure
• The marketing of mutual fund units

Click on the above link for further details