Regulatory AlertsDOC-2012-08 Placement and Marketing of Financial Instruments
The French Financial Markets Authority (AMF) clarifies the scope of the investment placement service regarding the marketing of financial instruments, specifying that marketing savings products such as UCITS, AIFs, and structured debt securities does not constitute the provision of an unguaranteed placement service. The regulation further establishes that the activity of seeking subscribers or purchasers in connection with an authorized investment firm does not require a separate authorization. This updated position incorporates all Alternative Investment Funds into the category of savings products and reflects transpositions of MiFID II and the separation of legal regimes for investment firms and portfolio management companies.
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III - Service Providers III. 1 - Investment Service Providers III. 1.1. Approval / Activity Program / Passport Doctrine Marketing
Placement and Marketing of Financial Instruments
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Applicable as of July 24, 2019 Position DOC-2012-08
Download Viewed Version Summary The AMF clarifies the scope of the placement service with regard to activities involving the marketing of financial instruments. Position DOC-2012-08 specifies that there is no provision of the unguaranteed placement service in the case of marketing products offering a savings solution (UCITS, AIFs, and structured debt securities) and that the activity of seeking subscribers or purchasers in connection with an authorized investment service provider (ISP) does not require approval. The new version of position DOC-2012-08 is updated with regard to texts transposing MiFID II and/or separating the legal regime of investment firms and portfolio management companies.
Download the doctrine Reference texts
Article D.321-1 of the Monetary and Financial Code
ACPR: AMF Position on the placement and marketing of financial instruments Archives
The AMF clarifies the scope of the placement service with regard to activities involving the marketing of financial instruments. Position DOC-2012-08 specifies that there is no provision of the unguaranteed placement service in the case of marketing products offering a savings solution (UCITS and structured debt securities) and that the activity of seeking subscribers or purchasers in connection with an authorized ISP does not require approval. The new version of position DOC-2012-08 includes all AIFs in the products offering a savings solution. This document has not been updated with regard to texts transposing MiFID II and/or separating the legal regime of investment firms and portfolio management companies. This update will be carried out shortly.
Download the doctrine Reference texts
Article D.321-1 of the Monetary and Financial Code
ACPR Position on the placement and marketing of financial instruments - 2012-P-02
The AMF clarifies the scope of the placement service with regard to activities involving the marketing of financial instruments. Position DOC-2012-08 specifies that there is no provision of the unguaranteed placement service in the case of marketing products offering a savings solution (UCITS and structured debt securities) and that the activity of seeking subscribers or purchasers in connection with an authorized ISP does not require approval.
Download the doctrine Reference texts
Article D.321-1 of the Monetary and Financial Code
ACPR Position on the placement and marketing of financial instruments - 2012-P-02 Legal notices: Publisher: The Director of the AMF Communication Department. Contact: Communication Department, Autorité des marchés financiers - 17, place de la Bourse - 75082 Paris Cedex 02