Regulatory AlertsProfessional Obligations of Investment Service Providers Regarding Non-Professional Clients for Third-Party Portfolio Management
The French Autorité des Marchés Financiers (AMF) issued Instruction DOC-2019-12 to define the professional obligations of investment service providers, including portfolio management companies, when serving non-professional clients. The document updates previous guidelines to clarify requirements for concluding agreements, managing relationships with custodian account keepers, and handling portfolios invested in non-listed securities. It serves as the authoritative reference for compliance with Articles L. 533-12 and L. 533-12-1 of the Monetary and Financial Code.
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III - Providers III. 1 - Investment service providers III. 1.3. Good conduct rules Doctrine Asset management
Professional Obligations of Investment Service Providers Regarding Non-Professional Clients for Third-Party Portfolio Management
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Applicable as of April 22, 2025 Instruction - Position - Recommendation DOC-2019-12
Download Viewed Version Summary Instruction-position-recommendation DOC-2019-12 clarifies certain professional obligations of investment service providers, including portfolio management companies, towards non-professional clients in matters of third-party portfolio management. This includes, for example, the conclusion of agreements referred to in Article 314-11 of the AMF General Regulation, the relationship with the custodian account keeper, and obligations when the provider offers management of portfolios invested in non-listed securities. The document updates and incorporates elements previously contained in Instruction DOC 2018-11 and Position-Recommendation DOC-2007-21.
Download the doctrine Reference texts
Article L. 533-12 of the Monetary and Financial Code
Article L. 533-12-1 of the Monetary and Financial Code
Article 314-3 of the General Regulation
Article 314-11 of the General Regulation
Article 314-12 of the General Regulation Archives
Instruction-position-recommendation DOC-2019-12 clarifies certain professional obligations of investment service providers, including portfolio management companies, towards non-professional clients in matters of third-party portfolio management. This includes, for example, the conclusion of agreements referred to in Article 314-11 of the AMF General Regulation, the relationship with the custodian account keeper, and obligations when the provider offers management of portfolios invested in non-listed securities. The document updates and incorporates elements previously contained in Instruction DOC 2018-11 and Position-Recommendation DOC-2007-21.
Download the doctrine Reference texts
Article L. 533-12 of the Monetary and Financial Code
Article 314-3 of the General Regulation
Article 314-11 of the General Regulation
Article 314-12 of the General Regulation
Instruction-position-recommendation DOC-2019-12 clarifies certain professional obligations of investment service providers, including portfolio management companies, towards non-professional clients in matters of third-party portfolio management. This includes, for example, the conclusion of agreements referred to in Article 314-11 of the AMF General Regulation, the relationship with the custodian account keeper, and obligations when the provider offers management of portfolios invested in non-listed securities. The document updates and incorporates elements previously contained in Instruction DOC 2018-11 and Position-Recommendation DOC-2007-21.
Download the doctrine Reference texts
Article L. 533-12 of the Monetary and Financial Code
Article 314-3 of the General Regulation
Article 314-11 of the General Regulation
Article 314-12 of the General Regulation
Instruction-position-recommendation DOC-2019-12 clarifies certain professional obligations of investment service providers, including portfolio management companies, towards non-professional clients in matters of third-party portfolio management. This includes, for example, the conclusion of agreements referred to in Article 314-11 of the AMF General Regulation, the relationship with the custodian account keeper, and obligations when the provider offers management of portfolios invested in non-listed securities. The document updates and incorporates elements previously contained in Instruction DOC 2018-11 and Position-Recommendation DOC-2007-21.
Download the doctrine Reference texts
Article L. 533-12 of the Monetary and Financial Code
Article 314-3 of the General Regulation
Article 314-11 of the General Regulation
Article 314-12 of the General Regulation Keywords
Investment services Legal notices: Publisher: The Director of the Communication Department of the AMF. Contact: Communication Department, Autorité des marchés financiers - 17, place de la Bourse - 75082 Paris Cedex 02