Regulatory AlertsDOC-2012-01 Organization of Collective Investment Management Activity and Third-Party Portfolio Management Investment Service Regarding Risk Management
The French Autorité des Marchés Financiers (AMF) issues Instruction DOC-2012-01 to establish specific organizational rules for risk management within collective investment management and third-party portfolio management services. The instruction defines the permanent risk management function, outlines procedures for engaging third parties, and mandates comprehensive risk policies covering counterparty, liquidity, market, and operational risks. Although the document notes it has not yet been updated to reflect MiFID II transposition, it currently governs risk measurement, control, documentation, and archiving practices for these financial activities.
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III - Service Providers III. 1 - Investment Service Providers III. 1.2. Organizational Rules Doctrine Organizational Rules
Organization of Collective Investment Management Activity and Third-Party Portfolio Management Investment Service Regarding Risk Management
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Applicable as of March 21, 2022 Instruction DOC-2012-01
Download Viewed Version Summary The activity of managing collective investments and the investment service of portfolio management for third parties are subject to specific organizational rules regarding risk management (counterparty, liquidity, market, and operational risks). Instruction DOC-2012-01 defines the permanent risk management function, the conditions for recourse to a third party, as well as the risk management policy and procedures (measurement, control, documentation, and archiving).
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Articles 312-43 to 312-48, 318-38 to 318-43, 321-23 to 321-29, 321-76 to 321-81, and 321-102 of the General Regulation Archives
The activity of managing collective investments and the investment service of portfolio management for third parties are subject to specific organizational rules regarding risk management (counterparty, liquidity, market, and operational risks). Instruction DOC-2012-01 defines the permanent risk management function, the conditions for recourse to a third party, as well as the risk management policy and procedures (measurement, control, documentation, and archiving).
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Article 318-38 of the General Regulation
Article 318-39 of the General Regulation
Article 318-40 of the General Regulation
Article 318-41 of the General Regulation
Article 318-42 of the General Regulation
Article 318-43 of the General Regulation
The activity of managing collective investments and the investment service of portfolio management for third parties are subject to specific organizational rules regarding risk management (counterparty, liquidity, market, and operational risks). Instruction DOC-2012-01 defines the permanent risk management function, the conditions for recourse to a third party, as well as the risk management policy and procedures (measurement, control, documentation, and archiving). This document has not been updated regarding the texts transposing MiFID II and separating the legal regime of investment firms and portfolio management companies. This update will be carried out shortly.
Download the doctrine Reference texts
Article 318-38 of the General Regulation
Article 318-39 of the General Regulation
Article 318-40 of the General Regulation
Article 318-41 of the General Regulation
Article 318-42 of the General Regulation
Article 318-43 of the General Regulation
The activity of managing collective investments and the investment service of portfolio management for third parties are subject to specific organizational rules regarding risk management (counterparty, liquidity, market, and operational risks). Instruction DOC-2012-01 defines the permanent risk management function, the conditions for recourse to a third party, as well as the risk management policy and procedures (measurement, control, documentation, and archiving).
Download the doctrine Reference texts
Articles 313-53-2 to 313-60 of the AMF General Regulation
Articles 318-38 to 318-43 of the AMF General Regulation
Article 314-3-2 of the AMF General Regulation
The activity of managing collective investments and the investment service of portfolio management for third parties are subject to specific organizational rules regarding risk management (counterparty, liquidity, market, and operational risks). Instruction DOC-2012-01 defines the permanent risk management function, the conditions for recourse to a third party, as well as the risk management policy and procedures (measurement, control, documentation, and archiving).
Download the doctrine Reference texts
Article 313-53-2 of the General Regulation
Articles 313-54 to 313-59-1 of the General Regulation
Articles 318-38 to 318-43 of the General Regulation
Article 313-60 of the General Regulation
Article 314-3-2 of the General Regulation
The activity of managing collective investments and the investment service of portfolio management for third parties are subject to specific organizational rules regarding risk management (counterparty, liquidity, market, and operational risks). Instruction DOC-2012-01 defines the permanent risk management function, the conditions for recourse to a third party, as well as the risk management policy and procedures (measurement, control, documentation, and archiving).
Download the doctrine
The activity of managing UCITS (OPCVM) or SCPIs (OPCI) and the investment service of portfolio management for third parties are subject to specific organizational rules regarding risk management (counterparty, liquidity, market, and operational risks). The instruction defines the permanent risk management function, the conditions for recourse to a third party, as well as the risk management policy and procedures (measurement, control, documentation, and archiving).
Download the doctrine Reference texts
Articles 313-53-2 to 313-53-7 of the General Regulation
Articles 313-54 to 313-59-1 of the General Regulation
Article 313-60 of the General Regulation
Article 313-61 of the General Regulation
Article 313-62 of the General Regulation
Article 314-3-2 of the General Regulation 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