Regulatory AlertsImplementation of a Differentiated Portfolio Transparency Regime for Active ETFs
The French Autorité des Marchés Financiers (AMF) issued Recommendation DOC-2024-04 to clarify the conditions under which portfolio management companies managing active Exchange-Traded Funds (ETFs) may implement a differentiated portfolio transparency policy. This framework allows managers to tailor disclosure practices based on the nature of market participants, providing regulatory guidance for active ETF operations. The recommendation references specific articles from the Monetary and Financial Code and the AMF General Regulation to establish these operational standards.
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II - Investment Products II. 1 - Collective Investments II. 1.1. Provisions common to UCITS and AIFs
Doctrine Asset Management
Implementation of a Differentiated Portfolio Transparency Regime for Active ETFs
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Applicable from June 5, 2024 Recommendation DOC-2024-04
Download Viewed Version Summary Recommendation DOC-2024-04 clarifies the conditions under which portfolio management companies managing active ETFs can implement a differentiated portfolio transparency policy based on the nature of market participants.
Download the doctrine Reference texts
Articles D. 214-22-1 and D. 214-32-31 of the Monetary and Financial Code
Article 411-134 of the AMF General Regulation
Article 421-27-2 of the AMF General Regulation
AMF Position DOC-2004-07: Market timing and late trading practices
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ETF
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