Regulatory AlertsDOC-2008-14 Performance Swaps on UCITS and Structured Products on Active Management
The Autorité des Marchés Financiers (AMF) issued Position DOC-2008-14 to clarify regulatory requirements for UCITS utilizing performance swaps or active management structured products. The guidance addresses key operational areas including investment rules, valuation methodologies, management company autonomy, conflict of interest prevention, and investor information. The document explicitly notes that it has not been updated to reflect the transposition of MiFID II or the separation of legal regimes for investment firms and portfolio management companies.
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II - Investment Products II. 1 - Collective Investments II. 1.1. Provisions common to UCITS and AIFs
Doctrine UCITS
Performance Swaps, Total Return Swaps on UCITS, and Structured Products on Active Management
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Applicable as of February 16, 2023 Position DOC-2008-14
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Summary Position DOC-2008-14 provides clarifications on UCITS that resort to performance swaps on UCITS or structured products on active management, particularly regarding investment rules, valuation, the autonomy of the Management Company (SGP), conflict of interest prevention, modification of target assets, investor information, and practical procedures for establishing these UCITS.
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Article L.214-20 of the Monetary and Financial Code
Article L.214-24-55 of the Monetary and Financial Code
Article R.214-19 II of the Monetary and Financial Code
Article R.214-32-28 II of the Monetary and Financial Code
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Position DOC-2008-14 provides clarifications on UCITS that resort to performance swaps on UCITS or structured products on active management, particularly regarding investment rules, valuation, the autonomy of the Management Company (SGP), conflict of interest prevention, modification of target assets, investor information, and practical procedures for establishing these UCITS.
Download the doctrine Reference texts
Article L.214-20 of the Monetary and Financial Code
Article L.214-24-55 of the Monetary and Financial Code
Article R.214-19 II of the Monetary and Financial Code
Article R.214-32-28 II of the Monetary and Financial Code
Position DOC-2008-14 provides clarifications on UCITS that resort to performance swaps on UCITS or structured products on active management, particularly regarding investment rules, valuation, the autonomy of the Management Company (SGP), conflict of interest prevention, modification of target assets, investor information, and practical procedures for establishing these UCITS. This document has not been updated regarding 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 L.214-20 of the Monetary and Financial Code
Article L.214-24-55 of the Monetary and Financial Code
Article R.214-19 II of the Monetary and Financial Code
Article R.214-32-28 II of the Monetary and Financial Code
This position provides clarifications on UCITS that resort to performance swaps on UCITS or structured products on active management, particularly regarding investment rules, valuation, the autonomy of the Management Company (SGP), conflict of interest prevention, modification of target assets, investor information, and practical procedures for establishing these UCITS.
Download the doctrine Reference texts
Article L.214-20 of the Monetary and Financial Code
Article R.214-19 II of the Monetary and Financial Code
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