Regulatory AlertsDOC-2008-04 Application of Conduct Rules During the Marketing of UCITS or AIF Shares or Units by Portfolio Management Companies, Management Companies and Managers
The French Autorité des Marchés Financiers (AMF) issued Instruction DOC-2008-04 to define the conduct rules applicable to the marketing in France of UCITS or AIF shares or units by portfolio management companies, EU-established management companies, and third-country managers. The instruction details the specific conduct requirements for taking investor orders for subscription or redemption, distinguishing between UCITS and OPCI products. The document explicitly notes that it has not yet been updated to reflect the legal separation of investment firms and portfolio management companies resulting from the transposition of MiFID II.
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III - Service Providers III. 1 - Investment Service Providers III. 1.3. Conduct Rules
Doctrine UCITS
Application of Conduct Rules During the Marketing of UCITS or AIF Shares or Units by Portfolio Management Companies, Management Companies and Managers
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Applicable as of October 23, 2018 Instruction DOC-2008-04
Download Viewed Version Summary This instruction sets out the conduct rules applicable to the marketing in France by a French portfolio management company, a management company established in another Member State of the European Union, or a manager established in a third country, of the shares or units of UCITS or AIFs, with a view to their subscription or redemption by an investor.
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Article 411-129 I of the General Regulation
Article 421-26 I of the General Regulation
Article 316-2 IV of the General Regulation
Article 321-1 III of the General Regulation Archives
This instruction sets out the conduct rules applicable to the marketing in France by a French portfolio management company, a management company established in another Member State of the European Union, or a manager established in a third country, of the shares or units of UCITS or AIFs, with a view to their subscription or redemption by an investor. This document has not been updated with regard to 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 411-129 I of the General Regulation
Article 421-26 I of the General Regulation
This instruction sets out the conduct rules applicable to the marketing by a Portfolio Management Company (SGP) of the shares or units of UCITS or OPCI, with a view to their subscription or redemption by an investor. Thus, depending on whether it is a UCITS or an OPCI for which it is the management company, the AMF indicates that the conduct rules to be applied when taking the order differ.
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Article 411-129 I of the General Regulation Keywords
AIFM Marketing 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