Regulatory AlertsAMF Guide DOC-2011-25 on the Monitoring of Collective Investment Undertakings
The French Financial Markets Authority (AMF) issued Guide DOC-2011-25 to clarify the application of regulatory requirements for Collective Investment Undertakings (OPC), including UCITS and AIFs. The document outlines essential operational procedures such as control mechanisms, life-cycle management, side pocket usage, and the calculation of global exposure and risk. It also mandates specific information disclosure to shareholders regarding mergers and guaranteed amounts, alongside the monitoring of Exchange Traded Funds.
II - Investment Products
II. 1 - Collective Investments
II. 1.1. Common Provisions for UCITS and AIFs
Doctrine
UCITS
Guide on the Monitoring of Collective Investment Undertakings
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Applicable from March 28, 2024
Position - Recommendation DOC-2011-25
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Summary
Guide DOC-2011-25 recalls how certain aspects of the regulation concerning Collective Investment Undertakings (OPC) must be applied, such as control procedures, life-cycle management, AIF side pockets, the amicable compensation procedure, the calculation of exposure and global risk, information to holders/shareholders (particularly regarding merger operations and the guaranteed amount of their investment), as well as the monitoring of ETFs.
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Reference texts
Articles L. 214-3, L. 214-15, L. 214-7-4, L. 214-8-7, L. 214-24-15, L. 214-24-33, L. 214-24-41, L. 214-26-1, L. 214-35, L. 214-190-1, L. 214-190-2-1, L.214-190-3-1, R. 214-15, R. 214-32-23, R. 214-15-1, R. 214-16, R. 214-22, D. 214-22-1, D. 214-5, D. 214-32-12, D. 214-32-15, D. 214-32-31 of the Monetary and Financial Code
Articles 316-3, 319-13, 321-2, 321-100, 411-6, 411-10, 411-14, 411-20, 411-74, 411-75 to 411-80, 411-9, 422-7, 422-11, 422-15, 422-21, 422-53 to 422-59 of the AMF General Regulation
Article 44 (3) of Commission Regulation (EU) 2017/565 of April 25, 2016
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Guide DOC-2011-25 recalls how certain aspects of the regulation concerning Collective Investment Undertakings (OPC) must be applied, such as control procedures, life-cycle management, AIF side pockets, the amicable compensation procedure, the calculation of exposure and global risk, information to holders/shareholders (particularly regarding merger operations and the guaranteed amount of their investment), as well as the monitoring of ETFs.
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Reference texts
Articles L. 214-3, L. 214-15, L. 214-7-4, L. 214-8-7, L. 214-24-15, L. 214-24-33, L. 214-24-41, L. 214-26-1, L. 214-35, L. 214-190-1, L. 214-190-2-1, L.214-190-3-1, R. 214-15, R. 214-32-23, R. 214-15-1, R. 214-16, R. 214-22, D. 214-22-1, D. 214-5, D. 214-32-12, D. 214-32-15, D. 214-32-31 of the Monetary and Financial Code
Articles 316-3, 319-13, 321-2, 321-100, 411-6, 411-10, 411-14, 411-20, 411-74, 411-75 to 411-80, 411-9, 422-7, 422-11, 422-15, 422-21, 422-53 to 422-59 of the General Regulation
Article 44 (3) of Commission Regulation (EU) 2017/565 of April 25, 2016
Guide DOC-2011-25 recalls how certain aspects of the regulation concerning Collective Investment Undertakings (OPC) must be applied, such as control procedures, life-cycle management, AIF side pockets, the amicable compensation procedure, the calculation of exposure and global risk, information to holders/shareholders (particularly regarding merger operations and the guaranteed amount of their investment), as well as the monitoring of ETFs.
[Download the doctrine]
Reference texts
Articles L. 214-3, L. 214-15, L. 214-7-4, L. 214-8-7, L. 214-24-15, L. 214-24-33, L. 214-24-41, L. 214-26-1, L. 214-35, L. 214-190-1, L. 214-190-2-1, L.214-190-3-1, R. 214-15, R. 214-32-23, R. 214-15-1, R. 214-16, R. 214-22, D. 214-22-1, D. 214-5, D. 214-32-12, D. 214-32-15, D. 214-32-31 of the Monetary and Financial Code
Articles 316-3, 319-13, 321-2, 321-100, 411-6, 411-10, 411-14, 411-20, 411-74, 411-75 to 411-80, 411-9, 422-7, 422-11, 422-15, 422-21, 422-53 to 422-59 of the General Regulation
Article 44 (3) of Commission Regulation (EU) 2017/565 of April 25, 2016
Guide DOC-2011-25 recalls how certain aspects of the regulation concerning Collective Investment Undertakings (OPC) must be applied, such as control procedures, life-cycle management, AIF side pockets, the amicable compensation procedure, the calculation of exposure and global risk, information to holders/shareholders (particularly regarding merger operations and the guaranteed amount of their investment), as well as the monitoring of ETFs.
[Download the doctrine]
Reference texts
Articles L. 214-3, L. 214-15, L. 214-7-4, L. 214-8-7, L. 214-24-15, L. 214-24-33, L. 214-24-41, L. 214-26-1, L. 214-35, L. 214-190-1, L. 214-190-2-1, L.214-190-3-1, R. 214-15, R. 214-32-23, R. 214-15-1, R. 214-16, R. 214-22, D. 214-22-1, D. 214-5, D. 214-32-12, D. 214-32-15, D. 214-32-31 of the Monetary and Financial Code
Articles 316-3, 319-13, 321-2, 321-100, 411-6, 411-10, 411-14, 411-20, 411-74, 411-75 to 411-80, 411-9, 422-7, 422-11, 422-15, 422-21, 422-53 to 422-59 of the General Regulation
Article 44 (3) of Commission Regulation (EU) 2017/565 of April 25, 2016
Guide DOC-2011-25 recalls how certain aspects of the regulation concerning Collective Investment Undertakings (OPC) must be applied, such as control procedures, life-cycle management, AIF side pockets, the amicable compensation procedure, the calculation of exposure and global risk, information to holders/shareholders (particularly regarding merger operations and the guaranteed amount of their investment), as well as the monitoring of ETFs.
[Download the doctrine]
Reference texts
Articles L.214-3, L.214-15, L.214-7-4, L.214-24-15, R.214-15, R. 214-32-23, R 214-15-1, R.214-16, R.214-22, D.214-22-1, D.214-5, D. 214-32-12, D.214-32-15 and D.214-32-31 of the Monetary and Financial Code
Articles 316-3, 319-13, 321-2, 321-100, 411-6, 411-10, 411-14, 411-20, 411-74, 411-75 to 411-80, 411-9, 422-7, 422-11, 422-15, 422-21, 422-53 to 422-59 of the General Regulation
Article 44 (3) of Commission Regulation (EU) 2017/565 of April 25, 2016
Guide DOC-2011-25 recalls how certain aspects of the regulation concerning Collective Investment Undertakings (OPC) must be applied, such as control procedures, life-cycle management, AIF side pockets, the amicable compensation procedure, the calculation of exposure and global risk, information to holders/shareholders (particularly regarding merger operations and the guaranteed amount of their investment), as well as the monitoring of ETFs.
[Download the doctrine]
Reference texts
Articles L.214-3, L.214-15, L.214-7-4, L.214-24-15, R.214-15, R. 214-32-23, R 214-15-1, R.214-16, R.214-22, D.214-22-1, D.214-5, D. 214-32-12, D.214-32-15 and D.214-32-31 of the Monetary and Financial Code
Articles 316-3, 319-13, 321-2, 321-100, 411-6, 411-10, 411-14, 411-20, 411-74, 411-75 to 411-80, 411-9, 422-7, 422-11, 422-15, 422-21, 422-53 to 422-59 of the General Regulation
Article 44 (3) of Commission Regulation (EU) 2017/565 of April 25, 2016
Guide DOC-2011-25 recalls how certain aspects of the regulation concerning Collective Investment Undertakings (OPC) must be applied, such as control procedures, life-cycle management, AIF side pockets, the amicable compensation procedure, the calculation of exposure and global risk, information to holders/shareholders (particularly regarding merger operations and the guaranteed amount of their investment), as well as the monitoring of ETFs.
[Download the doctrine]
Reference texts
Articles L.214-3, L.214-15, L.214-7-4, L.214-24-15, R.214-15, R. 214-32-23, R 214-15-1, R.214-16, R.214-22, D.214-22-1, D.214-5, D. 214-32-12, D.214-32-15 and D.214-32-31 of the Monetary and Financial Code
Articles 316-3, 319-13, 321-2, 321-100, 411-6, 411-10, 411-14, 411-20, 411-74, 411-75 to 411-80, 411-9, 422-7, 422-11, 422-15, 422-21, 422-53 to 422-59 of the General Regulation
Article 44 (3) of Commission Regulation (EU) 2017/565 of April 25, 2016
Guide DOC-2011-25 recalls how certain aspects of the regulation concerning Collective Investment Undertakings (OPC) must be applied, such as control procedures, life-cycle management, AIF side pockets, the amicable compensation procedure, the calculation of exposure and global risk, information to holders/shareholders (particularly regarding merger operations and the guaranteed amount of their investment), as well as the monitoring of ETFs. This document has not been updated with regard to the texts transposing MiFID II and separating the legal regime of investment firms and asset management companies. This update will be carried out shortly.
[Download the doctrine]
Reference texts
Articles L.214-3, L.214-15, L.214-7-4, L.214-24-15, R.214-15, R. 214-32-23, R 214-15-1, R.214-16, R.214-22, D.214-22-1, D.214-5, D. 214-32-12, D.214-32-15 and D.214-32-31 of the Monetary and Financial Code
Articles 311-1, 314-3, 314-12, 316-3, 319-13, 411-6, 411-10, 411-14, 411-20, 411-74, 411-75, 411-76, 411-77, 411-78, 411-79, 411-80, 411-9, 422-7, 422-11, 422-15, 422-21, 422-53, 422-54, 422-55, 422-56, 422-57, 422-58 and 422-59 of the AMF General Regulation
Guide DOC-2011-25 recalls how certain aspects of the regulation concerning Collective Investment Undertakings (OPC) must be applied, such as control procedures, life-cycle management, AIF side pockets, the amicable compensation procedure, the calculation of exposure and global risk, as well as information to holders/shareholders (particularly regarding merger operations and the guaranteed amount of their investment).
[Download the doctrine]
Reference texts
Articles L.214-3, L.214-15, L.214-7-4, L.214-24-15, R.214-15, R. 214-32-23, R 214-15-1, R.214-16, R.214-22, D.214-22-1, D.214-5, D. 214-32-12, D.214-32-15 and D.214-32-31 of the Monetary and Financial Code
Articles 311-1, 314-3, 314-12, 316-3, 319-13, 411-6, 411-10, 411-14, 411-20, 411-74, 411-75, 411-76, 411-77, 411-78, 411-79, 411-80, 411-9, 422-7, 422-11, 422-15, 422-21, 422-53, 422-54, 422-55, 422-56, 422-57, 422-58 and 422-59 of the AMF General Regulation
This guide recalls how certain aspects of the regulation concerning Collective Investment Undertakings (OPC) must be applied, such as control procedures, life-cycle management, UCITS side pockets, the amicable compensation procedure, the calculation of exposure and global risk, as well as information to holders/shareholders (particularly regarding merger operations and the guaranteed amount of their investment).
[Download the doctrine]
Reference texts
[Download the doctrine]
Keywords
Collective Investments
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