Regulatory AlertsDOC-2010-05 The Marketing of Complex Financial Instruments
The Autorité des Marchés Financiers (AMF) reminds financial professionals of their obligations regarding the marketing of structured funds and complex debt securities with risks difficult for the general public to understand. The document establishes four specific criteria for assessing the risk of improper marketing of these products. Although the text notes it has not yet been updated to reflect MiFID II transposition, it outlines the regulatory framework and reference texts governing these commercialization practices.
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IV - Marketing - Client Relationship IV. 2 - Specific provisions for certain products Doctrine UCITS
The Marketing of Complex Financial Instruments
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Applicable as of December 8, 2025 Position DOC-2010-05
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Summary Structured funds as well as complex debt securities presenting risks difficult to understand by the general public, the AMF reminds professionals (PSI, CIF, and canvassers) of their obligations regarding the marketing of these products and sets four criteria to assess the risk of improper marketing.
Download the doctrine Reference texts Archives
Structured funds as well as complex debt securities presenting risks difficult to understand by the general public, the AMF reminds professionals (PSI, CIF, and canvassers) of their obligations regarding the marketing of these products and sets four criteria to assess the risk of improper marketing.
Download the doctrine Reference texts
Articles L.533-11 to L.533-13 of the Monetary and Financial Code
Article L.533-22-2-1 of the Monetary and Financial Code
Article L.541-8-1 of the Monetary and Financial Code
AMF General Regulation
Structured funds as well as complex debt securities presenting risks difficult to understand by the general public, the AMF reminds professionals (PSI, CIF, and canvassers) of their obligations regarding the marketing of these products and sets four criteria to assess the risk of improper marketing.
Download the doctrine Reference texts
ACP Recommendation on the marketing of life insurance contracts in unit-linked accounts constituted of complex financial instruments (2010-R-01)
Structured UCITS as well as complex debt securities presenting risks difficult to understand by the general public, the AMF reminds professionals (PSI, CIF, and canvassers) of their obligations regarding the marketing of these products and sets four criteria to assess the risk of improper marketing. This document has not been updated regarding texts transposing MiFID 2 and separating the legal regime of investment firms and portfolio management companies. This update will be carried out shortly.
Download the doctrine Reference texts
Articles L.533-11 to L.533-13 of the Monetary and Financial Code
Article L.541-8-1 of the Monetary and Financial Code
Article 314-10 of the AMF General Regulation
Article 314-18
Articles 314-33 to 314-36 of the AMF General Regulation
Article 325-5 of the AMF General Regulation
ACP Recommendation on the marketing of life insurance contracts in unit-linked accounts constituted of complex financial instruments (2010-R-01)
Structured UCITS as well as complex debt securities presenting risks difficult to understand by the general public, the AMF reminds professionals (PSI, CIF, and canvassers) of their obligations regarding the marketing of these products and sets four criteria to assess the risk of improper marketing.
Download the doctrine Reference texts
Articles L.533-11 to L.533-13 of the Monetary and Financial Code
Article L.541-8-1 of the Monetary and Financial Code
Articles 314-33 to 314-36 of the General Regulation
Article 314-10 of the General Regulation
Article 314-18 of the General Regulation
Article 325-5 of the General Regulation
ACP Recommendation on the marketing of life insurance contracts in unit-linked accounts constituted of complex financial instruments (2010-R-01)
Structured UCITS as well as complex debt securities presenting risks difficult to understand by the general public, the AMF reminds professionals (PSI, CIF, and canvassers) of their obligations regarding the marketing of these products and sets four criteria to assess the risk of improper marketing.
Download the doctrine Reference texts
Articles L.533-11 to L.533-13 of the Monetary and Financial Code
Article L.541-8-1 of the Monetary and Financial Code
Articles 314-33 to 314-36 of the General Regulation
Article 314-10 of the General Regulation
Article 314-18 of the General Regulation
Article 325-5 of the General Regulation
ACP Recommendation on the marketing of life insurance contracts in unit-linked accounts constituted of complex financial instruments (2010-R-01)
Legal notices: Publisher: The Director of the AMF Communication Department. Contact: Communication Department, Autorité des marchés financiers - 17, place de la Bourse - 75082 Paris Cedex 02