Regulatory AlertsRemuneration Policies Applicable to Alternative Investment Fund Managers
The French Autorité des Marchés Financiers (AMF) implements ESMA guidelines on remuneration policies for Alternative Investment Fund Managers (AIFMs) to prevent poorly designed compensation structures from undermining risk management. The AMF integrates these guidelines into a formal position that adapts specific provisions to the size, organization, and complexity of the manager's activities. This regulatory framework entered into force on January 1, 2017, ensuring alignment with European standards for financial sector remuneration.
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III - Service Providers III. 1 - Investment Service Providers III. 1.3. Conduct Rules Doctrine AIFM
Remuneration Policies Applicable to Alternative Investment Fund Managers
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Applicable as of December 20, 2016 Position DOC-2013-11
Download Version consulted Summary The AMF applies the ESMA guidelines on remuneration policies applicable to alternative investment fund managers (ESMA/2013/232). The AMF integrates them into a position that provides clarifications to prevent poorly designed remuneration structures from harming risk management and control. Some of the provisions apply in a manner adapted to the size of the manager and its organization, as well as to the nature, scope, and complexity of its activities. This document enters into application on January 1, 2017.
Download the doctrine Reference texts
Article L.533-22-2 of the Monetary and Financial Code
Article 319-10 of the AMF General Regulation
AIFM - Remuneration, AMF Professional Guide of August 2, 2013
Guidelines on remuneration policies applicable to alternative investment fund managers - ESMA/2013/232
Guidelines on remuneration policies applicable to alternative investment fund managers - ESMA/2016/579 Archives
The AMF applies the ESMA guidelines on remuneration policies applicable to alternative investment fund managers (ESMA/2013/232). The AMF integrates them into a position that provides clarifications to prevent poorly designed remuneration structures from harming risk management and control. Some of the provisions apply in a manner adapted to the size of the manager and its organization, as well as to the nature, scope, and complexity of its activities.
Download the doctrine
Download the full preview of the doctrine Reference texts
Article L.533-22-2 of the Monetary and Financial Code
Article 319-10 of the AMF General Regulation
Annex I - Concordance Table Recommendation/Directive on alternative investment fund managers
Annex II - Mapping of remuneration principles set out in the directive on alternative investment fund managers
Annex III - Schematic overview of certain deferral mechanisms
AIFM - Remuneration, AMF Professional Guide of August 2, 2013
Commission Recommendation of 30 April 2009 on remuneration policies in the financial services sector
Guidelines on remuneration policies applicable to alternative investment fund managers - ESMA/2013/232 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