Regulatory AlertsGuide for Drafting Advertising Communications and Marketing Collective Investments and SOFICA
The French Financial Markets Authority (AMF) issued Guide DOC-2011-24 to establish standards for drafting commercial documents and marketing collective investments, including UCITS, AIFs, SOFICA, SCPI, and private equity funds. The guide details acceptable practices and prohibitions regarding general principles, financial indices, and specific strategies such as cushion management. It serves as a regulatory reference for ensuring transparency and fairness in the commercialization of these financial products.
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II - Investment Products II. 1 - Collective Investments II. 1.1. Provisions common to UCITS and AIFs
Doctrine Commercialisation
Guide for Drafting Advertising Communications and Marketing Collective Investments and SOFICA
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Applicable as of February 16, 2023 Position - Recommendation DOC-2011-24
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Summary Guide DOC-2011-24 illustrates the behaviors to follow and the bad practices to avoid for drafting commercial documents and marketing collective investments (general principles, communication on financial and strategy indices, etc.). These provisions are applied to structured collective investments, "index" collective investments, collective investments implementing "cushion management" type strategies, SOFICA, SCPI, and private equity funds.
Download the doctrine Reference texts
Article L. 533-12 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
Article 325-12 of the General Regulation
Article 411-126 of the General Regulation
Article 421-25 of the General Regulation
Article 4 of Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019
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Guide DOC-2011-24 illustrates the behaviors to follow and the bad practices to avoid for drafting commercial documents and marketing collective investments (general principles, communication on financial and strategy indices, etc.). These provisions are applied to structured collective investments, "index" collective investments, collective investments implementing "cushion management" type strategies, SOFICA, SCPI, and private equity funds.
Download the doctrine Reference texts
Article L. 533-12 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
Article 325-12 of the General Regulation
Article 411-126 of the General Regulation
Article 421-25 of the General Regulation
Article 4 of Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019
Guide DOC-2011-24 illustrates the behaviors to follow and the bad practices to avoid for drafting commercial documents and marketing collective investments (general principles, communication on financial and strategy indices, etc.). These provisions are applied to structured collective investments, "index" collective investments, collective investments implementing "cushion management" type strategies, SOFICA, SCPI, and private equity funds.
Download the doctrine Reference texts
Article L. 533-12 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
Article 411-126 of the General Regulation
Article 421-25 of the General Regulation
Guide DOC-2011-24 illustrates the behaviors to follow and the bad practices to avoid for drafting commercial documents and marketing collective investments (general principles, communication on financial and strategy indices, etc.). These provisions are applied to structured collective investments, "index" collective investments, collective investments implementing "cushion management" type strategies, SOFICA, SCPI, and private equity funds.
Download the doctrine Reference texts
Article L. 533-12 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
Article 411-126 of the General Regulation
Article 421-25 of the General Regulation
Guide DOC-2011-24 illustrates the behaviors to follow and the bad practices to avoid for drafting commercial documents and marketing collective investments (general principles, communication on financial and strategy indices, etc.). These provisions are applied to structured collective investments, "index" collective investments, collective investments implementing "cushion management" type strategies, SOFICA, SCPI, and private equity funds.
Download the doctrine Reference texts
Article L. 533-12 of the Monetary and Financial Code
Article L.533-22-2-2 of the Monetary and Financial Code
Article L.541-8-1 of the Monetary and Financial Code
Guide DOC-2011-24 illustrates the behaviors to follow and the bad practices to avoid for drafting commercial documents and marketing collective investments (general principles, communication on financial and strategy indices, etc.). These provisions are applied to structured collective investments, "index" collective investments, collective investments implementing "cushion management" type strategies, SOFICA, SCPI, and private equity funds. This document has not been updated regarding 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 L. 533-12 of the Monetary and Financial Code
Articles 314-10 to 314-17 of the AMF General Regulation
Article 319-5 of the AMF General Regulation
Guide DOC-2011-24 illustrates the behaviors to follow and the bad practices to avoid for drafting commercial documents and marketing collective investments (general principles, communication on financial and strategy indices, etc.). These provisions are applied to structured collective investments, "index" collective investments, collective investments implementing "cushion management" type strategies, SOFICA, SCPI, and private equity funds. This document has not been updated regarding 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 L. 533-12 of the Monetary and Financial Code
Articles 314-10 to 314-17 of the AMF General Regulation
Article 319-5 of the AMF General Regulation
Guide DOC-2011-24 illustrates the behaviors to follow and the bad practices to avoid for drafting commercial documents and marketing collective investments (general principles, communication on financial and strategy indices, etc.). These provisions are applied to structured collective investments, "index" collective investments, collective investments implementing "cushion management" type strategies, SOFICA, SCPI, and private equity funds.
Download the doctrine Reference texts
Article L.533-12 of the Monetary and Financial Code
Articles 314-10 to 314-17 of the AMF General Regulation
Article 319-5 of the AMF General Regulation
Guide DOC-2011-24 illustrates the behaviors to follow and the bad practices to avoid for drafting commercial documents and marketing collective investments (general principles, communication on financial and strategy indices, etc.). These provisions are applied to structured collective investments, "index" collective investments, collective investments implementing "cushion management" type strategies, SOFICA, SCPI, and private equity funds.
Download the doctrine Reference texts
Article L.533-12 of the Monetary and Financial Code
Articles 314-10 to 314-17 of the General Regulation
Article 319-5 of the General Regulation
Guide DOC-2011-24 illustrates the behaviors to follow and the bad practices to avoid for drafting commercial documents and marketing collective investments (general principles, communication on financial and strategy indices, etc.). These provisions are applied to structured collective investments, "index" collective investments, collective investments implementing "cushion management" type strategies, SOFICA, SCPI, and private equity funds.
Download the doctrine Reference texts
Article L.533-12 of the Monetary and Financial Code
Articles 314-10 to 314-17 of the General Regulation
Article 319-5 of the General Regulation
Guide DOC-2011-24 illustrates the behaviors to follow and the bad practices to avoid for drafting commercial documents and marketing collective investments (general principles, communication on financial and strategy indices, etc.). These provisions are applied to structured collective investments, "index" collective investments, collective investments implementing "cushion management" type strategies, SOFICA, SCPI, and private equity funds.
Download the doctrine Reference texts
Article L.533-12 of the Monetary and Financial Code
Articles 314-10 to 314-17 of the General Regulation
Article 319-5 of the General Regulation
Guide DOC-2011-24 illustrates the behaviors to follow and the bad practices to avoid for drafting commercial documents and marketing collective investments (general principles, communication on financial and strategy indices, etc.). These provisions are applied to structured collective investments, "index" collective investments, collective investments implementing "cushion management" type strategies, SOFICA, SCPI, and private equity funds.
Download the doctrine Reference texts
Article L.533-12 of the Monetary and Financial Code
Articles 314-10 to 314-17 of the General Regulation
Article 319-5 of the General Regulation
Guide DOC-2011-24 illustrates the behaviors to follow and the bad practices to avoid for drafting commercial documents and marketing collective investments (general principles, communication on financial and strategy indices, etc.). These provisions are applied to structured collective investments, "index" collective investments, collective investments implementing "cushion management" type strategies, SOFICA, SCPI, and private equity funds.
Download the doctrine Reference texts
Article L.533-12 of the Monetary and Financial Code
Articles 314-10 to 314-17 of the General Regulation
Article 319-5 of the General Regulation
This guide illustrates the behaviors to follow and the bad practices to avoid for drafting commercial documents and marketing collective investments (general principles, communication on financial and strategy indices, etc.). These provisions are applied to structured UCITS, "index" UCITS, funds implementing "cushion management" type strategies, SOFICA, SCPI, and approved private equity UCITS.
Download the doctrine Reference texts
Article L.533-12 of the Monetary and Financial Code
Articles 314-10 to 314-17 of the General Regulation
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