Regulatory AlertsAMF DOC-2006-23 Q&A on the Regime Applicable to Financial Investment Advisors
The French Financial Markets Authority (AMF) issued this document to clarify the scope of activities for Financial Investment Advisors (CIF) and their specific regulatory obligations. It addresses key compliance areas including significant relationships with financial product promoters, financial instrument governance, advice on diverse assets, and the conditions for banking or financial solicitation. The text also references related positions on remuneration and the placement of financial instruments, noting that an update regarding MiFID II transposition is pending.
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IV - Commercialization - Customer Relationship IV. 1 - General Provisions Doctrine Investment Services
Q&A on the Regime Applicable to Financial Investment Advisors
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Applicable from January 1, 2024 Position - Recommendation DOC-2006-23
Download Viewed Version Summary These Q&A aim to clarify activities that fall under or do not fall under the status of Financial Investment Advisor (CIF), certain of its obligations (notably in the event of a significant relationship with a financial product promoter, regarding the governance of financial instruments, in the context of advice relating to transactions on diverse assets, or still in the context of the exercise of other wealth management advisory activities), as well as the conditions surrounding banking or financial solicitation for an advisory service.
Download the doctrine
Download the full preview of the doctrine Reference texts
Articles L. 541-1 to L. 541-9-1 of the Monetary and Financial Code
Articles 325-1-A to 325-32 of the General Regulation
ORIAS Website
AMF Position DOC-2008-23: Q&A on the notion of investment advisory investment service
AMF Position DOC-2012-08: Placement and marketing of financial instruments
AMF Position-Recommendation DOC-2013-10: Incentives and remuneration received in the context of the distribution and mandate management of financial instruments
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These Q&A aim to clarify activities that fall under or do not fall under the status of Financial Investment Advisor (CIF), certain of its obligations (notably in the event of a significant relationship with a financial product promoter, regarding the governance of financial instruments, in the context of advice relating to transactions on diverse assets, or still in the context of the exercise of other wealth management advisory activities), as well as the conditions surrounding banking or financial solicitation for an advisory service.
Download the doctrine
Download the full preview of the doctrine Reference texts
Articles L. 541-1 to L. 541-9-1 of the Monetary and Financial Code
Articles 325-1-A to 325-32 of the General Regulation
ORIAS Website
AMF Position DOC-2008-23 - Q&A on the exercise of the investment advisory investment service
AMF Position DOC-2012-08 - Placement and marketing of financial instruments
AMF Position-Recommendation DOC-2013-10 - Incentives and remuneration received in the context of the distribution and mandate management of financial instruments
These Q&A aim to clarify activities that fall under or do not fall under the status of Financial Investment Advisor (CIF), certain of its obligations (notably in the event of a significant relationship with a financial product promoter, regarding the governance of financial instruments, in the context of advice relating to transactions on diverse assets, or still in the context of the exercise of other wealth management advisory activities), as well as the conditions surrounding banking or financial solicitation for an advisory service.
Download the doctrine Reference texts
Articles L. 541-1 to L. 541-9-1 of the Monetary and Financial Code
Articles 325-1-A to 325-32 of the General Regulation
ORIAS Website
AMF Position DOC-2008-23 - Q&A on the exercise of the investment advisory investment service
AMF Position DOC-2012-08 - Placement and marketing of financial instruments
AMF Position-Recommendation DOC-2013-10 - Remuneration and benefits received in the context of the marketing and mandate management of financial instruments
These Q&A aim to clarify activities that fall under or do not fall under the status of Financial Investment Advisor (CIF), certain of its obligations (notably in the event of a significant relationship with a financial product promoter, regarding the governance of financial instruments, in the context of advice relating to transactions on diverse assets, or still in the context of the exercise of other wealth management advisory activities), as well as the conditions surrounding banking or financial solicitation for an advisory service.
Download the doctrine Reference texts
Articles L. 541-1 to L. 541-9-1 of the Monetary and Financial Code
Articles 325-1-A to 325-32 of the General Regulation
ORIAS Website
AMF Position DOC-2008-23 - Q&A on the exercise of the investment advisory investment service
AMF Position DOC-2012-08 - Placement and marketing of financial instruments
AMF Position-Recommendation DOC-2013-10 - Remuneration and benefits received in the context of the marketing and mandate management of financial instruments
These Q&A aim to clarify activities that fall under or do not fall under the status of Financial Investment Advisor (CIF), certain of its obligations (notably in the event of a significant relationship with a financial product promoter, regarding the governance of financial instruments, in the context of advice relating to transactions on diverse assets, or still in the context of the exercise of other wealth management advisory activities), as well as the conditions surrounding banking or financial solicitation for an advisory service.
Download the doctrine Reference texts
Articles L. 541-1 to L. 541-9-1 of the Monetary and Financial Code
Articles 325-1-A to 325-32 of the General Regulation
ORIAS Website
Q&A on the exercise of the investment advisory investment service
Placement and marketing of financial instruments
Remuneration and benefits received in the context of the marketing and mandate management of financial instruments
These Q&A aim to clarify activities that fall under or do not fall under the status of CIF, certain of its obligations (notably in the event of a significant relationship with a financial product promoter) as well as the conditions surrounding banking or financial solicitation for an advisory service. 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 L.541-1 of the Monetary and Financial Code
Article 325-3 of the General Regulation
Article 325-4 of the General Regulation
ORIAS Website
Q&A on the exercise of the investment advisory investment service
Placement and marketing of financial instruments
Remuneration and benefits received in the context of the marketing and mandate management of financial instruments
These Q&A aim to clarify activities that fall under or do not fall under the status of CIF, certain of its obligations (notably in the event of a significant relationship with a financial product promoter) as well as the conditions surrounding banking or financial solicitation for an advisory service.
Download the doctrine Reference texts
Article L.541-1 of the Monetary and Financial Code
Article 325-3 of the General Regulation
Article 325-4 of the General Regulation
Q&A on the exercise of the investment advisory investment service
Placement and marketing of financial instruments
Keywords
Investment advice 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