Regulatory AlertsDOC-2008-23 Q&A on the notion of investment advice service
The French Financial Markets Authority (AMF) issued position DOC-2008-23 to clarify the criteria for defining the investment advice service and the associated diligence and obligations of investment service providers. This document provides detailed questions and answers regarding the regulatory framework applicable to financial investment advisors under Article D.321-1 of the Monetary and Financial Code. The AMF explicitly notes that this guidance has not yet been updated to reflect the transposition of MiFID II and the resulting separation of legal regimes for investment firms and portfolio management companies.
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III - Service Providers III. 1 - Investment Service Providers III. 1.1. Authorization / Activity Program / Passport Doctrine Investment Services
Q&A on the notion of investment advice service
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Applicable as of February 13, 2024 Position DOC-2008-23
Download Viewed Version Summary Position DOC-2008-23 provides clarification on the criteria for defining the investment advice service.
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Article D.321-1 of the Monetary and Financial Code
Article 9 of Delegated Regulation (EU) 2017/565 of the Commission of April 25, 2016
Q&A regarding the regime applicable to financial investment advisors Archives
Position DOC-2008-23 provides clarification on the criteria for defining the investment advice service.
Download the doctrine Reference texts
Article D.321-1 of the Monetary and Financial Code
Article 9 of Delegated Regulation (EU) 2017/565 of the Commission of April 25, 2016
Q&A regarding the regime applicable to financial investment advisors
Position-recommendation DOC-2008-23 provides clarification on the criteria for defining the investment advice service as well as on the diligence and obligations of the investment service provider regarding the provision of said service. This document has not been updated with regard to 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 D.321-1 of the Monetary and Financial Code
Articles 314-43 to 314-47 of the General Regulation
Q&A regarding the regime applicable to financial investment advisors
The present Q&A provide clarification on the criteria for defining the investment advice service as well as on the diligence and obligations of the investment service provider regarding the provision of said service.
Download the doctrine Reference texts
Article D.321-1 of the Monetary and Financial Code
Articles 314-43 to 314-47 of the General Regulation
Q&A regarding the regime applicable to financial investment advisors 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