II - Investment Products

II. 1 - Collective Investments

II. 1.1. Common Provisions for UCITS and AIFs

Doctrine

UCITS

Guide on the Monitoring of Collective Investment Undertakings

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Applicable from March 28, 2024

Position - Recommendation DOC-2011-25

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Summary

Guide DOC-2011-25 recalls how certain aspects of the regulation concerning Collective Investment Undertakings (OPC) must be applied, such as control procedures, life-cycle management, AIF side pockets, the amicable compensation procedure, the calculation of exposure and global risk, information to holders/shareholders (particularly regarding merger operations and the guaranteed amount of their investment), as well as the monitoring of ETFs.

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Reference texts

Articles L. 214-3, L. 214-15, L. 214-7-4, L. 214-8-7, L. 214-24-15, L. 214-24-33, L. 214-24-41, L. 214-26-1, L. 214-35, L. 214-190-1, L. 214-190-2-1, L.214-190-3-1, R. 214-15, R. 214-32-23, R. 214-15-1, R. 214-16, R. 214-22, D. 214-22-1, D. 214-5, D. 214-32-12, D. 214-32-15, D. 214-32-31 of the Monetary and Financial Code

Articles 316-3, 319-13, 321-2, 321-100, 411-6, 411-10, 411-14, 411-20, 411-74, 411-75 to 411-80, 411-9, 422-7, 422-11, 422-15, 422-21, 422-53 to 422-59 of the AMF General Regulation

Article 44 (3) of Commission Regulation (EU) 2017/565 of April 25, 2016

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Guide DOC-2011-25 recalls how certain aspects of the regulation concerning Collective Investment Undertakings (OPC) must be applied, such as control procedures, life-cycle management, AIF side pockets, the amicable compensation procedure, the calculation of exposure and global risk, information to holders/shareholders (particularly regarding merger operations and the guaranteed amount of their investment), as well as the monitoring of ETFs.

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Reference texts

Articles L. 214-3, L. 214-15, L. 214-7-4, L. 214-8-7, L. 214-24-15, L. 214-24-33, L. 214-24-41, L. 214-26-1, L. 214-35, L. 214-190-1, L. 214-190-2-1, L.214-190-3-1, R. 214-15, R. 214-32-23, R. 214-15-1, R. 214-16, R. 214-22, D. 214-22-1, D. 214-5, D. 214-32-12, D. 214-32-15, D. 214-32-31 of the Monetary and Financial Code

Articles 316-3, 319-13, 321-2, 321-100, 411-6, 411-10, 411-14, 411-20, 411-74, 411-75 to 411-80, 411-9, 422-7, 422-11, 422-15, 422-21, 422-53 to 422-59 of the General Regulation

Article 44 (3) of Commission Regulation (EU) 2017/565 of April 25, 2016

Guide DOC-2011-25 recalls how certain aspects of the regulation concerning Collective Investment Undertakings (OPC) must be applied, such as control procedures, life-cycle management, AIF side pockets, the amicable compensation procedure, the calculation of exposure and global risk, information to holders/shareholders (particularly regarding merger operations and the guaranteed amount of their investment), as well as the monitoring of ETFs.

[Download the doctrine]

Reference texts

Articles L. 214-3, L. 214-15, L. 214-7-4, L. 214-8-7, L. 214-24-15, L. 214-24-33, L. 214-24-41, L. 214-26-1, L. 214-35, L. 214-190-1, L. 214-190-2-1, L.214-190-3-1, R. 214-15, R. 214-32-23, R. 214-15-1, R. 214-16, R. 214-22, D. 214-22-1, D. 214-5, D. 214-32-12, D. 214-32-15, D. 214-32-31 of the Monetary and Financial Code

Articles 316-3, 319-13, 321-2, 321-100, 411-6, 411-10, 411-14, 411-20, 411-74, 411-75 to 411-80, 411-9, 422-7, 422-11, 422-15, 422-21, 422-53 to 422-59 of the General Regulation

Article 44 (3) of Commission Regulation (EU) 2017/565 of April 25, 2016

Guide DOC-2011-25 recalls how certain aspects of the regulation concerning Collective Investment Undertakings (OPC) must be applied, such as control procedures, life-cycle management, AIF side pockets, the amicable compensation procedure, the calculation of exposure and global risk, information to holders/shareholders (particularly regarding merger operations and the guaranteed amount of their investment), as well as the monitoring of ETFs.

[Download the doctrine]

Reference texts

Articles L. 214-3, L. 214-15, L. 214-7-4, L. 214-8-7, L. 214-24-15, L. 214-24-33, L. 214-24-41, L. 214-26-1, L. 214-35, L. 214-190-1, L. 214-190-2-1, L.214-190-3-1, R. 214-15, R. 214-32-23, R. 214-15-1, R. 214-16, R. 214-22, D. 214-22-1, D. 214-5, D. 214-32-12, D. 214-32-15, D. 214-32-31 of the Monetary and Financial Code

Articles 316-3, 319-13, 321-2, 321-100, 411-6, 411-10, 411-14, 411-20, 411-74, 411-75 to 411-80, 411-9, 422-7, 422-11, 422-15, 422-21, 422-53 to 422-59 of the General Regulation

Article 44 (3) of Commission Regulation (EU) 2017/565 of April 25, 2016

Guide DOC-2011-25 recalls how certain aspects of the regulation concerning Collective Investment Undertakings (OPC) must be applied, such as control procedures, life-cycle management, AIF side pockets, the amicable compensation procedure, the calculation of exposure and global risk, information to holders/shareholders (particularly regarding merger operations and the guaranteed amount of their investment), as well as the monitoring of ETFs.

[Download the doctrine]

Reference texts

Articles L.214-3, L.214-15, L.214-7-4, L.214-24-15, R.214-15, R. 214-32-23, R 214-15-1, R.214-16, R.214-22, D.214-22-1, D.214-5, D. 214-32-12, D.214-32-15 and D.214-32-31 of the Monetary and Financial Code

Articles 316-3, 319-13, 321-2, 321-100, 411-6, 411-10, 411-14, 411-20, 411-74, 411-75 to 411-80, 411-9, 422-7, 422-11, 422-15, 422-21, 422-53 to 422-59 of the General Regulation

Article 44 (3) of Commission Regulation (EU) 2017/565 of April 25, 2016

Guide DOC-2011-25 recalls how certain aspects of the regulation concerning Collective Investment Undertakings (OPC) must be applied, such as control procedures, life-cycle management, AIF side pockets, the amicable compensation procedure, the calculation of exposure and global risk, information to holders/shareholders (particularly regarding merger operations and the guaranteed amount of their investment), as well as the monitoring of ETFs.

[Download the doctrine]

Reference texts

Articles L.214-3, L.214-15, L.214-7-4, L.214-24-15, R.214-15, R. 214-32-23, R 214-15-1, R.214-16, R.214-22, D.214-22-1, D.214-5, D. 214-32-12, D.214-32-15 and D.214-32-31 of the Monetary and Financial Code

Articles 316-3, 319-13, 321-2, 321-100, 411-6, 411-10, 411-14, 411-20, 411-74, 411-75 to 411-80, 411-9, 422-7, 422-11, 422-15, 422-21, 422-53 to 422-59 of the General Regulation

Article 44 (3) of Commission Regulation (EU) 2017/565 of April 25, 2016

Guide DOC-2011-25 recalls how certain aspects of the regulation concerning Collective Investment Undertakings (OPC) must be applied, such as control procedures, life-cycle management, AIF side pockets, the amicable compensation procedure, the calculation of exposure and global risk, information to holders/shareholders (particularly regarding merger operations and the guaranteed amount of their investment), as well as the monitoring of ETFs.

[Download the doctrine]

Reference texts

Articles L.214-3, L.214-15, L.214-7-4, L.214-24-15, R.214-15, R. 214-32-23, R 214-15-1, R.214-16, R.214-22, D.214-22-1, D.214-5, D. 214-32-12, D.214-32-15 and D.214-32-31 of the Monetary and Financial Code

Articles 316-3, 319-13, 321-2, 321-100, 411-6, 411-10, 411-14, 411-20, 411-74, 411-75 to 411-80, 411-9, 422-7, 422-11, 422-15, 422-21, 422-53 to 422-59 of the General Regulation

Article 44 (3) of Commission Regulation (EU) 2017/565 of April 25, 2016

Guide DOC-2011-25 recalls how certain aspects of the regulation concerning Collective Investment Undertakings (OPC) must be applied, such as control procedures, life-cycle management, AIF side pockets, the amicable compensation procedure, the calculation of exposure and global risk, information to holders/shareholders (particularly regarding merger operations and the guaranteed amount of their investment), as well as the monitoring of ETFs. This document has not been updated with regard to the texts transposing MiFID II and separating the legal regime of investment firms and asset management companies. This update will be carried out shortly.

[Download the doctrine]

Reference texts

Articles L.214-3, L.214-15, L.214-7-4, L.214-24-15, R.214-15, R. 214-32-23, R 214-15-1, R.214-16, R.214-22, D.214-22-1, D.214-5, D. 214-32-12, D.214-32-15 and D.214-32-31 of the Monetary and Financial Code

Articles 311-1, 314-3, 314-12, 316-3, 319-13, 411-6, 411-10, 411-14, 411-20, 411-74, 411-75, 411-76, 411-77, 411-78, 411-79, 411-80, 411-9, 422-7, 422-11, 422-15, 422-21, 422-53, 422-54, 422-55, 422-56, 422-57, 422-58 and 422-59 of the AMF General Regulation

Guide DOC-2011-25 recalls how certain aspects of the regulation concerning Collective Investment Undertakings (OPC) must be applied, such as control procedures, life-cycle management, AIF side pockets, the amicable compensation procedure, the calculation of exposure and global risk, as well as information to holders/shareholders (particularly regarding merger operations and the guaranteed amount of their investment).

[Download the doctrine]

Reference texts

Articles L.214-3, L.214-15, L.214-7-4, L.214-24-15, R.214-15, R. 214-32-23, R 214-15-1, R.214-16, R.214-22, D.214-22-1, D.214-5, D. 214-32-12, D.214-32-15 and D.214-32-31 of the Monetary and Financial Code

Articles 311-1, 314-3, 314-12, 316-3, 319-13, 411-6, 411-10, 411-14, 411-20, 411-74, 411-75, 411-76, 411-77, 411-78, 411-79, 411-80, 411-9, 422-7, 422-11, 422-15, 422-21, 422-53, 422-54, 422-55, 422-56, 422-57, 422-58 and 422-59 of the AMF General Regulation

This guide recalls how certain aspects of the regulation concerning Collective Investment Undertakings (OPC) must be applied, such as control procedures, life-cycle management, UCITS side pockets, the amicable compensation procedure, the calculation of exposure and global risk, as well as information to holders/shareholders (particularly regarding merger operations and the guaranteed amount of their investment).

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Reference texts

[Download the doctrine]

Keywords

Collective Investments

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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