The French Financial Markets Authority (AMF) issued Rescrit DOC-2026-02 to address a request from a financial investment advisor regarding the return of remuneration received from portfolio management companies. The document clarifies the regulatory framework for advisors refunding commissions to clients when subscribing to SCPI shares. It establishes the applicable rules under Articles 314-13 to 314-20 and Article 325-16 of the General Regulation.
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IV - Commercialization - Customer Relationship IV. 1 - General Provisions Doctrine Asset Management
Restitution of remuneration by a financial investment advisor to clients
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Applicable from February 20, 2026 Rescrit DOC-2026-02
Download Viewed version Summary This rescrit follows a request from a financial investment advisor concerning the repayment by the advisor to its clients of remuneration received from portfolio management companies upon the subscription of SCPI shares.
Download the doctrine Reference texts
Articles 314-13 to 314-20 of the General Regulation
Article 325-16 of the General Regulation Keywords
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