Regulatory AlertsDOC-2004-07 Market Timing and Late Trading Practices
The French Autorité des marchés financiers (AMF) issued this position to clarify the definitions and impacts of market timing and late trading practices in collective investment schemes. The document outlines the specific due diligence obligations required of management companies, centralizers, and distributors to mitigate associated risks. Although the text has not been updated to reflect the legal separation of investment firms and portfolio management companies under MiFID II, it remains a key reference for understanding these specific trading abuses.
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II - Investment Products II. 1 - Collective Investments II. 1.1. Provisions common to UCITS and AIFs
Doctrine UCITS
Market Timing and Late Trading Practices
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Applicable from January 24, 2019 Position DOC-2004-07
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Summary To assist in the proper understanding of market timing and late trading practices and their impacts, this position presents these practices (through questions and answers) and specifies the due diligence of the management company, the centralizer, and the distributor.
Download the doctrine Reference texts
Article 411-65 of the General Regulation
Article 411-67 of the General Regulation
Article 411-68 of the General Regulation
Article 422-43 of the General Regulation
Article 422-45 of the General Regulation
Article 422-46 of the General Regulation
Delegated Regulation (EU) 2015/35 of the Commission of October 10, 2014
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To assist in the proper understanding of market timing and late trading practices and their impacts, this position presents these practices (through questions and answers) and specifies the due diligence of the management company, the centralizer, and the distributor. 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 411-65 of the General Regulation
Article 411-67 of the General Regulation
Article 411-68 of the General Regulation
Article 422-43 of the General Regulation
Article 422-45 of the General Regulation
Article 422-46 of the General Regulation
Delegated Regulation (EU) 2015/35 of the Commission of October 10, 2014
To assist in the proper understanding of market timing and late trading practices and their impacts, this position presents these practices (through questions and answers) and specifies the due diligence of the management company, the centralizer, and the distributor.
Download the doctrine Reference texts
Article 411-65 of the General Regulation
Article 411-67 of the General Regulation
Article 411-68 of the General Regulation
Download the doctrine 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