Regulatory AlertsGood Remuneration Policies under the UCITS Directive
The AMF implements ESMA guidelines on remuneration policies for portfolio management companies subject to the UCITS Directive to prevent poorly designed structures from harming risk management. These rules are applied proportionally based on the manager's size, organization, and the nature and complexity of its activities. The document entered into force on January 1, 2017, and is pending updates regarding MIF 2 transposition.
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III - Service Providers III. 1 - Investment Service Providers III. 1.3. Conduct Rules Doctrine UCITS
Good Remuneration Policies under the UCITS Directive
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Applicable from June 26, 2018 Position DOC-2016-14
Download Viewed Version Summary The AMF applies the ESMA guidelines on remuneration policies applicable to portfolio management companies subject to the UCITS Directive (ESMA/2016/575). The AMF incorporates them into a position that provides clarifications to prevent poorly designed remuneration structures from harming risk management and control. Some of the provisions apply in a manner adapted to the size of the manager and its organization, as well as to the nature, scope, and complexity of its activities.
Download the doctrine Reference texts
Article L533-22-2 of the Monetary and Financial Code
Article 321-125 of the General Regulation
ESMA Guidelines on good remuneration policies under the UCITS Directive Archives
The AMF applies the ESMA guidelines on remuneration policies applicable to portfolio management companies subject to the UCITS Directive (ESMA/2016/575). The AMF incorporates them into a position that provides clarifications to prevent poorly designed remuneration structures from harming risk management and control. Some of the provisions apply in a manner adapted to the size of the manager and its organization, as well as to the nature, scope, and complexity of its activities. This document enters into application on January 1, 2017. This document has not been updated with regard to texts transposing MIF 2 and/or 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.533-22-2 of the Monetary and Financial Code
Article 314-85-2 of the AMF General Regulation
ESMA Guidelines on good remuneration policies under the UCITS Directive Legal notices: Publisher: The Director of the AMF Communication Department. Contact: Communication Department, Autorité des marchés financiers - 17, place de la Bourse - 75082 Paris Cedex 02