RegAlertGuidance · AMF
DOC-2007-02 Investment Advice and Order Execution Services
The French Autorité des Marchés Financiers (AMF) issued Instruction DOC-2007-02 to define the scope of investment advice and order execution services and to explicitly list services excluded from this classification, such as portfolio valuation and financial instrument custody. The document was updated to align with the implementation of MiFID II, restricting its application exclusively to collective management companies. It serves as a regulatory doctrine clarifying the boundaries of regulated investment services under the General Regulation.
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III - Service Providers
III. 1 - Investment Service Providers
III. 1.3. Conduct Rules
Doctrine
Investment Services
Investment Advice and Order Execution Services
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Applicable as of October 18, 2018 Instruction DOC-2007-02
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Summary
This instruction clarifies the scope of investment advice and order execution services and lists services that are not considered as such (for example, portfolio valuation services, custody or administration services for financial instruments, registration for seminars, etc.). The instruction has been updated following the entry into application of MiFID II texts. It now applies only to collective management companies.
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Reference texts
Article 321-119 of the General Regulation
Article 319-14 of the General Regulation
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This instruction clarifies the scope of investment advice and order execution services and lists services that are not considered as such (for example, portfolio valuation services, custody or administration services for financial instruments, registration for seminars, etc.). This document has not been updated with regard to 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 314-79 of the General Regulation
Article 319-14 of the General Regulation
This instruction clarifies the scope of investment advice and order execution services and lists services that are not considered as such (for example, portfolio valuation services, custody or administration services for financial instruments, registration for seminars, etc.).
Download the doctrine
Reference texts
Article 314-79 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
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