DOC-2007-19 Extra-financial criteria for asset selection and application to funds declaring compliance with Islamic law

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II - Investment Products
II. 1 - Collective Investments
II. 1.1. Provisions common to UCITS and AIFs

Doctrine
UCITS

Extra-financial criteria for asset selection and application to funds declaring compliance with Islamic law

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Applicable from June 26, 2018 Position DOC-2007-19

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Summary
Position DOC-2007-19 details the conditions under which a collective investment scheme (OPC) may use criteria other than financial ones to select the assets in which it invests and illustrates the application of these criteria to funds declaring compliance with Islamic law (Shari'ah).

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Reference texts

Article L214-9 of the Monetary and Financial Code

Article L214-24-44 of the Monetary and Financial Code

Article R214-22 I of the Monetary and Financial Code

Article R214-32-30 I of the Monetary and Financial Code

Articles 318-1 et seq. of the General Regulation

Article 321-23 of the General Regulation

Criteria applicable to sharing funds Archives

Position DOC-2007-19 details the conditions under which a collective investment scheme (OPC) may use criteria other than financial ones to select the assets in which it invests and illustrates the application of these criteria to funds declaring compliance with Islamic law (Shari'ah). This document has not been updated regarding texts transposing MiFID II and separating the legal regime of investment firms and portfolio management companies. This update will be carried out shortly.

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Reference texts

Article L.214-9 of the Monetary and Financial Code

Article L.214-24-44 of the Monetary and Financial Code

Article R.214-22 I of the Monetary and Financial Code

Article R.214-32-30 I of the Monetary and Financial Code

Article 318-1 et seq. of the General Regulation

Article 313-54 of the General Regulation

Criteria applicable to sharing funds

The AMF details the conditions under which a UCITS may use criteria other than financial ones to select the assets in which it invests and illustrates the application of these criteria to UCITS declaring compliance with Islamic law (Shari'ah).

Download the doctrine
Reference texts

Article L.214-9 of the Monetary and Financial Code

Article R.214-22 I of the Monetary and Financial Code

Article 313-54 of the General Regulation

Criteria applicable to sharing funds

Download the doctrine
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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