Guidance · AMF
The French Autorité des Marchés Financiers (AMF) issued Position DOC-2008-15 to clarify regulatory requirements for alternative multi-management in France, specifically addressing fund selection, allocation, risk management, investor information, and internal controls. The document explicitly notes that it has not been updated to reflect the transposition of MiFID II, which separated the legal regimes for investment firms and portfolio management companies. An update to align with these new texts is scheduled for the near future.
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III - Service Providers
III. 1 - Investment Service Providers
III. 1.1. Approval / Activity Program / Passport
Doctrine
Asset Management
Alternative Multi-Management in France
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Applicable as of December 1, 2015
Position - Recommendation DOC-2008-15
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Summary
Position DOC-2008-15 provides clarifications on alternative multi-management in France, particularly regarding the management process (selection, allocation, and monitoring of funds), the implementation of the risk management framework, investor information (via the subscription form), and internal control. 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.
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Reference texts
Article 313-54 of the General Regulation
Article 318-3 of the General Regulation
Report by the working group chaired by Mr. Philippe Adhémar on the evaluation of the regulatory framework for alternative multi-management in France and the possible ways to improve it (end of consultation: November 19, 2007)
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The AMF provides clarifications on alternative multi-management in France, particularly regarding the management process (selection, allocation, and monitoring of funds), the implementation of the risk management framework, investor information (via the subscription form), and internal control.
Download the doctrine
Reference texts
Article 313-54 of the General Regulation
Report by the working group chaired by Mr. Philippe Adhémar on the evaluation of the regulatory framework for alternative multi-management in France and the possible ways to improve it (end of consultation: November 19, 2007)
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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
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