DOC-2010-05 The Marketing of Complex Financial Instruments

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IV - Marketing - Client Relationship
IV. 2 - Specific provisions for certain products
Doctrine
UCITS

The Marketing of Complex Financial Instruments

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Applicable as of December 8, 2025
Position DOC-2010-05

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Summary
Structured funds as well as complex debt securities presenting risks difficult to understand by the general public, the AMF reminds professionals (PSI, CIF, and canvassers) of their obligations regarding the marketing of these products and sets four criteria to assess the risk of improper marketing.

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Structured funds as well as complex debt securities presenting risks difficult to understand by the general public, the AMF reminds professionals (PSI, CIF, and canvassers) of their obligations regarding the marketing of these products and sets four criteria to assess the risk of improper marketing.

Download the doctrine
Reference texts

Articles L.533-11 to L.533-13 of the Monetary and Financial Code

Article L.533-22-2-1 of the Monetary and Financial Code

Article L.541-8-1 of the Monetary and Financial Code

AMF General Regulation

Structured funds as well as complex debt securities presenting risks difficult to understand by the general public, the AMF reminds professionals (PSI, CIF, and canvassers) of their obligations regarding the marketing of these products and sets four criteria to assess the risk of improper marketing.

Download the doctrine
Reference texts

ACP Recommendation on the marketing of life insurance contracts in unit-linked accounts constituted of complex financial instruments (2010-R-01)

Structured UCITS as well as complex debt securities presenting risks difficult to understand by the general public, the AMF reminds professionals (PSI, CIF, and canvassers) of their obligations regarding the marketing of these products and sets four criteria to assess the risk of improper marketing. This document has not been updated regarding texts transposing MiFID 2 and separating the legal regime of investment firms and portfolio management companies. This update will be carried out shortly.

Download the doctrine
Reference texts

Articles L.533-11 to L.533-13 of the Monetary and Financial Code

Article L.541-8-1 of the Monetary and Financial Code

Article 314-10 of the AMF General Regulation

Article 314-18

Articles 314-33 to 314-36 of the AMF General Regulation

Article 325-5 of the AMF General Regulation

ACP Recommendation on the marketing of life insurance contracts in unit-linked accounts constituted of complex financial instruments (2010-R-01)

Structured UCITS as well as complex debt securities presenting risks difficult to understand by the general public, the AMF reminds professionals (PSI, CIF, and canvassers) of their obligations regarding the marketing of these products and sets four criteria to assess the risk of improper marketing.

Download the doctrine
Reference texts

Articles L.533-11 to L.533-13 of the Monetary and Financial Code

Article L.541-8-1 of the Monetary and Financial Code

Articles 314-33 to 314-36 of the General Regulation

Article 314-10 of the General Regulation

Article 314-18 of the General Regulation

Article 325-5 of the General Regulation

ACP Recommendation on the marketing of life insurance contracts in unit-linked accounts constituted of complex financial instruments (2010-R-01)

Structured UCITS as well as complex debt securities presenting risks difficult to understand by the general public, the AMF reminds professionals (PSI, CIF, and canvassers) of their obligations regarding the marketing of these products and sets four criteria to assess the risk of improper marketing.

Download the doctrine
Reference texts

Articles L.533-11 to L.533-13 of the Monetary and Financial Code

Article L.541-8-1 of the Monetary and Financial Code

Articles 314-33 to 314-36 of the General Regulation

Article 314-10 of the General Regulation

Article 314-18 of the General Regulation

Article 325-5 of the General Regulation

ACP Recommendation on the marketing of life insurance contracts in unit-linked accounts constituted of complex financial instruments (2010-R-01)

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