DOC-2012-01 Organization of Collective Investment Management Activity and Third-Party Portfolio Management Investment Service Regarding Risk Management

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III - Service Providers
III. 1 - Investment Service Providers
III. 1.2. Organizational Rules
Doctrine
Organizational Rules

Organization of Collective Investment Management Activity and Third-Party Portfolio Management Investment Service Regarding Risk Management

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Applicable as of March 21, 2022
Instruction DOC-2012-01

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Summary
The activity of managing collective investments and the investment service of portfolio management for third parties are subject to specific organizational rules regarding risk management (counterparty, liquidity, market, and operational risks). Instruction DOC-2012-01 defines the permanent risk management function, the conditions for recourse to a third party, as well as the risk management policy and procedures (measurement, control, documentation, and archiving).

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Reference texts

Articles 312-43 to 312-48, 318-38 to 318-43, 321-23 to 321-29, 321-76 to 321-81, and 321-102 of the General Regulation Archives

The activity of managing collective investments and the investment service of portfolio management for third parties are subject to specific organizational rules regarding risk management (counterparty, liquidity, market, and operational risks). Instruction DOC-2012-01 defines the permanent risk management function, the conditions for recourse to a third party, as well as the risk management policy and procedures (measurement, control, documentation, and archiving).

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Reference texts

Article 318-38 of the General Regulation

Article 318-39 of the General Regulation

Article 318-40 of the General Regulation

Article 318-41 of the General Regulation

Article 318-42 of the General Regulation

Article 318-43 of the General Regulation

The activity of managing collective investments and the investment service of portfolio management for third parties are subject to specific organizational rules regarding risk management (counterparty, liquidity, market, and operational risks). Instruction DOC-2012-01 defines the permanent risk management function, the conditions for recourse to a third party, as well as the risk management policy and procedures (measurement, control, documentation, and archiving). 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 318-38 of the General Regulation

Article 318-39 of the General Regulation

Article 318-40 of the General Regulation

Article 318-41 of the General Regulation

Article 318-42 of the General Regulation

Article 318-43 of the General Regulation

The activity of managing collective investments and the investment service of portfolio management for third parties are subject to specific organizational rules regarding risk management (counterparty, liquidity, market, and operational risks). Instruction DOC-2012-01 defines the permanent risk management function, the conditions for recourse to a third party, as well as the risk management policy and procedures (measurement, control, documentation, and archiving).

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Reference texts

Articles 313-53-2 to 313-60 of the AMF General Regulation

Articles 318-38 to 318-43 of the AMF General Regulation

Article 314-3-2 of the AMF General Regulation

The activity of managing collective investments and the investment service of portfolio management for third parties are subject to specific organizational rules regarding risk management (counterparty, liquidity, market, and operational risks). Instruction DOC-2012-01 defines the permanent risk management function, the conditions for recourse to a third party, as well as the risk management policy and procedures (measurement, control, documentation, and archiving).

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Reference texts

Article 313-53-2 of the General Regulation

Articles 313-54 to 313-59-1 of the General Regulation

Articles 318-38 to 318-43 of the General Regulation

Article 313-60 of the General Regulation

Article 314-3-2 of the General Regulation

The activity of managing collective investments and the investment service of portfolio management for third parties are subject to specific organizational rules regarding risk management (counterparty, liquidity, market, and operational risks). Instruction DOC-2012-01 defines the permanent risk management function, the conditions for recourse to a third party, as well as the risk management policy and procedures (measurement, control, documentation, and archiving).

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The activity of managing UCITS (OPCVM) or SCPIs (OPCI) and the investment service of portfolio management for third parties are subject to specific organizational rules regarding risk management (counterparty, liquidity, market, and operational risks). The instruction defines the permanent risk management function, the conditions for recourse to a third party, as well as the risk management policy and procedures (measurement, control, documentation, and archiving).

Download the doctrine
Reference texts

Articles 313-53-2 to 313-53-7 of the General Regulation

Articles 313-54 to 313-59-1 of the General Regulation

Article 313-60 of the General Regulation

Article 313-61 of the General Regulation

Article 313-62 of the General Regulation

Article 314-3-2 of the General Regulation
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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