DOC-2012-08 Placement and Marketing of Financial Instruments

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III - Service Providers
III. 1 - Investment Service Providers
III. 1.1. Approval / Activity Program / Passport
Doctrine
Marketing

Placement and Marketing of Financial Instruments

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Applicable as of July 24, 2019
Position DOC-2012-08

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Summary
The AMF clarifies the scope of the placement service with regard to activities involving the marketing of financial instruments. Position DOC-2012-08 specifies that there is no provision of the unguaranteed placement service in the case of marketing products offering a savings solution (UCITS, AIFs, and structured debt securities) and that the activity of seeking subscribers or purchasers in connection with an authorized investment service provider (ISP) does not require approval. The new version of position DOC-2012-08 is updated with regard to texts transposing MiFID II and/or separating the legal regime of investment firms and portfolio management companies.

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Reference texts

Article D.321-1 of the Monetary and Financial Code

ACPR: AMF Position on the placement and marketing of financial instruments Archives

The AMF clarifies the scope of the placement service with regard to activities involving the marketing of financial instruments. Position DOC-2012-08 specifies that there is no provision of the unguaranteed placement service in the case of marketing products offering a savings solution (UCITS and structured debt securities) and that the activity of seeking subscribers or purchasers in connection with an authorized ISP does not require approval. The new version of position DOC-2012-08 includes all AIFs in the products offering a savings solution. This document has not been updated with regard to texts transposing MiFID II and/or separating the legal regime of investment firms and portfolio management companies. This update will be carried out shortly.

Download the doctrine
Reference texts

Article D.321-1 of the Monetary and Financial Code

ACPR Position on the placement and marketing of financial instruments - 2012-P-02

The AMF clarifies the scope of the placement service with regard to activities involving the marketing of financial instruments. Position DOC-2012-08 specifies that there is no provision of the unguaranteed placement service in the case of marketing products offering a savings solution (UCITS and structured debt securities) and that the activity of seeking subscribers or purchasers in connection with an authorized ISP does not require approval.

Download the doctrine
Reference texts

Article D.321-1 of the Monetary and Financial Code

ACPR Position on the placement and marketing of financial instruments - 2012-P-02 Legal notices:
Publisher: The Director of the AMF Communication Department. Contact: Communication Department, Autorité des marchés financiers - 17, place de la Bourse - 75082 Paris Cedex 02