DOC-2013-12 Necessity of Offering a Guarantee (Formula and/or Capital) for Structured UCITS and AIFs, Guaranteed UCITS and AIFs, and Structured Debt Securities

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IV - Marketing - Customer Relations
IV. 2 - Specific provisions for certain products
Doctrine
Financial Products

Necessity of offering a guarantee (of formula and/or capital depending on the case) for structured UCITS and AIFs, "guaranteed" UCITS and AIFs, and structured debt securities issued by dedicated issuance vehicles and marketed to the general public...

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Applicable from December 8, 2025
Position DOC-2013-12

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Summary
This position aims to prevent the risk of inappropriate marketing of UCITS or AIFs with a formula or "guaranteed" features, as well as structured debt securities with similar characteristics issued by dedicated issuance vehicles to the general public. The AMF specifies that if the guarantee of the formula result or capital is not issued by an authorized entity, there is a risk of poor risk appreciation by the non-professional client.

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Reference texts

Article 36 of Commission Regulation (EU) No 583/2010 of July 1, 2010 implementing Directive 2009/65/EC

Article R.214-19 of the Monetary and Financial Code

Article R.214-32-28 of the Monetary and Financial Code
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This position aims to prevent the risk of inappropriate marketing of UCITS or AIFs with a formula or "guaranteed" features, as well as structured debt securities with similar characteristics issued by dedicated issuance vehicles to the general public. The AMF specifies that if the guarantee of the formula result or capital is not issued by an authorized entity, there is a risk of poor risk appreciation by the non-professional client.

Download the doctrine
Reference texts

Article 36 of European Regulation 583/2010

Article R.214-19 of the Monetary and Financial Code

Article R.214-32-28 of the Monetary and Financial Code

The marketing of complex financial instruments

This position aims to prevent the risk of inappropriate marketing of UCITS or AIFs with a formula or "guaranteed" features, as well as structured debt securities with similar characteristics issued by dedicated issuance vehicles to the general public. The AMF specifies that if the guarantee of the formula result or capital is not issued by an authorized entity, there is a risk of poor risk appreciation by the non-professional client.

Download the doctrine
Reference texts

Article 36 of European Regulation 583/2010

Article R.214-19 of the Monetary and Financial Code

Article R.214-32-28 of the Monetary and Financial Code

The marketing of complex financial instruments Keywords

UCITS

Savings Protection
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Publisher: The Director of the AMF Communication Department. Contact: Communication Department, Financial Markets Authority - 17, place de la Bourse - 75082 Paris Cedex 02