DOC-2016-02 Organisation of Portfolio Management Companies for Managing AIFs Granting Loans

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III - Service Providers
III. 1 - Investment Service Providers
III. 1.1. Authorization / Activity Program / Passport

Doctrine
AIFM

Organization of Portfolio Management Companies for Managing AIFs Granting Loans

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Applicable as of November 2, 2023
Instruction DOC-2016-02

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Instruction DOC-2016-02 describes the organizational conditions that must be met by a portfolio management company managing AIFs wishing to grant loans. It sets the requirements to be met to obtain authorization or an extension of authorization. It also specifies the reporting procedures to the AMF and the Banque de France that the portfolio management company must carry out on all loans granted by its funds. The form detailing the quarterly declarations that must be made to the AMF is located in the ROSA extranet.

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Reference texts

Articles L. 214-154, L. 214-160, L. 214-169, R. 214-203-1 to R. 214-203-9, R. 214-240-1 and R. 214-234 of the Monetary and Financial Code

Regulation (EU) No 2015/760 of the European Parliament and of the Council of 29 April 2015 on European Long-Term Investment Funds

Articles 316-3, 316-4, 317-2, 317-7, 318-1, 318-58, 319-26, 423-36-2 to 423-36-4, 423-56 and 425-A of the General Regulation

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Instruction DOC-2016-02 describes the organizational conditions that must be met by a portfolio management company managing AIFs wishing to grant loans. It sets the requirements to be met to obtain authorization or an extension of authorization. It also specifies the reporting procedures to the AMF and the Banque de France that the portfolio management company must carry out on all loans granted by its funds. This new version of the instruction now also applies to securitization special purpose entities (SSPEs) and specialized financing vehicles (SFVs). The form detailing the quarterly declarations that must be made to the AMF is located in the Annexes and Links section.

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Reference texts

Articles L. 214-154, L. 214-160, L. 214-169, R. 214-203-1 to R. 214-203-9, R. 214-240-1 and R. 214-234 of the Monetary and Financial Code

Articles 316-3, 316-4, 317-2, 317-7, 318-1, 318-58, 319-26, 423-36-2 to 423-36-4, 423-56 and 425-A of the General Regulation

Loans granted by Portfolio Management Companies on behalf of their funds

Regulation (EU) No 2015/760 of the European Parliament and of the Council of 29 April 2015 on European Long-Term Investment Funds

Instruction DOC-2016-02 describes the organizational conditions that must be met by a portfolio management company managing AIFs wishing to grant loans. It sets the requirements to be met to obtain authorization or an extension of authorization. It also specifies the reporting procedures to the AMF and the Banque de France that the portfolio management company must carry out on all loans granted by its funds. This document has not been updated with regard to 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

Regulation (EU) No 2015/760 of the European Parliament and of the Council of 29 April 2015 on European Long-Term Investment Funds Legal notices:
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