Regulatory AlertsDOC-2018-03 Non-guaranteed placement, investment advice, and advice to companies on capital structure, industrial strategy, mergers and acquisitions
The AMF and ACPR jointly issued DOC-2018-03 to clarify the regulatory boundaries between unregulated 'top-of-balance-sheet' advice and regulated investment services such as non-guaranteed placement and investment advice. The document establishes specific criteria, including the nature of client needs analysis, the determination of financial terms, and the role of personal relationship, to distinguish between free practice and activities requiring professional authorization. Professionals are mandated to conduct a rigorous analysis of their services to ensure they hold the appropriate regulatory approval or professional status before providing such advice.
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