Regulatory AlertsDOC-2013-12 Necessity of Offering a Guarantee (Formula and/or Capital) for Structured UCITS and AIFs, Guaranteed UCITS and AIFs, and Structured Debt Securities
The French Financial Markets Authority (AMF) issued Position DOC-2013-12 to prevent the inappropriate marketing of structured UCITS, AIFs, and similar structured debt securities to retail investors. The regulator mandates that guarantees on formula results or capital must be provided by an authorized entity to ensure clients accurately understand the associated risks. This requirement aims to mitigate the danger of non-professional clients misapprehending the risk profile when guarantees are not backed by authorized institutions.
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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
Download Viewed Version 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.
Download the doctrine 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 Archives
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 Legal notices: Publisher: The Director of the AMF Communication Department. Contact: Communication Department, Financial Markets Authority - 17, place de la Bourse - 75082 Paris Cedex 02