Regulatory AlertsDOC-2016-02 Organisation of Portfolio Management Companies for Managing AIFs Granting Loans
The French Autorité des Marchés Financiers (AMF) issued Instruction DOC-2016-02 to define the organizational requirements for portfolio management companies managing Alternative Investment Funds (AIFs) that grant loans. The instruction establishes the conditions for obtaining or extending authorization and mandates specific quarterly reporting to both the AMF and the Banque de France. This updated version also extends these organizational and reporting obligations to securitization special purpose entities (SSPEs) and specialized financing vehicles (SFVs).
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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
Download Viewed Version Summary 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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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.
Download the doctrine 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.
Download the doctrine 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