Regulatory AlertsDOC-2005-14 Q&A on Specialized Professional Funds
The French Autorité des Marchés Financiers (AMF) issued this document to clarify regulatory provisions governing the management of specialized professional funds (FIA). It explicitly permits these funds to invest in vehicles that do not meet standard UCITS criteria and to enter into futures contracts with underlying assets such as non-commercialized funds or climate derivatives. The text notes that the guidance has not yet been updated to reflect MIFID II transposition and the resulting separation of investment firm and portfolio management company regimes.
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II - Investment Products II. 1 - Collective Investments II. 1.3. Specific Provisions for AIFs II. 1.3.3. Specific Provisions for Funds Open to Professional Investors
Doctrine UCITS
Q&A on Specialized Professional Funds
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Applicable as of June 26, 2018 Position DOC-2005-14
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Summary This position clarifies the provisions applicable to the management of specialized professional funds, notably the possibility for them to invest in funds that do not meet the criteria of Article 422-95 of the AMF General Regulation, or the possibility to enter into a futures contract whose underlying is a fund not authorized for marketing in France or a "climate derivative".
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Articles L214-154 to L214-158 of the Monetary and Financial Code
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This position clarifies the provisions applicable to the management of contractual UCITS, notably the possibility for them to invest in funds that do not meet the criteria of Article 412-2-2 of the AMF General Regulation, or the possibility to enter into a futures contract whose underlying is a UCITS not authorized for marketing in France or a "climate derivative". This document has not been updated with regard to texts transposing MIF 2 and separating the legal regime of investment firms and portfolio management companies. This update will be carried out shortly.
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Articles L.214-36 and L.214-36-3 of the Monetary and Financial Code
Article L.214-37 of the Monetary and Financial Code
Article L.214-38 of the Monetary and Financial Code
This position clarifies the provisions applicable to the management of contractual UCITS, notably the possibility for them to invest in funds that do not meet the criteria of Article 412-2-2 of the AMF General Regulation, or the possibility to enter into a futures contract whose underlying is a UCITS not authorized for marketing in France or a "climate derivative".
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Articles L.214-36 and L.214-36-3 of the Monetary and Financial Code
Article L.214-37 of the Monetary and Financial Code
Article L.214-38 of the Monetary and Financial Code
Legal notices: Publisher: The Director of the AMF Communication Department. Contact: Communication Department, Autorité des marchés financiers - 17, place de la Bourse - 75082 Paris Cedex 02