Good Remuneration Policies under the UCITS Directive

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III - Service Providers
III. 1 - Investment Service Providers
III. 1.3. Conduct Rules
Doctrine
UCITS

Good Remuneration Policies under the UCITS Directive

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Applicable from June 26, 2018
Position DOC-2016-14

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Summary
The AMF applies the ESMA guidelines on remuneration policies applicable to portfolio management companies subject to the UCITS Directive (ESMA/2016/575). The AMF incorporates them into a position that provides clarifications to prevent poorly designed remuneration structures from harming risk management and control. Some of the provisions apply in a manner adapted to the size of the manager and its organization, as well as to the nature, scope, and complexity of its activities.

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Reference texts

Article L533-22-2 of the Monetary and Financial Code

Article 321-125 of the General Regulation

ESMA Guidelines on good remuneration policies under the UCITS Directive Archives

The AMF applies the ESMA guidelines on remuneration policies applicable to portfolio management companies subject to the UCITS Directive (ESMA/2016/575). The AMF incorporates them into a position that provides clarifications to prevent poorly designed remuneration structures from harming risk management and control. Some of the provisions apply in a manner adapted to the size of the manager and its organization, as well as to the nature, scope, and complexity of its activities. This document enters into application on January 1, 2017. This document has not been updated with regard to texts transposing MIF 2 and/or separating the legal regime of investment firms and portfolio management companies. This update will be carried out shortly.

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Reference texts

Article L.533-22-2 of the Monetary and Financial Code

Article 314-85-2 of the AMF General Regulation

ESMA Guidelines on good remuneration policies under the UCITS Directive 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