Implementation of a Differentiated Portfolio Transparency Regime for Active ETFs

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II - Investment Products
II. 1 - Collective Investments
II. 1.1. Provisions common to UCITS and AIFs

Doctrine
Asset Management

Implementation of a Differentiated Portfolio Transparency Regime for Active ETFs

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Applicable from June 5, 2024
Recommendation DOC-2024-04

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Summary
Recommendation DOC-2024-04 clarifies the conditions under which portfolio management companies managing active ETFs can implement a differentiated portfolio transparency policy based on the nature of market participants.

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Reference texts

Articles D. 214-22-1 and D. 214-32-31 of the Monetary and Financial Code

Article 411-134 of the AMF General Regulation

Article 421-27-2 of the AMF General Regulation

AMF Position DOC-2004-07: Market timing and late trading practices

Keywords

ETF

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Publisher: The Director of the AMF Communication Department. Contact: Communication Department, Autorité des marchés financiers - 17, place de la Bourse - 75082 Paris Cedex 02