Professional Obligations of Investment Service Providers Regarding Non-Professional Clients for Third-Party Portfolio Management

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III - Providers
III. 1 - Investment service providers
III. 1.3. Good conduct rules
Doctrine
Asset management

Professional Obligations of Investment Service Providers Regarding Non-Professional Clients for Third-Party Portfolio Management

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Applicable as of April 22, 2025
Instruction - Position - Recommendation DOC-2019-12

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Instruction-position-recommendation DOC-2019-12 clarifies certain professional obligations of investment service providers, including portfolio management companies, towards non-professional clients in matters of third-party portfolio management. This includes, for example, the conclusion of agreements referred to in Article 314-11 of the AMF General Regulation, the relationship with the custodian account keeper, and obligations when the provider offers management of portfolios invested in non-listed securities. The document updates and incorporates elements previously contained in Instruction DOC 2018-11 and Position-Recommendation DOC-2007-21.

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Reference texts

Article L. 533-12 of the Monetary and Financial Code

Article L. 533-12-1 of the Monetary and Financial Code

Article 314-3 of the General Regulation

Article 314-11 of the General Regulation

Article 314-12 of the General Regulation
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Instruction-position-recommendation DOC-2019-12 clarifies certain professional obligations of investment service providers, including portfolio management companies, towards non-professional clients in matters of third-party portfolio management. This includes, for example, the conclusion of agreements referred to in Article 314-11 of the AMF General Regulation, the relationship with the custodian account keeper, and obligations when the provider offers management of portfolios invested in non-listed securities. The document updates and incorporates elements previously contained in Instruction DOC 2018-11 and Position-Recommendation DOC-2007-21.

Download the doctrine
Reference texts

Article L. 533-12 of the Monetary and Financial Code

Article 314-3 of the General Regulation

Article 314-11 of the General Regulation

Article 314-12 of the General Regulation

Instruction-position-recommendation DOC-2019-12 clarifies certain professional obligations of investment service providers, including portfolio management companies, towards non-professional clients in matters of third-party portfolio management. This includes, for example, the conclusion of agreements referred to in Article 314-11 of the AMF General Regulation, the relationship with the custodian account keeper, and obligations when the provider offers management of portfolios invested in non-listed securities. The document updates and incorporates elements previously contained in Instruction DOC 2018-11 and Position-Recommendation DOC-2007-21.

Download the doctrine
Reference texts

Article L. 533-12 of the Monetary and Financial Code

Article 314-3 of the General Regulation

Article 314-11 of the General Regulation

Article 314-12 of the General Regulation

Instruction-position-recommendation DOC-2019-12 clarifies certain professional obligations of investment service providers, including portfolio management companies, towards non-professional clients in matters of third-party portfolio management. This includes, for example, the conclusion of agreements referred to in Article 314-11 of the AMF General Regulation, the relationship with the custodian account keeper, and obligations when the provider offers management of portfolios invested in non-listed securities. The document updates and incorporates elements previously contained in Instruction DOC 2018-11 and Position-Recommendation DOC-2007-21.

Download the doctrine
Reference texts

Article L. 533-12 of the Monetary and Financial Code

Article 314-3 of the General Regulation

Article 314-11 of the General Regulation

Article 314-12 of the General Regulation
Keywords

Investment services
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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