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

The French Autorité des Marchés Financiers (AMF) issued Instruction DOC-2019-12 to define the professional obligations of investment service providers, including portfolio management companies, when serving non-professional clients. The document updates previous guidelines to clarify requirements for concluding agreements, managing relationships with custodian account keepers, and handling portfolios invested in non-listed securities. It serves as the authoritative reference for compliance with Articles L. 533-12 and L. 533-12-1 of the Monetary and Financial Code.

France

Autorite des Marches Financiers