Ordinance n°2016-312 dated 17 March 2016 has transposed the Directive 2014/91/UE dated 23 July 2014 (“UCITS V Directive”). The main points implemented by the Ordinance under French law are with respect to (i) requirements for custodians and (ii) remuneration policy for management companies. The market abuse provisions of the UCITS V Directive will be implemented in French law through another text. The AMF General Regulations, as well as several AMF instructions, will be updated in the coming months to prepare for the entry into force of the UCITS V Directive. On 16 April 2016, the AMF has published a revised version of the AMF Instruction n° 2011-19 which indicates the information to be included in the French UCITS’ annual report with respect to the remuneration policies.

Read Ordinance n°2016-312 dated 17 March 2016 (in French).

Read the revised version of the AMF Instruction n° 2011-19 (in French).