The AMF has published a draft update of its Position-Recommendation n° 2012-19 on the share capital of French management companies. The draft document focuses on the obligations with respect to share capital set forth in the French regulations. The proposed amendment is motivated (i) by the implementation of the CRR EU Regulations and (ii) by the revised ESMA Q&A on the AIFMD with respect to the calculation of additional own funds. It should be noted that the draft also authorizes the investment of French management companies’ own funds in new illiquid instruments, provided that certain conditions are met. The draft was published in advance of its implementation to enable French management companies to anticipate its application.