The AMF has amended its General Regulations on UCITS and real estate collective investment schemes (OPCIs) further to the transposition in France of the UCITS IV Directive in October 2011. The AMF has proposed various amendments to Book III and Book IV of its General Regulations. The Ministry of the Economy and Finance has approved the new provisions in a decree dated 15 October 2012, published in the Journal Officiel on 25 October.
The amendments to the AMF’s General Regulations concern service providers, UCITS and OPCIs. They are intended chiefly to:
- Standardise the rules regarding the regulatory approval timeframes applicable to UCITS compliant with the UCITS IV Directive and those applicable to other UCITS and to OPCIs, particularly in the case of fund mergers:
- Enable existing OPCIs to comply in advance with the requirement to produce a Key Investor Information Document instead of a simplified prospectus by 1 July 2013:
- Remove the quarterly audit requirement for some non-UCITS with assets under management of more than EUR 80 million. Consequently, the regulator has also amended AMF implementing instructions 2011-19, 2011-20, 2011-21, 2011-22 and 2011-23.