The Autorité des Marchés Financiers (the French financial markets regulator, the “AMF”) updated several of its instructions to provide additional details, including:

  • Position-Recommendation n° 2011-24 on the drafting of marketing documents: marketing documents of certain tax (Malraux SCPI and Déficit foncier SCPI) French real estate funds (société civile de placement immobilier) shall detail clearly the outcome of the tax deduction on the gains made by the investors pursuant to their subscriptions;
  • Position-Recommendation n° 2012-12 on fees: additional clarification is inserted with respect to performance fees. The document is also updated in respect of the AIFMD with respect to certain funds’ denomination;
  • Position n° 2011-02 on securitization vehicles: the document has been updated in respect of the implementation of the AIFMD; and
  • Position-Recommendation n° 2012-10 on employees investment funds: among others, additional details have been included with respect to the methodology of valuation of unlisted companies.  

The revised instructions can be found on the AMF’s website.