AMF Study on Fees Charged in 2015 by UCITS Distributed in France
The Autorité des Marchés Financiers (the French financial regulator, AMF) conducted a study based on the fees disclosed in the KIID distributed to investors of such funds. From a general perspective, French UCITS seem less costly than foreign funds distributed in France. The AMF further regrets that there is no common policy in the EU in relation to surperformance fees and notes that most UCITS do not rigorously apply the Good Practice for fees and expenses of collective investment schemes set by IOSCO.
AMF Issues Updated Guide to the Organization of Risk Management Systems for Asset Managers
The purpose of Position-Recommendation DOC-2014-06 is to clarify the AMF’s expectations regarding the operation and organization of the compliance, risk management, internal control and periodic control functions in portfolio management companies. This guide specifies in particular how the various control functions are structured. It should be noted that this update does not include a MiFID II update.
AMF Updated Programme of Operations Guide for Asset Managers and Self-Managed Collective Investments
Position-recommendation DOC-2012-19 indicates how to fill in the sections of the authorization application. In terms of approval grid and authorized instruments, any reference to futures (financial contract) has been removed and replaced by the terms of “financial contract” or “financial securities including a financial contract”. It should be noted that this update does not include a MiFID II update.