In the context of the recent focus by regulators on funds’ cash management and the implementation of the AIFMD, the Association Française de la Gestion Financière (the “AFG”, the French professional association representing management companies) published on 22 February 2016 guidelines on cash management issues. The guidelines aim at offering a methodological guide and a range of recommendations which applies to management companies and members of the AFG.

The AFG also published an update to its Swing Pricing code of conduct. The update amended certain provisions and added additional details on the implementation of the provisions.