An Arrêté dated 6 April 2016 and published on 16 April 2016 in the French Journal Officiel implements an update of the AMF General Regulations. This update aims at including several new provisions in the AMF General Regulations, including, among others:

  • UCITS V Directive: pursuant to the implementation under French law of the UCITS V Directive (see above), the AMF General Regulations now include revised provisions with respect to the role of the custodian of UCITS funds and detail the requirements with respect to the remuneration policies to implement for management companies;  
  • ELTIF Regulations: as authorized in the ELTIF Regulations, ELTIFs can now be marketed to retail investors;  
  • Capital requirements for French management companies: the General Regulations now explicitly refers to the EU Regulations n° 241/2014 (Capital Requirements Regulations) for French management companies’ own funds (see March 2016 update). The final version of the Position 2012-19 detailing the AMF’s requirements with respect to management companies’ own funds will be amended shortly to reflect these softened rules.  

Read the Arrêté in full (in French).