The French AMF announced changes to Books III and IV of the General Regulation.
The French AMF announced changes to Books III and IV of the General Regulation.
Book III of the AMF General Regulation
The following changes have been made to the rules for investment services providers (ISPs) on managing privileged information and on implementing "information barriers" (the term replacing "Chinese Walls"):
- the distinction between the watch list and the restricted list has been clarified,
- the scope of these provisions has been recentred on "inside information" instead of "sensitive information",
- the rules on the requirements for carrying out surveys of market demand have been moved to Book II of the AMF General Regulation, because they concern the organisation of tender offers or primary market transactions in registered securities, not conduct of business rules.
Article 313-17-1, which deals with the requirement for the ISP's statutory auditor to prepare a report concerning the rules on protecting customer assets, has been reworded to be closer to the wording of the MiFID implementing directive.
Book IV of the AMF General Regulation
The conditions in which investment management companies are allowed to market shares or units in real estate collective investment schemes have been aligned with the new rules applicable to the marketing of shares or units in collective investment schemes by these providers. Article 424-63 has thus been amended to this effect, and Instruction 2008-04 now applies to the marketing of real estate collective investment schemes.
Press release
© AMF - Autorité des Marchés Financiers
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