Completion of AIFMD transposition: AMF modifies Books III and IV of its General Regulation

26 February 2014

As part of the completion of the transposition of the AIFMD, the AMF has modified the books of its General Regulation concerning services providers and collective investment schemes.

The minister of finance approved the new measures by a ministerial approval order dated 11 December 2013 and published in the Official Journal of the French Republic on 20 December 2013 and by a ministerial approval order dated 11 February 2014 and published in the Official Journal of the French Republic Official Journal on 20 February 2014.

Main changes to the General Regulation concern Book IV about collective investment products and involve:

• creation of Title II for AIF and, in particular, notification of requests to market these funds in France, evaluation of assets, and informing investors and the AMF;
• enforcement of certain marketing rules currently applicable to UCITS to all AIF marketed in France;
• inclusion of competitiveness provisions recommended by the cross-industry Committee's report on transposing the AIFMD and developing innovative management in France involving in particular making certain investment rules more flexible and simplification of subscription thresholds into two levels (€100,000 for AIF open to professional investors and zero for AIFopen to the general public);
• integration of provisions taking into account modification of Article R. 214-15-1 of the Monetary and Financial Code concerning calculation of exposure and investment ratios for UCITS.

In addition, the AMF has brought its entire General Regulation, including Book III, into compliance concerning references to the provisions of the Monetary and Financial Code relating to AIF and their management companies, new designations for AIF and the concept of collective investment.

Full press release

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