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When the AMF applied its Better Regulation approach to fund authorisation procedures, it undertook to publicise its positions on this issue. The aim was to implement the reform more smoothly and provide fund management companies with a clear legal framework.
The AMF has now fulfilled that commitment by publishing a guide to assist fund management companies in drawing up regulation-compliant prospectuses. This drafting guide:
- addresses some of the relevant rules and the arrangements for implementing them;
- gives recommendations for applying these rules;
- identifies, for illustrative purposes, some frequently encountered best practices and mispractices.
The positions set out in the guide follow on from those that the AMF has already published or has implemented when reviewing individual applications for authorisation.
The drafting guide is aimed first and foremost at general-purpose collective investment schemes and funds with streamlined investment rules (ARIA) that are preparing a full prospectus. By extension, it also applies to company savings funds drawing up a summary prospectus. Furthermore, futures funds and contractual funds can refer to the guide's underlying principles for the preparation of their prospectuses.