AMF amends General Regulation provisions on CIS and OPCIs

07 November 2012

The amendments to the AMF's General Regulation concern services providers, collective investment schemes (CIS) and real estate collective investment schemes (OPCIs).

Further to the transposition in France of the UCITS IV Directive in October 2011, the Autorité des Marchés Financiers proposed various amendments to  Book III and  Book IV of its General  Regulation. The Ministry of the Economy and Finance has approved the new provisions in a decree  dated 15 October 2012, published in the Official Journal on 25 October.

The amendments intended chiefly to: 

• standardise the rules regarding the vetting timeframes applicable to CIS compliant with the  UCITS IV Directive and those applicable to other CIS and to OPCIs, particularly in the case of  fund mergers; 
• enable OPCIs existing prior to the date on which General Regulation amendments enabling the  transposition of the Directive were approved, namely 3 October 2011, to comply in advance with  the requirement to produce a Key Investor Information Document instead of a simplified  prospectus by 1 July 2013;
• remove the quarterly audit requirement for some non-UCITS with assets under management of  more than €80 million. This amendment concerns private equity funds, funds subject to  streamlined investment rules (ARIA funds), special investor funds, alternative funds of funds and  employee savings funds;
• remove the rule on equal treatment and information for unitholders in feeder funds and those in  master funds, since there is no such provision in the UCITS IV Directive;
• clarify the role of the centralising correspondent where a foreign CIS marketed in France is not registered at the French central depositary. 

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