France – AMF MiFID II Asset Management

France – AMF MiFID II Asset Management

On 9 May, AMF updated rules regarding transposition of MiFID II.

  • AMF updating rules (instructions, positions and recommendations) to reflect impact
    of transposition of MiFID II, and introduce new regime for asset management firms.
  • Separation of regime of portfolio management firms, from that of investment firms.
  • Portfolio firms cannot just provide the portfolio management service for third party.
  • Must be in addition to its UCITS or AIF management activity, subject to conditions.

Updated Documents

  • AMF updated four documents to reflect this change, DOC-2008-03, on accreditation
    procedure for portfolio management firms, disclosure duties, passport.
  • DOC-2016-01 on procedure for the approval of UCITS depository investment firms,
    the procedures for examining the specifications of other UCITS and AIF depositories.
  • DOC-2009-24 on shareholding change in portfolio management firms, DOC-2017-10
    on prudential valuation of acquisitions, increases in qualifying holdings.


  • Changes from MiFID rules for funds are applicable from 9 May 2018.