French market regulator AMF has amended its doctrine to comply with the measures issued by the working group Frog and aimed at rendering more attractive the French asset management industry.
AMF’s classification is now optional for equity, bond and alternative multi-management strategies. The “diversified” category will be removed as from 31 December 2017. Other categories such as money market and formula funds are not impacted.
However asset managers which do not want to maintain an AMF classification for their funds are asked to inform the French regulator in which ECB’s category their funds fall.
The French market watchdog has also amended its rules in order to enable French funds (FCPs) to keep their track record in the event asset managers would turn them into French Sicavs.
Lastly, AMF has modified its rules to comply with the forthcoming implementation of the Priips regulation on 1 January 2018.
Funds opened to French qualified investors only that have no key information document (KID) can now opt for a KID complying with the French collective management fund directive.
These funds will be exempted from establishing a KID as long as their shares cannot be subscribed by non-professional investors.