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What’s in there? The AMF updated on July 23 rd 2014 its 2012-06 In- struction related to AIFs opened to professional in- vestors, and more specifically to professional special funds and to professional capital investment funds. Those AIFs shall comply with specific requirements especially regarding their declaration (creation or modification), the information they shall provide to unit holders and shareholders, periodic information or when drafting prospectuses. THE UPDATED 2012-06 INSTRUCTION IS AVAILABLE HERE : INSTRUCTION AMF N° 2012-06 Publication of AMF’s instruction about information to be provided to investors of undeclared or non- recognized AIFs Background The AIFM Directive has been implemented into French law on July 27 th , 2013. What’s in there? The AMF published on June 30 th 2014 its 2014-02 Instruction on the information to be provided to in- vestors of undeclared or non-recognized AIFs. It describes the content of annual reports for unde- clared or non-recognized AIFs as well as the infor- mation which shall be put at the investors’ disposal This update provides further details about the tran- sitional provisions that apply to some closed funds.

entities when marketing in France. The 2014-03 Instruction details the marketing pro- cedure in France for AIFs’ units or shares: « Established in France or in another Member State of the European Union other than France, managed by a management company which has been ap- proved in France or in another Member State of the European Union than France, according to the AIFMD’s requirements; « Established in a third country and / or managed by a manager established in a third country. The 2014-03 Instruction also describes the mar- keting procedure, in another Member State of the European Union, of EU AIFs’ units or shares (includ- ing French AIFs) when the AIFs are managed by a management company which has been approved in France according to the AIFMD’s requirements. THE 2014-03 INSTRUCTION IS AVAILABLE HERE : INSTRUCTION AMF N°2014-03. THE 2014-04 POSITION IS AVAILABLE HERE: POSITION AMF N°2014-04. Publication of AMF’s instruction about prospectuses and periodic information for professional special funds and professional capital investment funds Background The AIFM Directive has been implemented into French law on July 27 th, 2013.

prior to their subscription of shares or units for each managed and marketed AIF.

THE 2014-02 INSTRUCTION IS AVAILABLE HERE : INSTRUCTION AMF N°2014-02 The French Asset Managers and Institutional Investors Associations request the AMF to reframe the use of the agencies’ rating Background Provisions of the (EU) 462/2013 Regulation related to “detoxification” on rating agencies have been en- forced in May 2013. In the early part of 2014, some management companies experienced difficulties when preparing their prospectuses prior to their approval when reference was made to agencies’ rating. What’s in there? To progress in the debate, the French Asset Manage- ment Association (AFG) and the French Institutional Investors Association (AF2i) collectively raised the is- sue to the AMF and highlighted the need to reframe the agencies’ rating. As a result, a joint paper has been issued between the AFG and the AF2i on July 15 th 2014. This paper suggests examples of sentences which could be inserted in the prospectuses and which might describe the use of those ratings whilst complying with the requirements of the (EU) 462/2013 Regulation. The paper also un- derlines the fact that those ratings cannot be the only triggering element in the management companies’ decisions.

THE JOINT PAPER IS AVAILABLE ON THE AFG’S WEBSITE HERE.

THE

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