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Reporting obligation to the AMF through implementation of the AIFMD Background ESMA enacted guidelines on reporting obligations, as requested by Article 3 §3 D and by Article 24§ 1, 2 and 4 of the AIFM Directive. These guidelines intend to ensure, within the European Union, a common, uniform and consistent application of the reporting obligation towards the regulators. What’s in there? The AMF published on 24 September 2014 its 2014- 09 Position regarding modalities of implementation of the reporting obligation under the AIFM Directive. In this position, the AMF applies ESMA’s guidelines on reporting obligation under the AIFM Directive. It specifies the information that the portfolio man- agement companies (when managing an AIF) and self-directed AIFs under French Law must report to the AMF, the timing under which they must submit this declaration, as well as the procedures when go- ing from one reporting obligation to another. THE AMF 2014-09 POSITION IS AVAILABLE HERE Accounting plan of open-ended collective investment undertakings Background Law 2012-1559 of 31 December 2012 regarding the creation of the Public Bank of Investment author- ized the French Government to transpose the AIFM Directive through an Ordinance. Transposition into French Law took place on 25 July 2013. The AIFM Directive aims at creating a harmonized frame for the AIFs in Europe, while strengthening protection of investors and of savers. The main modifications concern on one hand a sim- plification of the range of products proposed today by the French managers and, on the other hand, the pursuit of the differentiation between funds falling within the scope of the 2009/65/CE Directive (Direc- tive UCITS IV) and funds falling within the scope of the AIFM Directive.

What’s in there? On 15 October 2014 has been published in the JORF the Ordinance of 8 September 2014, approving the 2014-1 Regulation of 14 January 2014 concerning the accounting system of open-ended collective in- vestment undertakings. This Regulation focuses only on mutual funds (UCITS) and open-ended alternative investment funds. It integrates new classifications issued from the transposition of the AIFMD in the Monetary and Financial Code but does not change existing ac- counting principles or methods of assets valuation and liabilities. This Ordinance became effective on 16 October 2014. THE ORDINANCE OF SEPTEMBER 8TH 014 APPROVING 2014-1 REGULATION IS AVAILABLE HERE. THE NETHERLANDS EMIR-reporting obligation upon a mandate Background This publication from the Dutch Authority for the Financial Markets (“AFM”) gives insight about who should report EMIR transactions when one party is only acting on the account of a client by executing the order under a mandate. In this case there are two (or more) parties involved with the same derivative transaction. What’s in there? The guidance, issued on 5 September 2014 by the AFM in consultation with DNB and the working group Dutch Advisory Committee Securities Industry (DAC- SI) gives a clear view on the question how far the EMIR-reporting obligation goes in situations where Party A does not enter into a derivative construction but bears the risks because of a mandate granted to party B. The publication was made because Europe- an law is not yet clear on this point. The AFM’s point of view is that all parties qualified as Eligible Counterparty or Professional) shall have to report all derivatives that they create upon a man- date (party B) or equal legal structures with a party (party B) that has a similar qualification under MiFID. THE GUIDANCE FROM THE AFM IS AVAILABLE ON THE FOLLOWING LINK

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