Having already incorporated virtually all ESMA guidelines on this subject, the AMF has supplemented the provisions of AMF Instruction 2011-15 so as to achieve full compliance.
The AMF is compliant with the guidelines on risk measurement and the calculation of global exposure for certain types of structured UCITS (ESMA/2012/197). These guidelines – which continue on from work published by the CESR in July 2010 (CESR/10-788) and ESMA’s final report (ESMA/2011/112) – supplement the requirements on the calculation of global risk associated with derivatives.
The AMF had already incorporated virtually all of these guidelines into its monitoring practices in Articles 411-80 and 411-81 of its General Regulation1 and Article 11 of AMF Instruction 2011-152. Provisions on information to be included in prospectuses have been added to the latter Article. This addition completes the incorporation of the ESMA guidelines.
It should be noted that, for structured UCITS, the KIID must include certain information specified in the
Guide to UCITS and Real estate collective investment schemes regulatory documents.
1 Order of 3 October 2011
2 Published 3 November 2011
