The French Financial Markets Authority has published a notice confirming its approval of the updated Provisions section of the French Asset Management Association's code of conduct for third-party asset management as professional rules and extending its application to all investment services providers, including firms that are not AFG members. In practice, the revised rules apply across firms carrying out collective investment management and or portfolio management on behalf of third parties, subject to a specific exception for anti-money laundering and counter-terrorist financing provisions. The code, previously aimed at UCITS and discretionary portfolio management under mandate, has been updated to reflect regulatory changes since 2009, renamed the Code of Conduct for Third-Party Asset Management, and broadened to cover all collective investment schemes. The AMF decided on 4 July 2025 to extend the updated Provisions to non-AFG member investment services providers after obtaining a favorable opinion from AFECEI. For investment services providers other than portfolio management companies, the AML and CFT provisions do not apply because this area falls under the competence of the Prudential Supervision and Resolution Authority rather than the AMF.
France Autorite des marches financiers 2026-05-07
French Financial Markets Authority approves and extends updated third party asset management code to all investment services providers
The French Financial Markets Authority has approved the updated Provisions section of the French Asset Management Association’s Code of Conduct for Third-Party Asset Management as professional rules and extended their application to all investment services providers, including non-members. Updated for regulatory changes since 2009 and broadened to all collective investment schemes, the code applies to firms conducting collective investment and portfolio management on behalf of third parties, with anti-money laundering and counter-terrorist financing provisions excluded for non-portfolio management companies, as these fall under the Prudential Supervision and Resolution Authority.