Arrêté du 1er février 2023 portant homologation de modifications du règlement général de l’Autorité des marchés financiers

On 11 February 2023, the Order of 1 February 2023 approving amendments to the general regulations of the Autorité des marchés financiers was published on Légifrance, approving amendments to Book IV of the Doctrine of the AMF.
The homologated modifications of note are the following:
Article 411-20 is amended so that in the event of a temporary suspension, the UCITS or, where applicable, the management company informs the AMF and the authorities of all the Member States of the European Union and of all the States parties to the the agreement on the European Economic Area where it markets its units or shares, and remains bound to establish and publish the net asset value as soon as it is able to make a precise calculation thereof.
A new Paragraph 4 is inserted into Article 411-123, stating that the preceding Paragraph 3 does not apply when the UCITS or, where applicable, the management company publishes a net asset value under the conditions provided for in the fourth to sixth paragraphs of Article 411-20.
The fourth paragraph of Article 422-21 is replaced by three paragraphs drafted as follows:
In the event of temporary suspension pursuant to the first paragraph of Article L. 214-24-33 or the first paragraph of Article L. 214-24-41 of the Monetary and Financial Code, the investment fund General Manager or, where applicable, the portfolio management company:
1. Informs the AMF and the authorities of all the Member States of the European Union where it markets its units or shares without delay of the reasons and the terms of the suspension of redemptions at the latest at the time of its implementation.
2. Remains bound to establish and publish the net asset value as soon as it is able to make a precise calculation thereof.
After Paragraph 4 of Article 422-81, a new paragraph is inserted, stating that the preceding Paragraph 3 does not apply when the general-purpose investment fund or, where applicable, the portfolio management company publishes a net asset value under the conditions provided for in the fourth to sixth paragraphs of Article 422- 21.
Furthermore, after Paragraph 4 of Article 422-186, a new paragraph is inserted, stating that the preceding paragraph does not preclude the option of the OPCI (organisme de placement collectif immobilier – real estate collective investment undertaking), or, where applicable, of the portfolio management company to suspend redemptions pursuant to Article 422-133.
Finally, the third paragraph of Article 425-24 is replaced by three paragraphs drafted as follows:
In the event of temporary suspension pursuant to the first paragraph of Article L. 214-190-2-1 or the first paragraph of Article L. 214-190-3-1 of the Monetary and Financial Code, the portfolio panagement company should:
1. Inform the AMF and the authorities of all the Member States of the European Union where it markets the units, shares or debt securities;
2. Remains bound to establish and publish the net asset value as soon as it is able to make a precise calculation thereof.