Fonds d’épargne salariale : l’AMF modifie sa doctrine concernant l’introduction simplifiée d’outils de gestion de la liquidité

The AMF has made changes to its policy regarding the integration of liquidity management tools in employee savings funds. In its updated instruction DOC-2011-21, the AMF has taken into account the specific characteristics of feeder employee savings funds.
Previously, the AMF had introduced a transitional period starting from 1 January 2023 to 31 December 2024. This period aimed to simplify the integration of redemption gates, which are mechanisms for capping redemptions, into existing employee savings funds managed by AMCs. During this transitional period, the integration of gates would be simplified, and individual notifications to investors would not be required. Instead, investors could be informed through various means, such as the AMC’s website, as long as certain conditions were met.
To align feeder employee savings funds with their master funds, which could already take advantage of the ongoing transitional period, the AMF has now decided to bring forward the start of the transitional period for feeder funds. As a result, the transitional period for feeder funds begins immediately, while the end remains on 31 December 2024.
The deadlines for implementing the measures when no gates are introduced have not changed. For employee savings funds created after 1 January 2024, the applicable measures must be implemented from that date. For all other employee savings funds, the deadline for implementation is 31 December 2024. These deadlines provide sufficient time for employee savings providers to upgrade their tools and incorporate features that enable the activation of gates.