Généralisation de l’établissement d’un document d’informations clés à tous les placements collectifs : l’AMF met à jour sa doctrine

On 16 February 2023, the Autorité des marchés financiers (AMF) issued a press release, informing about the update of its policy to take into account the new rules applicable to the preparation and publication of a Key Information Document (KID) when advertising a collective investment product to non-professional investors in accordance with the European Packaged Retail and Insurance-based Investment Products Regulation (PRIIPs Regulation).
As a reminder, since 1 January 2018, the PRIIPs Regulation required the preparation and publication of a KID for packaged retail and insurance-based investment products, before they are made available to retail investors. However, Undertakings for Collective Investment in Transferable Securities (UCITS) and certain alternative investment funds (AIFs) that prepare and publish a Key Investor Information Document (KIID) in the format stipulated by the UCITS Directive were temporarily exempted from this obligation.
Yet since 1 January 2023, these UCITS and AIFs no longer benefit from this exemption and must prepare and publish a KID in accordance with the PRIIPs Regulation. This new document replaces the former KIID for information intended for non-professional clients. For the information for professional clients, funds open to retail investors can choose to keep a KIID in the format stipulated by the UCITS Directive or to change to the KID in the format stipulated by the PRIIPs Regulation.
Consequently, on the one hand, the AMF maintains its existing policy regarding the KIID for the information of professional clients, when the asset management company does not opt for the preparation of a KID. On the other hand, the AMF has updated its asset management policy to take these regulatory changes concerning the investor protection of non-professional investors (retail clients) into consideration. The AMF extends to the KID those elements of policy applicable to the content of the KIID, which prove relevant and non-redundant, and which do not contradict the requirements of the European texts. Asset managers advertising collective investment products (UCITS, retail investment funds (FIVGs), private equity funds, real estate collective investment undertakings (OPCIs), funds of alternative funds, employee saving scheme funds, professional specialised funds (FPS) (including limited partnerships (SLPs)), professional private equity investment funds (FPCIs), professional alternative investment funds (FPVGs), professional real estate collective investment undertakings (OPPCIs), financing vehicles, real estate investment companies (SCPIs), forestry investment companies (SEFs), forestry investment groupings (GFIs), closed-ended investment companies (SICAFs), and other AIFs) to non-professional investors are therefore obliged to produce a KID since 1 January 2023 by UCITS and AIFs.
We would like to present below the full set of updated AMF doctrinal documents (including tracked changes – only in French):
AMF Instruction DOC-2006-18
AMF Instruction DOC-2008-03
AMF Instruction DOC-2011-19 and annexes
AMF Instruction DOC-2011-20 and annexes
AMF Instruction DOC-2011-21 and annexes
AMF Instruction DOC-2011-22 and annexes
AMF Instruction DOC-2011-23 and annexes
AMF Instruction DOC-2012-06 and annexes
AMF Instruction DOC-2017-05
AMF Instruction-Position-Recommendation DOC-2019-12
AMF Position DOC-2008-14
AMF Position DOC-2012-15
AMF Position – Recommendation DOC-2011-05
AMF Position – Recommendation AMF DOC-2011-24
AMF Position – Recommendation DOC-2011-25
AMF Position – Recommendation AMF DOC-2012-10
AMF Position – Recommendation AMF DOC-2012-11
AMF Position – Recommendation DOC-2020-03