Prêts consentis par les FIA : l’AMF modifie sa doctrine concernant les obligations déclaratives

The AMF has amended its instruction DOC-2016-02 regarding the reporting requirements for loans originated by AIFs. These amendments come after the approval of changes to the AMF’s General Regulation. The context for these amendments lies in the fact that AIFs that comply with the ELTIF Regulation can be ELTIF-authorised and originate loans under this regulation. However, non-ELTIF authorised AIFs can only originate loans if they are specifically authorized by national legislation.
Portfolio management companies in France that manage professional specialized funds (FPS), professional private equity invstment funds (FPCI), securitization vehicles (SV), or specialized financing vehicles (SFV), whether they are ELTIF-authorised or not, and which originate loans must provide quarterly information on these loans to the AMF. This obligation also applies to foreign investment management companies managing such non-ELTIF authorized French AIFs.
To enhance data-driven supervision, and in line with the amended AMF General Regulation by the Decree of 21 July 2023, the AMF is expanding these reporting obligations to include portfolio management companies managing ELTIF-authorised „Other AIFs“ that originate loans. Additionally, foreign investment management companies managing loan-granting ELTIF-authorised FPS, FPCIs SVs or SFVs or „Other AIFs“ will also be subject to these reporting obligations.
Furthermore, instead of using the GECO database for reporting loan origination information, portfolio management companies authorized in France and foreign management companies handling French AIFs must now enter more detailed information directly into ROSA extranet. Hence, analyzing [tracked changes in the French version of DOC-2016-02], the only new changes have accordingly been made to Chapter 8, which we would like to present below in full (new additions in bolt & italic), full quote:
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#### 8. REPORTING REQUIREMENTS
„Asset management companies must report quarterly to the AMF on all the loans their AIFs have granted. These quarterly reporting requirements remain in force until the debt is extinguished, including in the event of an assignment of the receivable.
Pursuant, where applicable, to article R. 214-203-8 of the Monetary and Financial Code, article 319-26 or article 421-38 (III) of the AMF General Regulation, investment management companies managing lending French AIFs (including in case of management of ELTIF authorised “Other AIFs” that lend) must send the AMF information on unmatured loans granted by these FIAs every quarter (to recall, the use of advances form partners or shareholders is not considered lending). This information must be entered on the ROSA extranet within two months of the end of each quarter of the calendar year.“
Furthermore, the requirement that asset management companies must comply with requirements to report to the Banque de France is set out in the fourth paragraph of Article L. 144-1 of the Monetary and Financial Code. For each loan granted, and until the extinguishment of the debt, asset management companies shall provide the Banque de France’s Service Central des Risques (Central Credit Register), which is fed into the FIBEN database, with the beneficiary’s SIREN number, the amount outstanding on the reporting centralisation cut-off date and the main characteristics of the borrowings.“
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The deadline for submitting this information remains therefore unchanged at two months after each quarter-end of the calendar year. These new reporting requirements are applicable from November 2023 for lending activities related to the third quarter of 2023. The AMF will specify the reporting procedures on the ROSA extranet.