Décision relative à des modifications des règles de fonctionnement de la chambre de compensation Banque Centrale de Compensation SA (LCH SA) pour le service CDSClear visant à améliorer la cohérence et la lisibilité des dispositions relatives à la gesti...

AMF Warns on AIF Classification of Bond-Issuing Investment Vehicles

The French AMF warns that investment vehicles issuing bonds may be classified as Alternative Investment Funds (AIFs) based on their economic characteristics, not the legal form of securities. Recent French Council of State and AMF Sanctions Commission decisions confirmed that marketing such vehicles to retail investors without prior AMF authorization is illegal. Financial investment advisers (CIFs) must ensure compliance, as they cannot reclassify retail clients as professionals.

24 Jul 2026

AMF Publishes Updated Guide for UCITS and AIF Depositaries

The AMF has updated its 2018 guide for depositaries of UCITS and AIFs to reflect operational and regulatory changes, particularly the development of tokenization and crypto-assets under MiCA. The revised guide clarifies settlement of subscription/redemption orders in e-money tokens and provides guidance on depositaries of funds investing in crypto-assets or using DLT. It also includes a section on staged intervention procedures.

24 Jul 2026

AMF Approves LCH SA CDSClear Rule Changes: Trade Registration Fund and Credit Tolerance

On 24 July 2026, the French Autorité des Marchés Financiers (AMF) approved amendments to the operating rules of LCH SA's CDSClear service. The changes introduce a Trade Registration Fund (TRF) and a credit tolerance mechanism, aiming to enhance risk management and operational flexibility for clearing members.

24 Jul 2026