FR - Amendments to the AMF doctrine on incentives and remuneration

16/09/2021

On 14 April 2021, the AMF amended the provisions of its Position-Recommendation DOC-2013-10 on incentives and remuneration received in the distribution and discretionary management of financial instruments.

The amendments were made to the following points: 

  • With regard to investment fees: ISPs distributing financial instruments to investors while equally providing an investment service to an issuer or transferor of financial instruments will no longer be required to subject investment fees received in this regard to the requirements on incentives and remuneration, where such fees do not vary according to the amounts of securities actually distributed to investors. 

  • With regard to conditions for improving the service delivered to the client, it will no longer be required that these service improvements be contractually agreed with the client, but simply brought to the client’s attention. It is also possible to justify the legitimacy of a remuneration received on a one-off basis with a service improvement spread over time if the contrary is not possible.