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Fund Distribution Alert 2020-13

Fund Distribution Alert 2020-13

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Said Fihri

Partner, ADV – Investment Services

KPMG in Luxembourg

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AMF amends ESG policy recommendation and issues specific forms for UCITS using non-financial aspects

On 10 July 2020 (in French) and 16 July 2020 (in English), the AMF announced having modified its policy recommendation (DOC-2020-03*) for UCITS using non-financial aspects in marketing communications to clarify certain points and to assist fund managers.

*For more information regarding the new policy (DOC-2020-03), please consult our fund distribution alert dated April 2020.

As part of this update, the AMF decided to create specific forms to complete, for example in the event that a product will begin to use ESG information (“non-financial criteria”) as a central theme in the Key Investor Information Document (KIID) or the marketing materials of the UCITS. These forms are inserted as appendixes in each AMF instruction relating to products and concern the following:

  • notification and authorization processes;
  • creation of marketing or legal documents such as KIIDs and Prospectuses, and;
  • publication of periodic information.

Moreover, the authority specifies that foreign UCITS using non-financial criteria as a central theme should complete a form before notifying the fund in France. 

The below instructions have been amended:

  • DOC-2011-19: Authorization processes, preparation of a KIID and a prospectus and periodic reporting for French and foreign UCITS marketed in France: Annex XIX and Annex XX
  • DOC-2011-20: Authorization procedures, preparation of a KIID and a prospectus, and periodic reporting for employee saving scheme funds: Annex XVIII
  • DOC-2011-21: Authorization procedures, preparation of a KIID and a prospectus, and reporting for employee investment undertakings: Annex XVII
  • DOC-2011-22: Authorization processes, preparation of a KIID and rules, and periodic reporting for private equity funds: Annex X
  • DOC-2011-23: Authorization processes, preparation of a KIID and a prospectus and periodic information for real estate collective investment undertakings and professional real estate collective investment undertakings: Annex XIV
  • DOC-2019-04: Real estate investment companies, forestry investment companies and forestry groups: Annex VI


For further information, please consult the AMF website here (in French) and here (in English).

Please feel free to contact us should you require any additional information.

Contact

Said Fihri
Partner
+352 22 51 51 7892
said.fihri@kpmg.lu


Stephanie Zedda
Senior Manager
+352 22 51 51 7271
stephanie.zedda@kpmg.lu

Please note that any information provided is general in nature, is based on the latest publicly available information as analyzed on a best endeavor basis and does not constitute any specific legal opinion or advice.

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