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Legal & regulatory

Haut Comité Juridique de la Place financière de Paris


Conception : Agence Isabelle Delacre - Copyright 2024

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. AIFM Directive and the principle of asset segregation.

Working Group chaired by Stéphane Puel

20/07/16   AV05A - Opinion  ➡  Download


That report questions the level of segregation that depositaries of alternative investment funds (AIFs) and their sub-depositaries should implement to ensure the highest level of protection for the assets they hold. The appropriate level of segregation, depending on a balance between the necessary investor protection, the feasibility, and costs of a high level of segregation, the report shall set out the legal benefits of a high level of segregation, as well as the minimum level of segregation that depositaries and their sub-depositaries should implement in order to ensure the preservation of the assets of AIFs in their custody.




. The AMF public consultation on the possibility for an investment fund to grant loans

Working Group chaired by Michel Prada

25/11/15   AV03A - Opinion  ➡  Download


The purpose of this consultation of the AMF is to obtain the views of all interested parties on the possibility for investment funds under French law to lend directly to companies. While the French rules allow certain funds to acquire debt, they do not allow investment funds to grant loans directly to companies. This possibility will be open to European Long-Term Investment Funds (ELTIFs). At the same time, several Member States have opened up this possibility to alternative investment funds. The report recommends that certain French funds be authorized to grant loans to non-financial European companies.




. The interpretation of the European proportionality principle in particular with regard to the provisions of the CRD and UCITS Directives on remuneration

Working Group chaired by Michel Prada

18/06/15   AV01A - Opinion  ➡  Download


In this report, the HCJP questions the application of the principle of proportionality in EU law. This principle occupies a special place in EU law (I) and is embedded in the legislation applicable to the banking and asset management sectors (II). This interpretation of the principle of proportionality and its application have been confirmed and maintained by the various European institutions (III). The HCJP also examines the issue of proportionality in the context of the UCITS Directive and the AIFM (IV) Directive. Lastly, it notes that the consequences of a possible change in interpretation would be particularly serious (V).


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