The AMF’s Corporate Finance Division has begun work to convert Position 2013-13 into a guide to marketing materials for structured debt securities, in order to comply with directly applicable European legislation, including MiFID II and PR3. AMAFI was consulted on the project and argued in favour of the guide, which will provide the industry with guidance on the AMF’s expectations for commercial documentation, while preventing the AMF from gold-plating European legal and regulatory requirements (AMAFI / 20-54).

AMAFI suggested a number of modifications, notably to clarify some of the terms and concepts. It proposed adding a Q&A to address any industry questions as comprehensively as possible. For example, it recommended incorporating useful information from Position 2013-13 and providing clarification on the respective responsibilities of issuers and distributors. Several conversations have been held with AMF representatives on these proposals.