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Benedicte Gravrand, Opalesque Geneva:

French financial regulator AMF is apparently bending over backward to accommodate the fund management industry and to continue protecting its investors. It believes it is a "necessity" to have more managers and more alternative investment management companies in France; so it is considering more flexibility regarding regulation of products and managers while being stricter on selling practices. It may also come to an agreement with the prudential supervisor ACP for an extension of the buying powers of institutional investors into alternative investments.

Of UCITS and regulated asset protection When French regulator AMF translated the UCITS IV directive into national law, it did so with the aim to protect retail investors and at the same time allow French fund managers to benefit from the new opportunities this directive presented. It did so by clearly differentiating retail from institutional investors, said Patrice Bergé-Vincent at the recent Opalesque France Roundtable. Bergé-Vincent is Head of the Asset Management Regulation Policy Division at the Autorité des Marchés Financiers (AMF), the French independent financial regulatory body.

The AMF used this process to also simplify the fund regulation regime by introducing two parts: one part for UCITS (aka "OPCVM coordonés") and another part for other investment funds.

The MiFID ......................

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