French Monetary and Financial Code
In forceI. - The AIF or its management company shall report regularly to the Autorité des marchés financiers on the main markets on which it operates and the main instruments it trades.
It shall provide information on the main instruments it trades, the markets on which it operates, its main exposures and its largest concentrations.
II. - When it is managed or marketed in the European Union, the AIF or its management company must provide the Autorité des marchés financiers with the information described in the general regulations of this authority.
III. - Upon request, the AIF or its management company shall provide the Autorité des marchés financiers with the information described in the general regulations of this authority.
IV. - When it makes substantial use of the leverage defined in VI, the AIF or its management company must send the Autorité des marchés financiers information on the general level of leverage used, on the breakdown of the leverage according to whether it results from the borrowing of liquid assets, financial instruments or financial contracts, and on the re-investment of the AIF's assets under leverage arrangements.
In particular, the identity of the five main sources of cash or financial instruments borrowed, including money market instruments, and the amount of leverage for each of these sources must be disclosed.
Where the management company is established in a third country, the reporting obligations set out in this IV are limited to the European Union AIFs that it manages and the third country AIFs that it markets in the European Union.
V. - When necessary for the effective monitoring of systemic risk, the Autorité des marchés financiers may require additional information to that described in this article, on a regular basis or upon request. The Autorité des marchés financiers shall inform the European Securities and Markets Authority of the additional information required.
In exceptional circumstances, and where necessary to ensure the stability and integrity of the financial system or to promote long-term sustainable growth, the Autorité des marchés financiers may, at the request of the European Securities and Markets Authority, impose additional reporting requirements.
VI. - Leverage is any method by which the exposure of the AIF is increased, whether by borrowing cash or financial instruments, by derivative positions or by any other means.
