French financial market authority AMF has modified its rules to strengthen its supervisory process for the assessment of capital acquisitions in French asset management companies, with the aim of being compliant with ESMA’s orientations.
AMF was hitherto looking at the crossing of defined shareholding or voting thresholds in asset management companies (a share of 10%, 20%, 33% or 50% in an asset management company is defined as a qualified share in France).
In addition to this, the French regulator will consider whether the proposed buyer will have a significant influence on the asset management company whose capital is purchased.
Another change in AMF’s rules regarding capital acquisitions in French asset managers is that the French market authority will examine the professional competences of the capital buyer in the field of the targeted manager’s activities.
AMF has also eased the rules for such operations occurring within a same financial group.