Purpose
The Legal Commission was created by the AFG in the autumn of 1990, before being renamed the Regulation Committee in 2018. Made up of representatives of asset management companies who perform legal functions within their structures, it currently comprises 30 full-member asset management companies, some of which have also appointed a deputy.
The purpose of this charter is to set out the objectives of the Regulation Committee, and the operating rules that will enable it to achieve those objectives.
Goals
The Regulation Committee has a fourfold mission to serve the needs of the industry’s asset management companies:
- Like the legal departments of asset management companies, it provides support to other commissions in terms of legal analysis of the various issues affecting the profession.
- It analyzes major legislative and regulatory developments that have a direct impact on asset management companies.
- It draws up practical legal guides (analyses, clausiers, ……), (or validates such guides drawn up by specific working groups).
- Last but not least, it provides an indispensable forum for participants to exchange views on their practices relating to the legal life of asset management companies and their products.
In view of the wide range of topics addressed, and the short timetable for responding to them, the participation of the commission’s permanent lawyers (or their representatives) directly in AFG working groups should be favored, to ensure more effective upstream legal monitoring of the discussions of the various AFG working groups. Plenary meetings of the commission will continue to play a validation role where appropriate.
It should be noted that the Regulation Committee’s discussions and work must comply with the rules governing competition law, and in particular with the provisions of the competition law charter adopted by the AFG.
