meta_id 3228294

On June 10, 2026, France's Autorité des Marchés Financiers (AMF) launched a public consultation on the eligibility of certain assets for inclusion in the portfolios of undertakings for collective investment in transferable securities (OPCVM). The consultation addresses divergent interpretations across the European Union regarding which financial instruments qualify as eligible assets under the Eligible Assets Directive (2007/16/CE) and OPCVM IV Directive (2009/65/CE). These interpretative differences create challenges for both investor protection and market competitiveness. The AMF is particularly focused on delta-one certificates—securities whose performance mirrors an underlying instrument with a delta of one, meaning a one percent change in the underlying asset produces a one percent change in the certificate's value. Delta-one certificates can take various forms, including exchange-traded commodities (ETC), euro medium-term notes (EMTN), and exchange-traded notes (ETN). Historically, the AMF treated delta-one certificates as embedded derivatives requiring transparency analysis, making their eligibility dependent on their underlying assets' eligibility. This approach excluded certificates backed by non-eligible assets. However, several EU member states take a different view, arguing that unleveraged delta-one instruments should not be classified as derivative instruments. Given growing retail investor interest in alternative asset classes such as gold, commodities, and crypto-assets, combined with the European Securities and Markets Authority (ESMA) technical advice on revising the Eligible Assets Directive and the implementation of the Markets in Crypto-assets Regulation (MiCA), the AMF is reconsidering its position. The AMF proposes modifying its position-recommendation DOC-2011-25 "Guide de suivi des OPC" to permit OPCVM investment in delta-one certificates linked to previously ineligible underlying assets, including commodities, precious metals, and crypto-assets, subject to appropriate risk management frameworks. The consultation period closes on July 3, 2026, with responses to be submitted to directiondelacommunication@amf-france.org.