The 1993 Investment Services Directive was implemented by the 1996 Financial Activities Modernisation Act which governs fund management companies, who are also subject to regulations issued by the supervisory authority, originally ‘COB’- Commission des Operations de Bourse, which merged following the Financial Securities Act 2003 with CMF Conseil de marches financier (Consultative Council of Asset Management) and CDGF Conseil de discipline de la gestion financiers (Disciplinary Council of Asset Management) to form the new regulator AMF Autorite des Marches Financier – whose approval is required before fund units or shares can be offered to the public. AMF is also responsible for routine monitoring of fund management companies’ compliance with rules governing portfolio composition, reports to investors and marketing materials. And now also for what was an element of self rcgulation that prevailed through the active participation of industry professionals in the two merged Councils. CDGF investigated breaches of codes of conduct or other infractions of the rules and could impose warnings, fines or suspensions for breaches of professional ethics and violations of any statutes and regulations that apply to investment funds. The ultimate authority is the Ministry of the Economy and Finance.