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In-depth Markets: MiFID

MiFID II and the separation of investment firms ("IF")-asset management companies ("AMC"): publication of the AMF General Regulation ("GR")

Published on March 13, 2018

After the modification of the French Monetary and Financial Code[1] and in order to transpose the MiFID II provisions, and to implement the legal separation of the legal regime on investment firms from the one of the asset management companies, the AMF has conducted a public consultation to amend its General Regulation to complete both of these projects. After the end of this public consultation, the AMF therefore publishes the last version of its GR which applies since 3 January 2018. Below are the main changes.

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The AMF is modifying its guide on the funding of research within MiFID II

Published on January 17, 2018

The AMF is introducing two changes to its guide on the funding of research by investment service providers: (1) one clarifying the conditions under which research produced in the context of a primary issuance can be considered as a minor non-monetary benefit and (2) the other taking into account the questions and answers (Q&As) published by the European Commission on October 26th 2017.

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The AMF sets the position limits to positions on commodity derivative contracts

Published on January 15, 2018

In accordance with the directive 2014/65/EU on markets in financial instruments ("MIF2"), the AMF has published two instructions setting the position limits applicable to commodity derivatives positions traded on Euronext and Powernext.

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New rules for the funding of research: the AMF publishes an explanatory guide

Published on July 28, 2017

MiFID 2 introduces new measures governing the funding of research in order to protect investors and limit the risks of conflicts of interests. To support all the relevant stakeholders in the implementation of these new measures, the AMF has decided to publish an explanatory guide.

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AMF publishes its feedback from the public consultation on the rules for the funding of research

Published on February 14, 2017

Given the forthcoming implementation of the revised European framework on markets in financial instruments ( MiFID II), the AMF today publishes a summary of feedback from the consultation on the new provisions on payment for research services used by investment firms (IFs) providing independent investment advice or portfolio management.

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MiFID II: the ESMA specifies its requirements regarding reference data for financial instruments via a Q&A

Published on January 13, 2017

On 20 December 2016, the European Securities and Markets Authority (ESMA) published a Q&A with details concerning certain reference data to be submitted to the competent authorities, in accordance with Article 27 of MiFIR (LEI and conditions for admitting financial instruments for trading).

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Payment of research by asset management companies: the AMF launches a public consultation on new provisions relating to MiFID II

Published on September 12, 2016

The MiFID II Directive regulates the payment of research by investment firms, notably by asset management companies offering portfolio management services. The Autorité des Marchés Financiers (AMF) is reflecting on the way new provisions on payment for research used by professionals providing investment advice on an independent basis or portfolio management should be implemented, especially with regard to commission-sharing agreements. The AMF will thus be consulting on this topic until 28 October 2016.

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AMF publishes MiFID II transposition guide for asset management companies

Published on April 20, 2016

MiFID II will enter into application on 3 January 2017. In light of this, the AMF has published a guide to help asset management companies (AMCs) to successfully implement the directive. The guide outlines the new measures that should come into force and will be updated to take account of the additional texts of the directive.

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Launch of a new ESMA consultation in connection with the revision of the Markets in Financial Instruments Directive and Regulation (MiFID and MiFIR)

Published on January 12, 2015

On 19 December 2014, the European Securities and Markets Authority (ESMA) published its technical advices to the European Commission as well as a second consultation paper in connection with the drawing up of technical standards concerning the revision of the Markets in Financial Instruments Directive (MiFID).

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European Commission consultation on the review of MiFID: financial intermediaries and investor protection

Published on February 24, 2012

The European Commission is holding a consultation on the review of the rules imposed on financial intermediaries by the Markets in Financial Instruments Directive. The main points of the consultation concern the system of ‘inducements’ (financial benefits received by intermediaries), the civil liability of investment service providers, and conduct of business rules.

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Revision of the Markets in Financial Instruments Directive: the European Commission unveils its proposal for reform

Published on November 12, 2011

On 20 October 2011, the European Commission published its proposals for the revision of the Markets in Financial Instruments Directive (MiFID), which went into effect on 1 November 2007. The advanced revision consists of a directive and regulations which represent significant improvements in terms of market transparency, improved investor protection and an increase in the power of regulatory authorities. The AMF however finds the need for further revision on several points, particularly with regard to market organisation.

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The AMF’s response to the European Commission consultation on the review of MiFID

Published on February 5, 2011

The AMF in the main supports the proposals on intermediaries and investor protection formulated by the European Commission in its consultation. It has, however, expressed reservations about the proposal to prohibit independent investment advisers from accepting inducements.

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CESR technical advice in the context of the MiFID consultation: investor protection and intermediaries

Published on November 2, 2010

In the context of the MiFID review, the Committee of European Securities Regulators (CESR) has consulted stakeholders and submitted advices on investor protection to the European Commission.

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MiFID Transposal

Published on April 20, 2007

The Order of 12 April 2007 on markets in financial instruments, issued by the government in application of the authorisation granted to it by the Law of 20 February 2007 on various provisions concerning the Banque de France, aims to transpose into national law the provisions of Directive 2004/39/EC of the European Parliament and Council of 21 April 2004 on markets in financial instruments (MiFID).

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Legal information
Head of publications: The Executive Director of AMF Communication Directorate.
Contact: Communication Directorate – Autorité des marches financiers 17 place de la Bourse – 75082 Paris cedex 02