The AMF Enforcement Committee fines a financial investment advisor, two asset management companies and their directors, and a credit institution a total of €5,670,000

The Smart Tréso fund is a securitisation investment fund (FCT) whose purpose is to acquire receivables held by small and medium-sized enterprises (SMEs) and to finance the acquisition of these receivables. At the time of the alleged facts, between 2016 and 2021, Smart Tréso FCT was managed by Eurotitrisation, an asset management company, and advised by Smart Tréso Conseil. The fund was marketed by Entrepreneur Invest, an asset management company. Finally, RBC ISBF was the fund's depositary.

During the period when the fund was being marketed, it became apparent that there were ineligible and fraudulent receivables among its assets.

The Enforcement Committee held that all of the respondents had breached their professional obligations in connection with the fund's activities.

Among the many breaches identified, the Committee found in particular that Smart Tréso Conseil, in its capacity as the fund's financial investment advisor, had failed in its obligation to act honestly, fairly and professionally with regard to the shortcomings identified in terms of the eligibility of the receivables included in the fund's assets. It also found that Entrepreneur Invest, the asset management company responsible for marketing the fund, had failed to act in an honest, fair and professional manner by continuing to market the fund, even though it was aware that its assets included ineligible receivables. With regard to Eurotitrisation, the fund's asset management company, the Committee considered that it had not provided investors with clear, accurate and non-misleading information on the fund’s acquisition of ineligible receivables, that it had disregarded the interests of the fund and its investors, and that it had not implemented sufficient technical resources appropriate to its activity. Finally, the Committee noted shortcomings on the part of RBC ISBF (now CACEIS Bank), the fund's depositary, in its monitoring of Eurotitrisation, a lack of diligence and professionalism, and failings in its checks of the fund's investment rules and asset mix.

The breaches found against Smart Tréso Conseil, Entrepreneur Invest and Eurotitrisation were attributed to their respective directors.

An appeal may be lodged against this decision.

About the Enforcement Committee
The Enforcement Committee, which is made up of judges and professionals, has total freedom to make decisions. It can impose sanctions on any person or company whose practices contravene laws and regulations that fall within the jurisdiction of the AMF. It ratifies settlement agreements signed by the Secretary General and respondents. And it takes part in the AMF’s educational efforts by clarifying financial regulations when explaining its decisions.