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- The AMF Enforcement Committee fines the Association Nationale des Conseillers Financiers-CIF for breaches of its professional obligations
The AMF Enforcement Committee fines the Association Nationale des Conseillers Financiers-CIF for breaches of its professional obligations
In its decision of 5 September 2023, the Enforcement Committee imposed a fine of €250,000 and a warning on the Association Nationale des Conseillers Financiers-CIF (ANACOFI-CIF), an approved professional association of financial investment advisers. It also imposed a fine of €20,000 and a warning on Patrick Galtier, its manager at the time.
The Enforcement Committee found that ANACOFI-CIF had committed several breaches when examining membership applications from financial investment advisers. In particular, it found that the association had failed to ensure the quality of the applications submitted by the candidates and had failed to comply with the terms of its membership procedure.
The Commission also found that the association had not complied with the procedures for monitoring and sanctioning its members and had not ensured that its members' monitoring files were properly archived.
It was further found that the ANACOFI-CIF had not complied with the provisions of its internal rules on conflicts of interest.
On the other hand, the Commission ruled out any breach of the obligation to cooperate diligently and loyally with the AMF’s inspectors.
The Commission found that the breaches held against the association were attributable to Mr. Galtier, the manager in charge at the time.
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.
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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