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- The AMF Enforcement Committee fines Sogenial Immobilier and its chairman a total of €180,000
The AMF Enforcement Committee fines Sogenial Immobilier and its chairman a total of €180,000
In its decision of 12 September 2024, the Enforcement Committee fined Sogenial Immobilier, an asset management company, and its chairman, Jean-Marie Souclier, €150,000 and €30,000 respectively for breaches of their professional obligations.
The respondents first argued that the matter had not been validly referred to the Enforcement Committee by the Board. The Committee dismissed their argument, finding that the matter had been validly referred to it. It then held that the asset management company had failed to comply with its obligation to implement a procedure governing the preparation of regulatory and marketing materials for the alternative investment funds under management. It also found that the information presented by the company about the risks associated with SCPIs (real estate investment companies) and the return on the assets acquired by a fund did not comply with regulatory requirements.
The Committee considered that the asset management company had not applied a high standard of diligence when selecting investments and had not complied with its investment procedure. It also found shortcomings in how conflicts of interest were managed in asset allocation decisions.
It ruled that the company had not carried out all the necessary anti-money laundering and combating the financing of terrorism (AML/CFT) due diligence, both for investments made on behalf of the funds under management and for clients who had subscribed to units in an SCPI, and that it had not implemented its AML/CFT procedure.
In addition, it found that the asset management company had not maintained an effective internal control function nor implemented appropriate controls for the investments made on behalf of the funds under management, conflicts of interest or AML/CFT.
Lastly, the Committee found that the asset management company’s breaches were attributable to its executive corporate officer, Mr Souclier.
An appeal may be lodged against this decision.
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