10 February 2023 | News | Taxonomy Article 8 reporting: publication of Frequently Asked Questions by the European Commission The European Commission has published two new Frequently Asked Questions (FAQs) with more than 200 questions and answers on the interpretation and application of the "Article 8" and "Climate" Taxonomy delegated acts. In order to help companies in implementing the Taxonomy regulation, the AMF presents the objectives and content of these FAQs and… … act. The Taxonomy also defines specific reporting obligations for non-financial companies and financial … regulation – Article 8. For further information on these disclosure requirements, companies may also refer to the … and coherent application of the regulation and ensure the disclosure of high-quality and comparable information. The … |
24 November 2022 | News | The AMF is supplementing its policy on liquidity management tools Following an update of its policy to clarify its requirements for the operation of liquidity management tools in collective investment undertakings (CIUs) and the approval of the amendments to its General Regulation, the Autorité des Marchés Financiers (AMF) has published a second update of its policy on liquidity management tools. … its policy on liquidity management tools … New disclosure obligations … This update provides for new obligations if the … one of the funds it manages, and in order to rebalance the disclosure requirements, the General Regulation and policy … |
13 October 2022 | AMF news release | The AMF publishes a study on the share price performance of companies using dilutive financing in the form of OCABSAs or equity lines The AMF has analysed the stock market behaviour of 69 companies that have used highly dilutive types of financing. Based on the findings of this study, it is reiterating its warnings to the various market participants and retail investors. … by name; reminds issuers, with regard to their market disclosure obligations, that the characteristics of such financing and … |
21 September 2022 | Ombudsman’s Blog | Alert in the event of a 10% fall in the value of a leveraged financial instrument: an obligation for the intermediary The MiFID II Directive came into force on 3 January 2018, establishing new measures designed to enhance investor information and protection. One of these measures is still not very well known: the obligation for financial intermediaries to alert retail investors in the event of a 10% fall in the value of a leveraged financial instrument. … financial instrument: an obligation for the intermediary … Disclosure Obligations … |
31 August 2022 | News | The AMF urges market participants to notify it of any anomalies found in net short position notifications The European Regulation on short selling, which came into force on 1 November 2012, introduced transparency obligations for accumulated net short positions. These obligations are designed to support the regulator’s market supervision role and enable the market to monitor trends in short positions. Following the closing of an investigation into… … almost all of them were below the 0.5% threshold requiring disclosure to the market, the AMF made allowances for the … into force on 1 November 2012, introduced transparency obligations for accumulated net short positions. These obligations are designed to support the regulator’s market … |
18 July 2022 | Enforcement Committee news releases | The AMF Enforcement Committee fines a portfolio asset management company for breaches of its professional obligations Please note that the French version of this press release was published on 11 July 2022.In its decision of 6 July 2022, the Enforcement Committee imposed a fine of €200,000 on 123 Investment Managers. In its decision of 6 July 2022, the Enforcement Committee imposed a fine of €200,000 on 123 Investment Managers. … asset management company for breaches of its professional obligations … The Enforcement Committee first found that 123 … Investment Managers' procedures relating to marketing and disclosure of information to third parties were not … asset management company for breaches of its professional obligations … … |
05 May 2022 | News | War in Ukraine: the AMF alerts asset management companies In the wake of the current situation in Ukraine and the various economic sanctions imposed by the European Union among others, the AMF calls on asset management companies to be vigilant in several areas. … in the prospectus does not require AMF approval or special disclosure to investors. Depending on the international … at probable trading value. The AMF reminds AMCs of their obligations to put in place appropriate and effective … |
05 April 2022 | News | The AMF updates its policy on portfolio asset management company control systems and programmes of operations The AMF has updated its policy in order to clarify its expectations in light of a summary of SPOT inspections on the outsourcing of internal control in portfolio asset management companies. It has also updated the policy on the authorisation of portfolio asset management companies to take account of the rollout of the ROSA extranet and the… … Authorisation procedure for asset management companies, disclosure obligations and passporting (in french only) … |
30 March 2022 | Enforcement Committee news releases | The AMF Enforcement Committee fines a biotech company for failing to disclose inside information as soon as possible, and one of its co-founders and one of its shareholders for unlawful disclosure or use of inside information In its decision of 24 March 2022, the Enforcement Committee imposed a fine of €1 million on AB Science for failing to disclose inside information as soon as possible, relating to the strong likelihood of receiving an unfavourable opinion for a marketing authorisation application for a medicinal product. It also imposed fines of €50,000 and €500… … its co-founders and one of its shareholders for unlawful disclosure or use of inside information … The Enforcement … that it had a legitimate interest in deferring its disclosure and that it had therefore breached its obligation … them, the Committee found that that the breaches of the obligations to refrain from disclosing and using inside … |
21 March 2022 | Policy | Position - Recommendation DOC-2014-06 The AMF recommendation DOC-2014-06 details the expectations of the AMF for the operation and organisation of compliance, risk management, internal monitoring and periodic control functions within asset management companies (AMCs). This guide specifies, notably, how different control functions should be structured and is aimed at AMCs that manage… … to the transaction or to a contract may default on its obligations prior to the final settlement of the … certain tasks (e.g. drafting and inputting the annual disclosure sheets/annual control reports, preparing internal … declared in the programme of operations and in the annual disclosure sheets/annual control reports. The AMF considers … |