19 July 2022 | Report / study | Analysis of MIFID II position data on commodity derivatives: who are the market participants and what is their weight in the Matif grain derivatives segment? This study aims to improve our understanding of the weight of the various types of end clients in the wheat, corn and rapeseed markets, placing particular emphasis on the distinction between financial operators (investment firms, funds and other financial institutions) and commercial undertakings (notably farmers, storage … … Analysis of MIFID II position data on commodity derivatives: … placing particular emphasis on the distinction between financial operators (investment firms, funds and other financial institutions) and commercial undertakings (notably … |
13 July 2022 | AMF news release | Publication of the SPOT inspection campaign summary on market abuse prevention systems in asset management companies The purpose of these SPOT investigations was to analyse the systems for preventing, monitoring, detecting and reporting of market abuse among five asset management companies (AMCs). The work carried out by the inspection task force did not identify any particularly serious breaches. Nevertheless, the AMF calls on AMCs to improve their market abuse… … system (watch lists, restricted lists, insider lists, analysis and reporting of suspicious transactions); the … responsible for ensuring that savings invested in financial products are protected and that investors are … |
08 July 2022 | Report / study | 2022 Markets and Risk Outlook The AMF has issued its 2022 Markets and Risk Outlook, a yearly assessment of trends and vulnerabilities. Marked by the deterioration of the financial environment under the combined effect of the war in Ukraine and the resurgence of health risks, the analysis focuses on economic financing, markets, household savings and collective investment… … and vulnerabilities. Marked by the deterioration of the financial environment under the combined effect of the war in Ukraine and the resurgence of health risks, the analysis focuses on economic financing, markets, household … and vulnerabilities. Marked by the deterioration of the financial environment under the combined effect of the war in … |
08 July 2022 | AMF news release | The AMF publishes a summary of its SPOT inspections on the theme of best execution in asset management companies After a series of short thematic inspections concerning best selection and best execution obligations, the AMF is asking asset management companies to improve their arrangements in this area, and in particular to specify their policy and the procedures which govern best execution and how quality of execution is monitored, and to strength their… … … Since November 2007, in accordance with the Markets in Financial Instruments Directive (MiFID), investment firms … control system, the AMF noted shortcomings with respect to analysis of the suitability and completeness of the best … responsible for ensuring that savings invested in financial products are protected and that investors are … |
01 July 2022 | AMF news release | The AMF continues its data strategy with the release of short selling data to the public Given that it is an important component of its ICData governance programme and strategy of more intensive data exploitation, opening data to the public is a way for the AMF to share its data assets for the benefit of researchers, for example. This data will be accessible on the French public data dissemination platform: data.gouv.fr. … data in the AMF's various business lines to improve risk analysis and make its supervision more effective. The work … responsible for ensuring that savings invested in financial products are protected and that investors are … |
01 July 2022 | News | Market infrastructures on blockchain technology: publication of the European Pilot Regime regulation The European regulation “Pilot Regime” applies to market infrastructures based on a distributed ledger technology. This regulation, published in the Official Journal of the European Union on June 2, 2022, will enter into force on March 23, 2023. … for the purpose of testing blockchain technology in financial markets and post-trade activities. By temporarily … system (SS) using blockchain technology, for tokenised financial instruments (or “security tokens”). This regime, … ESMA : Call for evidence – Pilot Regime AMF- Review and analysis of the application of financial regulations to … |
02 June 2022 | News | The AMF reiterates its call for a European regulation of ESG data, ratings, and related services In its response to the European Commission's public consultation on ESG ratings, the AMF reiterates the need for a European regulatory framework for providers of ESG data, ratings and related services. … and as these products play an increasingly central role in financial markets, the provision of sustainability-related … At this stage of the market's development, where the analysis of ESG performance remains protean and evolving, … of this market. Entrusting this task to the European financial markets regulator, ESMA, would make it possible to … |
28 April 2022 | AMF news release | Appointments in the Investigations Directorate and the Asset Management Directorate Marianick Darnis Lorca, hitherto Deputy Head of the Investigations Directorate, has been appointed Head of Investigations. She takes over from Laurent Combourieu, who recently took charge of the AMF's activities relating to Chief Compliance and Internal Control Officers (RCCI) and Chief Investment Services Compliance Officers (RCSI). … carried out several investigations on insider trading and financial information of listed companies. At the same time, … was created and contributed to the launch of a new market analysis tool, SESAM. In 2006, he was appointed Head of the … the challenges posed by investigations in ever-changing financial markets. In March 2022, Laurent Combourieu was … |
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… … 2 1.1. Financial risks … 4 2. Risk analysis and establishing or adapting the risk management … 4 2.1. Managing financial and operational risk … 7 a) Identifying and managing risks: the example of financial risks … of risk. 1.1. Financial risks Identification of risks Analysis of risks and introduction or adaptation of system … |
21 March 2022 | Policy | Instruction DOC-2012-01 Collective investment undertaking management activities and discretionary portfolio management investment services are subject to specific risk management organisation rules (counterparty, liquidity and market risks and operational risk). The instruction DOC-2012-01 defines the permanent risk management function, the procedures for delegation to… … 6 Article 9 - Risk management and financial instrument valuation … 1 In accordance with Article L. 214-1 of the Monetary and Financial Code, collective investment undertakings include … services provider is responsible for conducting the analysis, which it must be able to justify at any time. The … |