04 December 2015 | News | Derivatives: central clearing obligation to take effect 21 June 2016 Starting 21 June 2016, the central clearing obligation will apply to the first category of over-the-counter derivative contracts and market participants. As a result, one of the most important components of the EMIR regulation, intended to make derivatives trading more secure, will be a reality. … requires regulatory technical standards to specify which products must comply and the timeline for implementation. The … is affected by the new central clearing obligation? … Any financial counterparty trading derivative products is subject to the clearing obligation. Non-financial counterparties are only affected if their … |
04 December 2015 | AMF news release | Transposition of the revised Transparency Directive: the final changes to the AMF's General Regulation come into force The transposition of the revised Transparency Directive into French law is now complete. An initial set of provisions were approved in September, and the second raft of changes to the General Regulation of the Autorité des Marchés Financiers (AMF) was approved by ministerial order on 3 December 2015. It was published today in the official journal. … such as removing the obligation to produce pro forma financial information and potential flexibility regarding the … responsible for ensuring that savings invested in financial products are protected, providing investors with adequate … |
02 December 2015 | AMF news release | The AMF supports associations, foundations, endowment funds and other non-professional institutional investors in their approach towards investment in financial products The French Financial Markets Authority (AMF) publishes a guide to help associations, foundations, endowment funds and other non-professional institutional investors to define their investment approach and to make decisions that are best suited to their situation. Covering questions that should be asked, information about intermediaries,… … investors in their approach towards investment in financial products … The term "institutional investors" encompasses … to the economy, do not all have the same level of financial knowledge and experience. The AMF publishes a guide … |
02 December 2015 | AMF news release | AMF releases a status report on socially responsible investment and updates its policy The Autorité des Marchés Financiers (AMF) has released a status report on socially responsible investment practices in France. It has also updated its policy on the information to be included in the marketing materials and legal documentation for collective investment schemes and also on the requirement to provide investors with information that… … provides no information on the nature of the non-financial criteria used; 40% of the time, the fund states … does provide information on the nature of the non-financial criteria used, but this information gives very few … for ensuring that savings invested in financial products are protected, providing investors with adequate … |
01 December 2015 | Policy | Position DOC-2008-20 These questions and answers about the marketing of investment vehicles primarily for tax deduction purposes indicate the types of vehicles that can be marketed, the categories of professionals that can advise retail clients to subscribe or purchase units in authorised venture capital funds (FCPR, a FCPI or a FIP), or shares in an ISF holding… … … Textes de référence … L.321-1 of the Monetary and Financial Code (in French only) L.341-10 of the Monetary and Financial Code (in French only) Article 314-57 of the General … (venture capital funds, FCPR). By their very nature, these products present particular characteristics in terms of risk … End of applicability on 20 January 2019 |
01 December 2015 | Policy | Position - Recommendation DOC-2008-15 Position DOC-2008-15 makes certain clarifications with regard to funds of hedge funds in France, particularly the investment process (selection, allocation and monitoring of funds), the implementation of a risk management system, investor information (via the allotment letter) and internal audit. … the investment universe to funds offering the most financial and legal security (eligibility criteria can be … L. 214-9 and L. 214-24-44 of the French Monetary and Financial Code; 3 Different ways of calculating value at risk … only in funds that do not use derivatives or complex products (long/short equity, simple arbitrage, etc.) in order … |
27 November 2015 | AMF news release | The AMF has published the results of a working group on chairmen's reports concerning internal control and risk management, and has launched a consultation on proposals for modifying the requirements in these areas The Autorité des Marchés Financiers (AMF) has published a working group report on the information provided in chairmen's reports on internal control and risk management. The working group proposed consolidating this information and adopting a general presentation, while avoiding standardised developments. The proposals for modifying the… … responsible for ensuring that savings invested in financial products are protected, providing investors with adequate … |
26 November 2015 | Policy | Position DOC-2015-10 … the applicable brokerage fees. The fees applicable to financial products are one of the criteria that the AMF urges retail … and fairly presented information on the fees applied to financial products. Position: If a company whose shares are … |
23 November 2015 | Warning | The Autorité des Marchés Financiers (AMF) issues a public warning against the activities of unauthorised websites offering binary options trading The AMF is publishing a list of new websites offering binary options trading, for which no authorised investment services provider could be clearly identified. … • www.bloomex-options.com • www.groupebinary.com • www.igm-financial.com • www.inglobalmarkets.com • … To ensure that the intermediary offering banking or financial products or services is authorised to operate in France, you … |
12 November 2015 | Warning | AMF urges caution when investing in SCPI shares under the Malraux and Real Estate Loss regimes The Autorité des Marchés Financiers (AMF) has noted that investors sometimes have difficulty understanding the rules on tax treatment upon liquidation of real estate investment companies (SCPIs), particularly those under the Malraux and Real Estate Loss regimes, and that the available documentation is short on detail. Given the renewal of interest… … responsible for ensuring that savings invested in financial products are protected, providing investors with adequate … Given the renewal of interest in these tax-advantaged products, the AMF is advising retail investors to exercise … |