19 March 2019 | News | The AMF publishes further research regarding liquidity in the corporate bond market Following an initial comprehensive study by the AMF published in November 2015, the work presented in this new research sheds additional light on the various types of liquidity measurements specific to corporate bonds. Which indicators are sufficiently scientifically robust? The specific characteristics of the corporate bond market and the… … regarding liquidity in the corporate bond market … Fixed income … |
18 March 2019 | Report / study | Measuring liquidity on the corporate bond market This study analyses how data received by the market regulator may lead to liquidity indicators for corporate bond markets. The study recommends two separate indicators, each measuring a different aspect of liquidity. It shows how both indicators have changed, and examines the underlying causes. … on the corporate bond market … Scientific Advisory Board … Fixed income … MIFID … |
18 January 2019 | Report / study | Key figures for asset management in 2017 - Management company financial data and profitability The operating profit of the French asset management industry rose sharply in 2017 after falling slightly in 2016, The total in 2017 came out at €3,539 million compared with €2,485 million in 2016. The positive trend was the result of growth in operating revenue (up 11.4% year on year), which, all other things being equal, was stronger than growth… … million at the end of 2017. This two-pronged trend, in income and, to a lesser extent, expenses, resulted in a sharp … or 24.4% on 2016. A closer analysis of the trend in income and operating expenses shows that 79.4% of total … profitability through economies of scale (depreciation of fixed costs). Consequently, the entities with the most … |
18 January 2019 | Report / study | Key figures for asset management in 2017 - Own funds of asset management companies Own funds are a key indicator of the financial health and sustainability of the business activity of asset management companies(1). In an encouraging sign, at 31 December 2017 just 22 asset management companies had an own funds shortfall relative to the applicable regulatory requirements, compared with 28 in 2016. At the same time, the number of… … can generally be attributed to low or negative net income on the part of management companies in the process of … on an antirely discretionary basis when calculating fixed overheads In 2017, 318 asset management companies, or … reported that they had deducted from the calculation of fixed overheads the amount of variable pay and bonuses on an … |
26 June 2018 | Policy | Position DOC-2014-09 Position DOC-2014-09 incorporates the ESMA guidelines (2014/869/EN) on reporting obligations laid down in the AIFM Directive. It specifies the information that French asset management companies or legal entities – where the latter manager an AIF – and internally-managed AIFs must report to the AMF, when they must report it, and the procedures to… … 248,478,000 Second most important instrument DER_FIX_FIXI Fixed income derivatives 145,786,532 Third most important … to an AIFM that only invests in Other Listed Equities, Fixed Income Derivatives, Timber and other CIUs … |
22 June 2018 | Public statements | Speech of Natasha Cazenave, AMF Managing Director, Investment research – A FinFees' event " Initial assessment six months after MiFID 2 came into force " – Tuesday 19 June 2018 … of this reform (on fund management, independent research, fixed income, on European participants' competitiveness) and to … out to assess the effects of this new regime on the fixed income segment. Initially designed for equity research, … |
25 April 2018 | Public statements | Speech by Robert Ophèle, President of the AMF, to the 'Virtual Currencies' fact-finding mission set up by the National Assembly Finance Committee Chairman: Eric Woerth, Rapporteur: Pierre Person - 5 April 2018 … houses most ICOs), eventually appropriate the seigniorage income enjoyed by currency issuers; central banks are now … A transparent and secure issuance procedure with: - a fixed issue price or one for which the method of determination is fixed ex ante, - an issue duration fixed ex ante, - an issue … |
24 December 2017 | General regulation | General regulation of the AMF into force from 24/12/2017 to 02/01/2018 … shall contain at least the following: 1° Balance sheet; 2° Income statement; 3° Statement of changes in equity; 4° Cash … of hiring new staff and is limited to the first year; 10° Fixed and variable components of total remuneration are appropriately balanced and the fixed component represents a sufficiently high proportion of … |
20 December 2017 | Report / study | Key figures for asset management in 2016 - Own funds of asset management companies Own funds is a key indicator of the financial health and sustainability of asset management companies (AMCs). As at 31 December 2016, 28 AMCs, representing 4.8% of the French landscape(1), had a regulatory own funds shortfall. As at the same date, 70.2% of French AMCs had a own funds cushion of 30% or more above regulatory requirements. In this… … AMCs and financially insecure AMCs; an increase in fixed overheads, and thus the minimum regulatory threshold, … variable pay and bonuses into the calculation of fixed overheads … Table 6: Breakdown of AMCs by share of … an additive approach (involving the addition of certain income statement items) to a deductive approach, whereby … |
20 November 2017 | General regulation | General regulation of the AMF into force from 20/11/2017 to 23/12/2017 … is for information purposes only 1° Balance sheet; 2° Income statement; 3° Statement of changes in equity; 4° Cash … and applying remuneration policies, notably concerning the fixed and variable components of salaries and discretionary … staff and is limited to the first year of engagement; 10° Fixed and variable components of total remuneration are … |