28 October 2022 | Enforcement Committee news releases | The AMF Enforcement Committee fines a financial investment advisor and its manager for breaches of their professional obligations In its decision of 24 October 2022, the Enforcement Committee imposed fines of €20,000 on the company Salzillo Finance and €80,000 on its manager Jean Salzillo, and also banned both of them from operating as financial investment advisors for three years.… The AMF Enforcement Committee fines a financial investment advisor and its manager for breaches of their … not made a recommendation when in fact it had provided an investment advice service. The Committee considered that in adopting … |
12 October 2022 | Policy | Position DOC-2022-03 AMF Position DOC-2022-03 incorporates the ESMA guidelines on “certain aspects of the MiFID II appropriateness and execution-only requirements” (ESMA35-43-3006). The purpose of these Guidelines is to clarify the application of these requirements and foster greater European convergence, by focusing on a number of important issues.… MIFID II appropriateness and execution-only requirements … Investment management companies Asset management Policy AMF … entities or groups; - Arrangements necessary to understand investment products; - Arrangements necessary to ensure a … Guidelines as investment services other than investment advice and third-party portfolio management, and the selling … |
12 August 2022 | News | Sustainability requirements in the distribution of financial instruments: update on upcoming legislation and its implementation dates On 2 August 2022, Delegated Regulation (EU) 2021/1253 comes into force, amending the MiFID II framework by introducing sustainability preferences. Further legislation will subsequently come into force, affecting not only investment services providers (ISPs) from 22 November 2022, but also financial investment advisers (FIAs) from 1 January 2023.… organisational requirements and operating conditions for investment firms. In particular, it includes client … of interest that may arise in the course of providing investment services and (ii) the suitability requirements for … financial instrument or service when providing investment advice or portfolio management services on behalf of third … |
26 July 2022 | Policy | Instruction DOC-2010-09 … 17 INTRODUCTION The AMF General Regulation requires that investment services providers and financial investment advisors verify that the persons performing … activities of the FIA – investment advisory services, advice regarding financial services and advice on … |
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.… … The Enforcement Committee first found that 123 Investment Managers' procedures relating to marketing and … and internal control officer. It also found that 123 Investment Managers had failed to provide accurate, clear and … Investment Managers did not have a procedure for tracing advice received from third parties and that it did not track … |
07 July 2022 | Policy | Ruling procedure DOC-2022-04 … conseiller en investissements financiers à des clients … Investment services providers Asset management Investment advice Policy Ruling procedure DOC-2022-04 … … |
09 June 2022 | News | Assessing appropriateness and execution only in MiFID II: the AMF applies the ESMA guidelines The Autorité des Marchés Financiers (AMF) has published a Position DOC-2022-03 to incorporate the guidelines of the European Securities and Markets Authority (ESMA) on the appropriateness and execution-only requirements of Directive 2014/65/EU (MiFID II). This will cancel its policy on collecting know-your-client information at the date on which…… … Context … For the provision of a service other than an investment advisory service or portfolio management for third parties, the investment services provider collects information from their … guidelines as investment services other than investment advice and portfolio management; and asset management … |
02 June 2022 | Enforcement Committee news releases | The AMF Enforcement Committee fines a financial investment advisor and its manager for breaches of their professional obligations In its decision of 25 May 2022, the Enforcement Committee banned Audit Patrimoine Conseil and its manager, Serge Monin, from exercising the activity of financial investment advisor for a period of 10 years and also imposed a fine of €150,000 on Mr Monin.… The AMF Enforcement Committee fines a financial investment advisor and its manager for breaches of their … that these companies were to be classified as alternative investment funds and that their shares were not authorised … the interests of the latter, who must receive professional advice in strict compliance with the applicable regulations. … |
23 May 2022 | News | The AMF updates its policy on funds with high fees Following the Common Supervisory Action (CSA) on the practices of portfolio asset management companies with regard to management costs and fees, the AMF has reviewed the marketing of active funds that are close to their benchmark and passive funds with high fees, and has decided to upgrade its policy in order to specify the requirements applicable…… the information to be provided to investors in collective investment undertakings referring to a benchmark index issued … disclosure of the funds' management objective and investment strategy. Observing that the clarifications … Regulation (EU) 2017/565 , ISPs that provide investment advice services must, when determining whether equivalent … |
20 May 2022 |
| Article 319-14 Book III - Service providers > Title I bis - Asset management companies of AIFs > Chapter IV - Conduct of business rules > Section 3 - Fees > Sub-section 2 - Other provisions… and redemption transactions relating to collective investment scheme, shall be trading costs. They include: … L. 321-1 of the Monetary and Financial Code; b) The investment decision assistance service; As appropriate, a … advisory and arrangement services, financial engineering, advice on industrial strategy, mergers and acquisitions, or … |
Head of publications: The Executive Director of AMF Communication Directorate. Contact: Communication Directorate – Autorité des marches financiers 17 place de la Bourse – 75082 Paris cedex 02