01 January 2023 | Policy | Position - Recommendation DOC-2007-25 The purpose of this Position-Recommendation is to answer questions that market professionals may have about the rules of conduct applicable to ISPs. It provides clarification on four topics: client categorisation, information provided to clients, agreements to be entered into, and suitability assessment. … in financial instruments (hereinafter referred to as “MiFID II”) has been transposed into the Monetary and … of that Directive (hereinafter referred to as the “MiFID II DR”). In line with the publications produced under … the Council of 21 April 2004 (hereinafter referred to as “MiFID I”), the AMF will continue to support market … |
29 December 2022 | Article | Obtain a trading venue authorisation The market operator or investment firm operating a trading venue is supervised jointly by ACPR and AMF. The trading venue authorisation file to be provided to the French authorities is constituted of the items required by MiFID2 and the related technical standards as well as by the French regulatory framework. … a trading venue authorisation … Market infrastructures … MIFID … |
14 October 2022 | Public statements | Speech by Benoît de Juvigny, AMF Secretary General - AFME’s 6th Annual European Compliance and Legal Conference – 13 October 2022, Amsterdam … between venues. The tick size regime introduced in 2018 by MiFID 2 is, to us, one example of a virtuous rule that has … quotes, voice trading, dark pools) that coexisted under MiFID, sometimes with no clear legal basis (for instance the … by firms from third parties is not compatible with the MiFID II requirements on conflicts of interests. This is a … |
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 … … the ESMA guidelines on “certain aspects of the MiFID II appropriateness and execution-only requirements” … Article 56 of Delegated Regulation (EU) 2017/565 Position MIFID II appropriateness and execution-only requirements … |
11 October 2022 | AMF news release | The AMF awards its 2022 prize for young researchers in economics The AMF launched the Young Researcher Award in 2015 to support academic research on topics related to regulation and the financial markets. The AMF prize rewards two researchers this year: Hava Orkut, Associate Professor in Finance at EM Strasbourg Business School, and Noémie Pinardon-Touati, Assistant Professor in the Economics Department at… … markets. In particular she analyses the responses to MiFID questionnaires. Hava Orkut's work can be found at the … |
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. … adopted pursuant to Article 25.6 of Directive 2014/65/EU (MiFID II). The latter stipulates that the investment firm … Now, in its Q&A 35-43-349 on investor protection in MiFID II, the European Securities and Markets Authority … in a durable medium as stipulated in Article 25.6 of MiFID II implies that the report can be made available to the … |
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. … legislation and its implementation dates … Amendment of MiFID II delegated acts for ISPs … Following the publication … … FIAs are subject to a French regime that derogates from MiFID II, but they apply certain rules analogous to those … french only) Consultation on review of the guidelines on Mifid ii product governance requirements On 2 August 2022, … |
26 July 2022 | Policy | Instruction DOC-2010-09 … client advisory services 5.1 4 A Product governance under MiFID II: obligations and responsibility of producers and … client), and the new obligations arising from the MiFID II Directive). 6.1.2 2 C Main obligations incumbent on … for transaction reporting to the regulator under MiFID II; Regulation of algorithmic trading. 9.5 1 C Sources … |
19 July 2022 | AMF news release | The AMF has published a study of the profile of participants and their positions in the Matif agricultural commodities derivatives market The Autorité des Marchés Financiers (AMF) has analysed the positions of participants trading on the Matif, the main agricultural commodity derivatives market in Europe, under its supervision. The analysis shows that commercial players play a dominant role in the wheat, corn and rapeseed markets. … market … The rules on markets in financial instruments (MiFID II) impose reporting obligations on participants in … markets and limits on the positions they can hold. MiFID II provides for exemptions in particular when positions … +33 (0)1 53 45 60 28 … Read more … Analysis of MIFID II position data on commodity derivatives: who are the … |
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: who are the … focuses on positions rather than prices. Analysis of MIFID II position data on commodity derivatives: who are the … focuses on positions rather than prices. … Analysis of MIFID II position data on commodity derivatives: who are the … |