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… … with the Markets in Financial Instruments Directive (MiFID), investment firms have had an obligation to comply … and transmission of orders services. The revision of MiFID strengthened these obligations. The regulations provide … execution in asset management companies … Supervision … MIFID … |
08 July 2022 | Spot Inspections | Summary document on SPOT inspections of the best execution and best selection obligations applicable to asset management companies As announced in the AMF’s presentation of its supervision priorities for 2021, a series of "SPOT" short thematic inspections covered the fulfilment of best selection and best execution obligations by asset management companies (AMCs). Since 1 November 2007, when the Markets in Financial Instruments Directive (MiFID), Directive 2004/39/EC (enacted… … 2007, when the Markets in Financial Instruments Directive (MiFID), Directive 2004/39/EC (enacted on 21 April 2004), came … execution” rules. Directive 2014/65/EU of 15 May 2014 ("MiFID II") and its implementing regulations (in particular … 2007, when the Markets in Financial Instruments Directive (MiFID), Directive 2004/39/EC (enacted on 21 April 2004), came … |
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. … sense that it offers targeted regulatory exemptions to: MiFID II, the Finality Directive, and the Central Securities … |
21 June 2022 | In-depth | Application of the European regulation on short selling Focus on the European Regulation 236/2012 on short selling that frames short positions in shares and sovereign debt. In this section, you will also find file containing the history of net short positions published since 1st November 2012. … standards on short selling ESMA search database (“MiFID database”) for shares admitted to trading on European … |
15 June 2022 | AMF news release | The ACPR and AMF Joint Unit for Insurance, Banking and Retail Investment publishes its 2021 annual report In a highly dynamic capital markets environment, the Joint Unit of the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF) continued its theme-based work in 2021, and also continued to monitor and oversee commercial practices. The two authorities also stepped up their cooperation in the fight… … European Directives on Markets in Financial Instruments (MiFID II) and Insurance Distribution (IDD) on the collection … |
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… … Assessing appropriateness and execution only in MiFID II: the AMF applies the ESMA guidelines … Context … For … … The AMF has incorporated the ESMA guidelines on the MiFID II appropriateness and execution-only requirements in a … of the national policy … The ESMA guidelines on the MiFID II appropriateness and execution-only requirements … |
21 April 2022 | AMF news release | The ACPR and AMF are urging professionals to improve their practices in online marketing of savings products and financial instruments Studies conducted by the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF) have highlighted good practices and some shortcomings in the information provided to and collected from clients when they sign up for financial products online. The two authorities are calling on professionals to improve… … that they must comply with the texts in force (mainly the MiFID II and IDD directives). They urge them to adopt … |
13 April 2022 | AMF news release | The AMF publishes a summary of its SPOT inspections on post-trade transparency in the bond market During its inspection of the practices of five investment services providers with regard to the rules on post-trade transparency stipulated in MiFID II for the bond market, the AMF found numerous shortcomings in their application. … 2018, the new Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation … transparency objective sought by the legislators through MiFID II. … About the AMF … The AMF is an independent public … to the rules on post-trade transparency stipulated in MiFID II for the bond market, the AMF found numerous … |
05 April 2022 | News | The AMF updates its policy on portfolio asset management company control systems and programmes of operations The AMF has updated its policy in order to clarify its expectations in light of a summary of SPOT inspections on the outsourcing of internal control in portfolio asset management companies. It has also updated the policy on the authorisation of portfolio asset management companies to take account of the rollout of the ROSA extranet and the… … incorporate the elements of ESMA's revised guidance on the MiFID compliance function (ESMA35-36-1952) that are relevant … |
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… … been updated for the laws and regulations that transpose MiFID II and legally separate investment firms from asset … includes ESMA guidelines on “certain aspects of the MiFID compliance function requirements” (2012/388)11. AMF … in Financial Instruments Directive (2004/39/EC) and MiFID implementing directive (2006/73/EC), transposed into … |