26 November 2025 | In-depth | The Benchmarks Regulation The administration of indices used as benchmarks is subject to Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016. The Benchmarks Regulation aims to restore confidence in financial benchmarks by laying down a regulatory framework at European Union level covering the provision, contribution and use of benchmarks. … for benchmark administrators who must comply with rules on governance, conflicts of interest, the introduction … BMR does not include any further indication regarding the organisational structure of such legal representative, … ESMA believes that the legal representative should have an organisational structure that is adequate in respect of (i) … |
22 April 2025 | News | Fees: the AMF updates its doctrine following the announcement of the abolition of transaction fees in situations of discretionary management Following the announced an amendment to its General Regulation extending the ban on transaction fees to the service of portfolio management on behalf of third parties (discretionary management), the Autorité des Marchés Financiers (AMF) has updated its doctrine to clarify how this ban will be implemented. … Article 3 Principles for applying the conduct of business rules: 3.1 - The conduct of business rules referred to in … companies: (...) 3° Maintain and apply effective organisational and administrative arrangements to take all … companies: (...) 3° Maintain and apply effective organisational and administrative arrangements to take all … |
22 April 2025 | Policy | Position - Recommendation DOC-2013-10 - Inducements and fees received in connection with the distribution and discretionary management of financial instruments Position-Recommendation DOC-2013-10 clarifies the application of the regime governing inducements and fees received in connection with the distribution and discretionary management of financial instruments. … Article 3 Principles for applying the conduct of business rules: 3.1 - The conduct of business rules referred to in … companies: (...) 3° Maintain and apply effective organisational and administrative arrangements to take all … companies: (...) 3° Maintain and apply effective organisational and administrative arrangements to take all … |
19 February 2025 | Spot Inspections | Summary of SPOT inspections on the monitoring of funds (UCITS, AIF) investment ratios, and of related compensation and claims An investment ratio is a limit that a portfolio asset management company (AMC) is obliged not to exceed when managing a fund, and to correct as quickly as possible if it is nevertheless exceeded. An investment ratio, which is set out in the rules or contractual documentation, must be complied with at all times. It may be financial or non-financial… … exceeded. An investment ratio, which is set out in the rules or contractual documentation, must be complied with at … exceeded. An investment ratio, which is set out in the rules or contractual documentation, must be complied with at … on the establishment of decision-making procedures and an organisational structure which specifies reporting lines and … |
23 January 2025 | Article | Operating as a crowdfunding service provider in France In which cases can you apply to the AMF for authorisation to become a crowdfunding service provider? How do you obtain this authorisation? Have you been authorised as a crowdfunding service provider in another Member State of the European Union (EU) and would like to offer your services in France? Find all the useful information here. … providers obtain prior authorisation and comply with organisational and investor protection rules, the Regulation allows them to provide crowdfunding … of: (a) The internal structure of the applicant (organisational chart, etc.) with indication of the … |
18 December 2024 | Policy | Position - Recommendation DOC-2012-19 - Programme of operations guide for asset management companies and self-managed collective investments This page is not translated in English at the moment … collective investments … Investment management companies Organisational rules Asset management Collective investments Policy The … decision-making procedures and a well-documented organisational structure that clearly defines lines of … |
10 December 2024 | Report / study | Study on the taxonomy reporting of financial institutions This report 2024 provides detailed analysis of the first alignment reporting of seven banks and insurance companies. It presents an overview of the practices and main difficulties encountered by these undertakings in fully complying with the regulatory requirements. … significant developments in information systems and organisational processes on the part of financial … in certain energy sectors and the associated transparency rules … lie both in the availability of certain data and in the organisational difficulty of collecting it. For example, as … |
04 December 2024 | In-depth | The Listing Act: Facilitating Companies' Access to European Capital Markets The Listing Act introduces significant changes to European regulations. In this document, the AMF outlines its main features. While some provisions will come into force as early as December 4, others will be implemented gradually, with delays of 15, 18, and 24 months following its entry into force. … of information … The Listing Act also establishes rules to more precisely regulate the presentation of … December 4, 2024 … . The Listing Act introduces several rules aiming to standardise and streamline the format of … the investment service provider will have to comply with organisational standards. This code will ensure a high … |
21 October 2024 | Form/Reporting | Management companies and other services providers - Management company authorisation & changes: Authorisation application forms - Forms & declarations … as distributor CONDUCT-OF-BUSINESS RULES (CLASSIFICATION AND EVALUATION) The company shall aim … to allocate sufficient time to each function. Mention any organisational or control structures that will help you to … OF THE PROGRAMME OF ACTIVITY IMPACTED AND FRAMEWORK Organisational impacts related to the use of the instruments … |
10 October 2024 | Spot Inspections | Summary of SPOT inspections on the process for producing, checking and transmitting regulatory reports to the AMF (AIFM, MMF, ROSA) As announced in its supervisory priorities in early 2023, the Autorité des Marchés Financiers (AMF) has conducted a new SPOT (Supervision of Operational and Thematic Practices) inspection campaign looking at the quality of the data transmitted by portfolio asset management companies (AMCs) to the AMF. The investigations focused on reporting under… … (which is directly applicable) lays down uniform rules for the operation of these funds at European level. … 21(1) of the MiFID II DR (DM) on resources and general organisational rules; - Articles 321-77 to 321-79 (UCITS) and … from this table. Firstly, the AMCs have similar internal organisational structures for producing AIFM and MMF … |
