22 December 2023 | Ombudsman’s Blog | Failure to reply to a Know Your Customer questionnaire: different consequences depending on whether the questionnaire is intended to assess the client or to combat money laundering The Know Your Customer questionnaires submitted by financial institutions pursue specific objectives in the business relationship between them and investors: to provide a service tailored to their clients and to comply with their anti-money laundering obligations.I had the opportunity to go over these objectives and the different consequences of…… or to combat money laundering … Facts … Mr L, who has a securities account with institution B, told me that access to his client … period of time had been granted to the client before his securities account was blocked. I therefore considered it … |
20 December 2023 | Policy | Position - Recommendation DOC-2020-03 Position-Recommendation DOC-2020-03 sets out the information on the consideration of non-financial criteria that French collective investment undertakings and foreign UCITS authorised for marketing in France may disclose. These provisions are described for the various regulatory documents (key investor information documents, prospectus) and…… procedure for product modifications designed to take into account non-financial characteristics by no longer AMF … after eliminating at least 20% of the least well-rated securities; ii) "Selectivity" approaches:15 reduction of the … where applicable, to the exclusion of bonds and other debt securities issued by public or quasi-public issuers, liquid … |
19 December 2023 | Public statements | Closing speech by Marie-Anne Barbat-Layani, AMF Chair - 20 years of the Autorité des Marchés Financiers - Thursday 23 November 2023 … positions. On a more cyclical level, we also have to take account of a complex macroeconomic environment, currently … calling for a strengthening of the role of the European Securities and Markets Authority, ESMA, whose Chair, Verena … |
14 December 2023 | Policy | Recommendation DOC-2012-02 … of the information disclosed by the legal persons the securities of which are admitted to trading on a regulated … AMF suggests that these groups take these guidelines into account when discussing these issues. However, issuers may … the payment of a numerical amount or an amount of equity securities to the executive and sometimes include the … |
14 December 2023 | Policy | Position - Recommendation DOC-2012-19 … well as the structure of its organisation; 6. Adheres to a securities guarantee mechanism which is managed by the … derivative instruments (financial contracts), including securities underlying complex derivatives 9 - Others (to be … In this context, liquidity must be assessed taking into account the volume of the traded securities such as … |
22 November 2023 | Ombudsman’s Blog | When the matrimonial property regime changes the calculation of a capital gain or loss If the matrimonial regime takes the form of joint ownership of property with a full attribution clause, the couple’s assets are attributed in their entirety to the surviving spouse. As illustrated in the case I am presenting this month, the question then arises as to the acquisition price to be used to calculate the capital gains or losses on…… that her husband held shares in company X in an ordinary securities account, which were transferred to her after his death in … of a marriage agreement, the gain on disposal of the securities collected in respect of this advancement of … |
03 October 2023 | Ombudsman’s Blog | Account keepers informed of a clearing of the central order book by Euronext must inform affected clients Investment service providers must transmit or execute client orders in the order in which they are received, and promptly - unless the nature of the order or prevailing market conditions make this impossible, or the interests of the client require otherwise. They must also inform retail clients of any serious difficulty that is likely to affect…… Account keepers informed of a clearing of the central order … them of its decision to change the tick sizes of certain securities, including the V. share, and of the purging of the … awaiting execution in the central order book. Certain securities transactions or administrative operations result … |
03 October 2023 | Policy | Position DOC-2018-04 The AMF adopts the ESMA guidelines on MiFID II product governance requirements (ESMA35-43-3448) for investment services providers. These guidelines, incorporated into position DOC-2018-04, aim to detail the obligations of manufacturers and distributors, particularly with regard to the categories to be taken into account in defining a target market…… with regard to the categories to be taken into account in defining a target market and its coordination with … AMF declared to ESMA that it complied with the European Securities and Markets Authority guidelines on MiFID II … practices This position, incorporating the European Securities and Markets Authority’s guidelines on MiFID II … |
02 October 2023 | Policy | Position - Recommendation DOC-2019-16 DOC-2019-16 sets out the due diligence obligations with regard to clients and their beneficial owners, as provided by Articles L. 561-4-1 and following of the Monetary and Financial Code, taking account of the essential contributions of the 4th directive and 5th directive, and notably the reinforcement of the risk-based approach, the distinction…… following of the Monetary and Financial Code, taking into account the key contributions of the Fourth Directive, in … appears in the register as the official owner of the securities, the client in respect of whom the portfolio asset … At the first level are two companies, one of which has its securities admitted for trading on a regulated market in … |
28 September 2023 | News | MiFID II product governance requirements: the AMF applies the updated ESMA guidelines The Autorité des Marchés Financiers (AMF) has published an update to its Position DOC-2018-04 to incorporate updates to the guidelines issued by the European Securities and Markets Authority (ESMA) on product governance requirements. The AMF also updates its Position-Recommendation DOC-2006-23 to extend the scope of these revised guidelines…… on August 2, 2022. These revised guidelines also take into account implementation issues identified in particular during … updates to the guidelines issued by the European Securities and Markets Authority (ESMA) on product governance … updates to the guidelines issued by the European Securities and Markets Authority (ESMA) on product governance … |
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