27 April 2023 | AMF news release | Equity savings plans : the AMF working group proposes avenues for improvement The Autorité des Marchés Financiers (AMF) has published the report of the working group set up in September 2022 to analyse the difficulties encountered by some retail investors in using their equity savings plans (PEAs), in particular with transfer times. The report sets out some 15 practical proposals aimed at remedying the problems identified… … and the various professionals involved (custodians and account keepers, retail and online banks), the Direction … to the Banque de France, there were 5.2 million PEA securities accounts at the end of 2022. In this report, the … the time during which retail investors cannot buy or sell securities in their PEAs, and resolving problems related to … |
18 April 2023 | In-depth | AMF Examination: Test of Minimum Knowledge Who are the professionals concerned by the test of minimum knowledge regarding the financial, regulatory and ethical environment? What is the difference for employees between the internal test and the AMF examination? Find all the useful information here. … services: a person who is directly responsible for custody account keeping, settlement, depositary functions, securities administration and securities services for issuers; Financial analyst; Financial … |
18 April 2023 | Policy | Position DOC-2018-05 … AMF declared to ESMA that it complied with the European Securities and Markets Authority guidelines on stress test … parameters for stress test scenarios, taking into account the following factors specified in the MMF … spreads among indexes to which interest rates of portfolio securities are tied; f) hypothetical macro systemic shocks … |
14 April 2023 | Ombudsman’s Blog | Companies under court-ordered liquidation: what can you do with worthless securities in your portfolio? As I have already discussed in previous issues, I regularly receive requests from clients wishing to transfer or close their securities account and who find it difficult to do so because their portfolio contains securities whose issuer is in court-ordered liquidation. My past intervention has resulted in some progress, in particular with regard to… … court-ordered liquidation: what can you do with worthless securities in your portfolio? … The facts … Mr. H. holds an ordinary securities account and wanted to withdraw a line of securities from it. … |
09 March 2023 | Ombudsman’s Blog | Application of the PRIIPs Regulation: what happens to US packaged products subscribed before the regulation came into force? The European PRIIPs Regulation entered into force on 1 January 2018 with the aim of standardising pre-contractual information on "packaged" financial products (ETFs, derivatives, life insurance products, etc.) offered to retail investors through a key information document. This key information document is now required for the marketing… … fund (ETF) in 2017, which she acquired in her ordinary securities account in the books of institution X. On 20 August 2018, Ms … shares. In August 2022, wishing to transfer her ordinary securities account to another institution and on noting that … |
08 March 2023 | AMF news release | The AMF has produced the standard profile of active investors in 2022 Men and women: who trades in the stock market, in what type of securities, and in what age group? The Autorité des Marchés Financiers (AMF) has analysed the profile of French investors who bought and sold financial securities in 2022. The results show that three out of ten active investors are women and that men perform more transactions. … instruments, excluding transactions executed via a joint account. Active investors in 2022, i.e. those who executed at … study does not take into account men and women who held securities at 31 December 2021 and who did not perform a buy … and women: who trades in the stock market, in what type of securities, and in what age group? The Autorité des Marchés … |
07 March 2023 | AMF news release | Mystery shopping campaign to bank branches: progress made in the questioning to client, improvements needed in the information provided The new AMF mystery shopping campaign, carried out for the first time as part of a European exercise coordinated by ESMA, shows that institutions are conducting a more in-depth analysis of the situation of future clients than in the previous wave. However, there is still significant work to be done on how fees are presented and on providing… … practices. The exercise coordinated by the European Securities and Markets Authority (ESMA), in which ten other … improved the way they take MiFID II obligations into account when questioning the client, in particular about the … |
23 February 2023 | Ombudsman’s Blog | Mini-tender offers for US equities: watch out for traps! Certain unregulated corporate actions relating to companies listed in the United States, called "mini-tender offers", may have been sent on by French account-keepers to French shareholders holding such US securities. However, when investigating the case that I will present to you this month, I noted that one of them was inevitably unfavourable for… … that, on 3 September 2020, he received a mail from his account-keeper informing him of an offer to buy all or part … the initiator planned to acquire only a limited number of securities. On 16 March 2021, however, Mr T was informed that … The account-keeper added that even though the sale of the securities did not take place in November, this offer could … |
17 February 2023 | News | Termination of membership towards Indian central counterparties: a transition period planned for the French credit institutions Taking into account the significant impact for some French credit institutions of the withdrawal decision by ESMA of the recognition of six Indian CCPs, the AMF, jointly with the ACPR and the Banque de France, invite those credit institutions currently clearing members to provide the AMF and the ACPR with a transitional plan ensuring that the… … planned for the French credit institutions … The European Securities and Markets Authority (ESMA) mandated by Article … Indian CCPs (Esma statement dated 17/2/2023) Taking into account the significant impact for some French credit … … Taking into account the significant impact for some French credit … |
16 February 2023 | Policy | Position DOC-2006-18 … units or shares are settled (or delivered) by the custody account keeper for retail investment funds or funds of … to the nature of the financial instruments, contracts, securities and deposits held by the retail investment fund”. … to the nature of the financial instruments, contracts, securities and deposits held by the retail investment fund”. … |