04 April 2022 | In-depth | Taxonomy regulation - Article 8: on reporting obligations of companies To promote sustainable investment, the Taxonomy Regulation (Regulation (EU) 2020/852) establishes a European Union-wide classification system to identify economic activities that are considered sustainable. Pursuant to Article 8 of this regulation, companies are required to publish sustainability indicators from 1 January 2022. A delegated…… II of Directive 2013/34/EU: companies whose transferable securities are admitted to trading on an EU regulated market; … Thus, only the climate objectives are to be taken into account when calculating the indicators for the 2022 report … financial year 2021. The indicators will only take into account the four other environmental objectives 12 months … |
28 March 2022 | Warning | The AMF warns the public against fraudulent offers to buy listed shares at preferential prices In response to a large number of reports from retail investors, the Autorité des Marchés Financiers (AMF) is calling for the utmost vigilance with regard to offers to invest in the securities of listed large companies, whether foreign or French, at a price below their official price, by unauthorised actors or those impersonating regulated entities.… investment proposals, for example, in a "GAFA savings account with guaranteed capital and indexation on the … utmost vigilance with regard to offers to invest in the securities of listed large companies, whether foreign or … utmost vigilance with regard to offers to invest in the securities of listed large companies, whether foreign or … |
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…… 1. Identifying risks The risks that AMCs must take into account during the risk mapping process are defined in … 2011-15 on global exposure for UCITS; - eligible financial securities and money market instruments with non-standard … swaps or futures as part of hedging forex risk on USD securities; - cash pocket (money market AIFs and UCITS). … |
21 March 2022 | Policy | Instruction DOC-2012-01 Collective investment undertaking management activities and discretionary portfolio management investment services are subject to specific risk management organisation rules (counterparty, liquidity and market risks and operational risk). The instruction DOC-2012-01 defines the permanent risk management function, the procedures for delegation to…… and ‐ the fund uses only derivatives and simple securities involving derivatives, and operates only in the … for authorised UCITS and AIFs; b) eligible financial securities and money market instruments with embedded … rating awarded to the product may be one factor taken into account in this analysis process, it may in no place be a … |
11 March 2022 | Enforcement Committee news releases | The AMF Enforcement Committee sanctions a media company and its director for making investment recommendations without mentioning conflicts of interest and for price manipulation In its decision of 4 March 2022, the Enforcement Committee fined Le Quotidien de Paris Editions and its director and editor, Nicolas Miguet, €600,000 and €200,000 respectively. However, the Committee exonerated Nicolas Miguet & Associés, which had been accused of price manipulation.… shares. The Committee considered that this holding of securities by persons closely associated to the author … and Nicolas Miguet, the Enforcement Committee took into account, among other things, the multiple and particularly … |
11 March 2022 | Ombudsman’s Blog | Not being able to subscribe to a fund does not necessarily imply a refusal to sell Some funds are strictly reserved for professional clients, and clients who do not meet the subscription conditions required by the fund cannot acquire units, even if they want to. It is this particular case that I will present to you in this month's issue.… imply a refusal to sell … The facts … Holding a securities account in the books of institution X, Mr T. wanted to buy … his account keeper would not allow him to acquire the securities in question, with the institution's online space … |
10 March 2022 | Policy | Position DOC-2018-08 … of the European banking authority (EBA) and the European securities and markets authority (ESMA) on the assessment of … of the European banking authority (EBA) and the European securities and markets authority (ESMA) on the assessment of … of the management body; - Diversity, to be taken into account for the selection of members of the management body. … |
09 February 2022 | Ombudsman’s Blog | IPOs: the loss may be more than just the non-execution of the subscription order When an IPO subscription order is not executed on account of an error acknowledged by the account keeper, the compensation for the loss suffered requires the parties to be placed in the situation in which they would have been if the error had not occurred, and also the investor's profile and usual behaviour to be taken into account, as we will see…… des Jeux (FDJ) by depositing a cheque in their joint securities account. They signed a subscription order form for a maximum … the capital of FDJ to the private sector, holders of the securities in question who had held their shares for an … |
22 December 2021 | Public statements | Speech by Robert Ophèle, AMF Chairman – AMF Annual Conference: "Financing, green transition: the role of financial markets in the recovery" – Tuesday 30 November 2021 … investors carried out 12 million transactions in the securities under the AMF’s jurisdiction, compared with the … at a low cost. We therefore observed a large number of account openings and a marked increase in transactions. What … |
21 December 2021 | Public statements | Speech by Benoît de Juvigny, AMF Secretary General - IOSCO SPAC Network Stakeholder Meeting - 16 December 2021 … 2019 and 2021. Further, those SPAC blank-check IPOs now account for more than [60%] of all U.S. IPOs” 1 (1) . This … that funds raised by a SPAC be deposited in an escrow account until the target acquisition. Measures can be taken … c.gov/news/public-statement/spacs-ipos-liability-risk-under-securities-laws FSMA: … |
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