28 February 2022 | AMF news release | French and Dutch market authorities publish a joint analysis of the impact of the short selling ban at the onset of the Covid-19 crisis Returns, volatility and market depth: the Autorité des Marchés Financiers (AMF) and the Autoriteit Financiële Markten (AFM) have examined the effects of the temporary ban applying to French securities by comparing their respective markets.… authorities publish a joint analysis of the impact of the short selling ban at the onset of the Covid-19 crisis … In March … des Marchés Financiers, imposed a temporary ban on short selling. Other European regulators chose not to take … |
28 February 2022 | Report / study | Short selling ban impact – a comparison of the French and the Dutch markets In this study, the Autorité des marchés financiers (AMF) and its Dutch counterpart, the Autoriteit Financiële Markten (AFM), examine the effects of the temporary ban on French stocks in March 2020 by comparing their respective markets. In analysing returns, volatility, trading volumes and transaction costs, the study shows that the ban had mixed…… Short selling ban impact – a comparison of the French and the Dutch … the sectors that were hit the hardest and most subject to selling pressure during the crisis. Short selling ban impact – a comparison of the French and the … |
09 December 2021 | Policy | Position DOC-2010-05 … products, and lays down four criteria for appraising mis-selling risks. … Textes de référence … Article L. 533-11 to … products, and lays down four criteria for appraising mis-selling risks. … Textes de référence … Article L. 533-11 to … investment strategies such as portfolio insurance, long/short or replication of an index, Instructions 2011-19 and … |
07 January 2021 | Bilateral MoU | FCA – 2020 - Multilateral Memorandum of Understanding concerning consultation, cooperation and the exchange of information between each of the EEA competent authorities and the UK Financial Conduct Authority FCA - 2020 - Multilateral Memorandum of Understanding concerning consultation, cooperation and the exchange of information between each of the EEA competent authorities and the UK Financial Conduct Authority.… such violations, including solicitation practices, mis-selling, handling of investor funds and customer orders, … restricted or imposed conditions on Persons entering into short sales or any other transaction which creates, or … or other restrictions concerning the creation of net short positions or the entering into short selling … |
17 September 2020 | News | ESMA renews its enhanced transparency’s requirement on net short positions In the context of the coronavirus epidemic, ESMA has published on its website its decision to extend the application of a lower reporting threshold on net short positions.… ESMA renews its enhanced transparency’s requirement on net short positions … On March 16 2020, the European Securities … (ESMA) announced its decision to require holders of net short positions in equities traded on a regulated market in … on net short positions … Markets … Covid-19 … Short selling … |
29 July 2020 | Ombudsman’s Blog | Ban on short selling: who was supposed to apply it and to which securities? In light of the Covid-19 epidemic and its impact on financial markets, the AMF decided in mid-March to impose a temporary ban on short selling[1] and, more generally, on strategies aiming to profit from the fall in the price of an equity. Although this exceptional measure was suspended on 18 May,[2] investors are still likely to send me requests…… Ban on short selling: who was supposed to apply it and to which … having the effect of creating or increasing a net short position had been formally prohibited by the AMF over … of the ban … We should begin by a reminder that short selling consists in selling a security we do not hold (and … |
27 July 2020 | Policy | Position - Recommendation DOC-2014-07 Best execution consists of obtaining, when executing orders, the best possible result for clients. The Autorité des marchés financiers (AMF) updates the English version of its position-recommendation DOC-2014-07 on this subject.… suffice; - where monitoring reveals that a firm has fallen short of obtaining the best possible result, the firm should … suffice; - where monitoring reveals that a firm has fallen short of obtaining the best possible result, the firm should … now includes entering into agreements for the buying or selling of financial instruments issued by an investment firm … |
18 May 2020 | AMF news release | The AMF suspends the ban on the creation or increase of net short positions In consideration of the progressive normalisation of the French market’s risk indicators, the Autorité des Marchés Financiers has decided to suspend the exceptional measure imposing a ban on the creation of net short positions and on the increase of existing net short positions. The AMF will closely monitor the overall situation in financial…… The AMF suspends the ban on the creation or increase of net short positions … Considering that the Coronavirus outbreak … AMF announced its decision to ban any creation of a net short position and any increase in an existing net short … the future extent of the decline, an increase in short selling could have had a procyclical influence that the AMF … |
05 May 2020 | News | Robert Ophèle explains the AMF’s actions in response to the Covid-19 crisis To mark the publication of the AMF’s annual report, AMF Chairman Robert Ophèle explained, during a virtual press conference, the various measures taken in recent weeks to ensure the orderly operation of the markets and financial ecosystem as a whole during the coronavirus epidemic. He also touched upon the challenges that lay ahead. … lockdown, and that the decision was made to restrict net short positions. “In a consistently bearish market with … considerable uncertainty about the extent of the decline, short sellers contribute little to price formation, and an increase in short-selling can have unwelcome pro-cyclical influence” , the AMF … |
16 April 2020 | News | Ban of net short positions : Frequently asked questions In order to support investors in the implementation of its decision taken on 17 March and its extension until 18 May concerning the ban on equity net short positions, the AMF has put together in a document the answers to practical questions that may arise.… Ban of net short positions : Frequently asked questions … On 17 March … or resident in France or abroad from creating net short positions or increasing existing positions if the … positions : Frequently asked questions … Covid-19 … Short selling … Markets … Shares … |
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