15 April 2024 | AMF news release | Austrian, French, Italian and Spanish financial market authorities give their key priorities for a macro-prudential approach to asset management As the European Commission prepares to launch its consultation on the macro-prudential treatment of risk in asset management, four major European market authorities, the Austrian Finanzmarktaufsicht (FMA), Italian Commissione Nazionale per le Società e la Borsa (CONSOB), Spanish Comisión Nacional del Mercado de Valores (CNMV) and French… … generating excessive price volatility and liquidity stress. Capital requirements and liquidity buffers are not … and generates incentives for first movers; System-wide stress tests should also be envisaged to better understand the … |
15 April 2024 | AMF’s EU positions | The French, Spanish, Italian and Austrian authorities publish their priorities to enhance the macroprudential framework of asset managers The French AMF publishes today a position paper, drafted jointly with the Spanish CNMV, the Italian CONSOB and the Austrian FMA, with the aim to participate in the current debate on macroprudential policies for investment funds.The paper identifies four priorities at European level to enhance the macroprudential framework of asset managers:Ensure… … to be used for conducting system-wide and entity-specific stress tests. The French, Spanish, Italian and Austrian authorities … to be used for conducting system-wide and entity-specific stress tests. … The French, Spanish, Italian and Austrian … |
19 April 2023 | News | The AMF complies with the ESMA guidelines on updating stress test scenarios in accordance with Article 28 of the Money Market Fund Regulation for 2023 The AMF has updated its position DOC-2018-05 to reference ESMA’s guidance on updating stress test scenarios in accordance with Article 28 of the Money Market Fund Regulation. … The AMF complies with the ESMA guidelines on updating stress test scenarios in accordance with Article 28 of the Money Market Fund Regulation for 2023 … A stress testing reporting … In accordance with Article 28 of … Article 37 of the MMF regulation, the results of stress tests on a money market fund must be reported to the fund’s … |
18 April 2023 | Policy | Position DOC-2018-05 … AMF Position DOC-2018-05 includes the ESMA guidelines for stress test scenarios on money market funds. … Textes de … June 2017 on Money Market Funds Position Requirements for stress test scenarios under article 28 of the european money … obligation to conduct market resistance and liquidity tests as part of overall risk management procedures, under … |
16 February 2023 | Policy | Position - Recommendation DOC-2011-05 … maximum loss or otherwise); - Where necessary, perform stress tests to quantify the impact of hedging on other classes of … and exceeding the value of that class; - The results of stress tests must, on request, be sent to the AMF. 1.3.6. … |
24 November 2022 | News | The AMF is supplementing its policy on liquidity management tools Following an update of its policy to clarify its requirements for the operation of liquidity management tools in collective investment undertakings (CIUs) and the approval of the amendments to its General Regulation, the Autorité des Marchés Financiers (AMF) has published a second update of its policy on liquidity management tools. … to introduce one of these tools as part of the liquidity stress tests that investment management companies are required to … management tools DOC-2020-08: Requirements for liquidity stress testing in UCITS and AIFs Following an update of its … |
04 August 2022 | News | The AMF complies with the ESMA guidelines on updating stress test scenarios in accordance with Article 28 of the Money Market Fund Regulation The AMF has updated its position DOC-2018-05 to reference ESMA’s guidance on updating stress test scenarios in accordance with Article 28 of the Money Market Fund Regulation. … The AMF complies with the ESMA guidelines on updating stress test scenarios in accordance with Article 28 of the Money Market Fund Regulation … Updating stress test scenarios … In accordance with Article 28 of … Article 37 of the MMF Regulation , the results of stress tests on a money market fund must be reported to the fund’s … |
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… … the portfolio by risk budget or via a VaR, or performing stress tests to measure liquidity risk, etc.). Developing risk … Number of days to liquidate the positions according to stress tests, scenario based on a 30% fall in share prices. … |
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… … portfolios. It shall take account of the results of the stress tests and scenario analyses designed for this purpose. 13 For … only 7/8 In particular, it shall perform simulations and stress tests to assess the liquidity risk to which the … |
29 July 2021 | News | The AMF complies with the ESMA guidelines on updating stress test scenarios in accordance with Article 28 of the Money Market Fund Regulation The AMF has updated its position DOC-2018-05 to reference ESMA’s guidance on updating stress test scenarios in accordance with Article 28 of the Money Market Fund Regulation. … The AMF complies with the ESMA guidelines on updating stress test scenarios in accordance with Article 28 of the Money Market Fund Regulation … Updating stress test scenarios … In accordance with Article 28 of … Article 37 of the MMF Regulation , the results of stress tests on a money market fund must be reported to the fund’s … |