December 2017 Regulatory Updates

December 21st 2017

The Autorité des marchés financiers (AMF) issues a public warning against the activities of unauthorized websites offering diamond investments

Warning Savings protection Warning The Autorité des marchés financiers (AMF) issues a public warning against the activities of unauthorized websites offering diamond investments

Sectors:

Topics:

Consumer Protection / Conduct Authorisation & Licensing Market Abuse / Surveillance

Asset ManagerWealth ManagerBroker Dealer

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🇫🇷 AMF Warning high

December 20th 2017

The Autorité des marchés financiers and the Autorité de contrôle prudentiel et de résolution warn the public against the activities of several websites and entities proposing forex investments without being authorised to do so

Warning Savings protection Forex and binary options Warning The Autorité des marchés financiers and the Autorité de contrôle prudentiel et de résolution warn the public against the activities of several websites and entities proposing forex investments without being authorised to do so

Sectors:

Banking & Credit Investment Management Wealth & Private Banking

Topics:

Consumer Protection / Conduct Authorisation & Licensing

BankBroker DealerWealth Manager

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🇫🇷 AMF Warning high

December 19th 2017

The Autorité des marchés financiers (AMF) warns the public against the company International Markets Live LTD (IMarketsLive)

Warning Savings protection The Autorité des marchés financiers (AMF) warns the public against the company International Markets Live LTD (IMarketsLive)

Sectors:

Banking & Credit Investment Management Capital Markets & Trading

Topics:

Consumer Protection / Conduct Authorisation & Licensing Market Abuse / Surveillance

Broker DealerWealth ManagerFintech

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🇮🇪 CBI Enforcement medium

December 18th 2017

Merrion Stockbrokers Limited fined €200,00 in respect of failings pursuant to the Fitness and Probity regime.

Settlement Agreement between the Central Bank of Ireland and Merrion Stockbrokers Limited Merrion Stockbrokers Limited fined €200,000 by the Central Bank of Ireland in respect of failings pursuant to the Fitness and Probity regime. On 12 December 2017, the Central Bank of Ireland (the ‘Central Bank’) fined Merrion Stockbrokers Limited (‘Merrion’) €200,000 and reprimanded it for a breach of section 21 of the Central Bank Reform Act 2010 (the ‘2010 Act’). Merrion has admitted this breach, which...

AI Analysis

The Central Bank of Ireland (CBI) fined Merrion Stockbrokers Limited €200,000 on 12 December 2017 for breaching section 21 of the Central Bank Reform Act 2010 by failing to implement adequate systems and controls under the Fitness and Probity (F&P) regime from 1 December 2011 to at least April 2015. This first-ever enforcement action against a firm for section 21 violations underscores firms' primary responsibility for ongoing due diligence on Controlled Functions (CFs) and Pre-Approval Controlled Functions (PCFs), signaling heightened CBI scrutiny on governance and accountability post-financial crisis.

What Changed

This 2017 enforcement does not introduce new regulatory changes but enforces existing requirements under the F&P regime, established via the Central Bank Reform Act 2010 and effective from 1 December...
Firms must maintain adequate systems and procedures for initial and ongoing due diligence to ensure CFs/PCFs meet F&P Standards (fitness: competence, integrity; probity: honesty).
Ongoing monitoring beyond initial checks, with written records and centralized documentation for each individual.
Accurate classification of roles as CFs/PCFs; failure here constituted a breach. No subsequent statutory changes are noted in the publication, but it reinforces that firms bear ultimate...

Suggested Considerations

Develop/improve written policies and procedures for initial and ongoing due diligence on CFs/PCFs, including centralized records per individual.
Conduct thorough due diligence at appointment and continuously monitor compliance with F&P Standards; maintain demonstrable records.
Ensure accurate CF/PCF classification for all relevant roles (e.g., executive directors, finance heads, client advisors).
Implement monitoring systems to detect changes in fitness/probity and report to CBI if Standards are breached.
Board-level oversight: Review and remediate gaps, as post-2016 Merrion Board did.

Key Dates

1 December 2011

- Fitness and Probity regime effective; Merrion's breach period begins

Late 2014 DEADLINE

- Management buy-out and new Board appointed; initial compliance improvements start

24 April 2015

- Merrion implements first written F&P policies and procedures

2016

- CBI inspection identifies breaches

12 December 2017

- CBI imposes €200,000 fine and reprimand via settlement agreement; investigation closed

Compliance Impact

Urgency: Medium - While from 2017, this foundational enforcement remains highly relevant for ongoing F&P obligations, with risks of fines/reprimands during CBI inspections (as in Merrion's 2016 review). It matters because firms hold primary accountability for a regime designed post-crisis to prevent unfit individuals in key roles; non-compliance exposes entities to significant reputational, financial (€200k precedent), and operational risks, especially amid evolving governance scrutiny.

References

AI-generated analysis. May contain errors or omissions — verify with the original CBI source before acting. Full disclaimer.

Sectors:

Capital Markets & Trading Investment Management Wealth & Private Banking

Topics:

Senior Managers / Governance Authorisation & Licensing

Broker DealerWealth ManagerAll Firms

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🇫🇷 AMF Warning high

December 14th 2017

The Autorité des marchés financiers (AMF) issues a public warning against the activities of unauthorized websites offering binary options trading

Warning Savings protection Forex and binary options Warning The Autorité des marchés financiers (AMF) issues a public warning against the activities of unauthorized websites offering binary options trading

Sectors:

Banking & Credit Capital Markets & Trading Crypto & Digital Assets

Topics:

Consumer Protection / Conduct Authorisation & Licensing Market Abuse / Surveillance

Broker DealerFintechCrypto Exchange

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🇫🇷 AMF Warning high

December 4th 2017

Buying Bitcoin: the AMF and the ACPR issue a warning to savers

Warning Warning Atypical products Savings protection Buying Bitcoin: the AMF and the ACPR issue a warning to savers

Sectors:

Crypto & Digital Assets Banking & Credit Investment Management

Topics:

Consumer Protection / Conduct Authorisation & Licensing Prudential / Capital Requirements

BankCrypto ExchangeFintech

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🇫🇷 AMF Warning high

December 1st 2017

The Autorité des marchés financiers (AMF) is publishing a list on its website of unauthorized companies proposing atypical investments without being authorized to do so

Warning Savings protection Atypical products Warning The Autorité des marchés financiers (AMF) is publishing a list on its website of unauthorized companies proposing atypical investments without being authorized to do so

Sectors:

Banking & Credit Investment Management Wealth & Private Banking

Topics:

Consumer Protection / Conduct Authorisation & Licensing

Asset ManagerWealth ManagerBank

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