Sanctions & settlements Journalists The AMF Enforcement Committee fines an asset management company for several breaches of its professional obligations
AI Analysis
The AMF Enforcement Committee fined asset management company Altaroc Partners €600,000 and its senior managers Maurice Tchenio (€500,000) and Patrick de Giovanni (€200,000) on 15 September 2025 for multiple breaches of professional obligations, including lack of operational procedures for fund investments/divestments, inadequate AML/CFT due diligence, unproven benefits of fee retrocessions to distributors, and shortcomings in marketing materials. This decision underscores AMF's focus on operational controls, due diligence, and transparency in asset management, serving as a key enforcement precedent that highlights personal liability for senior managers. Compliance teams must review it to strengthen internal procedures and governance amid rising AMF scrutiny on these issues.
Key dates
15 September 2025
- AMF Enforcement Committee decision issued, imposing fines on Altaroc Partners and managers
16 September 2025
- French version of press release published
Suggested considerations
Implement and document operational procedures for all investment/divestment processes, including third-party authorization checks (e.g., lenders).
Conduct and document systematic AML/CFT due diligence on fund assets/liabilities, ensuring risk mapping and procedures are operational.
Substantiate retrocessions of fees to distributors with evidence of enhanced client services; otherwise, cease or disclose fully.
Review and enhance fund marketing materials for accuracy, comprehensiveness, and non-misleading content.
Senior managers: Demonstrate oversight of compliance functions; conduct gap analyses attributing breaches.
What changed
This is an enforcement action, not a regulatory change introducing new rules; it enforces existing obligations under French financial regulations for asset management companies (sociétés de gestion...
Absence of operational procedures for investment/divestment processes, failing to verify lender authorizations, breaching duties to act honestly, fairly, professionally, with skill, care, and...
Inability to demonstrate that retrocessed management fees to distributors improved client services.
Failure to systematically perform AML/CFT due diligence on fund assets and liabilities.
Shortcomings in fund marketing materials, lacking clear, accurate information.
These align with ongoing AMF expectations for robust internal systems, as seen in similar cases emphasizing operational...
Compliance impact
Urgency: High - This recent (2025) decision signals intensified AMF enforcement on core operational failures in asset management, with total fines of €1.3 million and personal accountability, amid a pattern of similar actions (e.g., M Capital Partners €305,000 in Dec 2025, Eternam €400,000 in Sep 2025). It matters because AMF uses such rulings educationally to clarify expectations, increasing audit risks and penalties for non-compliance; firms without robust procedures face immediate exposure, especially with appeals not suspending applicability.
Sustainable Finance Journalists Investment services providers Investment management companies Listed companies and issuers The ACPR and AMF publish their report on climate-related commitments of French financial institutions
Why this matters
This regulatory update from the ACPR and AMF focuses on the climate-related commitments of French financial institutions, which is relevant for banking, investment management, and wealth management firms. The key topics covered are ESG/sustainability and reporting/disclosure requirements.
CSDR Supervision Settlement discipline: supervisory approach on the implementation of the CSDR provisions
Why this matters
This regulatory update from the AMF provides guidance on the supervisory approach to the implementation of the CSDR settlement discipline provisions, which are relevant for banking, capital markets, and investment management firms.
Warning Savings protection Miscellaneous assets Warning The AMF is warning the public against several companies proposing atypical investments without being authorised to do so
Why this matters
This warning from the AMF relates to companies offering unauthorized investment products, which poses risks to consumers and requires regulatory action.
Warning Savings protection Forex and binary options Crypto-assets Warning The AMF and the ACPR warn the public against the activities of several entities offering in France investments in Forex and in crypto-assets derivatives without being authorized to do so
Why this matters
The warning relates to unauthorized entities offering investments in Forex and crypto-asset derivatives in France, which poses risks to consumers and requires urgent action.
Asset management Anti-money Laundering Money laundering and terrorist financing: the AMF applies EBA guidelines on risk factors
Why this matters
This regulatory update from the AMF applies EBA guidelines on risk factors related to money laundering and terrorist financing, which is relevant for investment managers, banks, and wealth managers.
Warning Savings protection Atypical products Warning The AMF warns the public against the offerings of UGE Group
Why this matters
This is a warning from the AMF against the offerings of UGE Group, which likely targets retail investors. It is a consumer protection issue related to unauthorized or potentially fraudulent investment products.
Asset management Prospectus The AMF and the Banque de France publish an update of the inventory of liquidity management tools in French funds
Why this matters
This regulatory update from the AMF and Banque de France relates to liquidity management tools in French funds, which is relevant for investment management firms, banks, and wealth managers. It covers prudential and capital requirements, consumer protection, and reporting and disclosure topics.
MIFID Market Data: the AMF applies ESMA Guidelines
Why this matters
This regulatory update from the AMF applies ESMA guidelines on market data, which impacts banking, capital markets, and investment management firms. It covers topics related to market abuse, reporting, and licensing requirements.
Sustainable Finance Savings protection Collective investments Responsible finance: the AMF draws an overview of communications practices abroad
Why this matters
This regulatory update from the AMF (Autorité des Marchés Financiers) provides an overview of communications practices related to responsible finance abroad. It covers topics relevant to investment managers, wealth managers, and the broader financial industry in terms of ESG, consumer protection, and disclosure...
Professional certification Sustainable Finance Certification in sustainable finance: the AMF names the first certified training organisations
Why this matters
This regulatory update is related to the certification of training organizations in sustainable finance, which is relevant for asset managers, wealth managers, and banks that offer investment and advisory services. The topics covered include ESG/sustainability, authorization and licensing, and consumer protection.
Supervision The AMF updates its investigation and inspection charters
Why this matters
This regulatory update from the AMF relates to updates to their investigation and inspection charters, which impacts authorization, reporting, and operational resilience requirements for banks, asset managers, and broker-dealers operating in the French financial markets.
Asset management Marketing communications under the Regulation on cross-border distribution of funds : the AMF complies with ESMA’s Guidelines
Why this matters
This regulatory update from the AMF relates to marketing communications under the Regulation on cross-border distribution of funds, which is relevant for investment management and wealth management firms. The key topics covered are consumer protection and authorization/licensing requirements.
Europe & international Cooperation The AMF and the European Central Bank (ECB) sign a supervisory cooperation arrangement
Why this matters
This regulatory update announces a supervisory cooperation arrangement between the AMF and the ECB, which is relevant for banking, investment management, and wealth management firms operating in Europe.
Warning Savings protection Forex and binary options Crypto-assets Warning The AMF and the ACPR warn the public against the activities of several entities offering in France investments in Forex and in crypto-assets derivatives without being authorized to do so
Why this matters
This regulatory update warns the public against unauthorized entities offering investments in Forex and crypto-asset derivatives in France, which impacts banking, investment management, and crypto firms. It is a consumer protection and authorization issue of high urgency.
Warning Savings protection Crypto-assets Warning The AMF warns against the Initial Coin Offering of the company Air Next
Why this matters
This is a warning from the AMF against the Initial Coin Offering of the company Air Next, which relates to consumer protection and authorization requirements for crypto-asset firms.
Differential Pricing and Business Interruption Insurance demonstrate Central Bank’s focus on conduct, culture and customer treatment Over €130 million paid in business interruption insurance claims to date Insurance sector needs to be prepared for the challenges ahead including digitisation and climate change Speaking…
Why this matters
This regulatory update from the Central Bank of Ireland focuses on the insurance sector, with a emphasis on conduct, culture, and customer treatment, particularly around business interruption insurance and differential pricing. It also discusses the sector's future challenges including digitization and climate change.
Remarks by Director General, Financial Conduct Derville Rowland at the Deloitte Global Insurance Webinar Good morning everybody and thank you to Deloitte for the invitation to speak at this webinar. Some people think of insurance as a relatively modern financial concept. But of course, as the insurance experts in this…
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Warning Savings protection Miscellaneous assets Warning The AMF is warning the public against several companies proposing atypical investments without being authorized to do so
Why this matters
This warning from the AMF relates to companies offering unauthorized investment products, which poses risks to consumers and requires regulatory action.
Sustainable Finance Annual report Disclosure Obligations Taxonomy Article 8: The AMF informs issuers about the phased application of reporting requirements
Why this matters
This regulatory update from the AMF informs issuers about the phased application of reporting requirements under Taxonomy Article 8, which is relevant for banking, investment management, and capital markets firms in relation to their ESG and sustainability disclosures.
Asset management Transposition of the directive on the cross-border distribution of collective investment undertakings: the AMF amends its General Regulation and its policy
Why this matters
This regulatory update from the AMF relates to the transposition of a directive on the cross-border distribution of collective investment undertakings. It impacts asset managers and wealth managers who distribute such funds across borders.
Cooperation Derivatives or structured products Europe & international Markets Post-trading infrastructures The AMF and the ACPR sign two cooperation agreements with the SEC regarding the regime applicable to Security Based Swap Dealers (SBSD) in the U.S
Why this matters
This regulatory update is relevant for broker-dealers and banks that engage in security-based swap dealing activities in the U.S. It covers cooperation agreements between European and U.S.
Crypto-assets Savings protection AMF is warning retail investors on the importance of consulting the white list of digital asset service providers (DASPs)
Why this matters
This regulatory update from the AMF (Autorité des Marchés Financiers) in France is warning retail investors about the importance of consulting the white list of approved digital asset service providers (DASPs). This relates to consumer protection and the licensing/authorization of crypto firms operating in the market.
Asset management MMF The AMF complies with the ESMA guidelines on updating stress test scenarios in accordance with Article 28 of the Money Market Fund Regulation
Why this matters
This regulatory update from the AMF relates to compliance with ESMA guidelines on stress test scenarios for money market funds, which is relevant for investment management firms that operate such funds. It touches on prudential and reporting requirements under the Money Market Fund Regulation.
MMF The AMF publishes a study about potential explanatory variables for the record outflows that French MMFs faced in March 2020
Why this matters
This regulatory update from the AMF (French financial regulator) focuses on potential explanatory variables for the record outflows that French money market funds (MMFs) faced in March 2020.
Review finds that differential pricing practices can result in unfair outcomes for some consumers Proposal to ban the practice of ‘price walking’ to end the loyalty penalty for consumers who do not switch insurance provider regularly Proposals will ensure that new business discounts are still available to allow…
AI Analysis
The Central Bank of Ireland (CBI) proposes banning "price walking" in private car and home insurance to eliminate the loyalty penalty, where long-term customers pay significantly higher premiums (14% more for car, 32% more for home after 9 years) than new customers with similar risk profiles. This stems from a 2021 review finding differential pricing unfair to loyal or less mobile consumers, with regulations finalized and effective from 1 July 2022, confirmed effective in subsequent reviews. It matters as it enforces fair treatment under CBI's consumer protection mandate, requiring insurers to overhaul pricing models while preserving new customer discounts to maintain competition.
Key dates
22 October 2021
- Consultation period closes for proposals in the final report
Early 2022
- CBI intends to finalize measures post-consultation
15 March 2022
- Publication of final Insurance Requirements Regulations 2022
1 July 2022
- Regulations apply to insurance undertakings and intermediaries; ban on price walking effective
2023/2024
- CBI review confirms regulations working, no loyalty penalty observed, no further measures needed at that time
Suggested considerations
Pricing model adjustments: Revise systems to ensure renewal premiums ≤ year-one premiums for equivalent risks; test against historical data (e.g., 11 million policy records analyzed).
Disclosure updates: Amend new customer communications to explicitly state "new business discount" inclusion.
Governance and reviews: Implement annual pricing policy reviews with documented evidence of customer impact assessment and fair treatment compliance; integrate into board/CPC oversight.
Renewal processes: Obtain explicit consumer consent for auto-renewals; provide reminders and clear switching info pre-renewal.
Monitoring and reporting: Conduct internal audits; respond to CBI engagements; retain records for supervision.
What changed
- Ban on price walking: Insurers cannot charge second or subsequent renewal customers a higher premium than an equivalent year-one renewal customer with similar risk and service cost.
Disclosure of new business discounts: Firms must clearly disclose to new customers that lower prices include a new business discount.
Annual pricing policy reviews: Providers must review pricing policies yearly to ensure focus on customer impact, adherence to rules, and fair treatment.
Automatic renewals requirements: Introduce consumer consent for automatic renewals and enhanced information/reminders to support informed decisions and switching.
These were implemented via the...
Compliance impact
Urgency: low (as of 2026). Rules have been effective since July 2022, with CBI's 2023/2024 review confirming no loyalty penalties, no unintended consequences, and market stability—Ireland was first EU state with such a ban. Firms compliant since 2022 face ongoing low-risk monitoring; non-compliance risks enforcement under Section 48(1), but positive outcomes reduce immediate pressure. Matters for legacy audits or CPC reviews.
Asset management The AMF has postponed the effective date of the authorisation withdrawal of the asset management company Nestadio Capital
AI Analysis
The Autorité des Marchés Financiers (AMF) postponed the effective date of the authorization withdrawal for Nestadio Capital, a portfolio asset management company, to allow time for fund transfers or liquidation following repeated non-compliance with authorization terms. This matters for compliance professionals as it illustrates AMF's enforcement approach to regulatory breaches in asset management, emphasizing orderly wind-downs to protect investors while signaling risks of judicial intervention if issues persist. The case culminated in judicial liquidation by 2022, highlighting long-term consequences for non-compliant firms.
Key dates
17 December 2019
- AMF Board decides authorization withdrawal
9 June 2020
& **8 December 2020** - Postponements to **30 June 2021**
1 July 2020
- Original latest effective date for withdrawal (or fund transfer/liquidation)
8 June 2021
- Postponement to **31 December 2021** for fund sales/liquidation
4 October 2021
- Conseil d'Etat rejects Nestadio's appeal
Suggested considerations
For Nestadio Capital (historical): Cease non-essential activities under administrator control; complete fund transfers/liquidation; comply with court-appointed liquidator.
For investors: Monitor liquidator updates at https://www.pmrpartners.com/fonds-nestadio/ and AMF communications; pursue claims via judicial process if needed.
For industry peers: No immediate actions, but review internal compliance on authorization terms (e.g., capital adequacy); prepare contingency plans for potential AMF interventions like administrator appointments.
AMF referrals to courts underscore need for firms to self-report issues early to avoid escalation.
What changed
- Initial authorization withdrawal decided on 17 December 2019 due to Nestadio Capital's failure to comply with authorization terms, including capital requirements, with original effective date at...
Multiple postponements: 9 June 2020 and 8 December 2020 extended to 30 June 2021; 8 June 2021 further extended to 31 December 2021 to facilitate fund sales and liquidation.
7 December 2021 postponement tied withdrawal effect to full fund liquidation or judicial liquidation closure, triggered by commercial court judgment on 17 December 2021 opening judicial liquidation...
AMF appointed an administrator (Nathalie Baudry) initially, later a provisional administrator, and requested court appointment of PMR Partners as fund liquidator on 17 February 2022.
Nestadio Capital's appeal to Conseil d'Etat rejected on 4 October 2021.
No new broad regulatory requirements; this is a firm-specific enforcement action under Article L.
Compliance impact
Urgency: low - This is a resolved 2019-2022 enforcement case with no ongoing deadlines or new rules as of 2026; Nestadio is in judicial liquidation. It matters as a precedent for AMF's phased withdrawal process, protecting investors via extensions and liquidators, but warns asset managers of severe outcomes for breaches like capital shortfalls—review governance and capital monitoring to mitigate similar risks.
Financial analysis The AMF emphasises the importance of independence in financial analysis
Why this matters
This regulatory update from the AMF emphasizes the importance of independence in financial analysis, which is relevant for asset managers, broker-dealers, and banks involved in investment management and capital markets activities.
Warning Savings protection Financial Scams Warning The AMF urges retail investors to exercise extreme caution towards proposals to invest in rooms in care homes
Why this matters
This regulatory update from the AMF warns retail investors to exercise caution towards proposals to invest in rooms in care homes, indicating potential risks or scams in this investment area. This is relevant for investment managers, wealth managers, and the broader investing public.
Financial products Bids Shares Financial disclosures & corporate financing Markets The AMF publishes a study on the development of the SPAC market and its challenges
Why this matters
This regulatory update from the AMF focuses on the development and challenges of the SPAC market, which impacts capital markets, consumer credit, and mortgage/lending firms. Key topics include market abuse, reporting/disclosure, and authorization/licensing requirements for SPAC-related activities.
Warning Savings protection Miscellaneous assets Warning The AMF is warning the public against several companies proposing atypical investments without being authorized to do so
Why this matters
This warning from the AMF relates to companies offering unauthorized investment products, which poses risks to consumers and requires regulatory action.
Warning Savings protection Forex and binary options Crypto-assets Warning The AMF and the ACPR warn the public against the activities of several entities offering in France investments in Forex and in crypto-assets derivatives without being authorized to do so
Why this matters
The regulatory update warns the public against unauthorized entities offering investments in Forex and crypto-asset derivatives in France, which falls under the banking, crypto, and capital markets sectors. The key topics are consumer protection and authorization requirements.
Warning Savings protection Asset management Investment advice Warning The AMF warns the public against Sinclair Upton Capital Management
Why this matters
This is a warning from the AMF against Sinclair Upton Capital Management, which appears to be an asset manager and wealth manager. The warning relates to consumer protection and the firm's authorization/licensing, indicating potential regulatory issues.
Introduction Good morning, and thank you for attending our Insurance Industry Event, the second of these which we’ve held virtually. Hopefully, as the vaccine rollout continues and restrictions are eased, there won’t have to be a third! The COVID 19 crisis has brought about a significant amount of change to all of our…
Speech delivered at Institute of Directors’ Briefing Webinar on 10 June 2021 Good morning everyone, I am delighted to speak to you on the importance of effective culture in firms, the contribution fitness and probity can make, and how we see the forthcoming Individual Accountability Framework further reinforcing…
AI Analysis
This 2021 speech by Derville Rowland, Director General of Financial Conduct at the Central Bank of Ireland (CBI), emphasizes the critical role of the Fitness & Probity (F&P) regime and the forthcoming Individual Accountability Framework (IAF) in fostering effective culture, governance, and individual responsibility in regulated firms. It matters because it signals CBI's supervisory priorities on senior role holders' competence, integrity, and accountability, which have since evolved into concrete regulatory updates, directly impacting board and compliance functions to mitigate conduct risks and ensure consumer protection. https://www.centralbank.ie/news/article/speech-importance-of-fitness-probity-and-ensuring-responsibility-derville-rowland-10-june-2021
Key dates
22 September 2021
- CBI notice of intention to amend PCFs under F&P regime (e.g., new Designated Persons roles)
20 November 2025
- Effective date for revised Guidance on Fitness and Probity Standards
24 November 2025
- CBI publishes Feedback Statement on CP160, Fitness and Probity Standards 2025, and revised Guidance
Post
amendment (TBD, after regulations effective); - 6-week window for in-situ PCF assessments and confirmations to CBI
Suggested considerations
Conduct thorough F&P due diligence on PCF/CF holders pre-appointment and ongoing (best-efforts for references, criminal/financial checks via public records; assess time commitments case-by-case).
Certify annually that PCF/CF individuals meet standards; no dual certification needed if PCF covers CF-1/2.
Review and update succession planning, handover policies, and conduct breach procedures in light of new PCFs and IAF/SEAR (Statements of Effectiveness and Accountability of Responsibilities).
Assess residency and capacity for non-resident PCF holders case-by-case, considering firm complexity.
Embed F&P into culture and governance frameworks, aligning with IAF Conduct Standards once enacted.[Speech]
What changed
The speech itself outlines no new statutory changes but highlights the F&P regime's role in ensuring "fit and proper" individuals in key roles and previews the IAF as a complementary framework to...
Consolidation of F&P Standards into the Fitness and Probity Standards 2025, applicable across all sectors, read alongside revised Guidance on the Fitness and Probity Standards (effective 20 November...
Amendments to Pre-Approval Controlled Functions (PCFs), adding roles like Designated Person for Investment Management (PCF-39D), Distribution (PCF-39E), and Regulatory Compliance (PCF-39F),...
Clarifications on due diligence (best-efforts basis for references, criminal checks, financial soundness via public records only—no bank statements required), time commitments (case-by-case), and...
Proportionality for fitness assessments but not probity; ongoing certification obligations for Controlled Functions (CFs) and PCFs.
These build on the speech's vision, addressing Enria Report...
Compliance impact
Urgency: High – While the 2021 speech is foundational, 2025 Standards and Guidance are now effective, mandating immediate due diligence enhancements and certifications amid IAF rollout. Non-compliance risks CBI investigations, prohibitions, or sanctions, especially with expanded PCFs tying into broader accountability (e.g., SEAR). This elevates board exposure, demanding proactive governance reviews to align culture with consumer protection mandates.
Warning Savings protection Forex and binary options Warning The AMF and the ACPR warn the public against the activities of several entities offering in France investments in Forex and in crypto-assets derivatives without being authorized to do so
Why this matters
This regulatory update warns the public against unauthorized entities offering investments in Forex and crypto-asset derivatives in France, which impacts banking, investment management, and crypto firms. It is a high urgency issue related to consumer protection and licensing requirements.
Warning Savings protection Miscellaneous assets Atypical products Warning The AMF is warning the public against several companies proposing atypical investments without being authorized to do so
Why this matters
This warning from the AMF relates to unauthorized firms offering atypical investments, which poses risks to consumers and requires regulatory action.
Warning Savings protection Warning Financial Scams The AMF, AFG, ASPIM, France Invest, Anacofi, Cie CIF, CNCGP and CNCIF warn the public against an upsurge in the theft of names of authorised market players
Why this matters
This regulatory update warns the public about an increase in the theft of names of authorized market players, which poses a significant risk of financial scams and fraud targeting consumers.