July 2022 Regulatory Updates

🇫🇷 AMF News medium

July 29th 2022

End of the term of office of the AMF chairman and interim chairmanship

AMF activity Appointment Journalists End of the term of office of the AMF chairman and interim chairmanship

Sectors:

Topics:

Authorisation & Licensing Senior Managers / Governance Reporting & Disclosure

BankAsset ManagerBroker Dealer

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🇫🇷 AMF News medium

July 29th 2022

Common procedures and methodologies on supervisory review and evaluation process of CCPs under Article 21 of EMIR: the AMF complies with ESMA guidelines

Market infrastructures Post-trading infrastructures EMIR Common procedures and methodologies on supervisory review and evaluation process of CCPs under Article 21 of EMIR: the AMF complies with ESMA guidelines

Sectors:

Capital Markets & Trading

Topics:

Prudential / Capital Requirements Authorisation & Licensing

BankBroker DealerAll Firms

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🇫🇷 AMF Consultation high

July 28th 2022

The AMF is conducting a consultation on the end of life of private equity funds intended for retail investors

Asset management Savings protection Journalists The AMF is conducting a consultation on the end of life of private equity funds intended for retail investors

AI Analysis

The AMF is conducting a consultation on regulatory reforms governing the end-of-life management of retail private equity funds (FCPRs, FCPIs, and FIPs), with the objective of improving compliance with liquidation deadlines and enhancing investor protection through better information disclosure and operational safeguards. This initiative addresses systemic issues where fund managers have historically failed to respect contractual lifespan commitments, creating liquidity risks and investor communication failures.

What Changed

The AMF has amended its General Regulation and policy framework to implement several substantive requirements: Liquidation Compliance & Warnings A new Article 422-120-14-1 requires management companies to include a warning in promotional materials if, over the ten years preceding fund authorization, the company failed to respect the lifespan of at least 50% of retail or professional private equity funds under its management.

Suggested Considerations

*For All Retail Private Equity Fund Managers:
*Audit historical compliance with fund lifespan commitments over the preceding ten years to determine if warning requirements under Article 422-120-14-1 apply
*Update promotional materials to include required warnings if materiality thresholds are met (managing/having managed at least one other retail PE fund and at least three funds that reached end-of-life)
*Implement bank details collection for all funds established after December 5, 2024, incorporating requirements into subscription forms per Instruction DOC-2011-22
*Establish prior notification procedures for substantial changes to fund structure, investment strategy, or operations, with one-month advance notice to the AMF

Key Dates

January 10, 2024

- Revised ELTIF Regulation came into application

June 13, 2024

- Enactment of Attractiveness Law No. 2024-537 (establishing 15-year maximum lock-up period)

November 12, 2024

- AMF decision approving amendments to General Regulation

December 5, 2024

- Effective date for new Article 422-120-16 (bank details collection requirement for newly established funds)

December 5, 2024

- Publication in Official Journal of the French Republic

Compliance Impact

Urgency: HIGH

References

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

Sectors:

Investment Management Wealth & Private Banking Capital Markets & Trading

Topics:

Consumer Protection / Conduct Reporting & Disclosure Authorisation & Licensing

Asset ManagerWealth Manager

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🇫🇷 AMF Consultation medium

July 27th 2022

AMF's response to the International Sustainability Standards Board’s consultation on the exposure drafts on international sustainability disclosures

Regulatory developments Europe & international Sustainable Finance Periodic & ongoing disclosures AMF's response to the International Sustainability Standards Board’s consultation on the exposure drafts on international sustainability disclosures

AI Analysis

The Autorité des Marchés Financiers (AMF), France's financial markets regulator, issued a position paper on July 27, 2022, responding to the International Sustainability Standards Board's (ISSB) consultation on exposure drafts for international sustainability disclosure standards (IFRS S1 and S2). This matters for compliance professionals as it signals France's push for global-EU interoperability in ESG reporting, influencing how firms align ISSB "investor-focused" standards with Europe's double-materiality CSRD/ESRS framework to avoid dual reporting burdens. https://www.amf-france.org/en/news-publications/amfs-eu-positions/amf-response-issb-consultation-exposure-drafts-sustainability-disclosure-standards; https://www.amf-france.org/sites/institutionnel/files/private/2022-07/Position%20paper%20ISSB%20AMF%20-%20July%202022_0.pdf

What Changed

This is not a new regulation but AMF's recommendations to ISSB, emphasizing:
Interoperability with EU standards: AMF urges alignment between ISSB's financial materiality approach and EFRAG's double-materiality (impact + financial) ESRS, including jurisdictional working groups...
Broad ESG coverage: Calls for sector-agnostic standards beyond climate (e.g., full ESG spectrum via collaboration with EFRAG/GRI).
Phased implementation: Suggests gradual rollout of detailed requirements (e.g., Appendix B in S2) and an ISSB "Transition Resource Group" like IASB's for IFRS 9/15/17 to aid implementation.
Double-materiality advocacy: Prefers standards addressing all stakeholders, not just investors. No binding changes; ISSB issued final IFRS S1/S2 in June 2023.

Suggested Considerations

Monitor and map standards: Conduct gap analyses between current disclosures, ESRS, and ISSB S1/S2, focusing on interoperability (e.g., climate metrics, Scope 3 GHG).
Engage in transitions: Participate in potential ISSB Transition Resource Group or jurisdictional groups; prepare for phased ISSB implementation if adopted locally.
Enhance reporting processes: Update materiality assessments for double-materiality, quantitative climate financial impacts, and ESG breadth; leverage AMF's 2025 study on listed firms for benchmarks.
Stakeholder dialogue: Respond to ongoing consultations (e.g., EFRAG until Sep 2025) and track ISSB agenda priorities.

Compliance Impact

Urgency: Medium. This 2022 AMF response is historical but highly relevant amid 2025 EFRAG simplifications emphasizing ISSB interoperability, as EU firms juggle CSRD with global ISSB momentum (e.g., IFRS finals in 2023). Matters for avoiding reporting fragmentation, with risks of supervisory scrutiny on French listed firms; low immediate enforcement but builds toward mandatory convergence.

References

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

Sectors:

Investment Management Capital Markets & Trading Banking & Credit

Topics:

ESG Reporting & Disclosure

Asset ManagerBankAll Firms

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🇫🇷 AMF Consultation medium

July 27th 2022

AMF's response to the EFRAG consultation on the draft European sustainability reporting standards

Regulatory developments Europe & international Sustainable Finance Periodic & ongoing disclosures AMF's response to the EFRAG consultation on the draft European sustainability reporting standards

AI Analysis

The AMF's position paper responds to EFRAG's 2022 public consultation on the first set of draft European Sustainability Reporting Standards (ESRS) under the CSRD, welcoming their ambition on ESG topics and double materiality while urging proportionality, international interoperability, materiality focus, and alignment with EU laws like SFDR. This matters for compliance professionals as it shapes final ESRS, influencing mandatory sustainability disclosures for EU firms and financial market participants from 2024 onward, with potential simplifications affecting reporting burdens. https://www.amf-france.org/en/news-publications/news/amfs-response-efrag-consultation-draft-european-sustainability-reporting-standards

What Changed

This is a consultation response, not a final rule, but AMF highlights these priorities for ESRS development:
International interoperability: Convergence with ISSB standards to avoid duplication and meet investor needs across jurisdictions.
Proportionality in disclosures: Gradual implementation, prioritizing climate standards, balancing stakeholder needs with issuer costs, and ensuring SFDR coverage.
Materiality focus: Enhanced guidance on materiality assessments, centering company-led analysis without presuming topics' materiality upfront.
EU consistency: Avoid duplicating info from SFDR, Taxonomy, and other regs; rely on existing concepts.

Suggested Considerations

Monitor ESRS evolution: Track EFRAG/EC updates on final standards, focusing on AMF priorities like materiality guidance and ISSB mapping.
Enhance materiality processes: Develop/improve double materiality assessments, preparing guidance integration.
Align reporting systems: Map ESRS to SFDR/Taxonomy data; test proportionality phased rollouts (e.g., climate first).
Engage stakeholders: Participate in ongoing consultations (e.g., EFRAG connectivity); benchmark against ISSB for interoperability.

Key Dates

July 2022

- AMF submits response to EFRAG consultation on draft ESRS. https://www.amf-france.org/sites/institutionnel/files/private/2022-07/AMF%20appendix%20to%20position%20paper%20on%20EFRAG%20consultation%20July%202022.pdf

2024

- First CSRD application for FY 2024 reports (large public-interest entities). https://www.amf-france.org/sites/institutionnel/files/private/2022-07/AMF%20appendix%20to%20position%20paper%20on%20EFRAG%20consultation%20July%202022.pdf

2025

- ESRS adoption by European Commission (first set covering SFDR needs). https://www.amf-france.org/sites/institutionnel/files/private/2022-07/AMF%20appendix%20to%20position%20paper%20on%20EFRAG%20consultation%20July%202022.pdf

2027

- Potential application of simplified ESRS (per EC quick fix hints). https://www.gibsondunn.com/efrag-releases-draft-simplified-european-sustainability-reporting-standards-esrs/

TBD (post

2025); - EC Delegated Act on simplified ESRS, subject to 2-month EU Parliament/Council scrutiny. https://www.efrag.org/en/news-and-calendar/news/efrag-provides-its-technical-advice-on-draft-simplified-esrs-to-the-european-commission

Compliance Impact

Urgency: Medium - Historical (2022) input shapes binding ESRS already applying in 2024/2025, but ongoing simplifications (e.g., 2025 EC advice) offer relief on burdens; critical for FY2026+ prep amid interoperability push, yet not immediate mandates. Matters for reducing overload, ensuring SFDR compliance, and avoiding EU fines (up to 10M EUR under CSRD).

References

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

Sectors:

Investment Management Capital Markets & Trading Insurance & Pensions

Topics:

ESG Reporting & Disclosure

Asset ManagerBankInsurance

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🇫🇷 AMF News high

July 27th 2022

Crypto-asset markets: Agreement reached on the European Crypto-Assets regulation (MiCA)

MiCA Crypto-assets Innovation Cooperation Europe & international Crypto-asset markets: Agreement reached on the European Crypto-Assets regulation (MiCA)

Sectors:

Crypto & Digital Assets

Topics:

Authorisation & Licensing Consumer Protection / Conduct

Crypto ExchangeFintech

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🇫🇷 AMF Enforcement medium

July 25th 2022

The AMF Enforcement Committee fines a depositary for breaches of its professional obligations

Sanctions & settlements Compliance Journalists Investment services providers The AMF Enforcement Committee fines a depositary for breaches of its professional obligations

AI Analysis

The AMF Enforcement Committee fined RBC Investor Services Bank France SA (RBC ISBF) €500,000 plus a warning on 20 July 2022 (published 08 January 2026) for breaches as a UCITS and AIF depositary, including 25 confirmed failures in tiered intervention procedures for investment ratio overruns and deficient monitoring of 14 questionable cash flows over 45 months. This decision underscores AMF's strict enforcement of depositary duties under French regulations implementing UCITS/AIFMD, emphasizing robust controls for ratio compliance, cash flow verification, and documentation. It matters for compliance teams as it provides precedent on what constitutes "irregular and deficient" oversight, potentially increasing scrutiny and fines for similar lapses in depositary functions.

What Changed

This is an enforcement decision, not a new regulation, but it clarifies and reinforces existing depositary obligations under French UCITS/AIFMD rules (e.g., Articles L. 214-7 et seq.
Ratio monitoring and intervention: Depositaries must implement tiered procedures for investment/asset composition ratio breaches (e.g., diversification limits); 25 of 28 alleged anomalies were upheld...
Cash flow oversight: Must identify significant/inconsistent flows, verify instructions against laws, fund rules, prospectuses, and ensure ownership thresholds (e.g., 5% capital holding for advances);...

Suggested Considerations

Review depositary controls: Audit tiered intervention procedures for ratio overruns; ensure unique tracking (even if not upheld here) and redundancy elimination in reporting.
Enhance cash flow monitoring: For all inflows/outflows, collect "precise and convincing" docs (e.g., ownership proofs for advances >5% capital); flag inconsistencies with fund docs/prospectus.
Conduct gap analysis: Sample historical flows (e.g., 45-month lookbacks) across AIFs/UCITS; test against AMF objections standards from this and similar cases (e.g., CACEIS).
Update policies/procedures: Document controls for legality checks on instructions; train staff on evidentiary thresholds to avoid "deficient monitoring" findings.
Appeal if applicable: Lodge appeal against decision (no deadline specified).

Key Dates

20 July 2022

- AMF Enforcement Committee decision date imposing €500,000 fine and warning on RBC ISBF

08 January 2026

- Public news release/publication date of the decision

Compliance Impact

Urgency: Medium – Recent publication (08 January 2026) signals ongoing AMF focus on depositary failings amid H2O-related probes, but stems from 2022 events with no immediate deadlines. Matters because it sets precedents for fine quantum (€500k) on procedural lapses, reinforces liability for cash/ratio controls, and aligns with pattern of multi-million fines (e.g., CACEIS €3.5m), urging preemptive audits to mitigate enforcement risk.

References

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

Sectors:

Investment Management Banking & Credit Wealth & Private Banking

Topics:

Authorisation & Licensing Senior Managers / Governance Reporting & Disclosure

Asset ManagerBankWealth Manager

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🇫🇷 AMF News medium

July 21st 2022

The AMF and the ARPP are stepping up their cooperation to promote clear and responsible advertising of financial products

Savings protection Cooperation Crypto-assets Fintech Journalists The AMF and the ARPP are stepping up their cooperation to promote clear and responsible advertising of financial products

Sectors:

Banking & Credit Investment Management Crypto & Digital Assets

Topics:

Consumer Protection / Conduct Authorisation & Licensing Technology & Cyber

BankFintechCrypto Exchange

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🇫🇷 AMF News medium

July 21st 2022

The AMF reviews the key issues raised by the Veolia-Suez public offer

Bids Financial disclosures & corporate financing The AMF reviews the key issues raised by the Veolia-Suez public offer

Sectors:

Banking & Credit Investment Management Capital Markets & Trading

Topics:

Reporting & Disclosure Prudential / Capital Requirements Market Abuse / Surveillance

BankAsset ManagerBroker Dealer

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🇫🇷 AMF Enforcement high

July 19th 2022

The AMF Enforcement Committee fines one natural person and five legal entities, including an investment management company, for failing to comply with several reporting obligations in relation to a concerted action carried out in the context of a part...

Sanctions & settlements Journalists The AMF Enforcement Committee fines one natural person and five legal entities, including a management company, for failing to comply with several reporting obligations in relation to a concerted action carried out in the context of a takeover bid and, in the case of the...

AI Analysis

The AMF Enforcement Committee imposed fines on one natural person and five legal entities, including an investment management company, for failing to comply with multiple reporting obligations related to a concerted action during a partial takeover bid.[User Query]. This enforcement action underscores the AMF's strict enforcement of transparency rules in takeover scenarios, serving as a critical reminder for market participants to adhere to disclosure timelines to avoid significant financial penalties and reputational damage.

What Changed

This is not a regulatory change or new requirement but an enforcement decision highlighting existing obligations under French financial markets law, particularly those governing concerted actions...
Timely disclosure of positions and intentions when parties act in concert, as per AMF regulations on major holdings and takeover bids (e.g., Article L.
Reporting thresholds for share acquisitions or concerted behaviors that could influence control, typically triggered at 5% crossings or changes. No new rules were introduced; the decision reiterates...

Suggested Considerations

Review and enhance internal procedures for monitoring share positions, identifying concerted actions, and automating AMF filings.
Train front-office and compliance teams on takeover bid disclosures, including documentation of coordination (e.g., emails, agreements).
Implement pre-trade alerts for threshold breaches and conduct periodic audits of historical filings.
For management companies: Ensure portfolio managers report potential concert with external parties promptly; update compliance manuals with case lessons.

Key Dates

Within 4 trading days

- Declaration of crossing major holding thresholds or intent to continue acquisitions (AMF Form DOC-2005-01)

Immediate (same day)

- Notification of concerted action agreements in takeover contexts

Within 10 trading days

- Detailed position reports post-crossing

Compliance Impact

Urgency: High - This matters due to the AMF Enforcement Committee's pattern of fining reporting failures (e.g., €1.89M in July 2025 for late disclosures, €1.7M in June 2025 for shareholder breaches), signaling intensified scrutiny on M&A transparency amid volatile markets. Non-compliance risks fines up to €100M or 10% of turnover, plus bans, directly impacting investor trust and operations; firms should prioritize gap assessments immediately.

References

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

Sectors:

Investment Management Capital Markets & Trading

Topics:

Market Abuse / Surveillance Reporting & Disclosure

Asset ManagerAll Firms

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🇫🇷 AMF News

July 19th 2022

The AMF has published a study of the profile of participants and their positions in the Matif agricultural commodities derivatives market

Derivatives or structured products Journalists The AMF has published a study of the profile of participants and their positions in the Matif agricultural commodities derivatives market

Sectors:

Capital Markets & Trading

Topics:

Market Abuse / Surveillance Reporting & Disclosure

Broker DealerAsset Manager

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🇫🇷 AMF Enforcement high

July 18th 2022

The AMF Enforcement Committee fines a portfolio asset management company for breaches of its professional obligations

Sanctions & settlements Journalists The AMF Enforcement Committee fines a portfolio asset management company for breaches of its professional obligations

AI Analysis

The AMF Enforcement Committee fined an unnamed portfolio asset management company €400,000 for multiple breaches of professional obligations, including non-operational investment/divestment procedures, inadequate conflict of interest management with group service providers, lack of transparency on distributor fee retrocessions, deficient client categorization, and weak AML/CFT due diligence. This enforcement action, mirroring recent similar cases against firms like Novaxia Investissement and Eternam, underscores the AMF's heightened scrutiny on operational robustness and transparency in asset management, serving as a critical reminder for firms to ensure procedures are fully implemented and documented to avoid personal liability for executives.

What Changed

This is an enforcement decision rather than new legislation, but it reinforces and clarifies existing regulatory requirements under AMF professional obligations for portfolio asset managers (sociétés...
Investment/divestment processes must be fully operational, with traceability of compliance checks against fund policies and formalized due diligence before allocations.
Effective conflicts of interest policies are mandatory when using group service providers, with comprehensive, accurate investor disclosures on related remuneration.
Full transparency required on retrocessions of management fees to distributors, including justification of added value.
Robust client categorization and AML/CFT systems, including operational procedures, risk mapping, and adequate due diligence on fund assets/liabilities. No explicit regulatory changes, but these...

Suggested Considerations

Audit internal procedures: Immediately review investment/divestment, valuation, and allocation processes for operational status, completeness, traceability, and documentation of due diligence.
Enhance conflict and transparency controls: Implement/test effective conflicts of interest policies for group providers/distributors; update investor disclosures on fees/retrocessions with clear justifications.
Strengthen AML/CFT and client categorization: Validate risk mapping, procedures, and due diligence; ensure formalization of independent valuer work and external expert oversight.
Senior manager accountability: Conduct gap analysis attributing responsibilities; train executives on personal liability risks.
Mock AMF inspections: Simulate Enforcement Committee reviews, focusing on evidence of procedure adherence.

Key Dates

Sectors:

Crypto & Digital Assets Capital Markets & Trading

Topics:

Technology & Cyber Authorisation & Licensing

Crypto ExchangeFintech

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