All financial regulatory updates published in June 2023.
Annual report Savings protection Marketing Financial products Retail investors Journalists The ACPR and AMF Joint Unit for Insurance, Banking and Retail Investment publishes its 2022 annual report
Annual report Institutional Strategy AMF activity Retail investors Post-trade Infrastructures Journalists Investment management companies Listed companies and issuers Impact 2027: six main strategic guidelines for...
Warning Warning Savings protection Forex and binary options Crypto-assets The AMF warns the public about the fraudulent investment offers in Forex and crypto-assets by Immediate Connect
Sanctions & settlements Journalists Investment services providers By two decisions, the AMF Enforcement Committee fines two investment services providers for breaches of their professional obligations
The AMF Enforcement Committee issued two decisions on 19 June 2023 fining Crédit Industriel et Commercial (€1 million) and Banque CIC Sud-Ouest (€250,000) for breaches of professional obligations in investment advisory services, including inadequate suitability assessments, client classification procedures, marketing of unsuitable instruments, and insufficient controls on costs and fees. This matters because it underscores AMF's strict enforcement of MiFID II-derived obligations, signaling heightened scrutiny on operational systems for client protection and potential for substantial fines based on breach duration and scale. #
Periodic & ongoing disclosures Sustainable Finance The AMF supports issuers in implementing new sustainability reporting obligations
Crypto-assets Innovation Fintech Journalists The AMF publishes a discussion paper on Decentralised Finance (DeFi)
The Autorité des Marchés Financiers (AMF), France's financial markets regulator, published a discussion paper on June 19, 2023, outlining preliminary thoughts on regulatory challenges posed by Decentralised Finance (DeFi) activities on crypto-assets, inviting stakeholder feedback by September 30, 2023. A summary of responses was released on July 10, 2024, highlighting key themes like defining DeFi, distinguishing protocol types, and applying a "same activity, same risk, same regulation" principle. This matters for compliance professionals as it signals AMF's intent to develop proportionate DeFi oversight, balancing innovation with investor protection, AML/CTF risks, and market integrity amid evolving EU frameworks like MiCA. #
Financial services providers Asset management Marketing European Crowdfunding Services Providers: the AMF publishes a position on marketing communications
Investment advice MIFID Asset management MiFID II suitability assessment: the AMF applies the updated ESMA guidelines
Asset management Employee savings funds: the AMF amends its policy on the simplified integration of liquidity management tools
Supervision Asset management Sustainable Finance Journalists Investment management companies The AMF publishes a summary on the internal processes that aim to ensure compliance with non-financial contractual commitments by asset management companies of ESG/SRI funds
Mediation Annual report Retail investors Journalists Investment services providers Investment management companies Listed companies and issuers The AMF Ombudsman publishes her 2022 Annual Report