Savings protection Financial Scams Crypto-assets Retail investors Journalists The authorities are taking action to combat the massive phenomenon of financial scams catching out an increasing number of individuals
Why this matters
This regulatory update warns about the increasing prevalence of financial scams targeting retail investors, particularly in the crypto-asset space. It indicates that authorities are taking action to combat this issue, which is of high importance for firms across the banking, investment management, and crypto sectors...
Derivatives or structured products EMIR Refit: Update of the AMF website on notifications forms
Why this matters
This regulatory update from the AMF relates to changes in the notification forms for derivatives and structured products under the EMIR Refit regulation. This impacts firms in the banking, investment management, and capital markets sectors that deal with derivatives and structured products.
Asset management Anti-money Laundering Crypto-assets Combating money laundering and terrorist financing: the AMF applies the guidelines issued by the European Banking Authority regarding certain transfers of crypto-assets
Why this matters
This regulatory update from the AMF applies guidelines from the EBA regarding certain transfers of crypto-assets, which is relevant for asset managers, banks, and crypto exchanges in terms of AML/CFT compliance and licensing requirements.
Financial disclosures & corporate financing Periodic & ongoing disclosures Reporting ESEF Closing of the 2024 accounts: The AMF publishes recommendations and the results of its examinations of financial statements
Why this matters
This regulatory update from the AMF (French financial markets authority) provides recommendations and examination results related to the closing of 2024 financial statements.
Asset management The AMF amends its Programme of Operations Guide for Asset Management Companies
Why this matters
This regulatory update from the AMF amends the Programme of Operations Guide for Asset Management Companies, which is relevant for the investment management sector. The changes impact the authorization and licensing requirements as well as operational resilience considerations for asset managers.
Sanctions & settlements Disclosure Obligations Journalists Listed companies and issuers The AMF Enforcement Committee imposes fines totalling €4,150,000 on four legal entities and three natural persons for disseminating false or misleading information, and price manipulation
AI Analysis
The AMF Enforcement Committee imposed fines totaling €4,150,000 on December 11, 2024, against Auplata (an issuer), its former CEO Didier Tamagno, statutory auditors RSM Paris and Stéphane Marie (€50,000-€300,000 range), and fund entities European High Growth Opportunities Manco SA, Alpha Blue Ocean Inc., and director Pierre Vannineuse (€1,000,000-€1,500,000 range) for disseminating false or misleading information in press releases and financial statements, plus share price manipulation via unauthorized sales. This decision underscores the AMF's rigorous enforcement of market abuse rules under French financial regulations, serving as a critical reminder for issuers, auditors, and investment managers to ensure transparent disclosure of financing terms and compliance with share disposal commitments, with appeals already lodged at the Paris Court of Appeal.
Key dates
11 December 2024
- AMF Enforcement Committee decision issued, imposing fines
Post
11 December 2024; - Appeals lodged by European High Growth Opportunities Manco SA, Alpha Blue Ocean Inc., Auplata Mining Group AMG, RSM Paris SAS, Stéphane Marie, and Pierre Vannineuse before the Paris Court of Appeal (exact filing date not specified)
Suggested considerations
Review disclosure practices: Audit press releases and financial statements for complete disclosure of financing terms, especially dilutive clauses (e.g., earn-outs, conversion mechanics in ODIRNANEs/BSAs); include in going concern assessments.
Enhance auditor coordination: Ensure statutory auditors verify all material risks before issuing unqualified opinions; document diligence on issuer disclosures.
Strengthen trading controls: For funds/managers, implement pre-trade checks on share sales against retention/volume commitments; monitor portfolio compliance with public undertakings.
Training and policies: Update internal policies, conduct staff training on market abuse (MAR-equivalent rules), and perform gap analyses against this case; simulate disclosure scenarios.
Monitor appeals: Track Paris Court of Appeal proceedings for potential precedent shifts (https://www.amf-france.org/en/news-publications/news-releases/enforcement-committee-news-releases/amf-enforcement-committee-imposes-fines-totalling-eu4150000-four-legal-entities-and-three-natural).
What changed
This is an enforcement action, not a regulatory change; it reinforces existing obligations under AMF rules prohibiting false/misleading information (e.g., omitting key clauses in financing agreements like ODIRNANEs with BSAs, failing to disclose earn-outs or include them in going concern analyses) and price manipulation (e.g., breaching share retention and daily sales volume limits).
Compliance impact
Urgency: High - Matters due to substantial fines (up to €1.5M per entity), personal liability for executives/auditors, and broad applicability to disclosure/manipulation risks in equity financings; recent timing (2024 decision, ongoing appeals) signals AMF's active enforcement focus, prompting immediate policy reviews to mitigate similar exposures amid heightened scrutiny of listed company transparency.
Sustainable Finance Asset management The Autorité des Marchés Finances has decided to apply ESMA's Guidelines on funds' names
Why this matters
This regulatory update from the Autorité des Marchés Finances (AMF) relates to the application of ESMA's Guidelines on funds' names, which is relevant for investment management and wealth management firms that offer sustainable investment products.
At our meeting yesterday, the ECB’s Governing Council cut our three policy rates by 25 basis points (or, one quarter of a percent). The disinflation process remains on track, allowing us to reduce rates. However, with some components of inflation still too high for comfort – notably, services inflation – I continue to…
Why this matters
This regulatory update from the ECB discusses interest rate changes, inflation, and economic growth, which are relevant for banking, investment management, and wealth management firms. The topics covered include prudential requirements, consumer protection, and reporting/disclosure.
This appears to be a general regulatory news update covering a range of financial sectors and topics, without specific details on the content. As such, it is likely informational in nature rather than requiring immediate action.
Sustainable Finance Periodic & ongoing disclosures Journalists Listed companies and issuers Faced with dense and complex information, the AMF is encouraging financial institutions to continue their efforts to improve the transparency of their Taxonomy reporting
Why this matters
This regulatory update from the AMF encourages financial institutions, particularly banks, asset managers, and wealth managers, to improve the transparency of their Taxonomy reporting, which is related to ESG and sustainability disclosures.
Sustainable Finance Periodic & ongoing disclosures Journalists Listed companies and issuers The AMF publishes an educational report on listed companies' sustainability reporting
Why this matters
This regulatory update from the AMF provides an educational report on sustainability reporting for listed companies, which is relevant for investment managers, brokers, and the listed companies themselves. It covers ESG and sustainability disclosure requirements, which is a key regulatory focus area.
Financial disclosures & corporate financing Periodic & ongoing disclosures Regulatory developments The Listing Act is entering into force on December 4, 2024
Why this matters
This regulatory update on the Listing Act entering into force impacts financial firms across banking, capital markets, and asset management sectors. It relates to reporting, disclosure, and licensing requirements, making it a medium urgency development for a wide range of financial institutions.
This appears to be a general regulatory news update covering a range of financial sectors and topics, without specific details on the content. As such, it is likely informational in nature rather than requiring immediate action.
Asset management Collective investments The AMF releases an updated stocktake of French funds equipped with liquidity management tools
Why this matters
This regulatory update from the AMF (French financial markets regulator) provides information on French funds equipped with liquidity management tools, which is relevant for asset managers and wealth managers.
Governor of the Central Bank of Ireland Gabriel Makhlouf today (25 November) addressed the UK Society of Professional Economists annual dinner . Speaking this evening, Governor Makhlouf said: “Europe is at a pivotal moment in its economic development. The tangle of ageing populations with weak productivity growth…
Why this matters
This speech by the Governor of the Central Bank of Ireland discusses the economic challenges posed by aging populations and weak productivity growth, which are relevant to the banking, investment management, and wealth management sectors.
This appears to be a general news update from CBI covering a range of financial services sectors and regulatory topics, without specific details on the content. As such, it is likely informational in nature rather than an urgent regulatory change.
Short selling Equity Stock market tumbles: still a rare phenomenon on the Paris market
Why this matters
This regulatory update discusses a drop in the Paris stock market, which is relevant for capital markets, investment management, and wealth management firms. The topics covered include market abuse, reporting and disclosure, and consumer protection.
ETF Equity MIFID Executive & other private individuals Professional investors Journalists Listed companies and issuers ETFs win over newcomers as they invest into the stock market
Why this matters
This regulatory update discusses the growing popularity of ETFs among both newcomers and professional investors in the stock market, which impacts investment management firms, capital markets, and wealth management firms.
Sanctions & settlements professional obligations Journalists Investment management companies The AMF Enforcement Committee fines a financial investment advisor, two asset management companies and their directors, and a credit institution a total of €5,670,000
AI Analysis
The AMF Enforcement Committee imposed total fines of €5,670,000 on a financial investment advisor (FIA), two asset management companies (AMCs), their directors, and a credit institution for breaches of professional obligations. This enforcement action underscores the AMF's rigorous scrutiny of operational controls, due diligence, and governance in investment services, serving as a critical reminder for firms to maintain robust procedures to avoid similar sanctions. It matters because it highlights personal liability for directors and escalating fines for systemic failures, potentially influencing peer reviews and audit priorities.
Suggested considerations
Conduct gap analysis of operational procedures for investments/divestments, ensuring lender authorization checks (reference AMF Position-Recommendation DOC-2020-05 on portfolio management).
Review AML/CTF due diligence frameworks for fund assets/liabilities, aligning with AMF Regulation 2016-01.
Audit retrocession practices to distributors, documenting service quality enhancements (per AMF doctrine on inducements).
Update marketing materials and advisory processes for compliance with honesty/fairness standards.
Enhance senior manager attestations and training on personal liability under CMF L.621-15-1.
What changed
This is an enforcement decision, not a regulatory change introducing new rules. It reinforces existing AMF requirements under professional obligations, including:
Implementation of operational procedures for investment/divestment processes, such as verifying lender authorizations.
Systematic anti-money laundering (AML) and counter-terrorism financing (CTF) due diligence on fund assets and liabilities.
Justification of retrocessions (rebates) to distributors, proving enhanced client service quality.
Honest, fair, and diligent business conduct with requisite skill and care, extending to marketing materials and advisory services.
No new requirements; emphasis on enforcement of MiFID II-aligned...
Compliance impact
Urgency: High – This signals intensified AMF enforcement on professional obligations in 2025 (multiple similar fines: €1.3M, €1.89M, €0.5M, €2.5M implied, €0.305M, €3.5M), with personal bans and multimillion fines. Matters due to director accountability trends, potential for follow-on audits, and educational role of Enforcement Committee decisions in clarifying regulations—non-compliance risks reputational damage and capital outflows.
Periodic & ongoing disclosures Sustainable Finance Publication of the first CSRD sustainability statements: AMF draws issuers’ attention to ESMA's 2024 recommendations
Why this matters
This regulatory update from the AMF (French financial markets authority) is relevant for banking, investment management, and capital markets firms, as it discusses the publication of the first CSRD (Corporate Sustainability Reporting Directive) sustainability statements and ESMA's upcoming 2024 recommendations.
Cooperation Markets Executive & other private individuals Professional investors Journalists Investment services providers Investment management companies Listed companies and issuers The AMF and the AMMC are strengthening their...
Why this matters
This regulatory update indicates strengthened cooperation between the AMF and AMMC, which is likely to impact authorization, reporting, and prudential requirements for firms operating in the banking, investment management, and capital markets sectors.
Asset management Marketing The Autorité des Marchés Financiers (AMF) has published a recommendation governing the distribution of actively managed certificates (AMCs) to retail clients
Why this matters
This regulatory update from the AMF governs the distribution of actively managed certificates to retail clients, which impacts investment management firms, broker-dealers, and wealth managers. It relates to consumer protection and authorization/licensing requirements.
Warning Savings protection Warning Forex and binary options Crypto-assets 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.
This appears to be a general news update from CBI covering regulatory developments across multiple financial sectors and topics. The lack of a detailed description suggests this is informational content rather than a critical regulatory change.
Shares ETF Investment services In Q3 2024, for the first time, new ETF investors outnumbered new equity investors
Why this matters
This regulatory update discusses a shift in investment trends, with ETF investors outpacing new equity investors in Q3 2024. This information is relevant for investment management firms, wealth managers, and broker-dealers who may need to adjust their product offerings and marketing strategies to cater to the changing...
Warning Savings protection Miscellaneous assets Warning The AMF is warning the public against several entities proposing atypical investments without being authorised to do so
Why this matters
This warning from the AMF is directed at entities proposing unauthorized investment products, which poses risks to consumers and requires prompt action by the regulator.
The Central Bank of Ireland has today (Monday 14 October) published its Flood Protection Gap Report . Some homes and businesses in Ireland are unable to obtain flood cover. This means that when a flood occurs, there can be a shortfall between the actual cost of the flood and the portion of that cost that is covered by…
Why this matters
This regulatory update from the Central Bank of Ireland focuses on the flood protection gap, which has implications for the banking, insurance, and consumer credit sectors. It discusses prudential and capital requirements, ESG/sustainability, and reporting/disclosure, making it relevant for a range of financial firms.
Supervision Asset management MMF AIFMD Journalists Investment services providers Investment management companies The AMF publishes the findings of a new series of SPOT inspections on the quality of regulatory reporting data
Why this matters
This regulatory update from the AMF (French financial markets regulator) focuses on the findings of inspections related to the quality of regulatory reporting data by asset managers. This is a medium priority issue as it relates to core compliance and reporting requirements for investment firms.
Warning Savings protection Warning Crypto-assets Cryptoassets: the Autorité des Marchés Financiers warns the public about the activities of several unauthorized entities
Why this matters
This is a warning from the French financial regulator AMF about unauthorized entities operating in the crypto asset space, which is relevant for crypto exchanges, fintechs, and other firms involved in the crypto industry. It relates to consumer protection and the need for proper licensing and authorization.
Shares ETF The AMF analyses new investment practices: listed shares, ETFs and crowdfunding
Why this matters
This regulatory update from the AMF analyzes new investment practices related to listed shares, ETFs, and crowdfunding. This impacts investment managers, broker-dealers, and fintech firms operating in these areas. Key topics include consumer protection, market abuse, and reporting requirements.
Long term investment Savings protection Retail investors Journalists The Autorité des Marchés Financiers (AMF) launches a major financial education campaign aimed at young investors
Why this matters
This regulatory update from the AMF focuses on a financial education campaign aimed at young investors, which is relevant for investment managers, wealth managers, and the broader retail investor population. The key topics covered are consumer protection and financial education.
Asset management Regulatory developments AMF amends its Programme of Operations Guide for Asset Management Companies
Why this matters
This regulatory update from the AMF amends the Programme of Operations Guide for Asset Management Companies, which impacts the authorization and operational requirements for asset managers in France.
UnauthorizedThis firm may be providing or promoting financial services or products without our permission. You should avoid dealing with this firm and beware of scams. Almost all firms and individuals must be authorised or registered by us to carry out or promote financial services in the UK. This firm is not…
Why this matters
This is a standard FCA unauthorised firm warning listing IC Markets Global as operating without permission. The content explicitly addresses authorisation status, consumer protection implications (no FSCS/ombudsman access), and scam prevention.
Sustainable Finance Periodic & ongoing disclosures ESMA’s communications to support the implementation and supervision of corporate sustainability reporting
Why this matters
This regulatory update from ESMA is focused on supporting the implementation and supervision of corporate sustainability reporting, which is relevant for banking, investment management, and capital markets firms.
Sustainable Finance Periodic & ongoing disclosures Corporate Sustainability Reporting directive (CSRD): EFRAG and the European Commission publish implementation guidance and FAQs
AI Analysis
The AMF publication announces implementation guidance and FAQs on the Corporate Sustainability Reporting Directive (CSRD) released by EFRAG and the European Commission, aimed at clarifying reporting standards under the European Sustainability Reporting Standards (ESRS). This matters for compliance professionals as it provides actionable tools to meet expanded sustainability disclosure requirements, ensuring audit-ready reporting amid phased rollouts and third-party assurance mandates. It supports harmonized EU-wide compliance for nearly 50,000 companies, enhancing data comparability and investor transparency.
Key dates
2025
- First wave (NFRD reporters: large listed/public interest entities >500 employees) publish CSRD reports for FY2024
2026
- Large EU companies (previously planned for FY2025) deferred to 2028 for FY2027 reporting
2028
- Listed SMEs report for FY2026 (deferred from 2027)
2029
- Final wave including certain non-EU firms; CSDDD applies from July 26, 2029
Suggested considerations
Review EFRAG/EC guidance and FAQs for ESRS implementation; conduct double materiality assessment to identify material ESG topics.
Map and collect ESG data (GHG emissions Scope 1-3, value-chain impacts) with audit trails; develop Paris-aligned transition plans.
Integrate sustainability into management reports with digital tagging (XBRL/ESEF); secure limited third-party assurance.
Strengthen data governance, test processes, and monitor updates from EFRAG/EC/AMF.
What changed
- EFRAG and the European Commission have published specific implementation guidance and FAQs to operationalize CSRD reporting using ESRS, focusing on double materiality assessments, climate...
CSRD replaces the NFRD with broader scope (quadrupling affected companies to ~50,000), mandatory digital tagging (ESEF/XBRL), limited third-party assurance (phasing to reasonable), and integrated...
Recent amendments defer timelines for certain waves, adjust scope thresholds, add exemptions, cap value-chain disclosures, and refine assurance standards.
Compliance impact
Urgency: High - With first reports due in 2025 for ~11,000 firms and preparations critical for 2026+ waves, non-compliance risks enforcement, reputational damage, and investor scrutiny. Deferred timelines offer breathing room but demand immediate data readiness amid evolving standards and assurance mandates.
This appears to be a general regulatory news update covering a range of financial services sectors and topics, without specific details on the content. As such, it is likely informational in nature rather than requiring immediate action.
Sanctions & settlements professional obligations Journalists Investment management companies The AMF Enforcement Committee fines Sogenial Immobilier and its chairman a total of €180,000
AI Analysis
The AMF Enforcement Committee issued a €180,000 combined fine against Sogenial Immobilier (€150,000) and its chairman Jean-Marie Souclier (€30,000) on September 12, 2024, for systematic breaches of professional obligations spanning investment selection, regulatory disclosure, conflict of interest management, and anti-money laundering compliance. This enforcement action demonstrates the AMF's heightened scrutiny of asset managers' operational controls and substantive compliance with fund governance requirements, particularly regarding real estate investment companies (SCPIs).
Key dates
September 12, 2024
- AMF Enforcement Committee issued the decision
September 16, 2024
- Public announcement of sanctions
No specified deadline Deadline
- Appeal period remains open (appeals may be lodged against the decision)
Suggested considerations
*Audit Existing Procedures: Review and document all procedures governing regulatory and marketing materials for alternative investment funds, ensuring they address risk disclosure accuracy and asset return reporting requirements.
*Formalize Investment Selection Process: Document and implement investment selection procedures that demonstrate application of "high standard of diligence," including documented investment committee decisions, due diligence checklists, and approval workflows.
*Enhance Conflict of Interest Controls: Map all potential conflicts in asset allocation decisions and implement specific controls (e.g., segregation of duties, documented approvals, independent review) for each identified conflict scenario.
*Implement Comprehensive AML/CFT: Extend AML/CFT procedures to cover both fund-level investments and individual client subscriptions, with documented customer due diligence, beneficial ownership verification, and transaction monitoring.
*Strengthen Internal Control Functions: Establish or enhance internal audit/compliance functions with documented monitoring controls covering investments, conflicts of interest, and AML/CFT, with regular reporting to management and governance bodies.
What changed
The decision does not introduce new regulatory requirements but rather clarifies enforcement expectations across existing obligations:
Regulatory Documentation Standards: Asset managers must implement documented procedures governing the preparation of all regulatory and marketing materials for alternative investment funds, with...
Investment Due Diligence Standards: A "high standard of diligence" is required when selecting investments, with formal investment procedures that must be consistently followed and documented.
Conflict of Interest Management: Specific controls must address conflicts in asset allocation decisions, with documented decision-making processes that demonstrate conflict mitigation.
AML/CFT Implementation: Anti-money laundering and combating the financing of terrorism procedures must be applied comprehensively to both fund-level investments and individual client subscriptions,...
This appears to be a general regulatory news update from CBI covering multiple financial sectors and topics, so the classification reflects a broad scope.
Institutional Organisational rules Journalists The Autorité des Marchés Financiers (AMF) signs #JamaisSansElles Charter
Why this matters
This news item discusses the AMF signing the #JamaisSansElles Charter, which aims to promote gender diversity in the financial industry. This is a general organizational policy update that impacts a range of financial firms, particularly asset managers, broker-dealers, and wealth managers, and relates to governance...
MiCA Crypto-assets MiCA Regulation: AMF now accepting applications for authorisation as a CASP
Why this matters
This regulatory update is relevant for crypto firms, specifically crypto exchanges, as it announces that the AMF is now accepting applications for authorization as a CASP (Crypto-Asset Service Provider) under the MiCA regulation. This is an important licensing requirement for crypto firms operating in the EU.
Sanctions & settlements Disclosure Obligations Journalists AMF Enforcement Committee fines Biosynex, its CEO and several of its directors a total of €930,000
AI Analysis
The AMF Enforcement Committee fined Biosynex and four directors (plus their holding companies) a total of €930,000 on 25 July 2024 for breaches including selective disclosure of inside information via a CEO interview, insider trading by selling shares on non-public knowledge of a treasury share sale, and failures to report share transactions to the AMF. This matters as it reinforces AMF's strict enforcement of MAR (Market Abuse Regulation) rules on information dissemination, insider dealing, and PDMR reporting, serving as a precedent for listed companies and executives during high-volatility periods like COVID-19. Appeals by some parties were dismissed as inadmissible by the Paris Court of Appeal on 9 January 2025.
Key dates
25 July 2024
- AMF Enforcement Committee decision issuing fines
9 January 2025
- Paris Court of Appeal dismisses appeals by CEO Abensur, CFO Fraenckel, and ALA Financière as inadmissible (case n° 24/16188)
March
April 2020; - Violation period (interview on 20 March 2020; share sales and unreported transactions)
Suggested considerations
Implement pre-approval for executive media interactions: Require scripts/press releases issued simultaneously with interviews to avoid selective disclosure.
Enhance insider lists and trading controls: Block trading during closed periods or on inside info; mandate pre-clearance for PDMRs/holdings.
Automate transaction reporting: Ensure PDMRs register for real-time broker confirmations and file AMF reports within 3 business days; train on personal accountability.
Conduct MAR training refreshers: Focus on inside info identification (e.g., product launch timelines) and COVID-era precedents.
Audit past disclosures: Review 2020-2021 communications for similar selective leaks.
What changed
This is an enforcement decision, not a regulatory change; it applies existing requirements under EU MAR (Regulation (EU) No 596/2014, transposed in France) and AMF rules:
Selective disclosure: Issuers must ensure "full and effective" public dissemination of inside information via press releases before any selective sharing (e.g., interviews); partial disclosure to a...
Insider trading: Prohibits trading (including selling) by insiders possessing inside information, such as unreleased plans to sell treasury shares, which could impact share price.
Reporting obligations: Directors and holding companies must report transactions in issuer shares to AMF within 3 business days under Article 19 MAR; repeated failures (citing broker delays) were...
Compliance impact
Urgency: Medium - Not a new rule but a high-profile enforcement (€930k total: Biosynex €50k; CEO/holding €460k; others €70k-€230k each) highlighting personal liability for executives, with appeals failing. Matters for listed firms as it stresses "full/effective" dissemination and rejects operational excuses, increasing MAR fine risks amid ongoing AMF scrutiny of market abuse (e.g., similar 2025 asset manager fine).
AMF activity Institutional The AMF publishes its 2023 CSR Report
Why this matters
This regulatory update from the AMF (Autorité des Marchés Financiers) relates to the publication of its 2023 Corporate Social Responsibility (CSR) Report. This is an informational update that covers ESG and sustainability reporting, as well as authorisation and licensing requirements, which are relevant for asset...
Asset management The Autorité des Marchés Financiers (AMF) announces withdrawal of the authorisation of the portfolio asset management company Wide Asset Management as of 8 July 2024
Why this matters
This regulatory update from the AMF announces the withdrawal of authorization for the portfolio asset management company Wide Asset Management, which is relevant for asset managers operating in the investment management sector.
Sanctions & settlements Disclosure Obligations Professional investors The AMF Enforcement Committee fines an issuer and two of its former directors at the time of the facts for market manipulation by disseminating false or misleading information. It also fined one of the directors for insider...
AI Analysis
The AMF Enforcement Committee imposed fines on an issuer and two former directors for market manipulation via dissemination of false or misleading information, with an additional fine on one director for insider trading violations. This enforcement action underscores the AMF's rigorous enforcement of market abuse rules under the Market Abuse Regulation (MAR), serving as a stark reminder of personal and corporate liability for disclosure failures and privileged information misuse. Compliance teams must prioritize robust controls to mitigate similar risks, as such violations erode market integrity and investor trust.
Key dates
30 June 2026
- End of MiCA transitional period; AMF to fully enforce crypto-asset market abuse under MAR-equivalent rules
30 June 2026
- AMF General Regulation updates effective, enhancing MAR reporting procedures (e.g., Articles 145-1 to 145-4)
Suggested considerations
Implement or strengthen disclosure controls to ensure all public information is accurate and non-misleading, with pre-approval for promotional materials submitted to AMF.
Enhance insider lists and training for directors on MAR prohibitions, including trading blackouts before announcements.
Deploy surveillance systems to detect market manipulation signals, with compliance officers mandated to report suspicious transactions to AMF.
Conduct due diligence attestations for prospectuses/public offers, confirming no material omissions.
Review governance for personal liability, including cooperation incentives in investigations per proposed AMF powers.
What changed
This is an enforcement decision rather than new legislation, so there are no direct regulatory changes. It reinforces existing obligations under Book VI of the AMF General Regulation on market abuse, including insider dealing and market manipulation, aligned with Regulation (EU) No 596/2014 (MAR). Key principles upheld include prohibitions on disseminating false/misleading information that impacts security prices and trading on inside information, with no novel requirements but heightened emphasis on director accountability.
Compliance impact
Urgency: High - This demonstrates AMF's aggressive stance on market abuse amid rising "insider networks" and organized crime threats, with fines signaling personal risk for directors. It matters because enforcement is intensifying (e.g., web scraping for investigations, expanded sanctions like 10-year director bans proposed in 2025 bill), potentially increasing scrutiny on disclosures amid 2026 priorities for market resilience. Firms must act preemptively to avoid reputational damage and multimillion-euro penalties.
Warning Savings protection Warning Forex and binary options Crypto-assets The AMF reminds retail investors to be extremely vigilant regarding Immediate Connect's fraudulent investment offer
Why this matters
This regulatory update from the AMF warns retail investors about a fraudulent investment offer from Immediate Connect, which appears to be related to crypto-assets or forex/binary options.
The Central Bank of Ireland has today (Tuesday 23 July) published a Feedback Statement to the Discussion Paper on an approach to macroprudential policy for investment funds.
AI Analysis
The Central Bank of Ireland (CBI) published a Feedback Statement on 23 July 2024 summarizing stakeholder responses to its Discussion Paper (DP11) on developing a macroprudential policy framework for investment funds, emphasizing the sector's growth and systemic risks. This matters for compliance professionals as it signals ongoing domestic and international efforts to enhance fund resilience amid rapid expansion of non-bank financial intermediation (NBFI), with Ireland's funds sector reaching €6.2 trillion in assets by end-2022. No immediate new rules are imposed, but it underscores evaluation of existing measures and future policy evolution.
Key dates
18 January 2024 Deadline
- Consultation deadline for CP157 on macroprudential measures for GBP LDI funds
29 April 2024
- Announcement and start of three-month implementation period for GBP LDI yield buffer measures
23 July 2024
- Publication of Feedback Statement to DP11 on macroprudential policy for investment funds
29 July 2024 Deadline
- Effective date for GBP LDI funds' minimum 300bps yield buffer compliance (three months post-announcement)
22 November 2024
- CBI response to European Commission consultation on macroprudential policies for NBFI
Suggested considerations
For property funds: Continue adhering to pre-existing leverage/liquidity mismatch limits.
All relevant managers: Monitor CBI updates on measure evaluations, conduct ongoing vulnerability analysis, and prepare for potential toolkit expansions (e.g., stress testing, data sharing). Engage in international coordination via FSB/IOSCO and EU consultations.
General: Review fund strategies for systemic risks, update governance for macroprudential oversight, and align with CBI's DP11 principles.
What changed
This Feedback Statement introduces no new regulatory changes or requirements; it is a summary of feedback on DP11 and CBI's perspectives on macroprudential considerations for funds.
Restrictions on leverage and liquidity mismatch for Irish-authorised property funds (introduced prior to 2024).
A codified minimum 300bps yield buffer for Irish-authorised GBP-denominated Liability Driven Investment (LDI) funds, requiring resilience to UK interest rate shocks, with liquid assets in the buffer...
Compliance impact
Urgency: Medium—No new rules from the Feedback Statement itself, reducing immediate pressure, but firms must ensure full compliance with implemented LDI (by July 2024) and property fund measures while preparing for evaluations and EU-level developments (e.g., November 2024 CBI response). This matters as Ireland's funds dominance (global hub status, 16% of world financial assets) amplifies systemic scrutiny, with non-compliance risking supervisory actions under AIFMD Article 25 or future tools; proactive monitoring prevents disruptions in a €68 trillion global sector.
Regulatory developments Post-trading infrastructures Market infrastructures Cooperation Journalists AMF and Banque de France call for a well-anticipated move to T+1 Settlement Cycle
Why this matters
This regulatory update from the AMF and Banque de France calls for a move to a T+1 settlement cycle, which will impact banking, capital markets, and investment management firms.
Sanctions & settlements professional obligations Journalists Investment management companies AMF Enforcement Committee fines an asset management company and its directors for breaches of their professional obligations
AI Analysis
The AMF Enforcement Committee fined asset management company M Capital Partners €200,000 and its directors Rudy Secco (€70,000) and Stéphanie Minissier (€35,000) on 31 December 2025 for breaches of professional obligations spanning August 2019 to December 2023, including unauthorized investment services, deficient investment processes, conflicts of interest failures, and inadequate AML/CFT systems. This decision underscores AMF's focus on operational robustness and personal accountability in asset management, serving as a regulatory warning for firms to strengthen internal controls or face escalating sanctions.
Key dates
August 2019
December 2023; - Period of identified breaches (investment services, processes, AML/CFT deficiencies)
31 December 2025
- AMF Enforcement Committee decision date imposing fines on M Capital Partners and directors
08 January 2026
- Public press release publication date
Suggested considerations
Conduct gap analysis: Immediately review investment processes, allocation rules, and traceability against AMF standards; verify authorization of lending entities and service scopes.
Enhance AML/CFT: Update procedures, risk mappings, and due diligence on fund assets/liabilities; ensure operational effectiveness with documented evidence.
Strengthen governance: Implement robust conflicts of interest systems; formalize senior manager oversight with personal accountability training.
Audit marketing/distribution: For tied agents or retrocessions, document service quality enhancements to clients.
Senior manager certification: Directors must attest to compliance in annual reporting; prepare for AMF inspections by maintaining verifiable records.
What changed
This is an enforcement action, not a new regulation, but it reinforces existing AMF requirements under French Monetary and Financial Code for asset managers:
Operational procedures: Investment allocation processes must be precise, traceable, and fully operational; failure to verify compliance (e.g., loan authorizations) breaches honesty, fairness, and...
Scope of services: Asset managers acting as tied agents cannot provide unauthorized services like placing financial instruments without firm commitment, circumventing permitted investment services.
Conflicts of interest: Systems must effectively identify, prevent, and manage conflicts.
AML/CFT due diligence: Procedures, risk mapping, and due diligence on fund assets/liabilities must be operational and systematic.
Compliance impact
Urgency: High - This recent (Dec 2025) decision, alongside similar fines (e.g., €1.3M on Altaroc Partners in Sep 2025, €400k on Eternam in Sep 2025), signals AMF's intensified scrutiny on asset manager operations post-AIFMD reviews, with personal fines rising (up to €500k+). Non-compliance risks enforcement, reputational damage, and appeals delays; act within 3-6 months to align before potential audits.
Shares ETF Collective investments Long term investment The activity of retail investors active in equities and ETFs increased further in Q2 2024
Why this matters
This regulatory update discusses increased activity of retail investors in equities and ETFs, which is relevant for investment management firms, broker-dealers, and wealth managers that serve retail clients. The topics covered include consumer protection, market abuse, and reporting requirements.
MIFID Fixed income The AMF proposes a methodology for calibrating the thresholds determining the transparency regime applicable to corporate bond transactions.
Why this matters
This regulatory update from the AMF proposes a methodology for calibrating transparency thresholds for corporate bond transactions, which is relevant for banks and broker-dealers operating in capital markets. It relates to market transparency and reporting requirements.
Asset management Notification forms for the cross-border exercise of the activities of passemanagement companies, and the marketing of UCITS and AIFs: the AMF updates its doctrine
Why this matters
This regulatory update from the AMF relates to notification forms for the cross-border exercise of activities by asset management companies, as well as the marketing of UCITS and AIFs. It impacts investment management and wealth management firms that operate across borders.
Sustainable Finance Asset management Other professionals Journalists Investment management companies The Autorité des Marchés Financiers (AMF) publishes the findings of three supervisory initiatives on sustainable finance
Why this matters
This regulatory update from the AMF focuses on supervisory initiatives related to sustainable finance, which is relevant for investment management firms, wealth managers, and the broader financial industry.
Crypto-assets Innovation The AMF publishes the summary of responses received to its Discussion Paper on Decentralised Finance
AI Analysis
The Autorité des Marchés Financiers (AMF) has published a summary of stakeholder responses to its June 2023 Discussion Paper on Decentralised Finance (DeFi), analyzing regulatory challenges posed by automated, decentralized crypto-asset activities. This matters for compliance professionals as it signals the AMF's ongoing commitment to developing a balanced DeFi framework amid MiCA's implementation, potentially shaping future supervision of decentralized protocols while emphasizing investor protection and innovation.
Key dates
June 2023
- AMF publishes initial Discussion Paper on DeFi regulatory challenges
July 2024
- AMF publishes summary of responses to DeFi Discussion Paper
December 30, 2024
- MiCA enters force for CASPs
June 30, 2026 Deadline
- End of MiCA transitional period for DASPs; full CASP licensing required
July 2027 Deadline
- EU AMLR ("single rulebook") comes into effect, standardizing crypto due diligence
Suggested considerations
Monitor and engage: Participate in AMF's ongoing DeFi discussions and tokenization consultations for asset managers; no mandatory actions from this summary alone.
MiCA compliance: DASPs must apply for CASP licenses or leverage exemptions (e.g., notify AMF with operational/AML details if regulated entities); ensure AML/CTF alignment with EBA/TFR "Travel Rule" extensions.
Assess decentralization: DeFi protocols should evaluate if they qualify as "sufficiently decentralized" to evade DASP rules; traditional firms notify AMF before crypto services.
Update policies: Incorporate AMF clarifications on DASP transitions (DOC-2019-23/24 updates) and prepare for 2026 priorities like DORA cybersecurity.
What changed
No immediate regulatory changes or new requirements are introduced; this is a non-binding summary of consultation feedback from July 2024, intended to inform future discussions rather than enact rules. It highlights stakeholder views on DeFi's challenges, such as decentralization's impact on traditional oversight, with the AMF planning continued ecosystem engagement to outline proportionate responses.
Compliance impact
Urgency: Medium - This consultation summary does not impose new obligations but underscores evolving DeFi scrutiny within MiCA's firm deadlines (e.g., June 2026 transition end), making it critical for crypto firms to align now to avoid sanctions like DASP withdrawals. It matters for maintaining competitiveness in France's innovation-friendly regime, especially with AMF's 2026 focus on MiCA convergence and tokenization.
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 relates to consumer protection and licensing requirements.
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.
Innovation Artificial intelligence AMF launches its "innovation workshops"
Why this matters
This news item announces the launch of 'innovation workshops' by the AMF, the French financial markets regulator. This indicates a focus on supporting innovation and new technologies in the financial sector, particularly for banks, asset managers, and fintech firms.
Artificial intelligence Innovation Financial products Financial services providers Artificial intelligence: the AMF encourages market stakeholders to take part in two European Commission initiatives on issues specific to the financial sector
Why this matters
This regulatory update from the AMF encourages market stakeholders in the financial sector to participate in two European Commission initiatives related to artificial intelligence.
Supervision Asset management Journalists Investment management companies The AMF has published a summary of its SPOT inspections of financial management delegation arrangements at asset management companies
Why this matters
This regulatory update from the AMF focuses on inspections of financial management delegation arrangements at asset management companies, which is relevant for the investment management and wealth management sectors.
Sanctions & settlements professional obligations Other professionals Journalists AMF Enforcement Committee fines a financial investment advisor and its director for breaches of their professional obligations
AI Analysis
The AMF Enforcement Committee has issued multiple enforcement decisions against financial investment advisors and their management for breaches of professional obligations, with the most recent and significant case involving Carat GP and its directors receiving combined fines of €2.5 million and permanent/extended bans from operating as financial investment advisors. These cases establish critical precedent regarding advisor duties around client disclosure, product authorization, conflict of interest management, and honest/fair conduct—requirements that apply across the entire financial investment advisory sector.
Key dates
2 July 2019
- AMF Enforcement Committee decision against Invest Securities and financial advisors (€90,000 to €60,000 fines)
11 April 2022
- AMF Enforcement Committee decision against DCT and Didier Maurin (€150,000 and €200,000 fines; 5-year ban)
24 October 2022
- AMF Enforcement Committee decision against Salzillo Finance and Jean Salzillo (€20,000 and €80,000 fines; 3-year ban)
19 December 2023
- AMF Enforcement Committee decision against Séquence 13 and Jean-Louis Lehmann (€15,000 fines each; 5-year ban)
9 September 2024
- Conseil d'Etat judgment dismissing appeal by DCT and Didier Maurin
Suggested considerations
*Immediate Compliance Review:
*Governance and Documentation:
*Training and Culture:
*Regulatory Engagement:
What changed
The enforcement decisions clarify and reinforce several core professional obligations for financial investment advisors:
Transparency and Disclosure Obligations
Financial investment advisors must inform clients of any remuneration received for their advice and justify improvements to advisory services in return for compensation received.
Sustainable Finance Governance Financing the economy Other professionals Journalists Investment management companies Listed companies and issuers The AMF and the ACPR have published their report on the monitoring and assessment of the climate...
Why this matters
This regulatory update from the AMF and ACPR focuses on monitoring and assessing the climate commitments made by Paris financial centre participants. It is relevant for banking, investment management, and capital markets firms, as well as listed companies, in relation to ESG/sustainability reporting and disclosure...
Institutional Europe & international Cooperation AMF Chair Marie-Anne Barbat-Layani meets with CSRC Vice Chairman, Fang Xinghai
Why this matters
This regulatory update discusses a meeting between the AMF Chair and the CSRC Vice Chairman, which is likely to involve discussions around cross-border cooperation, regulatory alignment, and information sharing between European and Chinese financial authorities.
This appears to be a general news update from CBI covering multiple financial services sectors and regulatory topics, without specific details on urgency or impact.
Annual report Savings protection Marketing Retail investors Journalists The ACPR and AMF Joint Unit for Insurance, Banking and Retail Investment has published its 2023 Annual Report
Why this matters
This annual report from the ACPR and AMF Joint Unit covers key regulatory developments and oversight across the banking, investment, and insurance sectors, with a focus on consumer protection, reporting requirements, and authorization/licensing. The content is informational in nature.
Sustainable Finance Investment advice Long term investment Retail investors Journalists Mystery shopping visits to bank branches: the collection of client sustainability preferences remains fragmented
Why this matters
This regulatory update focuses on the collection of client sustainability preferences by bank branches, which is relevant for banking, wealth management, and investment management firms. The key topics covered are ESG/sustainability, consumer protection, and reporting/disclosure requirements.
Asset management Anti-money Laundering Money laundering and terrorist financing: the AMF publishes its sectoral risk analysis
Why this matters
This regulatory update from the AMF (French financial markets regulator) focuses on the sectoral risk analysis for anti-money laundering and counter-terrorist financing in the asset management and wealth management sectors. It is of medium urgency for firms in these sectors to review the analysis and ensure compliance.
Asset management The Autorité des Marchés Financiers (AMF) withdraws the authorisation of the portfolio asset management company Wide Asset Management
Why this matters
This regulatory update from the AMF announces the withdrawal of authorization for the portfolio asset management company Wide Asset Management, which is relevant for investment management and wealth management firms.
Warning Savings protection Crypto-assets Warning Cryptoassets: the Autorité des Marchés Financiers warns the public about the activities of several fraudulent market participants and publishes a new ‘blacklist’
Why this matters
This regulatory update from the Autorité des Marchés Financiers (AMF) in France warns the public about the activities of several fraudulent market participants in the cryptoasset space. The AMF is publishing a new 'blacklist', indicating a focus on consumer protection and unauthorized activities in the crypto sector.
Mediation Annual report Retail investors Professional investors Journalists AMF Ombudsman publishes her 2023 Annual Report
Why this matters
This regulatory update from the AMF Ombudsman covers mediation and annual reporting, which are relevant for investment managers, wealth managers, and banks that serve retail and professional investors. The topics include consumer protection, reporting and disclosure, and licensing/authorization requirements.
Asset management ETF Active ETFs: the AMF publishes a recommendation on the transparency of portfolios
Why this matters
This regulatory update from the AMF (French financial markets regulator) focuses on transparency requirements for active ETFs, which are relevant for investment managers, broker-dealers, and crypto exchanges offering these products.
Asset management MMF AMF complies with ESMA guidelines on updating the stress scenario parameters provided for in Article 28 of the Money Market Funds Regulation for 2024
Why this matters
This regulatory update from the AMF relates to compliance with ESMA guidelines on stress scenario parameters for money market funds, which is relevant for investment managers, banks, and broker-dealers that operate or invest in money market funds.
AMF activity Institutional The AMF has set up a CSR Committee
Why this matters
The AMF has set up a CSR (Corporate Social Responsibility) Committee, which is relevant for firms in the banking, investment management, and wealth management sectors. This touches on ESG/sustainability topics, as well as broader governance and authorization/licensing requirements.
Financial products The AMF publishes a research paper on French funds’ costs
Why this matters
This regulatory update from the AMF (French financial markets regulator) focuses on research into the costs of French investment funds, which is relevant for asset managers and wealth managers operating in the French market. The topics covered include consumer protection and disclosure requirements around fund costs.
Asset management Sustainable Finance Article 29 of the Energy and Climate Law (29LEC): the French Treasury published FAQs in April 2024
AI Analysis
The AMF publication highlights FAQs issued by the French Treasury in April 2024, clarifying key aspects of Article 29 of the Energy and Climate Law (29LEC) reporting obligations for French financial institutions on sustainability integration in investment activities. This matters for compliance teams as it addresses practical ambiguities in scope, consolidation, and EU interactions post-2023 reporting cycles, reducing interpretive risks amid expanding ESG mandates like SFDR. Firms must review these to ensure accurate 2024+ submissions via the Climate Transparency Hub (CTH).
Key dates
2023 financial year Deadline
- Deadline for 2024 submissions of narrative reports (CTH) and standardized annexes (ACPR/AMF); analysis published in 2024
April 2024
- French Treasury publishes 29LEC FAQs following 2023 reporting round
Annual ongoing Deadline
- Yearly reporting cycle for 29LEC, with 2024 remittances analyzed for 2023 FY; no new deadlines specified in FAQs
Suggested considerations
Read and implement French Treasury FAQs: Review scope, consolidation, and EU alignment for reporting accuracy (access via Ministry website under AMF's "read more").
Update 29LEC reports: Ensure narrative covers nine mandated topics; submit standardized annexes to ACPR (insurers) or AMF (asset managers/banks).
Integrate clarifications: Adjust governance, risk assessment (e.g., biodiversity), and ESG metrics tracing for compliance, using tools like attribution methods.
Monitor CTH: Use ADEME/Sustainable Finance Observatory analyses for benchmarking and improvements.
What changed
No new regulatory changes are introduced; the FAQs provide interpretive guidance on existing 29LEC requirements from the Energy and Climate Law (8 November 2019) and implementing Decree (29 May...
Scope of application: Defines entities required to report on ESG integration (e.g., portfolio asset management companies, ISPs).
Consolidation rules: How to aggregate data across group entities.
Interactions with EU rules: Alignment with SFDR, including narrative reports and standardized annexes to ACPR (insurers) or AMF (portfolio managers/banks).
Compliance impact
Urgency: Medium - Not critical as FAQs clarify existing rules without new mandates, but high relevance for 2024/2025 cycles to avoid supervisory scrutiny from AMF/ACPR amid thematic inspections on asset manager governance. Matters due to rising ESG enforcement, SFDR synergies, and public transparency via CTH, with potential fines for non-compliance in sustainability disclosures.
Appointment AMF activity Journalists Marie Seiller appointed Resources, Operations and Transformation Director at the Autorité des Marchés Financiers
Why this matters
This is an announcement of a new appointment at the French financial markets regulator, the Autorité des Marchés Financiers (AMF). The appointment is for the Resources, Operations and Transformation Director role, which is relevant for the oversight and operations of regulated financial firms across the banking,...
Annual report Institutional AMF activity Other professionals Executive & other private individuals Fintech Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment...
Why this matters
This annual report from the AMF covers a broad range of regulatory topics relevant to investment managers, capital markets participants, and fintech firms, including reporting, licensing, and technology/cyber issues.
Markets Investment services Financing the economy Supervision ESMA's 20 recommendations for more efficient and attractive European markets
Why this matters
This regulatory update from ESMA provides recommendations to improve the efficiency and attractiveness of European markets, covering areas such as market surveillance, reporting requirements, and authorization processes. It is relevant for capital markets participants, investment managers, and wealth managers.
Sanctions & settlements Journalists AMF Enforcement Committee fines one individual and clears two others for insider dealing breaches
AI Analysis
The AMF Enforcement Committee sanctioned one individual with a fine for insider dealing violations while acquitting two others in a case involving breaches of market abuse rules under the Market Abuse Regulation (MAR). This decision underscores the AMF's rigorous enforcement of insider trading prohibitions, emphasizing evidence-based liability determinations and serving as a reminder for firms to strengthen insider monitoring and training programs. It matters because it highlights the risks of coordinated insider networks and the importance of robust compliance frameworks to mitigate personal and corporate exposure.
Key dates
5 June 2026
Certain amendments in sample insider policies apply (e.g., enhanced disclosures)
Within 3 trading days Deadline
PDMRs must report securities transactions to issuer and AMF
30 calendar days prior to annual/interim results publication
Statutory blackout period for PDMRs
15 calendar days prior to quarterly financial info publication
Recommended blackout for insiders per AMF guidance
Suggested considerations
Review and update insider trading policies to align with AMF Position-Recommendation No. 2016-08, including clear inside information definitions, blackout notifications, and extensions to all insiders.
Implement or strengthen training on MAR prohibitions, insider network risks, and whistleblowing mechanisms, especially for those handling M&A, results announcements, or advisor roles.
Monitor and log gifts, donations, transactions in derivatives/index products, and PDMR dealings; notify insiders of blackouts via Insider Trading Committee.
For listed firms: Submit periodic/ongoing disclosures outside transactions via AMF portal and ensure compliance function oversees disciplinary measures.
What changed
This is an enforcement decision, not a regulatory amendment, so there are no new rules or requirements introduced. It reaffirms existing obligations under MAR Articles 7 (prohibition of insider dealing), 8 (unlawful disclosure of inside information), 10 (public disclosure of inside information), 14 (abuse of inside information), 17 (fair presentation and disclosure), and 19 (PDMR transactions), as well as AMF General Regulations Articles 223-9 and 221-3.
Compliance impact
Urgency: Medium. This reinforces longstanding MAR rules without new mandates, but the acquittal of two individuals signals AMF's focus on provable evidence, reducing overreach risks while heightening scrutiny on networks. It matters amid rising organized crime threats (AMF 2024 report), prompting immediate policy reviews to avoid fines, especially with EU MAR amendments (Regulation 2024/2809 effective 4 Dec 2024).
Appointment AMF activity Retail investors Journalists France Mayer appointed Retail Investor Relations and Protection Director at the Autorité des Marchés Financiers
Why this matters
This regulatory update announces the appointment of France Mayer as the Retail Investor Relations and Protection Director at the Autorité des Marchés Financiers (AMF), the French financial markets regulator.
Warning Savings protection Warning Crypto-assets The AMF reminds the public that the cryptoasset trading platform BYBIT is blacklisted
Why this matters
This is a warning from the AMF about the cryptoasset trading platform BYBIT being blacklisted, which is relevant for crypto exchanges and raises consumer protection concerns.
Long term investment Equity ETF Retail investors Professional investors Journalists Dashboard of retail investors active on the stock market: sharp increase in retail ETF activity in Q1 2024
Why this matters
This regulatory update focuses on the activity of retail investors in the stock market, particularly the sharp increase in retail ETF activity in Q1 2024. This is relevant for investment management firms, broker-dealers, and wealth managers that cater to retail investors.
The Central Bank of Ireland has today (29 April 2024) announced the introduction of macroprudential measures for Irish-authorised GBP-denominated Liability Driven Investment (LDI) funds. Building on the recent Consultation Paper “Macroprudential measures for GBP Liability Driven Investment funds”, the measures require…
AI Analysis
The Central Bank of Ireland (CBI) introduced binding macroprudential measures on 29 April 2024 requiring Irish-authorised GBP-denominated Liability Driven Investment (LDI) funds to maintain a minimum **300 basis point yield buffer** to withstand adverse UK interest rate shocks. This regulatory intervention directly addresses systemic risks exposed during the September-October 2022 UK gilt market crisis, where excessive leverage in LDI funds amplified financial stress across markets.
- Compliance deadline for existing Irish GBP-denominated LDI funds authorised before 29 April 2024 (3-month implementation period)
Immediate Deadline
- Compliance requirement for newly authorised LDI funds after 29 April 2024
Ongoing Deadline
- New funds seeking authorisation must notify CBI of framework scope applicability
Suggested considerations
*For Existing Fund Managers (by 29 July 2024):
*Audit & Classification: Determine whether each fund falls within the regulatory scope by assessing whether the investment strategy matches asset sensitivity to UK interest rates/inflation against pre-defined investor liabilities
*Yield Buffer Assessment: Calculate current yield buffer position and identify any shortfalls against the 300 bps minimum threshold
*Portfolio Restructuring: If necessary, rebalance portfolios to achieve and maintain the 300 bps yield buffer, ensuring:
Removal of external/third-party assets from buffer calculations
What changed
The framework establishes the following core requirements for in-scope GBP-denominated LDI funds:
Yield Buffer Requirement
Minimum resilience threshold of 300 basis points increase in UK yields
CBI clarifies this is a minimum floor, not a target; funds may prudently maintain higher buffers
Assets must be sufficiently liquid under both normal and stressed market conditions
Yield Buffer Composition Rules
"External assets" or "third-party assets" cannot be included in the yield buffer
Asset management The AMF completes its policy on gates in master-feeder structures
Why this matters
This regulatory update from the AMF relates to policy changes on gates in master-feeder fund structures, which is relevant for investment managers and wealth managers.
Financial disclosures & corporate financing Equity Journalists Listed companies and issuers Amendment to the AMF General Regulation makes "retail" tranche optional for initial public offerings
Why this matters
This regulatory update from the AMF (French financial markets authority) is relevant for broker-dealers and listed companies involved in initial public offerings. It changes the requirements around the 'retail' tranche, which impacts reporting and disclosure as well as the authorization process for IPOs.
Asset management Europe & international Journalists Investment management companies Austrian, French, Italian and Spanish financial market authorities give their key priorities for a macro-prudential approach to asset management
Why this matters
This regulatory update from European financial authorities focuses on their priorities for a macro-prudential approach to asset management, which impacts investment management firms, banks, and broker-dealers. Key topics include prudential requirements, ESG, and reporting/disclosure.
Fees Collective investments Shares ETF Less expensive investment funds for savers in 2023 according to the AMF's Household Savings Newsletter
Why this matters
This regulatory update from the AMF discusses changes to investment fund fees, which impacts investment managers, wealth managers, and banks that offer collective investment products to retail investors. The update is informational in nature, providing an overview of trends in investment fund costs for savers.
This regulatory update concerns the withdrawal of approval for a token offering, which is a significant event for crypto firms and requires prompt attention.
Professional certification AMF activity Journalists The Autorité des Marchés Financiers announces the new composition of the Financial Skills Certification Board
Why this matters
This regulatory update announces changes to the composition of the Financial Skills Certification Board, which is relevant for firms in the banking, investment management, and capital markets sectors.
Appointment AMF activity Journalists Pauline Briand joins the Autorité des Marchés Financiers (AMF) as Head of Communications
Why this matters
This is an informational news article about the appointment of a new Head of Communications at the French financial regulator AMF. It is relevant for firms in the banking, investment management, and capital markets sectors, particularly those that interact with the AMF and its communications.
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 Warning Crypto-assets The AMF reminds the public that the cryptoasset trading platform BITGET is blacklisted
Why this matters
This is a warning from the AMF about the cryptoasset trading platform BITGET being blacklisted, which is relevant for crypto exchanges and raises consumer protection concerns.
Asset management ROSA Extranet: changes to authorisation and declaration processes for collective investments
Why this matters
This regulatory update from the AMF relates to changes in the authorization and declaration processes for collective investment schemes, which is relevant for asset managers and wealth managers.
Warning Savings protection Warning Miscellaneous assets 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.
UnauthorizedThis firm may be providing or promoting financial services or products without our permission. You should avoid dealing with this firm and beware of scams. Almost all firms and individuals must be authorised or registered by us to carry out or promote financial services in the UK. This firm is not…
Why this matters
The update is a standard FCA Warning List entry identifying an unauthorised firm (FINANCE FARM / financefarm.ltd) operating without permission. It provides consumer protection guidance and contact details for reporting.
Appointment Sanctions & settlements Journalists Valérie Michel-Amsellem becomes Chair of the AMF Enforcement Committee
AI Analysis
This AMF publication announces the appointment of Valérie Michel-Amsellem as the new Chair of the AMF Enforcement Committee, the independent body responsible for imposing sanctions in financial market violations. It matters for compliance professionals because leadership changes in enforcement can signal shifts in sanctioning priorities, rigor, or focus areas, potentially influencing how firms approach risk management and remediation. While no immediate policy changes are introduced, monitoring the new Chair's tenure is essential given the Committee's role in upholding market integrity.
Key dates
Immediate
- Appointment takes effect upon announcement, with no disclosed transition period
Suggested considerations
Review backgrounds of key AMF personnel, including Valérie Michel-Amsellem, for insights into enforcement trends (e.g., via AMF governance pages: https://www.amf-france.org/en/amf/our-organisation/our-governance).
Enhance internal monitoring of AMF sanction releases (https://www.amf-france.org/en/news-publications/news-releases/enforcement-committee-news-releases) to track patterns under new leadership.
Conduct gap analyses on compliance programs for high-risk areas like market abuse, given the Committee's sanction powers up to €100 million or 10x profits.
What changed
There are no substantive regulatory changes, new requirements, or amendments to the AMF General Regulation outlined in this announcement. The publication solely details an internal governance appointment within the AMF's structure, where the Enforcement Committee maintains its established autonomy for sanction decisions, separate from the AMF Board. This aligns with prior affirmations of the Committee's independence, as upheld in ECHR rulings on its impartiality.
Compliance impact
Urgency: Low - This personnel change does not impose new obligations or alter existing rules, posing minimal immediate risk. It matters indirectly for long-term strategy, as the Chair could steer enforcement toward stricter penalties or novel interpretations of obligations (e.g., as analyzed in historical sanction studies: https://faculty-research.ipag.edu/wp-content/uploads/recherche/WP/IPAG_WP_2014_072.pdf).
Asset management Anti-money Laundering Combatting money laundering and terrorist financing: AMF applies two sets of European Banking Authority guidelines
Why this matters
This regulatory update from the AMF applies two sets of European Banking Authority guidelines related to combatting money laundering and terrorist financing, which is relevant for investment managers, banks, and wealth managers.
Innovation Savings protection AMF activity Open Data: publication on data.gouv.fr of the list of Asset Management Companies (AMCs) authorized by the AMF, of the white lists of Digital Asset Service Providers (DASPs) and offers of investments in miscellaneous assets
Why this matters
This regulatory update from the AMF (French financial markets authority) announces the publication of lists of authorized asset management companies, digital asset service providers, and investment offers on the French open data platform data.gouv.fr.
This appears to be a general news update from CBI covering regulatory developments across multiple financial sectors and topics. The lack of a detailed description suggests this is informational content rather than a critical regulatory change.