July 2024 Regulatory Updates | Reg Monitoring

🇫🇷 AMF Enforcement medium

July 30th 2024

AMF Enforcement Committee fines Biosynex, its CEO and several of its directors a total of €930,000

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.

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 "restricted audience" (like journalists) without prior release violates this. Insider trading: Prohibits trading (including selling) by insiders possessing inside information, such as unreleased plans to sell treasury shares,...

What You Need To Do

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
Automate transaction reporting
Conduct MAR training refreshers
Audit past disclosures

Key Dates

25 July 2024 - AMF Enforcement Committee decision issuing fines.

March-April 2020 - Violation period (interview on 20 March 2020; share sales and unreported transactions).

9 January 2025 - Paris Court of Appeal dismisses appeals by CEO Abensur, CFO Fraenckel, and ALA Financière as inadmissible (case n° 24/16188).

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).

References

Sectors:

Capital Markets & Trading

Topics:

Market Abuse / Surveillance Reporting & Disclosure

All Firms

🇫🇷 AMF News

July 30th 2024

The AMF publishes its 2023 CSR Report

AMF activity Institutional The AMF publishes its 2023 CSR Report

Sectors:

Banking & Credit Investment Management Wealth & Private Banking

Topics:

ESG Reporting & Disclosure Authorisation & Licensing

Asset ManagerBankWealth Manager

🇫🇷 AMF News medium

July 29th 2024

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

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

Sectors:

Investment Management

Topics:

Authorisation & Licensing

Asset Manager

🇫🇷 AMF Enforcement high

July 25th 2024

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 trading breaches

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.

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.

What You Need To Do

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

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).

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.

References

Sectors:

Capital Markets & Trading

Topics:

Market Abuse / Surveillance Reporting & Disclosure

All Firms

🇫🇷 AMF Warning high

July 24th 2024

The AMF reminds retail investors to be extremely vigilant regarding Immediate Connect's fraudulent investment offer

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

Sectors:

Banking & Credit Investment Management Crypto & Digital Assets

Topics:

Consumer Protection / Conduct AML / Financial Crime Authorisation & Licensing

Crypto ExchangeFintechAll Firms

🇮🇪 CBI Consultation medium

July 23rd 2024

Central Bank publishes feedback statement on macroprudential policy for investment funds

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.

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. It highlights two pre-existing macroprudential measures already implemented: 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 and real-time notifications...

What You Need To Do

For GBP LDI funds
For property funds
All relevant managers

Key Dates

18 January 2024 - Consultation deadline for CP157 on macroprudential measures for GBP LDI funds. DEADLINE

23 July 2024 - Publication of Feedback Statement to DP11 on macroprudential policy for investment funds.

29 April 2024 - Announcement and start of three-month implementation period for GBP LDI yield buffer measures.

29 July 2024 - Effective date for GBP LDI funds' minimum 300bps yield buffer compliance (three months post-announcement). DEADLINE

22 November 2024 - CBI response to European Commission consultation on macroprudential policies for NBFI.

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.

References

Sectors:

Investment Management Capital Markets & Trading

Topics:

Prudential / Capital Requirements

Asset ManagerHedge Fund

🇫🇷 AMF News high

July 22nd 2024

AMF and Banque de France call for a well-anticipated move to T+1 Settlement Cycle

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

Sectors:

Banking & Credit Capital Markets & Trading Investment Management

Topics:

Prudential / Capital Requirements Operational Resilience / Outsourcing Market Abuse / Surveillance

BankBroker DealerAsset Manager

🇫🇷 AMF Enforcement high

July 17th 2024

AMF Enforcement Committee fines an asset management company and its directors for breaches of their professional obligations

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.

Sectors:

Investment Management

Topics:

AML / Financial Crime Senior Managers / Governance Consumer Protection / Conduct

Asset Manager

🇫🇷 AMF News low

July 17th 2024

The activity of retail investors active in equities and ETFs increased further in Q2 2024

Shares ETF Collective investments Long term investment The activity of retail investors active in equities and ETFs increased further in Q2 2024

Sectors:

Investment Management Capital Markets & Trading Wealth & Private Banking

Topics:

Consumer Protection / Conduct Market Abuse / Surveillance Reporting & Disclosure

Asset ManagerBroker DealerWealth Manager

🇫🇷 AMF News medium

July 16th 2024

The AMF proposes a methodology for calibrating the thresholds determining the transparency regime applicable to corporate bond transactions.

MIFID Fixed income The AMF proposes a methodology for calibrating the thresholds determining the transparency regime applicable to corporate bond transactions.

Sectors:

Banking & Credit Capital Markets & Trading

Topics:

Market Abuse / Surveillance Reporting & Disclosure

BankBroker Dealer

🇫🇷 AMF News

July 16th 2024

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

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

Sectors:

Investment Management Wealth & Private Banking

Topics:

Authorisation & Licensing Reporting & Disclosure

Asset ManagerWealth Manager

🇫🇷 AMF News

July 11th 2024

The Autorité des Marchés Financiers (AMF) publishes the findings of three supervisory initiatives on sustainable finance

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

Sectors:

Investment Management Capital Markets & Trading Wealth & Private Banking

Topics:

ESG Reporting & Disclosure Authorisation & Licensing

Asset ManagerWealth ManagerAll Firms

🇫🇷 AMF Consultation medium

July 11th 2024

The AMF publishes the summary of responses received to its Discussion Paper on Decentralised Finance

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.

Sectors:

Crypto & Digital Assets Capital Markets & Trading Investment Management

Topics:

Authorisation & Licensing Consumer Protection / Conduct AML / Financial Crime

Crypto ExchangeFintechAsset Manager

🇫🇷 AMF Warning high

July 10th 2024

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

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

Sectors:

Banking & Credit Investment Management Crypto & Digital Assets

Topics:

Consumer Protection / Conduct Authorisation & Licensing

BankBroker DealerCrypto Exchange

🇫🇷 AMF Warning high

July 9th 2024

The AMF is warning the public against several companies proposing atypical investments without being authorised to do so

Warning Savings protection Miscellaneous assets Warning The AMF is warning the public against several companies proposing atypical investments without being authorised to do so

Sectors:

Banking & Credit Investment Management Wealth & Private Banking

Topics:

Consumer Protection / Conduct Authorisation & Licensing

Asset ManagerWealth ManagerFintech

🇫🇷 AMF News low

July 5th 2024

AMF launches its "innovation workshops"

Innovation Artificial intelligence AMF launches its "innovation workshops"

Sectors:

Banking & Credit Investment Management Wealth & Private Banking

Topics:

Technology & Cyber Authorisation & Licensing Consumer Protection / Conduct

BankAsset ManagerFintech