All financial regulatory updates published in January 2025.
Asset management Collective investments End of life of private equity funds: the AMF amends its General Regulation and policy
Shares ETF ETFs: strong growth for retail investors in 2024
Asset management Marketing Publication of the first study on the performance of unlisted financial asset funds aimed at non-professional clients
Sanctions & settlements professional obligations Journalists Listed companies and issuers The AMF Enforcement Committee fines Pharnext and its former directors a total of €800,000
The AMF Enforcement Committee fined Pharnext €500,000 and its former directors Daniel Cohen (€200,000) and David Horn Solomon (€100,000) on 20 January 2025 for failing to disclose inside information promptly and disseminating false or misleading information about FDA interactions for a drug candidate. This enforcement action reinforces AMF's strict stance on market abuse rules under EU MAR, highlighting personal liability for directors in listed biotech firms where investor expectations around product approvals are high. Compliance teams should note it as a reminder of timely disclosure obligations, especially amid appeals filed by the parties. #
Europe & international Innovation Financial services providers Operational resilience – The AMF applies the Joint Guidelines on the oversight cooperation and information exchange under the Digital Operational Resilience Act (DORA)
Strategy Supervision Institutional Executive & other private individuals Journalists Investment services providers Investment management companies Listed companies and issuers The AMF publishes its action and supervisory...
Innovation Institutional Crypto-assets MiCA The AMF is recognized by INATBA for Its Innovative Approach to Digital Asset Regulation
Innovation Market infrastructures MIFID Pilot Regime: the AMF publishes an in-depth report on the implementation of the regulation
Long term investment Shares Collective investments AMF 2024 Barometer: French equity investment intentions remain high
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
Sanctions & settlements MAR Other professionals Executive & other private individuals Listed companies and issuers The AMF Enforcement Committee fines a US investment fund and its director a total of €10 million for price manipulation during an initial public offering...
The AMF Enforcement Committee fined US-based investment fund EcoR1 Capital €7 million and its director Oleg Nodelman €3 million (total €10 million) on 13 December 2024 for price manipulation via "marking the close" trades on Euronext Paris during Innate Pharma's 2019 Nasdaq IPO, plus reporting failures on 5% ownership thresholds. This case demonstrates AMF's extraterritorial reach over foreign actors impacting French markets and underscores personal liability for executives in market abuse violations under MAR. #
Warning Savings protection Warning Forex and binary options The AMF warns the public about the fraudulent Forex investment offering on the LIVAXXEN trading platform
Warning Savings protection Crypto-assets Warning Cryptoassets: the Autorité des Marchés Financiers warns the public about the activities of several unauthorized entities
Asset management Marketing Innovation Other professionals Professional investors Journalists Investment management companies Listed companies and issuers The AMF awards its 2024 prize for young researchers in economics to Maxime...
Asset management The AMF updates its policy following its decision to comply with the ESMA guidelines on the names of ESG funds