May 2025 Regulatory Updates

🇫🇷 AMF News

May 28th 2025

Retail investor activity up again

Shares ETF Retail investor activity up again

Sectors:

Topics:

Consumer Protection / Conduct Market Abuse / Surveillance Reporting & Disclosure

Asset ManagerBroker DealerWealth Manager

View Original

🇫🇷 AMF Consultation high

May 21st 2025

The AMF orders DANAE GROUP to file a draft takeover bid for ENTREPRENDRE shares

Financial disclosures & corporate financing Journalists Listed companies and issuers The AMF orders DANAE GROUP to file a draft takeover bid for ENTREPRENDRE shares

AI Analysis

The AMF has ordered Danae Group to file a draft takeover bid for shares in Entreprendre, enforcing mandatory public offer rules triggered by a shareholding threshold crossing. This matters for compliance professionals as it exemplifies AMF's strict oversight of takeover regulations, ensuring market integrity, equal treatment of shareholders, and timely disclosures in listed company transactions. It underscores the risks of non-compliance, potentially leading to enforcement actions.

What Changed

No new regulatory changes are introduced; this is an enforcement decision applying existing AMF rules on mandatory takeover bids under the General Regulation (RGAMF), particularly Articles 234-2 et seq. Key requirements include: filing a draft offer with the AMF for compliance review within 10 trading days; mandatory cash offers at the highest price paid by the offeror (alone or in concert) in the prior 12 months; adherence to principles of free play of bids, equal treatment, transparency, market integrity, fairness, and competition.

Suggested Considerations

File draft takeover bid immediately: Submit to AMF with price details (highest 12-month price, cash only), intent on squeeze-out, and supporting documents.
Appoint independent appraiser: Mandatory if squeeze-out planned; fairness statement required.
Inform AMF and publish: Disclose filing; adhere to trading restrictions during pre-offer/offer periods.
Prepare target response: Entreprendre to file draft reply document, potentially involving works council.
Monitor thresholds: Ongoing vigilance for 30% voting rights or 1% 12-month crossings by any party.

Key Dates

Within 4 DEADLINE

6 weeks of triggering event; - Danae Group must file draft takeover bid (practice standard; exact trigger date not specified in publication)

10 trading days from offer period start DEADLINE

- AMF reviews draft for compliance and issues visa (extendable if appraiser or works council involved, min. 5 trading days post-target reply)

Pre

offer period (post-announcement); - Strict trading rules apply; offeror may acquire shares until opening, with restrictions

Offer period

- From AMF filing notice to results publication; minimum success threshold 50% (waivable by AMF)

Compliance Impact

Urgency: High - Immediate filing obligation for Danae Group risks escalation to sanctions if ignored; for others, it signals AMF's proactive enforcement, heightening scrutiny on share acquisitions in listed firms. Matters due to potential market disruption, shareholder protection mandates, and precedent for rapid intervention (e.g., visa timelines enforce orderly processes).

References

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

Sectors:

Capital Markets & Trading

Topics:

Reporting & Disclosure Market Abuse / Surveillance Authorisation & Licensing

All Firms

View Original

🇱🇺 CSSF News medium

May 16th 2025

Second thematic review on the use of Artificial Intelligence in the Luxembourg financial sector

Press release 25/08

Sectors:

Banking & Credit Investment Management Wealth & Private Banking

Topics:

Technology & Cyber Operational Resilience / Outsourcing Authorisation & Licensing

BankAsset ManagerWealth Manager

View Original

🇺🇸 FINRA regulatory_notice medium

May 15th 2025

Election Notice - 5/15/2025

Sectors:

Banking & Credit Capital Markets & Trading Investment Management

Topics:

Authorisation & Licensing Reporting & Disclosure

Broker DealerAsset ManagerAll Firms

View Original

🇮🇪 CBI News

May 14th 2025

Issue 4 2025

No description available.

Sectors:

Banking & Credit Investment Management Wealth & Private Banking

Topics:

AML / Financial Crime Consumer Protection / Conduct Prudential / Capital Requirements

Asset ManagerBankWealth Manager

View Original

🇫🇷 AMF News medium

May 14th 2025

Women on Boards Directive: the AMF is now the competent authority for analysing and monitoring gender balance among the directors of listed companies

Governance Journalists Listed companies and issuers Women on Boards Directive: the AMF is now the competent authority for analysing and monitoring gender balance among the directors of listed companies

Sectors:

Banking & Credit Investment Management Wealth & Private Banking

Topics:

ESG Authorisation & Licensing Senior Managers / Governance

Asset ManagerWealth ManagerBank

View Original

🇫🇷 AMF News low

May 14th 2025

AMF Household Savings Newsletter: financial investment fees continue their downward trend

Fees Shares Collective investments AMF Household Savings Newsletter: financial investment fees continue their downward trend

Sectors:

Investment Management Wealth & Private Banking Banking & Credit

Topics:

Consumer Protection / Conduct Reporting & Disclosure Prudential / Capital Requirements

Asset ManagerWealth ManagerBank

View Original

🇫🇷 AMF Enforcement high

May 13th 2025

The AMF Enforcement Committee fines three individuals and one legal entity a total of €700,000 for insider dealing breaches

Sanctions & settlements Executive & other private individuals Journalists The AMF Enforcement Committee fines three individuals and one legal entity a total of €700,000 for insider dealing breaches

AI Analysis

The AMF Enforcement Committee imposed fines totaling €700,000 on three individuals and one legal entity for insider dealing violations, demonstrating the regulator's ongoing commitment to enforcing Market Abuse Regulation (MAR) prohibitions on trading with inside information. This case underscores the AMF's aggressive pursuit of insider networks and coordinated breaches, serving as a stark reminder for firms to bolster insider trading surveillance and training programs. Compliance teams should use it to reinforce policies amid rising detections of organized insider activities.

What Changed

This is an enforcement action, not a regulatory change; it reaffirms existing MAR requirements under Articles 7 (inside information definition), 8 (insider lists), 14 (insider dealing prohibition), 17 (public disclosure), and 19 (PDMR trading restrictions, including 30-day black-out periods before financial results). No new rules are introduced, but it highlights AMF's reliance on firms for detection via internal policies, whistleblowing, and gift/invitation controls, as echoed in recent AMF-AFA guidance.

Suggested Considerations

Update insider policies: Incorporate AMF-recommended black-out periods (30/15 days), definitions of inside information, and restrictions on index products/derivatives.
Enhance training and awareness: Train PDMRs, insiders, and staff on MAR prohibitions; formalize in codes of ethics per AMF-AFA joint call (July 9, 2025).
Strengthen surveillance: Implement transaction monitoring, insider lists (per MAR Article 8), whistleblowing mechanisms, and controls on gifts/invitations.
Report promptly: PDMRs submit transactions via AMF portal; issuers disclose inside information immediately.
Conduct audits: Review compliance functions for disciplinary oversight and breach detection, aligning with AMF inspection findings.

Key Dates

December 4, 2024

EU Regulation 2024/2809 enters force; , amending MAR on inside information and disclosures

June 5, 2026

Certain amendments to insider trading policies (e.g., Groupe Casino policy) apply; ; others immediate from February 2025

June 30, 2026

AMF General Regulation updates effective; , covering certifications for financial instruments and prospectuses

Within 3 trading days DEADLINE

PDMRs must report securities transactions; to issuer and AMF

Compliance Impact

Urgency: High – This enforcement signals intensified AMF focus on insider networks, with fines demonstrating willingness to penalize both individuals (€700,000 total) and entities amid a "worrying trend" of organized crime infiltration. Firms face elevated inspection risks, especially post-AMF-AFA vigilance call (2025), and must act preemptively to avoid similar sanctions, as MAR breaches undermine market integrity and investor trust.

References

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

Sectors:

Capital Markets & Trading

Topics:

Market Abuse / Surveillance

Broker DealerAll Firms

View Original

🇫🇷 AMF News medium

May 6th 2025

The AMF applies ESMA's guidelines on updating stress scenario parameters, in accordance with Article 28 of the Money Market Funds Regulation

Asset management MMF The AMF applies ESMA's guidelines on updating stress scenario parameters, in accordance with Article 28 of the Money Market Funds Regulation

Sectors:

Investment Management Banking & Credit Capital Markets & Trading

Topics:

Prudential / Capital Requirements Reporting & Disclosure Authorisation & Licensing

Asset ManagerBankBroker Dealer

View Original

🇫🇷 AMF Warning high

May 6th 2025

Crypto-assets: the Autorité des Marchés Financiers warns the public about the activities of several unauthorized entities

Warning Savings protection Warning Crypto-assets Crypto-assets: the Autorité des Marchés Financiers warns the public about the activities of several unauthorized entities

Sectors:

Crypto & Digital Assets

Topics:

Consumer Protection / Conduct Authorisation & Licensing

Crypto ExchangeFintech

View Original