Wealth & Private Banking regulatory updates from France.
We track 297 Wealth & Private Banking updates from France regulators, published by AMF. The archive covers 150 news items, 123 warnings and 20 enforcement actions. Most recent update: July 2026. Coverage runs from 2013 to 2026.
Sanctions & settlements professional obligations Other professionals Journalists Investment management companies The AMF Enforcement Committee fines a financial investment advisor and its two directors for breaches of their professional obligations
AI Analysis
The AMF Enforcement Committee has sanctioned French financial investment advisor **Financière Fonds Privés** and its two senior managers for (i) carrying out unauthorised **non‑guaranteed placement** activity, (ii) misrepresenting adviser **independence** while receiving issuer remuneration, and (iii) failing to provide mandatory suitability and cost disclosures between January 2021 and October 2024.
This decision reinforces AMF expectations for French financial investment advisors (conseillers en investissements financiers – CIF) around strict limits of their regulatory status, independence disclosures, conflicts of interest management, and formalisation of investment advice.
Key dates
January 2021
- Start of the period during which Financière Fonds Privés is found to have committed unauthorised placement and advisory breaches
October 2024
- End of the factual period examined by the AMF Enforcement Committee for the identified breaches
TBD (post‑21 July 2026)
- Potential appeal phase before the Conseil d’État; the decision indicates that an appeal may be lodged, so firms should monitor for any subsequent case law impacting interpretation of CIF professional obligations
21 July 2026
- AMF Enforcement Committee decision imposing fines of €100,000 on Financière Fonds Privés, €70,000 on Pierre‑Michel Deléglise, and €40,000 on Thierry de Chambure, and attributing all breaches to the two senior managers
28 July 2026
- Public announcement of the decision via AMF news release
Suggested considerations
Review the firm’s regulatory status (CIF versus investment services provider) and ensure that any placement or capital‑raising activities are within authorised limits; discontinue or re‑authorise any non‑guaranteed placement services currently carried out under CIF status.
Conduct a comprehensive mapping of all services and activities (advisory, marketing, introductions, distribution) to confirm that none constitute regulated investment services (e.g., non‑guaranteed placement) without the requisite AMF/ACPR authorisation.
Inventory all remuneration flows from issuers and third parties, including commissions, retrocessions and fees, and assess whether they are compatible with any independence claims and MiFID II inducements rules; remove or re‑label “independent” branding where issuer remuneration is received.
Update client‑facing documentation (engagement letters, brochures, websites, emails) to provide clear, accurate and non‑misleading information on adviser independence, remuneration model, and any relationships with issuers or introducers.
Implement or enhance procedures to ensure a written suitability statement is produced and delivered to clients for each piece of investment advice, documenting client profile, recommended products and rationale; integrate this into advisory workflows and record‑keeping.
What changed
- Financial investment advisors must not conduct non‑guaranteed placement services (service de placement non garanti) such as actively seeking subscribers on behalf of issuers, unless they hold the...
Firms that present themselves as independent advisors must not receive remuneration (direct or indirect) from product issuers whose instruments they recommend, unless permitted under MiFID II/French...
When claiming independence, firms must provide accurate, clear and non‑misleading information on the nature of their independence, remuneration model, and any relationships with issuers or...
Financial investment advisors must issue a written suitability statement formalising the investment advice provided, setting out the client’s profile, the recommended products, and the reasons why...
Pre‑contractual documentation must include full information on costs, fees and remuneration, covering both the advised investment and any business introducer partners; omission of these disclosures...
Compliance impact
Non‑compliance with CIF professional obligations on authorised activities, independence, suitability documentation and cost disclosures can lead to six‑figure fines, potential bans from advisory activity, and direct personal sanctions on senior managers.
Marketing Disclosure Obligations MIFID Investment advice Mystery shopping visits to bank branches: the AMF calls on professionals to improve the quality of client questioning and the presentation of fees
Why this matters
AMF mystery shopping campaign findings on banking advisors' compliance with MiFID II requirements regarding client questioning quality, fee presentation, and regulatory documentation. Informational regulatory update reporting on supervisory findings and calling for industry improvements in conduct practices.
Anti-money Laundering Sanctions & settlements Supervision The Autorité des Marchés Financiers publishes a summary of its anti-money laundering and combating the financing of terrorism inspections
AI Analysis
The AMF has published a synthesis of 46 AML/CFT and Automatic Exchange of Information (AEI) inspections conducted between 01 January 2022 and 31 December 2025, which resulted in 16 sanctions, 16 settlements and 16 remedial follow‑up letters. The publication is explicitly positioned as part of the AMF’s 2026 supervisory priorities and its Impact 2027 strategy, and it clearly signals that AML/CFT and AEI failings in the French investment and advisory sector will continue to drive both enforcement and structural remediation.
Key dates
01 January 2022
- Start of the period covered by the AMF’s AML/CFT and AEI inspections synthesis (inspections leading to follow‑up actions)
June 2024
- Creation of the European Anti‑Money Laundering and Countering the Financing of Terrorism Authority (AMLA), with a mandate over financial‑sector AML/CFT supervision and rulemaking
31 December 2025
- End of the review period for inspections and enforcement outcomes included in the synthesis
January 2026
- Transfer at EU level of AML/CFT mandates and functions to AMLA and start of its 2026‑2028 work programme, including completion of the Single Rulebook and supervisory convergence
09 February 2026
- AMLA launches public consultations on draft regulatory technical standards for AML/CFT supervision and data (RTS/ITS), foreshadowing future harmonised requirements
Suggested considerations
Review and comprehensively update AML/CFT written policies and procedures to ensure they are complete, precise and clearly adapted to the firm’s specific activities, products, distribution channels and client profiles.
Redesign AML/CFT risk mapping to be firm‑specific, cover all relevant money laundering and terrorist financing risks, and explicitly link identified risks to the intensity of customer due diligence and transaction monitoring measures applied.
Implement a formalised framework for the oversight of delegates, distributors, service providers and other third parties performing KYC or onboarding tasks, including documented due diligence, contractual obligations, and periodic testing of their AML/CFT controls.
Conduct a gap analysis of client and beneficial owner data collection, storage and updating processes to ensure full traceability of KYC information, including clear documentation of PEP identification and periodic review.
Enhance due diligence procedures for investment and divestment operations involving fund assets, including documented risk assessments and escalation paths for unusual or higher‑risk transactions.
What changed
- The AMF has formalised and publicly communicated its enforcement findings and expectations on AML/CFT and AEI, turning past inspection outcomes into forward‑looking supervisory benchmarks for 2026...
AML/CFT frameworks must move from generic and incomplete documentation to precise, activity‑specific procedures that clearly reflect the firm’s business model, products, distribution channels and...
AML/CFT risk mapping must be personalised, complete, and demonstrably linked to the level and type of customer due diligence and ongoing monitoring applied; purely theoretical or non‑operational risk...
Firms must implement robust oversight and documented supervision of delegates, distributors, service providers and other third parties involved in KYC or onboarding, rather than relying on unverified...
Client, beneficial owner and source‑of‑funds information must be systematically collected, stored, updated and traceable, including clear identification and ongoing review of politically exposed...
Compliance impact
Non‑compliance with the AML/CFT and AEI obligations highlighted by the AMF carries a high risk of formal enforcement, including sanctions, settlements, public reputational damage and increased supervisory attention. Given AMLA’s emerging role and EU‑wide data sharing, persistent deficiencies may also lead to cross‑border supervisory escalation and greater scrutiny from other authorities and counterparties.
Sanctions & settlements professional obligations Other professionals Journalists The AMF Enforcement Committee fines a financial investment advisor and its directors for breaches of their professional obligations
AI Analysis
The AMF Enforcement Committee sanctioned financial investment advisor Kerdiz Finance et Conseil with a €300,000 fine and its directors Anthony Finck and Marc Peuvrier with €75,000 fines each, plus a 5-year ban on advisory activities, for multiple breaches of professional obligations from 2020-2023. This case underscores AMF's strict enforcement against unauthorized product marketing, conflict of interest mismanagement, product governance failures, and AML shortcomings, serving as a warning for advisors to prioritize client best interests and regulatory compliance. It matters because it highlights personal liability for directors and escalating penalties for systemic procedural lapses.
Key dates
1 January 2020
28 June 2023; Period of breaches investigated
1 April 2026
Date of AMF Enforcement Committee decision imposing fines and 5-year ban
Suggested considerations
Immediate review: Audit marketing materials, website, and client communications for accurate authorization claims; cease any unapproved representations.
Enhance procedures: Update conflict of interest policies to fully identify/mitigate risks from promoter ties; implement robust product governance collecting issuer details (e.g., asset managers, depositaries, marketing eligibility in France).
Product due diligence: For all recommended securities/offers, verify French marketing authorization (e.g., AMF registration, prospectus, AIFMD passport); document high-risk features like loss exceeding contributions.
AML/CFT strengthening: Ensure full compliance with due diligence and inspector cooperation; conduct gap analysis against AMF guidelines.
Training and governance: Train directors/staff on personal liability; test procedures via internal audits.
What changed
This is an enforcement decision, not a new regulation, but it reinforces existing AMF requirements under French financial advisor rules (e.g., derived from MiFID II and AIFMD implementations):
Accurate representation: Advisors must not misrepresent authorization status or claim unapproved services like investment services provision.[Source URL:...
Conflict of interest management: Procedures must identify and mitigate risks from commercial/ownership ties (e.g., to Vivat Multitalent group), beyond mere shareholding disclosures.
Product governance: Collect and review product information to ensure investor protection; verify asset managers/depositaries for securities.
Marketing limits: Prohibit advising prohibited securities (e.g., Multitalent AG bonds without French authorization) or high-risk offers like Guyane Agricole exceeding initial contributions.
Compliance impact
Urgency: High – This demonstrates AMF's pattern of heavy fines (€300k+ firm, €75k personal) and long bans (5 years) for procedural failures, with director accountability. It matters amid rising enforcement on unauthorized AIF/alternative product marketing (see related cases), risking similar sanctions for non-EU promotions; firms should prioritize audits now to preempt inspections.
Supervision Asset management Compliance Journalists Investment management companies The Autorité des Marchés Financiers publishes the findings of its SPOT inspections on asset management companies’ compliance and internal control systems
Why this matters
This regulatory update from the AMF focuses on the findings of SPOT inspections on the compliance and internal control systems of asset management companies. It covers key areas such as the organization and resources of the compliance function, control plans, follow-up on recommendations, periodic control, and...
Long term investment Shares ETF Retail investors Journalists The stock market attracted a record number of retail investors in 2025
Why this matters
This regulatory update from the AMF discusses a significant increase in retail investor participation in the French stock market, including a rise in the number of new investors, increased use of European investment service providers, and a trend towards younger investors.
Collective investments Marketing Financial products Other professionals Executive & other private individuals Journalists Investment services providers Investment management companies Listed companies and issuers ...
Why this matters
This regulatory update from the AMF (Autorité des Marchés Financiers) highlights persistent differences in investment behavior and attitudes between women and men, which is relevant for investment management and wealth management firms.
Appointment Institutional Sophia Bennani appointed AMF Director of Inspections
Why this matters
This regulatory update announces the appointment of Sophia Bennani as the new Director of Inspections at the AMF (Autorité des marchés financiers), the French financial markets regulator. This is an institutional change relevant to investment management and wealth management firms that are supervised by the AMF.
Supervision Sustainable Finance Marketing Journalists Investment services providers Investment management companies The AMF publishes the findings of its inspections on the consideration of client sustainability preferences
Why this matters
The article discusses the findings of AMF inspections on how investment services providers are considering client sustainability preferences in their advisory process, which is a new regulatory requirement under MiFID II. This is relevant for asset managers and wealth managers who provide investment advice.
Warning Warning Savings protection Miscellaneous assets The AMF is warning the public against several entities proposing to invest in miscellaneous assets without being authorized to do so
Why this matters
This warning from the AMF relates to entities proposing to invest in miscellaneous assets without proper authorization, which poses risks to consumers and requires urgent attention from relevant financial firms.
Sanctions & settlements professional obligations Journalists Investment management companies Listed companies and issuers AMF Enforcement Committee fines the depositary CACEIS Bank for breaches of its professional obligations
AI Analysis
The AMF Enforcement Committee fined CACEIS Bank €3.5 million and issued a warning on 17 December 2025 for breaches of its professional obligations as depositary for seven French-law UCITS funds managed by H2O AM LLP (later transferred to H2O AM Europe). This decision underscores the AMF's strict enforcement of depositary oversight duties, particularly in verifying fund managers' investment monitoring systems, asset valuations, and compliance with prospectus constraints like issuer limits and security ratings. It matters for compliance teams as it highlights personal accountability risks and potential fines for inadequate due diligence in fund depositary roles, signaling heightened scrutiny amid past H2O fund issues.
Key dates
17 December 2025
- AMF Enforcement Committee decision date: €3.5M fine and warning imposed on CACEIS Bank
Suggested considerations
Conduct gap analysis: Review depositary control frameworks against AMF expectations for verifying AMC investment monitoring, unlisted asset valuations, and prospectus compliance (e.g., 10% issuer limits, ratings).
Enhance oversight processes: Implement robust, documented checks on AMC systems, including independent testing of ratios, legality of investments, and derivatives.
Training and audits: Train staff on UCITS depositary duties; perform internal audits of ongoing fund oversight, prioritizing illiquid/unlisted exposures.
Monitor appeals: Track any CACEIS appeal, as outcomes could set precedents; update policies if upheld.
Reporting: Ensure timely escalation of suspected AMC breaches to AMF if identified.
What changed
This is an enforcement action, not a regulatory change; it reinforces existing obligations under French UCITS rules (transposing UCITS Directive V) for depositaries. Key upheld objections include:
Failure to perform sufficient checks on the asset management company's (AMC) systems for monitoring UCITS investment ratios and valuing unlisted securities.
Inadequate verification of investment decision legality, such as compliance with prospectus limits on debt security ratings, derivative types, and the 10% single-issuer bond exposure cap.
No new...
Compliance impact
Urgency: High - This recent (Dec 2025) decision directly impacts depositaries with €3.5M precedent for oversight failures, amid AMF's pattern of multi-million fines (e.g., €5.67M total in related 2024 case involving CACEIS). It elevates risks for UCITS/AIF depositaries handling non-standard assets, demanding immediate control reviews to avoid personal sanctions, warnings, or business restrictions, especially post-H2O scandal.
Long term investment Shares Artificial intelligence Retail investors Journalists AMF 2025 Barometer: in search of autonomy, many French people turn to artificial intelligence when they want to invest
Why this matters
This regulatory update discusses how French retail investors are increasingly turning to artificial intelligence when making investment decisions, which is relevant for investment managers, wealth managers, and fintech firms that provide AI-powered investment services.
Governance Annual report Executive & other private individuals Journalists Listed companies and issuers The AMF examines the transparency of executive succession plans as part of its 2025 Corporate Governance Report
Why this matters
This regulatory update from the AMF examines the transparency of executive succession plans, which is relevant for banking, investment management, and wealth management firms. It touches on reporting and disclosure requirements as well as senior management and governance topics.
Sustainable Finance MIFID Investment advice Long term investment Other professionals Journalists Investment services providers Investment management companies The ACPR and the AMF present their joint approach helping...
Why this matters
This regulatory update from the ACPR and AMF in France relates to the joint approach they are presenting to help professionals take into account clients' sustainability preferences when providing investment advice. This impacts investment management firms, wealth managers, and banks that provide investment services.
Sanctions & settlements Anti-money Laundering Governance Investment advice Other professionals Journalists Investment services providers The AMF Enforcement Committee fines a financial investment advisor and its two directors a total of €2.5...
AI Analysis
The AMF Enforcement Committee fined financial investment advisor Carat GP €300,000 and its directors Jimmy Guinet (€200,000) and Sébastien Renaud (€2 million) a total of €2.5 million on 5 November 2025, imposing permanent bans on Carat GP and Renaud, and a 10-year ban on Guinet, for breaches including inadequate documentation, failure to act honestly and professionally in clients' interests, AML failures, lack of conflict detection systems, and insufficient cooperation with inspectors. This decision marks the first time the Committee held directors personally liable for breaches, signaling heightened personal accountability for senior managers in French investment firms. It matters as it reinforces AMF's focus on governance, AML, and client protection, with severe sanctions serving as a deterrent amid rising enforcement trends.
Key dates
1 January 2019 to 30 June 2024
- Relevant period of breaches for Carat GP
5 November 2025
- AMF Enforcement Committee decision issued, imposing fines and bans
6 November 2025
- French version of press release published
Suggested considerations
Audit documentation: Ensure all investment advice is fully documented and compliant; implement traceability for proposals.
Strengthen governance: Deploy systems to detect/prevent conflicts, especially manager-led undocumented investments; enforce annual director training.
Enhance AML/CFT: Prohibit personal receipt of client funds; conduct KYC and transaction monitoring.
Improve inspection readiness: Train staff for diligent, honest cooperation with AMF; maintain secure archives.
This is an enforcement action, not a regulatory change, but it clarifies and strengthens application of existing AMF rules for conseillers en investissements financiers (CIFs) under French...
Obligation to act honestly, fairly, and professionally in clients' best interests, including systems to prevent managers exploiting positions for undocumented investments.
AML/CFT compliance, including prohibitions on directors receiving client funds in personal accounts.
Annual training for directors and diligent cooperation with AMF inspections.
Compliance impact
Urgency: High - Recent (November 2025) decision with record €2.5m fines and novel personal director liability elevates risks for CIFs and managers, amid AMF's pattern of escalating sanctions on governance/AML failures (e.g., similar cases in 2019-2025). Firms must act promptly to avoid parallel enforcement, as breaches spanned years and AMF emphasizes educational deterrence through decisions.
Long term investment Savings protection Investing wisely Retail investors Journalists The Autorité des Marchés Financiers is running a new financial education campaign aimed at young investors
Why this matters
This regulatory update from the Autorité des Marchés Financiers (AMF) in France is focused on a new financial education campaign aimed at young investors. This falls under the topics of consumer protection, financial education, and retail investors.
Warning Warning Savings protection The AMF warns the public against fraudulent communications offering investment services impersonating Financière du Nogentais
Why this matters
This is a warning from the AMF (French financial regulator) about fraudulent communications impersonating a specific investment firm, Financière du Nogentais. This impacts investment management and wealth management firms, and relates to consumer protection and authorization/licensing issues.
Europe & international Sanctions & settlements Publication of the annual ESMA Report on Sanctions and Measures for 2024: AMF imposes the highest amounts in Europe
AI Analysis
The ESMA Annual Report on Sanctions and Measures for 2024, published on 16 October 2025, aggregates enforcement data from EEA national competent authorities (NCAs), highlighting that the French AMF imposed the highest total sanctions at €29.4 million—nearly a third of the EEA's €100 million aggregate—primarily under MAR and MiFID II. This matters for compliance professionals as it signals intensified enforcement focus on market abuse and investor protection across Europe, with France leading in both fine amounts and settlement usage, underscoring a trend toward higher penalties and agile resolution mechanisms.
Key dates
16 October 2025
- ESMA publishes second consolidated Annual Sanctions Report for 2024 data
What changed
This is not a new regulation but a retrospective report documenting 2024 enforcement trends; no direct regulatory changes are introduced. Key observations include a significant rise in total fine amounts to over €100 million (from €71 million in 2023) despite stable sanction volumes (975 vs. 976), with MAR (377 sanctions, €45.5 million) and MiFID II/MiFIR (294 sanctions, €44.5 million) dominating. Notable shifts: increased settlement usage (94 agreements for €21.9 million, 22% of total), with AMF at 18% of its penalties via settlements (vs.
Compliance impact
Urgency: medium – This report reinforces existing rules without new requirements, but signals escalating financial penalties (up 40% YoY) and settlement trends, pressuring firms to prioritize MAR/MiFID compliance to avoid outsized AMF-style fines, especially in France or cross-EEA operations. Matters for resource allocation toward surveillance and remediation, as NCAs like AMF demonstrate willingness for multimillion-euro penalties.
Supervision Asset management Governance Journalists Investment management companies The Autorité des Marchés Financiers publishes the findings of its thematic inspections on governance and role of senior managers at asset management companies
Why this matters
This regulatory update from the AMF focuses on thematic inspections related to governance and the role of senior managers at asset management companies, which are relevant for investment management and wealth management firms.
Savings protection Warning Retail investors Journalists Listed companies and issuers AMF announces resumption of trading in Mexedia shares
Why this matters
This regulatory update from the AMF (French financial markets regulator) announces the resumption of trading in Mexedia shares, which is relevant for banking, capital markets, and wealth management firms.
Warning Identity theft The Autorité des marchés financiers (AMF) is warning professionals about the extensive fraudulent and malicious use of its name engaging people into running a malicious computer program.
Why this matters
This warning from the AMF relates to the fraudulent and malicious use of its name to engage people into running malicious computer programs, which poses significant risks around financial crime, consumer protection, and operational resilience for a range of financial firms.
Long term investment Sustainable Finance Retail investors Journalists Investment management companies Listed companies and issuers Sustainable finance: retail investors have higher expectations of their financial advisors
Why this matters
This regulatory update discusses how retail investors have higher expectations of their financial advisors when it comes to sustainable finance. This impacts investment management firms, wealth managers, and banks that provide advisory services to retail clients.
Warning Savings protection Warning The AMF warns the public about group chats providing tips on shares
Why this matters
This warning from the AMF is targeted at retail investors participating in group chats that provide investment tips, which could constitute market abuse and unauthorized investment advice. It is relevant for asset managers, wealth managers, and broker-dealers that serve retail clients.
Supervision Other professionals Fintech Market Infrastructures Professional investors Journalists Investment management companies Listed companies and issuers European supervision of capital markets: the AMF calls for an enhanced...
Why this matters
This regulatory update from the AMF discusses the European supervision of capital markets, calling for an enhanced role for ESMA to promote a Savings and Investments Union. This impacts investment management firms, wealth managers, banks, and fintechs operating in the European capital markets.
Savings protection Withdrawal of KOREGRAF's authorisation as a crowdfunding service provider
Why this matters
This regulatory update relates to the withdrawal of authorization for a crowdfunding service provider, which impacts firms in the banking, investment management, and wealth management sectors. It involves topics of authorization/licensing and consumer protection.
Warning Warning Miscellaneous assets Savings protection The AMF is warning the public against several entities proposing to invest in miscellaneous assets without being authorized to do so
Why this matters
This warning from the AMF relates to entities proposing to invest in miscellaneous assets without proper authorization, which poses risks to consumers and their savings. It is relevant for investment managers, wealth managers, and broker-dealers that may be involved in such activities.
Shares ETF Retail investor activity in equities at its highest since 2020
Why this matters
This regulatory update discusses increased retail investor activity in equities, which is relevant for capital markets, investment management, and wealth management firms. The topics covered include consumer protection, market abuse, and reporting requirements.
Asset management Marketing PRIIPs The AMF reminds distributors of their requirements regarding marketing of investment fund
Why this matters
This regulatory update from the AMF (French financial markets regulator) is relevant for investment fund distributors, including asset managers and wealth managers, as it reminds them of their requirements regarding the marketing of investment funds.
Long term investment Equity Retail investors Journalists Investment services providers Investment management companies Listed companies and issuers French retail investor stock market activity: the AMF analyses changes in behaviour between...
Why this matters
This regulatory update from the AMF (French financial markets regulator) analyzes changes in behavior between women and men in French retail investor stock market activity.
Asset management Collective investments Savings protection Crowdfunding: the AMF urges investors to exercise extreme caution due to the risks of project owner default or crowdfunding platform failure
Why this matters
This regulatory update from the AMF (Autorité des Marchés Financiers) in France warns investors about the risks of crowdfunding, including the potential for project owner default and crowdfunding platform failure.
Supervision Professional certification Asset management Journalists Investment management companies The AMF publishes the findings of its inspections on the verification and assessment of employee knowledge within asset management companies
Why this matters
This regulatory update from the AMF focuses on inspections related to the verification and assessment of employee knowledge within asset management companies. This is relevant for investment management and wealth management firms, as it relates to consumer protection, licensing, and governance requirements.
This regulatory update discusses increased retail investor activity, which impacts investment management firms, capital markets, and wealth management firms. The key topics covered are consumer protection, market abuse, and reporting requirements for these types of firms.
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
Why this matters
This regulatory update is relevant to listed companies, particularly those in the banking, investment management, and wealth management sectors. It addresses gender balance on boards, which is an important ESG and governance consideration.
This regulatory update from the AMF discusses the continued downward trend in financial investment fees, which is relevant for investment management firms, wealth managers, and banks that offer investment products. The topics covered include consumer protection, reporting and disclosure, and prudential requirements.
Cooperation Europe & international The AMF applies the joint guidelines issued by the European Supervisory Authorities to facilitate the exchange of information between National Competent Authorities
Why this matters
This regulatory update from the AMF applies joint guidelines issued by European Supervisory Authorities to facilitate information exchange between national competent authorities.
Asset management Individual investment mandate Fees: the AMF updates its doctrine following the announcement of the abolition of transaction fees in situations of discretionary management
Why this matters
This regulatory update from the AMF relates to changes in the doctrine around transaction fees for discretionary asset management, which impacts investment managers and wealth managers.
Marketing Investment advice The AMF reminds financial investment advisors of their professional obligations when using financial product listing platforms
Why this matters
This regulatory update from the AMF is relevant for financial investment advisors, particularly those using financial product listing platforms. It focuses on their professional obligations around consumer protection and licensing requirements.
Employee savings scheme Retail investors Journalists Employee savings: employees and firms are genuinely satisfied, but there is still a great need for support and education
Why this matters
This regulatory update discusses employee savings schemes, which are relevant to banking, investment management, and wealth management firms. The key topics covered are consumer protection, reporting and disclosure requirements, and licensing/authorization for firms offering these products.
Asset management Journalists Investment management companies The AMF introduces a fast-track approval procedure for “defence” investment funds
Why this matters
This regulatory update introduces a fast-track approval procedure for 'defence' investment funds, which is relevant for asset managers and wealth managers operating investment funds. It touches on authorization and licensing requirements as well as consumer protection considerations.
Employee savings scheme Employee savings: a high level of satisfaction but a persistent need for support
Why this matters
This regulatory update discusses employee savings schemes, which are relevant to banking, investment management, and wealth management firms. The key topics covered are consumer protection, reporting and disclosure requirements, and licensing/authorization.
Markets Europe & international Other professionals Journalists Investment services providers The AMF calls on the European Commission for an ambitious strategy on the Savings and Investments Union project
Why this matters
This regulatory update from the AMF calls on the European Commission to develop an ambitious strategy for the Savings and Investments Union project, which is relevant for investment management firms, wealth managers, and banks that offer investment and savings products.
Asset management Publication of the 2023 asset management key figures report
Why this matters
This regulatory update relates to the publication of the 2023 asset management key figures report, which is relevant for investment management and wealth management firms. The key topics covered are reporting and disclosure requirements, as well as authorization and licensing for these types of firms.
Supervision Asset management Collective investments UCIT Other professionals Journalists Investment services providers Investment management companies The AMF publishes the findings of its thematic inspections of asset management...
Why this matters
This regulatory update from the AMF (French financial markets regulator) focuses on thematic inspections of asset management companies' monitoring of fund investment ratios, compensation, and claims.
Asset management The Autorité des Marchés Financiers (AMF) has published an analysis of the performance of the French real estate crowdfunding market, based on data collected from the 10 largest platforms in terms of inflows.
Why this matters
This regulatory update from the AMF analyzes the performance of the French real estate crowdfunding market, which is relevant for investment managers, wealth managers, and fintech firms operating in this space.
Shares ETF ETFs: strong growth for retail investors in 2024
Why this matters
This news article discusses the strong growth of ETFs for retail investors in 2024, which is relevant for investment management firms, wealth managers, and broker-dealers. It touches on consumer protection, ESG, and technology/cyber topics.
Asset management Marketing Publication of the first study on the performance of unlisted financial asset funds aimed at non-professional clients
Why this matters
This regulatory update is related to the performance of unlisted financial asset funds aimed at non-professional clients, which falls under the investment management and wealth management sectors. The key topics covered are consumer protection and reporting/disclosure requirements for these types of funds.
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)
Why this matters
This regulatory update from the AMF applies the Joint Guidelines on oversight cooperation and information exchange under the Digital Operational Resilience Act (DORA), which is relevant for banking, investment management, and wealth management firms in terms of operational resilience and technology/cyber risk...
Long term investment Shares Collective investments AMF 2024 Barometer: French equity investment intentions remain high
Why this matters
This regulatory update from the AMF (French financial markets regulator) discusses the results of the AMF 2024 Barometer, which indicates that French investors' intentions to invest in equities remain high.
Warning Savings protection Warning Forex and binary options The AMF warns the public about the fraudulent Forex investment offering on the LIVAXXEN trading platform
Why this matters
This regulatory update from the AMF warns the public about a fraudulent Forex investment offering, which falls under the banking, investment management, and wealth management sectors. The key topics covered are consumer protection, authorization and licensing, and market abuse.
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.
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.
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.
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.
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.
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.
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...
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.
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.
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.
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 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Supervision Marketing MIFID Journalists Investment services providers Investment management companies AMF calls on investment services providers to take account of the specific nature of temporary ownership dismemberment when marketing SCPI units
Why this matters
This regulatory update from the AMF (French financial markets authority) is focused on investment services providers and investment management companies marketing SCPI (real estate investment trust) units.
Investment advice Asset management Definition of investment advice: AMF updates its doctrine
Why this matters
This regulatory update from the AMF (French financial markets authority) relates to the definition of investment advice, which is relevant for asset managers and wealth managers. It covers consumer protection and licensing/authorization topics.
Sustainable Finance Periodic & ongoing disclosures Journalists Listed companies and issuers AMF publishes an educational guide on companies’ climate transition plans prepared by its Climate and Sustainable Finance Commission
Why this matters
This regulatory update from the AMF provides an educational guide on companies' climate transition plans, which is relevant for investment managers, wealth managers, and listed companies in terms of ESG and sustainability reporting and disclosure requirements.
Periodic & ongoing disclosures Sustainable Finance Consequences from 2024 of the transposition of the CSRD for large listed companies
Why this matters
This regulatory update is relevant for large listed companies, particularly those in the capital markets, investment management, and wealth management sectors. It discusses the consequences of the transposition of the Corporate Sustainability Reporting Directive (CSRD), which will impact reporting and disclosure...
Supervision Investment services Journalists Investment services providers AMF encourages investment services providers to strengthen their procedures for handling client complaints
Why this matters
This regulatory update from the AMF focuses on investment services providers strengthening their procedures for handling client complaints, which impacts firms in the investment management, wealth management, and capital markets sectors.
Innovation MIFID The AMF reminds investment firms of the rules for identifying retail investors when reporting transactions
Why this matters
This regulatory update from the AMF (Autorité des Marchés Financiers) is relevant for investment firms that need to identify retail investors when reporting transactions.
AMF activity Institutional Journalists Astrid Milsan will act as Secretary General of the AMF until 15 April 2024
Why this matters
This is an announcement about a change in leadership at the AMF, the French financial markets regulator. It is relevant for banks, asset managers, and wealth managers operating in France as they will interact with the AMF and its new Secretary General.
Warning Savings protection Financial Scams Warning The AMF warns the public about fraudulent press advertisements proposing investments in car parks with electric charging points
Why this matters
This warning from the AMF relates to fraudulent investment schemes targeting the public, which poses risks to consumers and could involve financial crime. It is relevant for banks, wealth managers, and fintech firms that offer investment products or services.
Sanctions & settlements Disclosure Obligations Journalists Listed companies and issuers The AMF Enforcement Committee fines seven people, four for price manipulation and three for failing to comply with reporting obligations
Why this matters
I cannot provide the comprehensive compliance analysis you've requested because the specific AMF enforcement publication you referenced is not included in the search results provided.
Asset management Entry into force of the revised European Long-Term Investment Fund Regulation (ELTIF 2) - AMF clarifies fund authorisation requirements
Why this matters
This regulatory update from the AMF provides information on the entry into force of the revised European Long-Term Investment Fund Regulation (ELTIF 2), which impacts asset managers and wealth managers authorizing and operating ELTIF funds. The update also covers ESG/sustainability requirements related to ELTIF funds.
Sanctions & settlements professional obligations Other professionals Journalists AMF Enforcement Committee fines a financial investment advisor and its director for breach of professional obligations
AI Analysis
The AMF Enforcement Committee imposed sanctions on SPI (a financial investment advisor) and its director Vincent Rhodes on 9 January 2024 for breaching professional obligations. This case demonstrates the AMF's enforcement priorities regarding advisor conduct standards and establishes precedent for disciplinary action against both firms and individual managers who fail to meet regulatory requirements.
Key dates
9 January 2024
- AMF Enforcement Committee decision imposing sanctions on SPI and Vincent Rhodes
Immediate effect
- 2-year temporary ban on both respondents from exercising financial investment advisor activities commenced following the decision
Suggested considerations
*For Financial Investment Advisors:
*Review compliance frameworks - Audit existing policies and procedures against the professional obligations that triggered this enforcement action
*Enhance governance controls - Implement systems to ensure directors and senior management comply with regulatory requirements
*Document compliance - Maintain records demonstrating adherence to professional conduct standards
*Staff training - Ensure all personnel understand the scope of professional obligations and consequences of breach
What changed
The decision does not introduce new regulatory requirements but rather clarifies enforcement of existing professional obligations for financial investment advisors.
Comply with all applicable laws and regulations governing financial investment advisory activities
Maintain professional standards in their dealings with clients and regulators
Ensure their directors and managers operate within regulatory boundaries
The enforcement action reflects the AMF's interpretation and application of existing professional conduct standards rather...
Warning Identity theft Savings protection Warning The Autorité des marchés financiers (AMF) is warning professionals about the extensive fraudulent and malicious use of its name, with links to various websites that could trick people into running a malicious computer program
Why this matters
This regulatory update from the AMF warns about the fraudulent and malicious use of its name, which could lead to people running malicious computer programs. This poses a significant risk to consumers and financial firms, requiring a high level of urgency.
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.
Long term investment Collective investments Shares Retail investors Journalists Equity investment: intentions on the rise again, driven by young people
Why this matters
This regulatory update discusses a rise in equity investment intentions, particularly among young people. This is relevant for investment management firms, wealth managers, and broker-dealers that serve retail investors.
Sanctions & settlements professional obligations Investment advice Other professionals Journalists AMF Enforcement Committee fines a financial investment advisor and its director for breach of professional obligations
AI Analysis
The AMF Enforcement Committee imposed a five-year ban on financial investment advisor DCT (formerly Didier Maurin Finance) and its director Didier Maurin from practicing, plus fines of €150,000 on the firm and €200,000 on the director, for recommending unauthorized Samoan AIF investments to 64 clients, failing to manage conflicts of interest (e.g., no conflicts register), and breaching duties of competence, care, and diligence in clients' best interests. This matters as it reinforces AMF's strict enforcement on CIFs (Conseillers en Investissements Financiers) for product authorization checks, conflicts management, and client-centric obligations under MiFID II transposition in France, signaling heightened scrutiny on advisory integrity amid rising sanctions. The Conseil d'Etat upheld the decision on 9 September 2024, dismissing appeals and confirming sanctions.
Key dates
11 April 2022
- AMF Enforcement Committee decision imposing bans and fines
9 September 2024
- Conseil d'Etat judgment (no. 464877) dismissing appeals, upholding sanctions, and ordering €1,500 costs each to AMF
Suggested considerations
Immediate audit: Review client portfolios for unauthorized products (e.g., non-EU AIFs); cease recommendations and notify/remediate affected clients.
Conflicts policy enhancement: Implement/maintain a conflicts of interest register; map all potential conflicts (e.g., personal investments, commissions); test procedures annually with scenarios.
Training and documentation: Mandatory staff training on product authorization checks (e.g., via AMF registers); document all advice with diligence evidence; update compliance manuals per AMF DOC-2017-15.
Monitoring: Enhance pre-approval workflows for recommendations; report material breaches to AMF under Article L.621-18 of Monetary and Financial Code.
Director accountability: Senior managers must evidence personal oversight of compliance.
What changed
This is an enforcement decision, not a new regulation, but it clarifies and reinforces existing requirements for CIFs:
Product marketing authorization: CIFs must verify that recommended investments (e.g., AIFs) are authorized for sale in France before advising clients; recommending unauthorized products breaches...
Conflicts of interest management: CIFs must maintain an effective conflicts register, identify risks (e.g., personal benefits), and implement operational procedures; absence or failure constitutes a...
No aggravating factor for incomplete disclosures on unauthorized products absent specific rules, but core diligence duty remains absolute.
These align with AMF Position-Recommendation DOC-2017-15 on...
Compliance impact
Urgency: High - This upheld decision (post-2024 appeal) exemplifies AMF's pattern of escalating fines/bans on CIFs for conduct failures (e.g., €2.5M on Carat GP in 2025; €120K-€150K on Capexis upheld 2025), amid 2024-2025 enforcement wave on professional obligations. Matters for CIFs as it heightens personal liability for directors, risks business bans, and underscores client-best-interest primacy; non-EU product exposure amplifies fines in cross-border contexts.
Supervision Asset management Journalists Investment management companies The AMF publishes summary of third thematic inspection of asset management companies' cybersecurity systems
Why this matters
This regulatory update from the AMF focuses on the cybersecurity systems of asset management companies, which is relevant for investment management and wealth management firms. The topics covered include operational resilience and technology/cyber risk, which are high priority areas for these types of firms.
Asset management UCIT Collective investments The AMF updates its policy on disclosures by collective investment schemes incorporating non-financial methods
Why this matters
This regulatory update from the AMF focuses on disclosure requirements for collective investment schemes that incorporate non-financial methods, which is relevant for asset managers and wealth managers.
Asset management Requirements for investment committees and the affiliation of fund managers of asset management companies: the AMF updates its policy
Why this matters
This regulatory update from the AMF (French financial markets authority) focuses on requirements for investment committees and the affiliation of fund managers at asset management companies. It is relevant for asset managers and impacts their governance and licensing/authorization.
Governance Periodic & ongoing disclosures Journalists Listed companies and issuers AMF proposes enhanced investor information when evaluating boards of listed companies
Why this matters
This regulatory update from the AMF proposes enhanced investor information requirements for evaluating the boards of listed companies. This impacts capital markets, wealth management, and investment management firms that are subject to these disclosure rules.
Long term investment Risk and Trend Mapping Retail investors Professional investors Journalists Investment management companies Listed companies and issuers Gamification tends to increase investment risk-taking, according to behavioural...
Why this matters
This regulatory update discusses the impact of gamification on investment risk-taking behavior, which is relevant for investment management firms, wealth managers, and broker-dealers that serve retail investors.
Long term investment Equity Journalists Investment services providers Investment management companies Listed companies and issuers An OECD study for the AMF profiles new French retail investors
Why this matters
This regulatory update profiles new French retail investors, which is relevant for investment management firms, wealth managers, and broker-dealers that serve this client segment. The topics covered include consumer protection, reporting and disclosure, and licensing requirements.
Marketing Savings protection Retail investors Professional investors Journalists The ACPR and AMF encourage financial institutions to continue their efforts to take account of the vulnerability of ageing clients
Why this matters
This regulatory update from the ACPR and AMF encourages financial institutions to consider the vulnerability of aging clients, which impacts consumer protection, operational resilience, and governance. It is relevant for banks, wealth managers, and the broader financial industry.
Supervision Asset management Compliance Journalists Investment management companies Regulatory reporting by asset management companies: the AMF calls for greater diligence
Why this matters
This regulatory update from the AMF focuses on reporting and compliance requirements for asset management companies, indicating a medium level of urgency for this sector.
Cooperation AMF Chair Marie-Anne Barbat-Layani meets with ASIC Chair Joseph Longo
Why this matters
This regulatory update discusses a meeting between the chairs of the AMF and ASIC, the financial regulators of France and Australia respectively. This indicates cooperation and dialogue between regulators, which is relevant for firms operating in the banking, investment management, and wealth management sectors across...
Fees Savings protection Other professionals Retail investors Journalists Investment services providers The AMF ensures that retail investors are properly informed on fees of financial products
Why this matters
This regulatory update from the AMF focuses on ensuring retail investors are properly informed about the fees of financial products, which impacts investment management firms, wealth managers, and banks that offer these products.
Warning Warning Savings protection 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 unauthorized firms offering atypical investments, which poses risks to consumers and requires regulatory action.
Asset management Investment advice Regime applicable to financial investment advisers: update of Position-Recommendation DOC-2006-23
Why this matters
This regulatory update from the AMF relates to the regime applicable to financial investment advisers, which impacts asset managers and wealth managers. It covers consumer protection and licensing/authorization requirements.
Sanctions & settlements professional obligations Journalists The AMF Enforcement Committee fines the Association Nationale des Conseillers Financiers-CIF for breaches of its professional obligations
AI Analysis
The AMF Enforcement Committee fined the Association Nationale des Conseillers Financiers-CIF (ANACOFI-CIF), a professional association approved for investment advisors (CIFs), €250,000 with a warning, and its former president €20,000 with a warning, for breaching professional obligations in membership vetting, controls, archiving, and conflicts of interest management. This decision, dated September 5, 2023, underscores AMF's scrutiny of professional associations' gatekeeping and oversight roles in ensuring CIF compliance. It matters as it signals heightened enforcement against associations failing to uphold regulatory standards, potentially impacting CIF ecosystem integrity and prompting reviews of similar bodies.
Key dates
June 2, 2023
- AMF Sanctions Commission hearing where €500,000 sanction was initially sought (reduced in final decision)
September 5, 2023
- AMF Sanctions Commission decision issued, imposing fines and warnings on ANACOFI-CIF (€250,000) and M. Patrick Galtier (€20,000)
Post
September 5, 2023; - Decision subject to potential recourse (appeal period not specified in public summaries, typically 1 month under AMF procedures)
Suggested considerations
Review and strengthen internal procedures for CIF membership vetting, ensuring dossier quality checks align with approved protocols.
Implement robust systems for member controls, sanctions processes, and secure archiving of all dossiers per CMF L.541-8 requirements.
Update conflicts of interest policies and registers to fully comply with internal rules and CMF obligations, documenting all identifications.
Conduct gap analyses on governance, documentation, and AML/KYC for CIF activities, training staff on operationalizing procedures.
For CIF members: Verify personal compliance with association standards to mitigate contagion risks from association sanctions.
What changed
This is an enforcement action, not a new regulation, but it reinforces existing obligations under French Monetary and Financial Code (CMF) for approved professional associations like ANACOFI-CIF.
Failure to verify quality of CIF membership application dossiers and non-compliance with internal adhesion procedures.
Non-respect of procedures for member controls, sanctions, and proper archiving of control dossiers.
Violation of internal rules on conflicts of interest management.
No new requirements were introduced; the case reiterates enforcement of CMF Articles L.541-8 and L.541-8-1 on documentation,...
Compliance impact
Urgency: Medium - This 2023 decision is not imminent but remains highly relevant given ongoing AMF focus on CIF compliance (e.g., 2025 sanctions for similar breaches like archiving and AML failures). It matters for preventing fines, bans, or reputational damage, as AMF targets systemic weaknesses in associations and CIFs, amplifying risks for non-compliant entities in a post-MiFID II enforcement environment.
Investment services Investment service: amendment of the French definition of reception and transmission of orders
Why this matters
This regulatory update amends the French definition of reception and transmission of orders, which is a core investment service. This impacts investment managers, brokers, and wealth managers who provide this service. The changes relate to authorization, reporting, and consumer protection requirements.
Institutional AMF activity Journalists The AMF pays tribute to Jacques Delmas-Marsalet
Why this matters
This regulatory update from the AMF (Autorité des Marchés Financiers) pays tribute to Jacques Delmas-Marsalet, which is likely related to his role and contributions in the financial services industry, particularly in the banking, investment management, and wealth management sectors.
Collective investments Asset management The AMF updates its policy on the information to be provided by collective investment schemes incorporating non-financial approaches
Why this matters
This regulatory update from the AMF focuses on the information requirements for collective investment schemes that incorporate non-financial approaches, such as ESG factors.
Anti-money Laundering Asset management Anti-money laundering and combating the financing of terrorism: the AMF applies the guidelines of the European Banking Authority
Why this matters
This regulatory update from the AMF applies guidelines from the European Banking Authority related to anti-money laundering and combating the financing of terrorism, which is relevant for banking, investment management, and wealth management firms.
Regulatory developments Post-trading infrastructures Market infrastructures Central counterparties’ recovery and resolution: AMF complies with ESMA guidelines
Why this matters
This regulatory update from the AMF relates to central counterparties' recovery and resolution, which is relevant for capital markets, investment management, and wealth management firms that interact with central counterparties.
Long term investment Equity Retail investors Journalists Close to 40% of new equity investors are under 35
Why this matters
This regulatory update discusses trends in equity investing, particularly the growing participation of younger investors. This information is relevant for investment managers, wealth managers, and broker-dealers who serve retail investors.
Professional certification Sustainable Finance The AMF updates its instructions on AMF certification and the sustainable finance module
Why this matters
This regulatory update from the AMF relates to changes in certification requirements and a new sustainable finance module, which is relevant for investment managers, wealth managers, and the broader financial industry.
Long term investment Sustainable Finance Collective investments Retail investors Journalists Sustainable investment: growing interest among French people, especially the youngest
Why this matters
This regulatory update discusses growing interest in sustainable investment among French people, especially the younger generation. This is relevant for investment managers, wealth managers, and the broader financial industry as it indicates increasing demand for sustainable investment products and services.
Innovation Savings protection AMF activity The AMF reinforces the visibility of its blacklists through Open Data
Why this matters
This regulatory update from the AMF (French financial markets authority) relates to the reinforcement of the visibility of its blacklists through open data. This impacts firms in the banking, investment management and wealth management sectors, particularly around consumer protection, reporting requirements and...
Warning Warning Savings protection Miscellaneous assets The AMF warns the public against companies proposing atypical investments without being authorised to do so
Why this matters
This warning from the AMF is directed at companies offering atypical investments without proper authorization, which poses risks to consumers and requires prompt action by regulators.
Supervision Asset management Journalists Investment management companies The AMF examines the systems for valuation of the less liquid assets of UCITS and AIFs
Why this matters
This regulatory update from the AMF examines the valuation systems for less liquid assets held by UCITS and AIFs, which are relevant for investment management and wealth management firms. It touches on prudential and operational resilience considerations around asset valuation.
Annual report Institutional Strategy AMF activity Retail investors Post-trade Infrastructures Journalists Investment management companies Listed companies and issuers Impact 2027: six main strategic guidelines for...
Why this matters
This regulatory update from the AMF covers strategic guidelines for 2023-2027 that impact investment management companies, wealth managers, and banks. The key focus areas are consumer protection, ESG/sustainability, and reporting/disclosure requirements.
Sanctions & settlements Journalists Investment services providers By two decisions, the AMF Enforcement Committee fines two investment services providers for breaches of their professional obligations
AI Analysis
The AMF Enforcement Committee issued two decisions on 19 June 2023 fining Crédit Industriel et Commercial (€1 million) and Banque CIC Sud-Ouest (€250,000) for breaches of professional obligations in investment advisory services, including inadequate suitability assessments, client classification procedures, marketing of unsuitable instruments, and insufficient controls on costs and fees. This matters because it underscores AMF's strict enforcement of MiFID II-derived obligations, signaling heightened scrutiny on operational systems for client protection and potential for substantial fines based on breach duration and scale.
Key dates
19 June 2023
- AMF Enforcement Committee decisions issued, imposing fines and warnings
Suggested considerations
Conduct immediate gap analysis of investment advisory processes against AMF expectations for suitability assessments, client classification, product matching, and control systems.
Enhance traceability and documentation of suitability checks, client categorizations, and cost disclosures to demonstrate operational effectiveness.
Review and strengthen internal procedures for marketing instruments, ensuring alignment with client profiles and regulatory marketing authorizations (cross-reference to similar past cases).
Implement or audit remedial measures, as considered in fine calculations, including staff training on professional obligations.
Test controls for providing clear cost information to clients, avoiding misleading disclosures.
What changed
This is an enforcement action rather than new legislation, but it reinforces existing regulatory requirements under French Monetary and Financial Code and MiFID II transposition:
Obligation to implement an effective operational system for assessing investment suitability in advisory services.
Requirement for compliant client classification procedures aligned with regulations.
Duty to market only financial instruments suited to client profiles.
Mandate for effective control systems over investment advisory activities.
Compliance impact
Urgency: High – Demonstrates AMF's willingness to impose multimillion-euro fines for systemic operational failures in core client protection areas, with penalties scaled by breach duration, number, and seriousness; firms with advisory services face elevated risk of audits or enforcement if controls are deficient.
Asset management Employee savings funds: the AMF amends its policy on the simplified integration of liquidity management tools
Why this matters
This regulatory update from the AMF (French financial markets authority) amends its policy on the simplified integration of liquidity management tools for employee savings funds, which are investment vehicles for employee retirement savings.
Supervision Asset management Sustainable Finance Journalists Investment management companies The AMF publishes a summary on the internal processes that aim to ensure compliance with non-financial contractual commitments by asset management companies of ESG/SRI funds
Why this matters
This regulatory update from the AMF (French financial markets authority) focuses on the internal processes that asset management companies must have in place to ensure compliance with the non-financial commitments of their ESG/SRI funds.
Mediation Annual report Retail investors Journalists Investment services providers Investment management companies Listed companies and issuers The AMF Ombudsman publishes her 2022 Annual Report
Why this matters
This regulatory update from the AMF Ombudsman covers topics related to investment services, investment management, and listed companies. It is an informational annual report, so the urgency is low.
Asset management Sustainable Finance Organisational rules Reporting under Article 29 of the Energy-Climate Law: the AMF updates its policy on how to prepare and submit reports
Why this matters
This regulatory update from the AMF relates to reporting requirements under Article 29 of the Energy-Climate Law, which impacts investment management and wealth management firms. The update provides guidance on how to prepare and submit these reports, which is relevant for ESG and sustainability reporting.
Savings protection Equity Savings Plan Shares Long term investment Retail investors Journalists Investment services providers Listed companies and issuers Equity savings plans : the AMF working group proposes avenues for...
Why this matters
This regulatory update from the AMF (Autorité des Marchés Financiers) in France focuses on proposed improvements to equity savings plans, which are investment products targeted at retail investors.
Supervision MIFID Financial services providers Other professionals Journalists Investment services providers Provision of market data: the AMF conducts a series of SPOT inspections and identifies shortcomings in compliance with requirements
Why this matters
The regulatory update indicates that the AMF conducted inspections and identified shortcomings in compliance with market data requirements, which impacts investment management firms, broker-dealers, and wealth managers that provide market data services. This requires medium urgency attention to ensure compliance.
Collective investments Shares The AMF presents its proposals to improve the readability of financial product fees in European law
AI Analysis
The Autorité des Marchés Financiers (AMF, France's financial markets authority) has proposed a new table for presenting subscription fees on financial instruments and an accompanying glossary to enhance investor readability and comparability, developed in collaboration with the Financial Sector Consultative Committee (FSCC) as input to the European Commission's Retail Investment Strategy. This matters because it targets reconciling MiFID 2 and PRIIPs disclosure requirements, which currently hinder clear fee communication, potentially influencing future EU-level amendments to improve retail investor protection without imposing new obligations.
Suggested considerations
Monitor and Respond: Review the proposed table and draft glossary (available in French); consider submitting feedback via FSCC or directly to European Commission consultations on Retail Investment Strategy.
Internal Review: Assess current MiFID 2/PRIIPs fee disclosures for compatibility with the proposed format; prepare for potential regulatory evolution by mapping existing presentations to the new table.
Testing and Training: Evaluate glossary integration into client communications; conduct internal consumer testing aligned with AMF tools if adopting early.
No immediate obligations, as this is a non-binding proposal requiring EU law changes.
What changed
- Alternative Fee Presentation Table: A proposed redesigned table for displaying costs associated with subscribing to financial instruments, emphasizing investor understanding rather than adding a...
Glossary of Terms: A harmonized glossary defining key fee types, tested with non-professional investors using AMF consumer testing tools, to standardize terminology across professionals and aid...
No changes to fee calculation methodologies; focus is solely on presentation and terminology.
Compliance impact
Urgency: Medium – This is a consultative proposal without firm deadlines or binding rules, but it signals likely EU-level shifts in fee disclosure under MiFID 2/PRIIPs, impacting retail investor-facing firms. It matters for proactive compliance, as early adoption of clearer formats could mitigate future enforcement risks amid Retail Investment Strategy scrutiny, especially given AMF's history of fee doctrine updates (e.g., turnover fee bans).
Employee savings scheme Long term investment Collective investments Retail investors Professional investors Journalists Employee savings: a sharp increase in awareness and ownership of employee savings schemes; support for employees and company managers...
Why this matters
This regulatory update discusses trends in employee savings schemes, including increased awareness and ownership. It is relevant for investment managers, wealth managers, and all firms that offer or manage employee savings products.
Long term investment Equity Retail investors Professional investors Journalists The AMF has produced the standard profile of active investors in 2022
Why this matters
This regulatory update from the AMF provides information on the standard profile of active investors in 2022, which is relevant for investment management firms, wealth managers, and broker-dealers that serve retail and professional investors.
Sustainable Finance Publication by the Climate and Sustainable Finance Commission: climate resolutions
Why this matters
This regulatory update from the AMF's Climate and Sustainable Finance Commission relates to climate resolutions, which is relevant for banking, investment management, and wealth management firms from an ESG and disclosure perspective.
MIFID Supervision Retail investors Journalists Mystery shopping campaign to bank branches: progress made in the questioning to client, improvements needed in the information provided
Why this matters
This regulatory update from the AMF focuses on a mystery shopping campaign to bank branches, which is relevant for banking, investment management, and wealth management firms. The key topics covered are consumer protection, reporting and disclosure requirements, and authorization and licensing.
Warning Warning Savings protection Forex and binary options The AMF warns the public about fraudulent investment offers through trading robots
Why this matters
This regulatory update from the AMF warns the public about fraudulent investment offers through trading robots, which impacts firms in the banking, investment management, and wealth management sectors. It relates to consumer protection, authorization and licensing requirements, and technology/cyber risks.
AMF activity Asset management Contributions payable to the AMF: a new complaints form for a more effective follow-up
Why this matters
This regulatory update from the AMF relates to a new complaints form for contributions payable to the AMF, which impacts asset managers and wealth managers in the investment management and wealth management sectors. It is focused on consumer protection and reporting/disclosure requirements.
Innovation Markets AI enthusiasts, the AMF challenges you
Why this matters
This regulatory update from the AMF (Autorité des Marchés Financiers) in France is focused on innovation and AI in the financial services sector, particularly targeting asset managers, wealth managers, and fintech firms. The key topics covered include technology/cyber, authorization/licensing, and consumer protection.
Asset management Anti-money Laundering Anti-money laundering and combating the financing of terrorism: the AMF applies the guidelines of the European Banking Authority
Why this matters
This regulatory update from the AMF applies guidelines from the European Banking Authority related to anti-money laundering and combating the financing of terrorism, which is relevant for investment managers, banks, and wealth managers.
Asset management Anti-money Laundering Money Laundering and Terrorist Financing: update of the COLB’s National Risk Assessment
Why this matters
This regulatory update from the AMF focuses on the national risk assessment for money laundering and terrorist financing, which is relevant for investment management and wealth management firms that need to comply with AML/CFT requirements.
Sanctions & settlements professional obligations Investment advice Other professionals Journalists The AMF Enforcement Committee fines a financial investment advisor for breaches of its professional obligations
AI Analysis
The AMF Enforcement Committee fined financial investment advisor Capexis €120,000 on 15 February 2023 for breaches including receiving prohibited payments from client loan repayments and failing to disclose commissions from SCPI usufruct subscriptions, with the Conseil d'Etat later increasing the fine to €150,000 on 3 March 2025. This enforcement action underscores AMF's strict oversight of **financial investment advisors (Conseillers en Investissements Financiers - CIFs)** on professional obligations like payment restrictions and transparency. It matters for compliance as it highlights personal liability risks and the educational role of such decisions in clarifying regulations.
Key dates
15 February 2023
- AMF Enforcement Committee decision imposing €120,000 fine on Capexis
3 March 2025
- Conseil d'Etat judgment increasing fine to €150,000, overturning some findings, and ordering publication on AMF website
Suggested considerations
Review payment structures: Audit all client interactions for prohibited receipts (e.g., loan repayments, indirect commissions); ensure only advisory fees are collected.
Enhance disclosure policies: Implement mandatory client notifications on commissions, including SCPI or similar structures, with documented evidence.
Conduct gap analysis: Assess compliance with best interests duty, conflict identification, and product authorization; maintain registers and procedures.
Training and monitoring: Train staff on CIF obligations; monitor for similar breaches in fund marketing or client lending.
Prepare for inspections: Ensure diligence in cooperating with AMF inspectors, as non-cooperation can lead to sanctions.
What changed
This is an enforcement decision, not a new regulation, but it reinforces existing requirements under French financial regulations for CIFs:
Prohibition on non-remunerative payments: CIFs cannot receive payments beyond fees for advisory services, such as loan repayments from clients.
Commission disclosure: CIFs must inform clients of the nature, amount, or calculation method of any commissions received in connection with investment advice, e.g., from SCPI usufruct arrangements.
No aggravating factor for incomplete information on unauthorized marketing absent specific provisions, but core duty to ensure authorized products and act in clients' best interests remains paramount...
Compliance impact
Urgency: High - This matters due to escalating fines (e.g., €120k to €150k on appeal), permanent/temporary bans in parallel cases, and director liability up to €2m. Recent 2024-2025 enforcements signal AMF's intensified focus on CIF misconduct amid fund scandals, risking reputational damage and operational bans for non-compliant firms. Immediate policy reviews are essential to avoid similar outcomes.
Asset management Extension of the preparation of a Key Information Document to all collective investments: the AMF updates its policy
Why this matters
This regulatory update from the AMF extends the requirement to prepare a Key Information Document to all collective investments, which impacts asset managers and wealth managers. It relates to consumer protection and disclosure requirements.
Financial products Sustainable Finance Asset management Journalists Investment management companies The Sustainable Finance Disclosure Regulation: the AMF proposes a targeted review to include minimum environmental criteria
Why this matters
This regulatory update from the AMF focuses on the Sustainable Finance Disclosure Regulation, which impacts investment management firms, wealth managers, and banks that offer sustainable financial products.
Sustainable Finance Periodic & ongoing disclosures Taxonomy Article 8 reporting: publication of Frequently Asked Questions by the European Commission
Why this matters
This regulatory update is relevant for investment managers and wealth managers as it provides guidance on Article 8 taxonomy reporting, which is a key ESG disclosure requirement. The update is of medium urgency as firms need to prepare for these reporting obligations.
Savings protection Marketing Marketing of financial products to ageing populations: publication of an independent academic research report on customer relations and sales processes
Why this matters
This regulatory update focuses on the marketing of financial products to aging populations, which impacts firms across the banking, investment management, and wealth management sectors. Key topics include consumer protection, operational resilience, and disclosure requirements.
Long term investment Equity Equity Savings Plan Retail investors Journalists Investment services providers Investment management companies Listed companies and issuers Over 1.5 million retail investors bought or sold shares in...
Why this matters
This regulatory update discusses retail investor activity in the equity markets, which is relevant for investment management firms, broker-dealers, and wealth managers that serve retail clients.
Warning Warning Savings protection The AMF warns the public about calls from fraudsters claiming to help recover funds
Why this matters
This regulatory update from the AMF warns the public about fraudulent calls claiming to help recover funds, which is relevant for banking, investment management, and wealth management firms that handle client funds.
Warning Warning Savings protection The AMF warns the public against certain platforms proposing investments in real estate as "royalties"
Why this matters
This warning from the AMF targets platforms proposing investments in real estate as 'royalties', which could be misleading or fraudulent. This impacts investment managers, wealth managers, and fintech firms offering these types of products.
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.
Sanctions & settlements Journalists Investment management companies The AMF Enforcement Committee fines a portfolio asset management company for breaches of its professional obligations
AI Analysis
The AMF Enforcement Committee imposed a €150,000 fine on **Inocap Gestion**, a portfolio asset management company, for multiple operational and compliance failures between 2022 and the enforcement decision date. This case demonstrates the AMF's enforcement priorities around liquidity risk management, market abuse detection systems, and anti-money laundering (AML/CFT) procedures—critical control areas that asset managers must operationalize effectively to avoid substantial penalties.
Key dates
21 December 2022
- Enforcement Committee decision date against Inocap Gestion
No specific implementation deadline stated Deadline
- The decision addresses historical breaches; however, firms should immediately remediate similar deficiencies
Suggested considerations
assessments across these areas:
*Liquidity Risk Management: Review procedures for adequacy and operational effectiveness; ensure they address fund-specific liquidity profiles and stress scenarios
*Market Abuse Detection: Audit surveillance systems to confirm they specify participation conditions in market surveys and document consequences for violations
*AML/CFT Compliance: Enhance risk mapping to capture money laundering typologies; strengthen client onboarding procedures to verify beneficial owners and screen for PEPs
*Compliance Monitoring: Establish centralized processes for the compliance officer to aggregate and review market abuse information across all business lines
What changed
The decision does not introduce new regulatory requirements but rather clarifies enforcement expectations for existing obligations:
Liquidity Risk Management: Asset managers must establish procedures that are both adequate in design and operational in practice, not merely documented
Market Abuse Detection Systems: Surveillance systems must specify conditions for participation in market surveys and establish clear consequences for non-compliance
AML/CFT Procedures: Risk mapping and client onboarding procedures must be sufficiently detailed to identify and assess money laundering risks, including beneficial owner identification and...
Compliance Function: The compliance and internal control officer must actively centralize and monitor information on market abuse across the organization
Europe & international Savings protection Marie-Anne Barbat-Layani to chair ESMA's Investor Protection Standing Committee
Why this matters
This regulatory update announces the appointment of Marie-Anne Barbat-Layani as the chair of ESMA's Investor Protection Standing Committee, which is relevant for investment managers, wealth managers, and banks that provide investment services to retail clients.
This regulatory update from the AMF (Autorité des Marchés Financiers) is focused on the renewal of its consultative commissions, including the Climate and Sustainable Finance Commission.
Long term investment Shares Collective investments Retail investors Journalists The AMF’s latest savings barometer finds that the French are a little less inclined to invest in the stock market
Why this matters
This regulatory update from the AMF discusses trends in French retail investor behavior, particularly their inclination to invest in the stock market. This information is relevant for investment management firms, wealth managers, and broker-dealers that serve retail clients in France.
Governance Sustainable Finance Executive & other private individuals Journalists Listed companies and issuers Social and environmental responsibility, the focus of the AMF's 2022 report on corporate governance and executive compensation of listed companies
Why this matters
This regulatory update focuses on corporate governance and executive compensation, with a particular emphasis on social and environmental responsibility. It is relevant for banking, investment management, and wealth management firms, as they will need to consider these ESG and disclosure requirements in their...
Asset management The AMF is supplementing its policy on liquidity management tools
Why this matters
This regulatory update from the AMF relates to liquidity management tools for asset managers and wealth managers, which are important for prudential requirements and operational resilience.
Warning Savings protection Warning The AMF warns the public about fraudulent offers to invest in the energy transition
Why this matters
This warning from the AMF is targeted at fraudulent investment offers related to the energy transition, which impacts firms across the banking, investment management, and wealth management sectors. It raises consumer protection and authorization/licensing concerns, as well as ESG/sustainability implications.
Sanctions & settlements Investment advice Other professionals Journalists Investment services providers The AMF Enforcement Committee fines a financial investment advisor and its manager for breaches of their professional obligations
AI Analysis
The AMF Enforcement Committee sanctioned financial investment advisor DCT (formerly Didier Maurin Finance) and its manager Didier Maurin with a five-year ban from practicing and fines of €150,000 and €200,000 respectively for recommending unauthorized Samoan AIF shares to 64 clients and failing to identify/manage conflicts of interest, including lacking a conflicts register. This decision, upheld by the Conseil d'Etat on 9 September 2024, underscores AMF's strict enforcement of client-best-interest and conflicts obligations under French regulations. It matters as it provides binding guidance on due diligence for product marketing authorization and conflicts procedures, signaling heightened scrutiny on financial investment advisors (FIAs).
Key dates
11 April 2022
- AMF Enforcement Committee issues decision SAN-2022-04, imposing bans and fines
9 September 2024
- Conseil d'Etat judgment (no. 464877) dismisses appeal, upholds sanctions, and orders €1,500 costs each to AMF
Suggested considerations
Immediate review: Audit client portfolios for recommendations in unauthorized products (e.g., non-French AIFs); remediate via disclosures or unwind if needed.
Conflicts enhancement: Implement/maintain a conflicts of interest register; map, document, and mitigate all potential conflicts with operational procedures.
Policy updates: Revise investment recommendation processes to include pre-advice marketing authorization checks via AMF registers or legal confirmation.
Training: Mandatory staff training on FIA professional obligations, focusing on client diligence and unauthorized marketing risks.
Documentation: Ensure all advice is fully documented; prepare for AMF inspections with honest, diligent cooperation.
What changed
This is an enforcement action, not a regulatory change, but it clarifies and reinforces existing obligations for FIAs under AMF rules:
FIAs must verify marketing authorization of recommended products in France before advising clients; recommending unauthorized AIFs breaches competence, care, diligence, and client-best-interest...
FIAs require effective, operational procedures for identifying and managing conflicts of interest, including maintaining a conflicts register; failure to do so is a standalone breach.
No new rules...
Compliance impact
Urgency: Medium - Not critical as no new rules or deadlines, but medium due to upheld precedent reinforcing FIA duties amid AMF's pattern of FIA sanctions (e.g., bans/fines in 2022-2025 cases). Matters for FIAs lacking controls, as breaches lead to personal liability, business bans, and fines scaling with client harm; signals AMF educational enforcement focus, increasing inspection risks.
This regulatory update from the AMF is informational in nature, announcing a request for candidates to join its consultative commissions. It is relevant for investment management firms, wealth managers, and the broader financial industry.
Long term investment Shares Executive & other private individuals Retail investors Fintech Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services providers ...
Why this matters
This regulatory update discusses a significant drop in the number of active retail investors in the stock market, which could impact investment management firms, wealth managers, and broker-dealers that serve this client segment.
Financial disclosures & corporate financing Financial products Executive & other private individuals Professional investors Journalists Listed companies and issuers The AMF publishes a study on the share price performance of companies using dilutive...
Why this matters
This regulatory update from the AMF focuses on the share price performance of companies using dilutive financing, which is relevant for capital markets, investment management, and wealth management firms.
Asset management The AMF updates its policy on management fees for collective investment undertakings (CIUs)
Why this matters
This regulatory update from the AMF focuses on changes to management fees for collective investment undertakings, which is relevant for asset managers and wealth managers. The updates relate to consumer protection and disclosure requirements.
Governance Europe & international The AMF encourages French participants to provide feedback to ESMA’s call for evidence on the implementation of the Shareholders Rights Directive (SRD 2)
AI Analysis
The AMF publication urges French market participants to submit feedback to ESMA's call for evidence evaluating the implementation of the Shareholder Rights Directive II (SRD II), which aims to enhance long-term shareholder engagement, transparency in voting processes, and issuer-shareholder dialogue across the EU/EEA. This matters for compliance teams as it signals ongoing regulatory scrutiny of SRD II transposition and operational compliance, potentially leading to harmonized amendments that could require process updates in shareholder identification, voting transmission, and engagement disclosures. French firms' input can influence future EU rules, mitigating risks of non-compliance with evolving standards.
Key dates
June 10, 2019 Deadline
- EU Member States' transposition deadline for SRD II into national law (e.g., France via law of May 22, 2019)
September 3, 2020
- SRD II go-live date for operational requirements like shareholder identification and voting processes
October 3, 2022
- European Commission request to ESMA/EBA for SRD II input, contextualizing ESMA's ongoing review
Suggested considerations
Submit feedback to ESMA: French participants must review ESMA's call for evidence and provide input on SRD II implementation challenges, such as intermediary processes, data transmission, and cross-border voting (immediate action urged by AMF).
Review current compliance: Audit internal systems for SRD II adherence, including electronic formats (e.g., seev.008 messages, MT 260SRD mandates), vote confirmations, and engagement policy disclosures.
Enhance processes if needed: Align with Implementing Regulation (EU) 2018/1212 for shareholder ID requests, meeting notifications, and voting (e.g., VOTACCESS adaptations for French market).
Monitor ESMA/EC outputs: Prepare for potential rule changes from the review, such as harmonized documentation or deadlines.
What changed
This AMF notice itself introduces no new regulatory changes; it promotes participation in ESMA's review of SRD II (Directive (EU) 2017/828), implemented via national laws by June 2019 and effective from September 3, 2020. SRD II's core requirements include: shareholder identification without delay, electronic/machine-readable transmission of voting and meeting information along the intermediary chain, confirmation of vote recording/counting, transparency on institutional investor and asset manager engagement policies/strategies, and extended scope to EEA-listed shares.
Compliance impact
Urgency: Medium - SRD II has been live since 2020, so core compliance is established, but ESMA's review could trigger targeted amendments (e.g., operational standardization), especially for French intermediaries handling cross-border flows. This matters for avoiding supervisory findings in ongoing AMF/ESMA exams, as non-participation in feedback risks unaddressed pain points becoming enforceable rules; proactive input now supports influence over final outcomes.
Asset management The AMF updates its doctrine to facilitate the adoption of liquidity management tools
Why this matters
This regulatory update from the AMF focuses on facilitating the adoption of liquidity management tools, which is relevant for investment managers, wealth managers, and banks that offer investment products.
Warning Miscellaneous assets Savings protection 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.
AMF activity AMF Chair: Proposal to appoint Marie-Anne Barbat-Layani
AI Analysis
This AMF publication announces a proposal to appoint Marie-Anne Barbat-Layani as Chair of the AMF, France's financial markets authority responsible for investor protection, market supervision, and regulatory enforcement. It matters for compliance professionals because leadership changes at key regulators like the AMF can signal shifts in enforcement priorities, supervisory focus, or policy directions affecting investment firms, asset managers, and market participants across the EU. While not imposing immediate rules, it warrants monitoring for potential impacts on ongoing consultations and governance expectations.
Suggested considerations
binding appointment proposal without compliance obligations. Recommended steps include:
Monitor AMF website (https://www.amf-france.org) for ratification confirmation and any inaugural statements on priorities.
Review existing AMF relationships and prepare for potential shifts in supervisory engagement.
No specific regulatory changes or new requirements are outlined in this publication, as it solely concerns a leadership appointment proposal rather than substantive rule amendments. The AMF's standard process for such proposals involves board review and government ratification, but no alterations to the General Regulation, policies, or compliance obligations are proposed here.
Compliance impact
Urgency: Low – This is a procedural leadership announcement with no immediate regulatory or operational impacts. It matters for long-term strategic planning, as the new Chair could influence AMF's approach to MiFID II implementation, sustainability integration, or enforcement, but firms face no urgent adjustments today.
Equity Savings Plan Long term investment Savings protection Retail investors Journalists The AMF creates a working group on equity savings plans (PEAs)
Why this matters
This regulatory update from the AMF (French financial markets regulator) announces the creation of a working group on equity savings plans (PEAs), which are long-term investment vehicles for retail investors.
Sustainable Finance AMF activity Journalists Call for candidates: renewal of the members of the Climate and Sustainable Finance Commission
Why this matters
This regulatory update is related to the renewal of the members of the Climate and Sustainable Finance Commission, which is relevant for banking, investment management, and wealth management firms that are subject to ESG and sustainability regulations.
Warning Savings protection Warning The AMF calls for vigilance against fraudulent sites usurping its name
Why this matters
This regulatory update from the AMF warns about fraudulent websites impersonating the regulator, which poses risks to consumers and firms in the banking, investment management, and wealth management sectors.
MIFID Sustainable Finance Asset management Sustainability requirements in the distribution of financial instruments: update on upcoming legislation and its implementation dates
Why this matters
This regulatory update is focused on upcoming sustainability requirements for the distribution of financial instruments, which will impact investment managers, wealth managers, and banks.
Asset management Savings protection Journalists The AMF is conducting a consultation on the end of life of private equity funds intended for retail investors
AI Analysis
The AMF is conducting a consultation on regulatory reforms governing the end-of-life management of retail private equity funds (FCPRs, FCPIs, and FIPs), with the objective of improving compliance with liquidation deadlines and enhancing investor protection through better information disclosure and operational safeguards. This initiative addresses systemic issues where fund managers have historically failed to respect contractual lifespan commitments, creating liquidity risks and investor communication failures.
Key dates
January 10, 2024
- Revised ELTIF Regulation came into application
June 13, 2024
- Enactment of Attractiveness Law No. 2024-537 (establishing 15-year maximum lock-up period)
November 12, 2024
- AMF decision approving amendments to General Regulation
December 5, 2024
- Effective date for new Article 422-120-16 (bank details collection requirement for newly established funds)
December 5, 2024
- Publication in Official Journal of the French Republic
Suggested considerations
*For All Retail Private Equity Fund Managers:
*Audit historical compliance with fund lifespan commitments over the preceding ten years to determine if warning requirements under Article 422-120-14-1 apply
*Update promotional materials to include required warnings if materiality thresholds are met (managing/having managed at least one other retail PE fund and at least three funds that reached end-of-life)
*Implement bank details collection for all funds established after December 5, 2024, incorporating requirements into subscription forms per Instruction DOC-2011-22
*Establish prior notification procedures for substantial changes to fund structure, investment strategy, or operations, with one-month advance notice to the AMF
What changed
The AMF has amended its General Regulation and policy framework to implement several substantive requirements:
Liquidation Compliance & Warnings
A new Article 422-120-14-1 requires management companies to include a warning in promotional materials if, over the ten years preceding fund authorization, the company failed to respect the lifespan of at least 50% of retail or professional private equity funds under its management.
Sanctions & settlements Compliance Journalists Investment services providers The AMF Enforcement Committee fines a depositary for breaches of its professional obligations
AI Analysis
The AMF Enforcement Committee fined RBC Investor Services Bank France SA (RBC ISBF) €500,000 plus a warning on 20 July 2022 (published 08 January 2026) for breaches as a UCITS and AIF depositary, including 25 confirmed failures in tiered intervention procedures for investment ratio overruns and deficient monitoring of 14 questionable cash flows over 45 months. This decision underscores AMF's strict enforcement of depositary duties under French regulations implementing UCITS/AIFMD, emphasizing robust controls for ratio compliance, cash flow verification, and documentation. It matters for compliance teams as it provides precedent on what constitutes "irregular and deficient" oversight, potentially increasing scrutiny and fines for similar lapses in depositary functions.
Key dates
20 July 2022
- AMF Enforcement Committee decision date imposing €500,000 fine and warning on RBC ISBF
08 January 2026
- Public news release/publication date of the decision
Suggested considerations
Review depositary controls: Audit tiered intervention procedures for ratio overruns; ensure unique tracking (even if not upheld here) and redundancy elimination in reporting.
Enhance cash flow monitoring: For all inflows/outflows, collect "precise and convincing" docs (e.g., ownership proofs for advances >5% capital); flag inconsistencies with fund docs/prospectus.
Conduct gap analysis: Sample historical flows (e.g., 45-month lookbacks) across AIFs/UCITS; test against AMF objections standards from this and similar cases (e.g., CACEIS).
Update policies/procedures: Document controls for legality checks on instructions; train staff on evidentiary thresholds to avoid "deficient monitoring" findings.
Appeal if applicable: Lodge appeal against decision (no deadline specified).
What changed
This is an enforcement decision, not a new regulation, but it clarifies and reinforces existing depositary obligations under French UCITS/AIFMD rules (e.g., Articles L. 214-7 et seq.
Ratio monitoring and intervention: Depositaries must implement tiered procedures for investment/asset composition ratio breaches (e.g., diversification limits); 25 of 28 alleged anomalies were upheld...
Cash flow oversight: Must identify significant/inconsistent flows, verify instructions against laws, fund rules, prospectuses, and ensure ownership thresholds (e.g., 5% capital holding for advances);...
Compliance impact
Urgency: Medium – Recent publication (08 January 2026) signals ongoing AMF focus on depositary failings amid H2O-related probes, but stems from 2022 events with no immediate deadlines. Matters because it sets precedents for fine quantum (€500k) on procedural lapses, reinforces liability for cash/ratio controls, and aligns with pattern of multi-million fines (e.g., CACEIS €3.5m), urging preemptive audits to mitigate enforcement risk.
AMF activity Appointment Journalists Grégoire Vuarlot is appointed coordinator of the ACPR and AMF Joint Unit starting 1st July 2022
Why this matters
This regulatory update announces the appointment of a new coordinator for the ACPR and AMF Joint Unit, which oversees banking, investment management, and wealth management firms. The appointment is informational in nature and does not indicate any immediate regulatory changes.
Warning Warning Savings protection 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.
Europe & international Sustainable Finance Asset management The AMF reiterates its call for a European regulation of ESG data, ratings, and related services
Why this matters
This regulatory update from the AMF calls for a European regulation of ESG data, ratings, and related services, which is relevant for investment managers, wealth managers, and banks involved in capital markets and trading activities related to ESG and sustainable finance.
Sanctions & settlements Other professionals Journalists The AMF Enforcement Committee fines a financial investment advisor and its manager for breaches of their professional obligations
AI Analysis
The AMF Enforcement Committee fined financial investment advisor Séquence 13 and its director Jean-Louis Lehmann €15,000 each and imposed a five-year ban from acting as financial investment advisors in its decision of 19 December 2023, due to failures in client disclosures, justifying remuneration, operating within regulatory limits, and managing conflicts of interest. This enforcement action underscores the AMF's strict enforcement of professional obligations for investment advisors, with personal liability for managers, serving as a deterrent against conduct breaches that harm client interests. Compliance teams should note this as part of a pattern of similar sanctions, emphasizing robust governance and documentation.
Key dates
19 December 2023
- AMF Enforcement Committee decision issued, imposing fines and five-year bans on Séquence 13 and Jean-Louis Lehmann
Suggested considerations
Review and enhance policies: Update procedures for remuneration disclosure, conflict identification/mitigation, and scope-of-activity limits; ensure all advice justifies value against fees.
Training programs: Mandate annual training for directors/managers on professional obligations, documentation, and inspection cooperation, as deficiencies led to personal liability.
Client file audits: Conduct gap analysis on existing client files for disclosure completeness, product suitability, and conflict records; remediate as needed.
Governance checks: Directors must verify firm compliance, implementing detection systems for misconduct (e.g., undocumented investments).
Mock inspections: Prepare for AMF inspections by simulating reviews, focusing on diligence and honesty.
What changed
This is an enforcement decision, not a new regulation, but it reinforces core professional obligations under AMF rules for financial investment advisors (Conseillers en Investissements Financiers,...
Client information on remuneration: Advisors must disclose any remuneration received for advice and justify service improvements relative to that pay.
Regulatory scope compliance: Firms must operate strictly within authorized activities, avoiding unauthorized product recommendations.
Conflict of interest management: Identify and mitigate conflicts to ensure client-best-interest advice.
Manager accountability: Breaches by the firm are attributable to its director, with personal sanctions possible.
These align with ongoing AMF expectations for honest, fair, professional conduct, as...
Compliance impact
Urgency: High - This decision highlights escalating AMF scrutiny on CIFs, with fines, bans, and personal accountability in multiple recent cases (2022-2025), signaling increased inspection risk and potential for director bans. It matters because failures in basic conduct rules lead to severe, long-term sanctions, disrupting operations and reputations; firms must prioritize immediate policy fortification amid AMF's 2026 priorities for resilient markets.
Supervision Asset management Journalists Investment services providers Investment management companies The AMF publishes a summary of its findings regarding the costs and fees of UCITS marketed to retail investors
Why this matters
This regulatory update from the AMF focuses on the costs and fees of UCITS funds marketed to retail investors, which is relevant for asset managers and wealth managers that offer these products.
Asset management The AMF updates its policy on funds with high fees
Why this matters
This regulatory update from the AMF focuses on funds with high fees, which impacts investment management and wealth management firms. It relates to consumer protection and disclosure requirements.
Warning Savings protection Forex and binary options Warning The AMF and the ACPR warn the public against unauthorised Forex trading offers from Omega Pro Ltd
Why this matters
This regulatory update warns the public against unauthorized Forex trading offers from Omega Pro Ltd, which falls under the banking, capital markets, and wealth management sectors. The key topics covered are consumer protection, authorization and licensing, and market abuse.
Asset management War in Ukraine: the AMF alerts asset management companies
Why this matters
This regulatory update from the AMF (Autorité des Marchés Financiers) alerts asset management companies and wealth managers about the impact of the war in Ukraine. It is a warning related to consumer protection and operational resilience concerns for these types of firms.
Sanctions & settlements Investment advice Other professionals Executive & other private individuals Investment services providers The AMF Enforcement Committee fines a financial investment advisor and its manager for breaches of their professional obligations
AI Analysis
The AMF Enforcement Committee fined a financial investment advisor (FIA) firm and its manager for multiple breaches of professional obligations, including failure to provide mandatory documents, inadequate risk disclosure, poor KYC practices, misleading information, unauthorized placing activities, and improper third-party marketing mandates. This enforcement action underscores the AMF's strict scrutiny of FIAs, emphasizing due care, conflict management, and adherence to status limits, with fines and bans serving as deterrents. Compliance teams should review it for lessons on documentation, client suitability, and outsourcing controls to avoid similar sanctions.
Key dates
24 January 2019
AMF Enforcement Committee decision fining Novactifs Patrimoine €250,000 and CEO €100,000 for breaches from March 2014–July 2016
11 April 2022
AMF Enforcement Committee decision imposing 5-year bans and fines (€150,000 firm, €200,000 manager) on DCT/Didier Maurin Finance; appeal dismissed by Conseil d'Etat on 9 September 2024
4 November 2024
AMF fines totaling €5,670,000 on FIA Smart Tréso Conseil, asset managers, and CACEIS Bank for fund marketing/management breaches
5 November 2025
AMF Enforcement Committee decision fining Carat GP and directors €2.5 million total, with permanent/10-year bans (French release: 6 November 2025)
Suggested considerations
Conduct Documentation Audit: Verify all client interactions include mandatory forms (e.g., initial contact, engagement letter, suitability reports) and explicit risk/remuneration disclosures.
Enhance KYC and Suitability Processes: Implement robust know-your-customer checks and product authorization verification before recommendations, especially for non-EU funds or unlisted securities.
Strengthen Conflicts Framework: Maintain a conflicts register, identify/mitigate incentives from issuers, and document procedures.
Review Activity Scope: Confirm no unauthorized placing or marketing beyond FIA status; limit third-party mandates to natural persons and accredited products.
Training and Monitoring: Train managers on personal liability; perform gap analysis against AMF decisions and update policies accordingly.
What changed
This is an enforcement decision, not a regulatory change, but it reinforces and clarifies existing FIA obligations under French regulations (e.g., AMF General Regulation).
Mandatory delivery of initial contact documents, engagement letters, and written reports to clients.
Clear specification of remuneration terms and comprehensive risk information for recommended products.
Thorough KYC to ensure suitability of advice.
Prohibition on misleading information, such as incorrect guarantor details or omission of issuer financial weaknesses.
Compliance impact
Urgency: Medium. This matters as part of a pattern of escalating AMF enforcement against FIAs (fines up to €2.5M, lifetime bans in recent cases), signaling heightened focus on investor protection and governance amid complex products. Firms should prioritize audits now to preempt inspections, but no immediate deadlines apply. Non-compliance risks personal sanctions on executives, reputational damage, and business bans, particularly for smaller advisory firms.
Appointment AMF activity Other professionals Executive & other private individuals Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services providers Investment management...
Why this matters
This regulatory update announces appointments within the French financial regulator AMF, which is relevant for investment management firms, wealth managers, and banks operating in the French market.
Marketing Investing wisely Retail investors Journalists The ACPR and AMF are urging professionals to improve their practices in online marketing of savings products and financial instruments
Why this matters
This regulatory update from the ACPR and AMF in France is focused on improving practices in the online marketing of savings products and financial instruments, which impacts a range of financial services firms that offer these products to retail investors.
Mediation Annual report Retail investors Journalists The AMF Ombudsman publishes her 2021 Annual Report
Why this matters
This regulatory update from the AMF Ombudsman covers the 2021 annual report, which is likely to be of interest to investment managers, wealth managers, and banks that serve retail investors.
Sanctions & settlements Journalists The AMF Enforcement Committee fines a financial investment advisor and its manager for breaches of their professional obligations
AI Analysis
The AMF Enforcement Committee imposed significant sanctions on DCT (formerly Didier Maurin Finance) and its manager Didier Maurin for recommending unauthorized alternative investment funds to clients and obstructing regulatory investigations. This case exemplifies critical compliance failures in product authorization verification and client suitability assessment, with enforcement upheld by France's highest administrative court in September 2024.
Key dates
11 April 2022
- AMF Enforcement Committee issued original decision imposing five-year ban and fines
18 July 2022
- Conseil d'État suspended enforcement of fines pending appeal
9 September 2024
- Conseil d'État dismissed appeal, upholding all sanctions and ordering payment of €1,500 each to AMF
Suggested considerations
*Immediate compliance measures for financial investment advisors:
*Product Authorization Audit: Conduct comprehensive review of all recommended products to confirm authorization for marketing in France; document authorization status for each product in client files.
*Pre-Recommendation Due Diligence: Establish mandatory procedures requiring verification of product authorization before any client recommendation; implement checklist systems for compliance documentation.
*Client Suitability Documentation: Maintain written suitability reports for all recommendations, including product features, risks, and alignment with client profiles and objectives.
*Regulatory Cooperation Protocol: Establish procedures ensuring prompt, complete responses to AMF information requests; designate compliance officer responsible for regulatory liaison.
What changed
This enforcement action clarifies several regulatory obligations for financial investment advisors:
Product Authorization Verification: Financial advisors must verify that recommended investment products are authorized for marketing in France before advising clients, regardless of the product's...
Client Interest Prioritization: Recommending unauthorized products is inherently contrary to client interests and constitutes a breach of the duty to act with competence, care, and diligence.
Cooperation with Regulators: Advisors must provide documents and information requested during regulatory investigations; refusal constitutes a separate breach of diligence and loyalty obligations.
Asset management The AMF updates its policy on portfolio asset management company control systems and programmes of operations
Why this matters
This regulatory update from the AMF focuses on portfolio asset management company control systems and programmes of operations, which is relevant for investment management and wealth management firms. It covers operational resilience and authorization/licensing requirements.
Appointment Journalists Investment management companies The AMF announces the appointment of Jessica Reyes as Director of the Asset Management Regulation Division
Why this matters
This is an announcement of a new director appointment at the French financial regulator AMF, which oversees investment management firms and wealth managers. The appointment is relevant for those sectors and topics related to authorization and governance.
Anti-money Laundering Asset management The AMF and TRACFIN sign a new cooperation protocol
Why this matters
This regulatory update is relevant for asset managers, banks, and wealth managers as it involves a new cooperation protocol between the AMF (French financial markets regulator) and TRACFIN (the French anti-money laundering and counter-terrorist financing intelligence unit).
Warning Savings protection Atypical products 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 atypical investments without proper authorization, which poses risks to consumers and requires urgent attention from relevant financial firms.
Market infrastructures Order Retail investors Market Infrastructures Journalists AMF publishes an analysis of retail investor order execution on French stocks
Why this matters
This regulatory update from the AMF (French financial markets regulator) analyzes the order execution of retail investors on French stocks. This is relevant for capital markets participants, investment managers, and wealth managers who handle retail investor orders.
Asset management Consequences of the Ukrainian crisis: the AMF alerts asset management companies
Why this matters
This regulatory update from the AMF (French financial markets regulator) alerts asset management companies about the consequences of the Ukrainian crisis. It covers prudential and operational resilience issues, as well as consumer protection concerns, which are highly relevant for asset managers, banks, and wealth...
Asset management A liquidator of the funds previously managed by "Nestadio Capital" has been appointed at the request of the AMF
Why this matters
This regulatory update announces the appointment of a liquidator for funds previously managed by Nestadio Capital, at the request of the French financial regulator AMF.
Short selling Equity Financial Crisis Executive & other private individuals Market Infrastructures Post-trade Infrastructures Professional investors Journalists French and Dutch market authorities publish a joint analysis of the...
Why this matters
This regulatory update discusses the impact of short selling bans during the COVID-19 crisis, which is relevant for capital markets, investment management, and wealth management firms. It covers market abuse, reporting, and operational resilience topics.
Asset management Savings protection Journalists Investment management companies The AMF announces the creation of a working group on the end-of-life of private equity funds
Why this matters
This regulatory update from the AMF announces the creation of a working group on the end-of-life of private equity funds, which is relevant for investment management firms and wealth managers that offer private equity funds to their clients.
Asset management Collective investments The AMF updates its policy on the marketing communications of collective investments
Why this matters
This update from the AMF relates to the marketing communications of collective investment schemes, which impacts asset managers and wealth managers. It touches on consumer protection and authorization/licensing requirements.
Asset management The AMF informs about the liquidation of the portfolio asset management company « Nestadio Capital »
Why this matters
This regulatory update from the AMF (French financial markets authority) is informing about the liquidation of the portfolio asset management company 'Nestadio Capital'.
Long term investment Shares Stimulating the diversification of long-term savings: the AMF proposes an educational approach to equity investment
Why this matters
This regulatory update from the AMF focuses on stimulating the diversification of long-term savings through an educational approach to equity investment. It is relevant for investment managers, wealth managers, and banks that offer long-term savings products.
Sustainable Finance Journalists Investment services providers Investment management companies Listed companies and issuers The ACPR and AMF publish their report on climate-related commitments of French financial institutions
Why this matters
This regulatory update from the ACPR and AMF focuses on the climate-related commitments of French financial institutions, which is relevant for banking, investment management, and wealth management firms. The key topics covered are ESG/sustainability and reporting/disclosure 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.
Asset management Anti-money Laundering Money laundering and terrorist financing: the AMF applies EBA guidelines on risk factors
Why this matters
This regulatory update from the AMF applies EBA guidelines on risk factors related to money laundering and terrorist financing, which is relevant for investment managers, banks, and wealth managers.
Warning Savings protection Atypical products Warning The AMF warns the public against the offerings of UGE Group
Why this matters
This is a warning from the AMF against the offerings of UGE Group, which likely targets retail investors. It is a consumer protection issue related to unauthorized or potentially fraudulent investment products.
Asset management Prospectus The AMF and the Banque de France publish an update of the inventory of liquidity management tools in French funds
Why this matters
This regulatory update from the AMF and Banque de France relates to liquidity management tools in French funds, which is relevant for investment management firms, banks, and wealth managers. It covers prudential and capital requirements, consumer protection, and reporting and disclosure topics.
Sustainable Finance Savings protection Collective investments Responsible finance: the AMF draws an overview of communications practices abroad
Why this matters
This regulatory update from the AMF (Autorité des Marchés Financiers) provides an overview of communications practices related to responsible finance abroad. It covers topics relevant to investment managers, wealth managers, and the broader financial industry in terms of ESG, consumer protection, and disclosure...
Professional certification Sustainable Finance Certification in sustainable finance: the AMF names the first certified training organisations
Why this matters
This regulatory update is related to the certification of training organizations in sustainable finance, which is relevant for asset managers, wealth managers, and banks that offer investment and advisory services. The topics covered include ESG/sustainability, authorization and licensing, and consumer protection.
Asset management Marketing communications under the Regulation on cross-border distribution of funds : the AMF complies with ESMA’s Guidelines
Why this matters
This regulatory update from the AMF relates to marketing communications under the Regulation on cross-border distribution of funds, which is relevant for investment management and wealth management firms. The key topics covered are consumer protection and authorization/licensing requirements.
Europe & international Cooperation The AMF and the European Central Bank (ECB) sign a supervisory cooperation arrangement
Why this matters
This regulatory update announces a supervisory cooperation arrangement between the AMF and the ECB, which is relevant for banking, investment management, and wealth management firms operating in Europe.
Warning Savings protection Miscellaneous assets Warning The AMF is warning the public against several companies proposing atypical investments without being authorized 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.
Asset management Transposition of the directive on the cross-border distribution of collective investment undertakings: the AMF amends its General Regulation and its policy
Why this matters
This regulatory update from the AMF relates to the transposition of a directive on the cross-border distribution of collective investment undertakings. It impacts asset managers and wealth managers who distribute such funds across borders.
Warning Savings protection Financial Scams Warning The AMF urges retail investors to exercise extreme caution towards proposals to invest in rooms in care homes
Why this matters
This regulatory update from the AMF warns retail investors to exercise caution towards proposals to invest in rooms in care homes, indicating potential risks or scams in this investment area. This is relevant for investment managers, wealth managers, and the broader investing public.
Warning Savings protection Miscellaneous assets Warning The AMF is warning the public against several companies proposing atypical investments without being authorized 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.
Warning Savings protection Asset management Investment advice Warning The AMF warns the public against Sinclair Upton Capital Management
Why this matters
This is a warning from the AMF against Sinclair Upton Capital Management, which appears to be an asset manager and wealth manager. The warning relates to consumer protection and the firm's authorization/licensing, indicating potential regulatory issues.
Warning Savings protection Miscellaneous assets Atypical products Warning The AMF is warning the public against several companies proposing atypical investments without being authorized to do so
Why this matters
This warning from the AMF relates to unauthorized firms offering atypical investments, which poses risks to consumers and requires regulatory action.
Warning Savings protection Warning Financial Scams The AMF, AFG, ASPIM, France Invest, Anacofi, Cie CIF, CNCGP and CNCIF warn the public against an upsurge in the theft of names of authorised market players
Why this matters
This regulatory update warns the public about an increase in the theft of names of authorized market players, which poses a significant risk of financial scams and fraud targeting consumers.
Warning Savings protection Miscellaneous assets Warning Miscellaneous assets: the AMF adds to its black list and, for the first time, has access blocked to unauthorised websites
Why this matters
This regulatory update from the AMF (Autorité des Marchés Financiers) warns about unauthorized financial services providers and adds them to a blacklist. It also indicates that the AMF has gained the ability to block access to these unauthorized websites.
Warning Savings protection Warning The AMF urges investors to exercise the greatest vigilance towards proposals to invest in containers
Why this matters
This regulatory update from the AMF warns investors to exercise caution towards proposals to invest in containers, which suggests potential risks or concerns around such investments.
Warning Savings protection The AMF urges retail investors to exercise the greatest vigilance towards certain activities proposed by Laurent Chenot
Why this matters
This warning from the AMF urges retail investors to exercise caution towards certain activities proposed by Laurent Chenot, which suggests potential consumer protection and authorization issues in the banking, investment management, and wealth management sectors.
Warning Savings protection The AMF warns the public against Vuelex
Why this matters
This is a warning from the AMF against the firm Vuelex, which likely operates in the banking, investment management, and wealth management sectors. The warning focuses on consumer protection and authorization/licensing issues, making it relevant for banks, wealth managers, and fintechs.
Warning Savings protection The AMF warns the public against ELG Capital Partners and its website www.elgcapitalpartners.fr
Why this matters
This is a warning from the AMF (French financial markets regulator) against the firm ELG Capital Partners and its website, indicating potential unauthorized investment activities targeting the public. This is a high urgency issue related to consumer protection and licensing requirements for investment firms.
Warning Savings protection The AMF announces the referral of two investigation files on “boiler room marketing” to the National Financial Prosecutor’s Office
Why this matters
This regulatory update from the AMF (French financial markets regulator) announces the referral of two investigation files on 'boiler room marketing' to the National Financial Prosecutor's Office.
Warning Savings protection Atypical products Warning The AMF is warning the public against several companies proposing atypical investments without being authorized to do so
Why this matters
This warning from the AMF relates to unauthorized firms offering atypical investment products, which poses risks to consumers and requires regulatory action.
Warning Savings protection The AMF urges investors to exercise extreme caution towards proposals to invest in car parks
Why this matters
This warning from the AMF urges investors to exercise caution towards proposals to invest in car parks, which suggests potential risks or concerns around such investments.
Warning Covid-19 Savings protection Financial Scams The AMF and the ACPR warn the public of the risks of scams in the context of the coronavirus epidemic
Why this matters
This regulatory update warns the public about financial scams related to the coronavirus epidemic, which is relevant for banking, investment management, and wealth management firms as well as the general public. It covers consumer protection, AML/financial crime, and operational resilience topics.
Warning Savings protection The Autorité des Marchés Financiers is calling on retail investors to exercise utmost vigilance with regard to whisky investment offers
Why this matters
This regulatory update from the Autorité des Marchés Financiers (AMF) in France is warning retail investors about potential whisky investment offers, which falls under the banking, investment management, and wealth management sectors.
Warning Savings protection The Autorité des Marchés Financiers (AMF) is warning the public against the entity and the website Magaffairs
Why this matters
This is a warning from the AMF against an entity called Magaffairs, which likely indicates concerns around unauthorized or fraudulent financial activities targeting consumers.
Warning Savings protection Crypto-assets Derivatives or structured products Forex and binary options Warning The Autorité des Marchés Financiers and the Autorité de Contrôle Prudentiel et de Résolution warn the public against the activities of several websites...
Why this matters
This regulatory update warns the public against the activities of several websites and entities proposing forex investments or online investment services in France, which falls under the regulatory oversight of the AMF and ACPR.
Warning Warning Savings protection Atypical products The Autorité des Marchés Financiers (AMF) is warning the public against several companies proposing atypical investments without being authorized to do so
Why this matters
This warning from the AMF relates to unauthorized firms offering atypical investment products, which poses risks to consumers and requires prompt action by the regulator.
Warning Savings protection The Autorité des marchés financiers calls on retail investors to exercise the greatest vigilance in usurpation cases
Why this matters
This regulatory update from the Autorité des marchés financiers (AMF) in France warns retail investors about cases of usurpation, which relates to financial crime and consumer protection issues. It is targeted at banks, wealth managers, and fintech firms that serve retail investors.
Warning Savings protection The Autorité des marchés financiers issues a public warning about the website www.sogevis.com
Why this matters
This warning from the AMF relates to the website www.sogevis.com, which appears to be offering unauthorized financial services. This poses a risk to consumers and requires urgent action from the regulator to protect the public.
Warning Warning Savings protection The Autorité des marchés financiers issues a public warning about the website www.holakredit.com
Why this matters
This warning from the AMF relates to the website www.holakredit.com, which appears to be offering financial services without proper authorization. This poses a risk to consumers and requires urgent action from the regulator.
Warning Savings protection AMF warns the public about an aggressive marketing technique called "boiler room"
Why this matters
This warning from the AMF (French financial markets regulator) relates to an aggressive marketing technique called 'boiler room', which targets retail investors. This falls under consumer protection, market abuse, and licensing/authorization topics, and impacts a range of financial firms that interact with retail...
Warning Savings protection Atypical products Warning The Autorité des marchés financiers (AMF) is warning the public against several companies proposing atypical investments without being authorized to do so
Why this matters
This warning from the AMF is directed at companies offering atypical investments without proper authorization, which poses risks to consumers and requires urgent attention from relevant financial firms.
Warning Savings protection The Autorité des marchés financiers (AMF) warns the public against the company and the website Vanilla Golden Trade
Why this matters
This is a warning from the AMF against the company and website Vanilla Golden Trade, which likely indicates concerns around unauthorized or fraudulent financial activities targeting consumers.
Warning Savings protection Forex and binary options Warning The Autorité des marchés financiers and the Autorité de contrôle prudentiel et de résolution warn the public against the activities of several websites and entities proposing forex investments without being authorised to do so
Why this matters
This is a warning from French financial regulators about unauthorized forex investment activities, which poses risks to consumers and requires firms to be properly licensed to operate.
Warning Savings protection The Autorité des Marchés Financiers warns the public about the websites www.lascpi.fr and www.scpi-gouv.fr improperly using its name and logo
Why this matters
This warning from the AMF relates to unauthorized use of its name and logo on websites, which could mislead consumers about the legitimacy of the services offered. This is a consumer protection issue that impacts investment management and banking firms.
Warning Savings protection Warning The Autorité des marchés financiers (AMF) warns the public against the company KUVERA LLC/KUVERA France
Why this matters
This is a warning from the AMF against the company KUVERA LLC/KUVERA France, which likely indicates concerns around unauthorized or fraudulent investment activities targeting consumers. This is a high urgency issue related to consumer protection and licensing requirements for financial firms.
Warning Savings protection Atypical products Warning The Autorité des marchés financiers (AMF) is warning the public against several companies proposing atypical investments without being authorized to do so
Why this matters
This warning from the AMF is directed at companies offering atypical investments without proper authorization, which poses risks to consumers and requires urgent attention from regulators.
Warning Savings protection Forex and binary options Warning The Autorité des marchés financiers and the Autorité de contrôle prudentiel et de résolution warn the public against the activities of several websites and entities proposing forex investments without being authorised to do so
Why this matters
This regulatory update warns the public against unauthorized forex investment activities, which poses risks to consumers and requires proper licensing and authorization. It is relevant for broker dealers, wealth managers, and fintech firms operating in the forex and investment management space.
Warning Savings protection The Autorité des marchés financiers (AMF) is warning the public against the website www.porto-immo.com
Why this matters
This warning from the AMF relates to a website that may be engaging in unauthorized financial activities, which poses risks to consumers. It is relevant for banks and wealth managers who need to be aware of such scams and protect their clients.
Warning Savings protection The Autorité des marchés financiers (AMF) is warning the public against the website www.parel-gestion.net
Why this matters
This is a warning from the AMF against a website, indicating potential consumer protection and authorization issues related to investment management and wealth management activities.
Warning Savings protection Atypical products Warning The Autorité des marchés financiers (AMF) is warning the public against several companies proposing atypical investments without being authorized to do so
Why this matters
This warning from the AMF is targeted at companies offering atypical investments without proper authorization, which poses risks to consumers and requires urgent attention from relevant financial firms.
Warning Savings protection The Autorité des marchés financiers (AMF) is warning the public against the entity MAG Asset and the website www.magasset.com
Why this matters
This is a warning from the AMF against the entity MAG Asset and its website, which suggests potential consumer protection and unauthorized activity concerns in the investment management and crypto/digital asset sectors.
Warning Savings protection The Autorité des marchés financiers warns the public about case of fraudulent use of the names and contact details of the SICAV Objectif Finance Investissements (OFI)
Why this matters
This is a warning from the AMF about fraudulent use of the names and contact details of the SICAV Objectif Finance Investissements (OFI), which is relevant for investment management and wealth management firms. It relates to consumer protection and authorization/licensing issues, so the urgency is high.
Warning Savings protection The Autorité des marchés financiers (AMF) is warning the public against the activities of ECI Luxembourg and the website www.eci-luxembourg proposing investment services without being authorized to do so
Why this matters
This warning from the AMF relates to unauthorized investment services, which poses risks to consumers and requires prompt action from regulators to protect the public.
Warning Savings protection The AMF issues a public warning about the website https://capitalncl.com/
Why this matters
This warning from the AMF relates to the website capitalncl.com, which appears to be offering unauthorized investment services. This poses a risk to consumers and requires prompt action by the regulator.
Warning Savings protection Atypical products Warning The Autorité des marchés financiers (AMF) is warning the public against several companies proposing atypical investments without being authorized to do so
Why this matters
This warning from the AMF is targeted at companies offering atypical investments without proper authorization, which poses risks to consumers and requires urgent attention from relevant financial firms.
Warning Savings protection Forex and binary options Warning The Autorité des marchés financiers and the Autorité de contrôle prudentiel et de résolution warn the public against the activities of several websites and entities proposing forex investments without being authorised to do so
Why this matters
This is a warning from French financial regulators about unauthorized forex investment activities, which impacts firms in the banking, investment management, and wealth management sectors. It relates to consumer protection and the need for proper authorization to offer these services.
Warning Savings protection Warning The Autorité des marchés financiers (AMF) and the Autorité de contrôle prudentiel et de résolution (ACPR) are warning the public against the activities of Patrimoine Gestion Management and PGM Patrimoine
Why this matters
This is a warning from the French financial regulators AMF and ACPR against the activities of two firms, Patrimoine Gestion Management and PGM Patrimoine, which likely indicates potential consumer protection and licensing issues in the banking, investment management, and wealth management sectors.
Warning Savings protection The Autorité des marchés financiers (AMF) is warning the public against the activity of AGRONOMIX and its French subsidiary AGRONOMIX FRANCE
Why this matters
This warning from the AMF relates to the activities of AGRONOMIX and its French subsidiary, which likely involve investment management and wealth management services. The warning is focused on consumer protection and the firms' authorization/licensing status, indicating potential regulatory concerns.
Warning Savings protection Warning The Autorité des marchés financiers warns the public about cases of the fraudulent use of its name and contact details by a certain Stéphane Delaplace
Why this matters
This warning from the AMF relates to the fraudulent use of its name and contact details, which poses a risk to consumers and could be part of a financial crime scheme. It is relevant to banking, wealth management, and fintech firms that may be impersonated.
Warning Savings protection Forex and binary options Warning The Autorité des marchés financiers and the Autorité de contrôle prudentiel et de résolution warn the public against the activities of several websites and entities proposing forex investments without being authorised to do so
Why this matters
This regulatory update warns the public against unauthorized forex investment activities, which poses risks to consumers and requires proper authorization for such firms to operate.
Warning Savings protection Atypical products Warning The Autorité des marchés financiers (AMF) is warning the public against several companies proposing atypical investments without being authorized to do so
Why this matters
This warning from the AMF is targeted at companies offering atypical investments without proper authorization, which poses risks to consumers and requires urgent attention from relevant financial firms.
Warning Savings protection Warning AMF warns the public about aggressive "boiler room" direct marketing
Why this matters
This warning from the AMF relates to aggressive 'boiler room' direct marketing tactics, which pose risks to consumers and could involve unauthorized financial activities. It is relevant for asset managers, wealth managers, and banks that need to be aware of these practices and take steps to protect their clients.
Warning Savings protection The Autorité des marchés financiers (AMF) is warning the public against the activities of the website https://epargne-eco.fr/
Why this matters
This warning from the AMF relates to the activities of a website offering financial services, which falls under the regulatory oversight of the banking, investment management, and wealth management sectors. The key topics involved are consumer protection and authorization/licensing requirements.
Warning Savings protection Atypical products Warning The Autorité des marchés financiers (AMF) is warning the public against several companies proposing atypical investments without being authorized to do so
Why this matters
This warning from the AMF is targeted at companies offering atypical investments without proper authorization, which poses risks to consumers and requires urgent attention from relevant financial firms.
Warning Savings protection Warning The Autorité des marchés financiers (AMF) and the Autorité de contrôle prudentiel et de résolution (ACPR) are warning the public against the activities of bil patrimoine and the website www.bil-gestionpatrimoine.com proposing investment services and savings...
Why this matters
This is a warning from the French financial regulators AMF and ACPR against the activities of bil patrimoine, which appears to be offering unauthorized investment and savings services. This poses a risk to consumers and requires urgent action.
Warning Savings protection Warning The Autorité des marchés financiers (AMF) issues a public warning against the activities of unauthorized websites offering diamond investments
Why this matters
This warning from the AMF relates to unauthorized websites offering diamond investments, which falls under the investment management, wealth management, and capital markets sectors. The key topics covered are consumer protection, licensing requirements, and market abuse.
Warning Savings protection Forex and binary options Warning The Autorité des marchés financiers and the Autorité de contrôle prudentiel et de résolution warn the public against the activities of several websites and entities proposing forex investments without being authorised to do so
Why this matters
This regulatory update warns the public against unauthorized forex investment activities, which poses risks to consumers and requires proper licensing and authorization. It is relevant to banking, investment management, and wealth management firms, as well as fintechs operating in this space.
Warning Savings protection Atypical products Warning The Autorité des marchés financiers (AMF) is publishing a list on its website of unauthorized companies proposing atypical investments without being authorized to do so
Why this matters
This regulatory update from the AMF warns about unauthorized companies offering atypical investments, which is a consumer protection and authorization issue for firms in the banking, investment management, and wealth management sectors.
Warning Savings protection The AMF issues a warning about the website https://crowd-partners.com/
Why this matters
This warning from the AMF relates to the website https://crowd-partners.com/, which appears to be offering investment services without proper authorization. This poses a risk to consumers and requires urgent attention from relevant firms in the banking, wealth management, and fintech sectors.
Warning Savings protection Forex and binary options Warning The Autorité des marchés financiers and the Autorité de contrôle prudentiel et de résolution warn the public against the activities of several websites and entities proposing forex investments without being authorised to do so
Why this matters
This regulatory update warns the public against unauthorized forex investment activities, which poses risks to consumers and requires proper licensing and authorization. It is relevant for banking, investment management, and wealth management firms, as well as fintechs operating in this space.
Warning Savings protection Miscellaneous assets Warning The Autorité des marchés financiers (AMF) issues a public warning against the activities of unauthorized websites offering diamond investments
Why this matters
This warning from the AMF relates to unauthorized websites offering diamond investments, which falls under the investment management, wealth management, and capital markets sectors. The key topics covered are consumer protection, authorization and licensing requirements, and market abuse/surveillance.
Warning Savings protection The Autorité des marchés financiers (AMF) warns the public against the activities of "Naftoil" and its director Mr Raphael Comté proposing investments services without being authorized to do so
Why this matters
The warning from the AMF relates to unauthorized investment services being offered, which poses risks to consumers and requires regulatory action.
Warning Savings protection The Autorité des marchés financiers (AMF) is publishing a list on its website of unauthorized diamond investments platforms
Why this matters
This regulatory update from the AMF warns about unauthorized diamond investment platforms, which falls under the investment management, wealth management, and capital markets sectors. The key topics are consumer protection and authorization/licensing requirements.
Warning Savings protection The Autorité des marchés financiers (AMF) warns the public against the activities of www.chs-capital.com engaging in unauthorized investment services
Why this matters
This warning from the AMF relates to unauthorized investment services, which falls under the investment management, wealth management, and capital markets sectors. The key topics are consumer protection and authorization/licensing, as the firm is operating without proper authorization.
Warning Savings protection Forex and binary options Warning The Autorité des marchés financiers and the Autorité de contrôle prudentiel et de résolution warn the public against the activities of several websites and entities proposing forex investments without being authorised to do so
Why this matters
This regulatory update warns the public against unauthorized forex investment activities, which poses risks to consumers and requires proper licensing and authorization. It is relevant to banking, investment management, and wealth management firms, as well as fintechs operating in this space.
Warning Savings protection The Autorité des marchés financiers warns once again the public about proposals to invest in diamonds
Why this matters
This is a warning from the French financial regulator AMF about proposals to invest in diamonds, which falls under the banking, investment management, and wealth management sectors. It relates to consumer protection and authorization/licensing requirements for firms offering such investment products.
Warning Savings protection Forex and binary options Warning The Autorité des marchés financiers and the Autorité de contrôle prudentiel et de résolution warn the public against the activities of several websites and entities proposing forex investments without being authorised to do so
Why this matters
This regulatory update warns the public against unauthorized forex investment activities, which poses risks to consumers and requires proper licensing and authorization. It is relevant for broker dealers, wealth managers, and fintech firms operating in the forex and investment management space.
Warning Savings protection The Autorité des marchés financiers (AMF) advises the clients of the website eu.bancdebinary.com to contact Banc de Binary Ltd, the owner of these websites, as soon as possible
Why this matters
This warning from the AMF advises clients of the website eu.bancdebinary.com to contact the owner, Banc de Binary Ltd, as soon as possible. This indicates potential consumer protection and authorization issues related to the firm's operations, which would be of high importance to broker dealers and wealth managers...
Warning Savings protection The Autorité des marchés financiers warns the public about the product "VIAGEFI 6 LIMITED"
Why this matters
This warning from the AMF relates to a specific investment product called 'VIAGEFI 6 LIMITED', which falls under the regulatory oversight of the banking, investment management, and wealth management sectors.
Warning Savings protection The Autorité des marchés financiers warns the public about proposals to invest in diamonds
Why this matters
This warning from the AMF relates to proposals to invest in diamonds, which could impact investment firms, wealth managers, and banks that offer or promote such investment products. It is focused on consumer protection and the need for proper authorization and licensing for such investment offerings.
Warning Savings protection The Autorité des Marchés Financiers (AMF) advises the clients of the websites www.ytftradeltd.com, www.investing-area.com, www.buzztrade.com, www.binaryroyal.com and www.cfdroyal.com to contact AirFinance Pro Ltd, the owner of these websites, as soon as possible
Why this matters
This regulatory update from the AMF warns clients of several websites to contact the owner, AirFinance Pro Ltd, as soon as possible. This indicates potential consumer protection issues and unauthorized/unlicensed financial activities, which are high priority concerns for regulators.
Warning Savings protection Forex and binary options Warning The Autorité des marchés financiers and the Autorité de contrôle prudentiel et de résolution warn the public against the activities of several websites and entities proposing forex investments without being authorised to do so
Why this matters
This regulatory update warns the public against unauthorized forex investment activities, which poses risks to consumers and requires proper licensing and authorization. It is relevant for broker dealers, wealth managers, and fintech firms operating in the forex and investment management space.
Warning Savings protection The Autorité des marchés financiers (AMF) issues a public warning concerning communication from BLUE STONE LTD and companies related to it with respect to diamond investment offers
Why this matters
This warning from the AMF relates to potential investment scams involving diamond offers, which poses risks to retail investors. It covers firms involved in investment management, wealth management, and capital markets activities. The key topics are consumer protection, licensing, and market abuse surveillance.
Warning Savings protection The Autorité des Marchés Financiers (AMF) warns the public about the 'KEYSTONE FUND'
Why this matters
This is a warning from the AMF about the 'KEYSTONE FUND', which indicates potential consumer protection and market abuse issues. It is relevant for investment managers, wealth managers, and broker-dealers that may be involved with or promoting this fund.
Warning Savings protection Forex and binary options Warning The Autorité de Contrôle Prudentiel et de Résolution and the Autorité des Marchés Financiers warn the public against the activities of several websites and entities proposing Forex investments without being authorised to do so
Why this matters
This is a warning from French regulators about unauthorized Forex investment activities, which is relevant for banking, investment management, and wealth management firms. It relates to consumer protection and the need for proper authorization to offer these services.
Warning Savings protection Forex and binary options Warning The Autorité de Contrôle Prudentiel et de Résolution and the Autorité des Marchés Financiers warn the public against the activities of several websites and entities proposing Forex investments without being authorised to do so
Why this matters
This regulatory update warns the public against unauthorized Forex investment activities, which is a critical consumer protection issue for banking, investment management, and wealth management firms, as well as fintech providers in this space.
Warning Savings protection AMF warns investors about MTL Index
Why this matters
This regulatory update from the AMF warns investors about the MTL Index, which likely has implications for investment firms and banks in terms of consumer protection, prudential requirements, and reporting obligations.
Warning Savings protection Forex and binary options Warning The Autorité de Contrôle Prudentiel et de Résolution and the Autorité des Marchés Financiers warn the public against the activities of several websites and entities proposing Forex investments without being authorised to do so
Why this matters
This regulatory update warns the public against unauthorized Forex investment activities, which impacts banking, investment management, and wealth management firms, as well as fintech firms offering these services. It relates to consumer protection and the need for proper authorization and licensing.
Warning Savings protection Forex and binary options Warning The Autorité de Contrôle Prudentiel et de Résolution and the Autorité des Marchés Financiers warn the public against the activities of several websites and entities proposing Forex investments without being authorised to do so
Why this matters
This regulatory update warns the public against unauthorized Forex investment activities, which is a critical consumer protection issue for banking, investment management, and wealth management firms, as well as fintech providers in this space.
Warning Savings protection The Autorité de contrôle prudentiel et de résolution (ACPR), the Autorité des marchés financiers (AMF) and the General Directorate for Competition Policy, Consumer Affairs and Fraud Control (DGCCRF) warn the public about "Plan B" and the website BourseBinaire.fr
Why this matters
This regulatory update from the French financial authorities ACPR, AMF, and DGCCRF warns the public about potential fraudulent investment schemes, which is a critical consumer protection issue for banking, investment management, and wealth management firms.
Warning Savings protection AMF urges caution when investing in SCPI shares under the Malraux and Real Estate Loss regimes
Why this matters
The AMF is warning investors about risks when investing in certain real estate investment vehicles, which impacts asset managers and wealth managers offering these products.
Warning Savings protection The Autorité des Marchés Financiers (AMF) warns about persons using its name and logo and impersonating the Ombudsman and her deputy
Why this matters
This warning from the AMF relates to individuals impersonating the regulator and its Ombudsman, which poses risks to consumers and firms in the banking, investment management, and wealth management sectors. It requires urgent attention to protect against potential financial crime and consumer harm.
Warning Savings protection Forex and binary options Warning The Autorité de Contrôle Prudentiel et de Résolution and the Autorité des Marchés Financiers warn the public against the activities of several websites and entities proposing Forex investments without being authorised to do so
Why this matters
This regulatory update warns the public against unauthorized Forex investment activities, which is a critical consumer protection issue for banking, investment management, and wealth management firms, as well as fintech providers in this space.
Warning Savings protection The Autorité des Marchés Financiers (AMF) issues a public warning against the activities of 14 unauthorised websites and operators
Why this matters
This warning from the AMF relates to unauthorized financial services websites and operators, which poses risks to consumers and could involve market abuse. It is relevant for a range of financial firms that provide investment and wealth management services, as well as banks and fintechs that may be impersonated.
Warning Savings protection Forex and binary options Warning The Autorité de Contrôle Prudentiel et de Résolution and The Autorité des Marchés Financiers warn the public against the activities of several websites and entities proposing Forex investments without being authorised to do so
Why this matters
This is a warning from French regulators about unauthorized Forex investment activities, which impacts banking, investment management, and wealth management firms as well as fintech firms. It relates to consumer protection and authorization/licensing requirements.
Warning Savings protection Forex and binary options Warning The Autorité de Contrôle Prudentiel et de Résolution and The Autorité des Marchés Financiers warn the public against the activities of several websites and entities proposing Forex investments without being authorised to do so
Why this matters
This regulatory update warns the public against unauthorized Forex investment activities, which is a critical consumer protection issue for banking, investment management, and wealth management firms, as well as fintech providers.
Warning Savings protection Warning The French Prudential Supervisory Authority and the Autorité des Marchés Financiers warns the public against the company EMIRATES PACIFIC GROUP
Why this matters
This is a warning from the French regulators against the company Emirates Pacific Group, which likely operates in the banking, investment management, and wealth management sectors. The warning is focused on consumer protection and the firm's authorization/licensing status, indicating high urgency for the public.
Warning Savings protection The Autorité des Marchés Financiers (AMF) warns the public against the company GET EASY
Why this matters
This is a warning from the AMF against the company GET EASY, which likely indicates concerns around unauthorized or fraudulent financial activities targeting consumers. This requires high urgency for firms in the banking, wealth management, and fintech sectors to be aware of the potential risks.
Warning Warning Financial disclosures & corporate financing The Autorité des Marchés Financiers (AMF) has issued a public warning against the activities of individuals impersonating the delegate of the AMF Ombudsman by making false referrals to FIN-NET, the European Commission body in charge of...
Why this matters
This warning from the AMF is critical for firms in the banking, investment management, and wealth management sectors, as it relates to impersonation of the AMF Ombudsman and false referrals to FIN-NET. This could impact consumer protection, licensing, and reporting requirements for these firms.
Warning Savings protection Warning The Autorité des Marchés Financiers issues a public warning against the activities of the group CO&H Ltd
Why this matters
This is a public warning from the French financial regulator AMF against the activities of the group CO&H Ltd, which likely indicates concerns around unauthorized or potentially fraudulent investment activities targeting retail consumers.
Warning Savings protection Forex and binary options Warning The Autorité de Contrôle Prudentiel et de Résolution and The Autorité des Marchés Financiers warn the public against the activities of several websites and entities proposing Forex investments without being authorised to do so.
Why this matters
This regulatory update warns the public against unauthorized Forex investment activities, which is a critical consumer protection issue for banking, investment management, and wealth management firms.
Warning Savings protection The AMF warns investors about Algorates Limited
Why this matters
This warning from the AMF relates to potential investor protection issues with the firm Algorates Limited, which appears to be an investment management or wealth management firm, potentially with a fintech component. The warning indicates high urgency for investors to be aware of this firm.
Warning Savings protection Warning The AMF warns investors against the activities of CAC Invest
Why this matters
This is a warning from the AMF (French financial regulator) against the activities of CAC Invest, which appears to be an investment firm targeting retail investors. The warning indicates potential consumer protection and authorization issues, making this a high urgency matter for the affected firm types.
Warning Savings protection Forex and binary options Warning The Autorité de Contrôle Prudentiel et de Résolution and the Autorité des Marchés Financiers warn the public against the activities of several websites and entities proposing Forex investments without being authorised to do so.
Why this matters
This is a warning from French regulators about unauthorized Forex investment activities, which impacts banking, investment management, and wealth management firms. It relates to consumer protection and the need for proper authorization to offer these services.
Warning Savings protection Warning The Autorité des Marchés Financiers (AMF) warns the public about the activities of individuals claiming to work for the AMF
Why this matters
This warning from the AMF relates to individuals falsely claiming to represent the regulator, which could lead to consumer harm and potential financial crime. It is relevant for a wide range of financial firms as well as individual consumers.
Warning Savings protection Forex and binary options Warning The Autorité des Marchés Financiers and the Autorité de Contrôle Prudentiel et de Résolution warn the public against the activities of several websites and entities proposing Forex investments without being authorised to do so.
Why this matters
This is a warning from French financial regulators about unauthorized Forex investment activities, which impacts banking, investment management, and wealth management firms. It relates to consumer protection and the need for proper authorization to offer these services.
Warning Savings protection The Autorité des Marchés Financiers warns the public against pyramid scheme investment offers
Why this matters
This regulatory update from the Autorité des Marchés Financiers (AMF) warns the public against pyramid scheme investment offers, which is relevant for banking, investment management, and wealth management firms.
Warning Savings protection The Autorité des Marchés Financiers warns the public against the company PRIVATE CAPITAL
Why this matters
This is a warning from the French financial regulator AMF against the company PRIVATE CAPITAL, which likely indicates concerns around unauthorized or unregulated financial activities targeting consumers. This is a high urgency issue for banks and wealth managers to be aware of.
Warning Savings protection The Autorité des Marchés Financiers and the Autorité de Contrôle Prudentiel et de Résolution warn the public against the activities of several websites and entities proposing Forex investments without being authorised to do so
Why this matters
This is a warning from French financial regulators about unauthorized Forex investment activities, which poses risks to consumers and requires urgent attention from regulated financial firms in the banking, investment, and wealth management sectors.
Warning Savings protection The Autorité des Marchés Financiers and the Autorité de Contrôle Prudentiel et de Résolution warn the public against the activities of several websites and entities proposing Forex investments without being authorised to do so
Why this matters
This is a warning from French financial regulators about unauthorized Forex investment activities, which impacts banking, investment management, and wealth management firms as well as fintechs. It relates to consumer protection and the need for proper authorization to offer such services.