The AMF Enforcement Committee fines Sogenial Immobilier and its chairman a total of €180,000
Executive Summary
The AMF Enforcement Committee issued a €180,000 combined fine against Sogenial Immobilier (€150,000) and its chairman Jean-Marie Souclier (€30,000) on September 12, 2024, for systematic breaches of professional obligations spanning investment selection, regulatory disclosure, conflict of interest management, and anti-money laundering compliance. This enforcement action demonstrates the AMF's heightened scrutiny of asset managers' operational controls and substantive compliance with fund governance requirements, particularly regarding real estate investment companies (SCPIs).
What Changed
The decision does not introduce new regulatory requirements but rather clarifies enforcement expectations across existing obligations: - Regulatory Documentation Standards: Asset managers must implement documented procedures governing the preparation of all regulatory and marketing materials for alternative investment funds, with particular attention to accurate risk disclosure and asset return reporting. - Investment Due Diligence Standards: A "high standard of diligence" is required when selecting investments, with formal investment procedures that must be consistently followed and documented. - Conflict of Interest Management: Specific controls must address conflicts in asset allocation decisions, with documented decision-making processes that demonstrate conflict mitigation. - AML/
What You Need To Do
- *Audit Existing Procedures
- *Formalize Investment Selection Process
- *Enhance Conflict of Interest Controls
- *Implement Comprehensive AML/CFT
- *Strengthen Internal Control Functions
- *Senior Management Accountability
Key Dates
Compliance Impact
Urgency: HIGH
Who is Affected
Summary
Sanctions & settlements professional obligations Journalists Investment management companies The AMF Enforcement Committee fines Sogenial Immobilier and its chairman a total of €180,000