According the AMF, the Investment Bank didn’t employ an effective system for assessing the suitability of investments proposed to clients as part of their investment advisory service, and that they had failed to uphold their duty to classify customers in accordance with the rules.
Category: France
French Investment firm Crédit Industriel et Commercial fined One Million Euros by French Regulator
AMF’s Enforcement Committee has imposed a one million euro fine on Crédit Industriel et Commercial for breaching regulations and obligations. According to the committee; The company failed to establish an operational system for assessing investment suitability, comply with client classification procedures, market financial instruments suited to clients’ profiles, and provide clients with accurate information on costs and fees.
French Financial Regulator the AMF modifies its guidance on the streamlined integration of liquidity management tools for employee savings funds.
Following on from the measures taken to facilitate the integration of liquidity management tools in collective investment undertakings (CIUs), the Autorité des Marchés Financiers (AMF) has updated its instruction DOC-2011-21 to take account of the specific features of feeder employee savings funds.
French AMF’s backlog of cases decreased by 35%
Marielle Cohen-Branche, Ombudsman of the Autorité des Marchés Financiers (AMF), has presented her latest annual report at a press conference. The number of requests sent to her remained very high and the number of recommendations proposed reached an unprecedented level. Disputes relating to “PEA” personal equity savings plans, especially concerning their transfer, were the prime reason for case referrals for the second year running.
The AMF publishes a summary of the internal procedures used by asset management firms for ESG/SRI funds to ensure adherence to non-financial contractual commitments.
The AMF publishes a summary of the internal procedures used by asset management firms for ESG/SRI funds to ensure adherence to non-financial contractual commitments
French financial regulator the AMF fines Melanion Capital and its manager for breaches of professional obligations
In its decision of 24 April 2023, the Enforcement Committee handed down a warning and a fine of €200,000 to the portfolio asset management company Melanion Capital, and a warning and a fine of €150,000 to its manager, Mr Jad Comair.
Recovery plan for central counterparties: French financial service regulator AMF formally aligns to ESMA recovery plan metrics and scenarios guidelines from May 23
The AMF has updated its doctrine with DOC-2023-04, implementing ESMA guidelines on recovery plan indicators and scenarios for clearing houses. These guidelines aim to regulate central counterparties and assist authorities in assessing their recovery plans. The guidelines apply under the “comply or explain” procedure starting May 24, 2023.
MiFID II remuneration requirements: French regulator adopts the ESMA Guidelines from October 23
The Autorité des Marchés Financiers (AMF) has published a Position DOC-2023-03 to incorporate the guidelines of the European Securities and Markets Authority (ESMA) on certain aspects of the MiFID II remuneration requirements. This position will come into force on October 3rd, 2023.
French based portfolio asset management firm Foncière Magellan fined €300,000 for failing to uphold ethical standards.
French financial regulator AMF’s Enforcement Committee imposed a €300,000 fine on Foncière Magellan for regular credit transactions and non-compliance with authorization requirements. The committee found Foncière Magellan failed to identify and manage conflicts of interest in contracts with its clients and group companies.
Chairman and predecessor fined by French regulator the AMF for violating professional responsibilities, plus €400,000 fine for the firm
French asset management company Apicap and two of its managers have been penalized by the AMF Enforcement Committee for violating their professional responsibilities. The Enforcement Committee issued a €400,000 fine and a warning…