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.
News
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.
Avantax Appoints new Chief Compliance Officer from competitor
Avantax®, a leader in tax-focused financial planning, just revealed that Melissa Loner, AIF®, will be taking on the roles of Vice President and Chief Compliance Officer. Loner has more than 25 years…
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.
Payments provider Sionic Appoints former Paypal Exec as Chief Compliance Officer
Susan Currey has been named Sionic’s new chief compliance officer (CCO), the company that is a pioneer in omni-commerce, verified quick payments solutions. Currey joins Sionic from PayPal where she headed a…
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.
Investment Firm PIMCO ordered to pay $37m Penalty Offset and $2.5m fine by the SEC
The Securities and Exchange Commission has initiated administrative and cease-and-desist proceedings against Pacific Investment Management Company LLC (PIMCO) for failing to accurately waive certain advisory fees consistent with its agreement with the…
The Securities and Exchange Commission issued a cease-and-desist order against Cantaloupe, Inc., formerly known as USA Technologies, Inc., for improper revenue recognition.
The Securities and Exchange Commission has instituted cease-and-desist proceedings against Cantaloupe, Inc., formerly known as USA Technologies, Inc., for improper revenue recognition. The Commission found that USA Technologies, Inc., a Malvern, Pennsylvania-based…
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
The manufacturer and distributor of cashless payment systems Cantaloupe, Inc., formerly known as USA Technologies, Inc., has been subject to a cease-and-desist order from the US SEC
The Securities and Exchange Commission (SEC) has taken action against Cantaloupe, Inc., formerly known as USA Technologies, Inc., a company engaged in the manufacturing and distribution of cashless payment devices. The SEC’s…