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.
News
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…
US markets regulator the SEC issues Administrative Proceedings against Canadian prospecting firm Zeb Oro Explorations Inc.
Zeb Oro Explorations Inc. the Canadian resource exploration firm has had it’s SEC license permanently revoked after failing to file accounts since 2001 and failing to maintain a valid address on file with…
US SEC issues administrative proceedings against chief compliance officer for RRBB Asset Management, Inc.
The SEC has brought proceedings against Carl S. Schwartz, a NJ-based CPA, for violating the Investment Advisers Act of 1940. He’s been ordered to pay fines.
US Securities and Exchange Commission instigates administrative proceedings against Nevada based Wisdom Homes of America
The Securities and Exchange Commission has instituted public administrative proceedings against Wisdom Homes of America, Inc. (WOFA). The Division of Enforcement alleges that WOFA is delinquent in its periodic filings and has failed to meet its obligations to file timely reports.
5 Years On; How MiFID II Regulation is Impacting the Financial Services Industry
The Markets in Financial Instruments Directive II (MiFID II) is a European Union (EU) regulation that was implemented in January 2018. It is designed to increase transparency and investor protection in the…
AMF working group proposes several improvements applying to Equity savings plans (ESP)
The Autorité des Marchés Financiers (AMF) has published the report of the working group set up in September 2022 to analyse the difficulties encountered by some retail investors in using their equity savings plans (PEAs), in particular with transfer times. The report sets out some 15 practical proposals aimed at remedying the problems identified at the operational level and at informing retail investors more effectively about the sometimes complex PEA procedure and rules.
AMF updates its reporting policy for Article 29 of the Energy-Climate Law
Following the approval of amendments to its General Regulation, the AMF has updated its policy to specify the procedures for preparing and submitting the report required under Article 29 of the Energy-Climate Law (LEC 29) from investment services providers (ISPs), including asset management companies.
AMF Withdraws Authorization of Asset Management Company Quantology Capital Management
Taking into account the situation of the portfolio asset management company Quantology Capital Management, the AMF Board has decided to withdraw its authorisation. This will take effect on 30 June 2023 at the latest.