The AMF Enforcement Committee fines an asset management company for several breaches of its professional obligations
Sanctions & settlements Journalists The AMF Enforcement Committee fines an asset management company for several breaches of its professional obligations
The AMF Enforcement Committee fined asset management company Altaroc Partners €600,000 and its senior managers Maurice Tchenio (€500,000) and Patrick de Giovanni (€200,000) on 15 September 2025 for multiple breaches of professional obligations, including lack of operational procedures for fund investments/divestments, inadequate AML/CFT due diligence, unproven benefits of fee retrocessions to distributors, and shortcomings in marketing materials. This decision underscores AMF's focus on operational controls, due diligence, and transparency in asset management, serving as a key enforcement precedent that highlights personal liability for senior managers. Compliance teams must review it to strengthen internal procedures and governance amid rising AMF scrutiny on these issues.
Key dates
- 15 September 2025
- - AMF Enforcement Committee decision issued, imposing fines on Altaroc Partners and managers
- 16 September 2025
- - French version of press release published
Suggested considerations
- Implement and document operational procedures for all investment/divestment processes, including third-party authorization checks (e.g., lenders).
- Conduct and document systematic AML/CFT due diligence on fund assets/liabilities, ensuring risk mapping and procedures are operational.
- Substantiate retrocessions of fees to distributors with evidence of enhanced client services; otherwise, cease or disclose fully.
- Review and enhance fund marketing materials for accuracy, comprehensiveness, and non-misleading content.
- Senior managers: Demonstrate oversight of compliance functions; conduct gap analyses attributing breaches.
What changed
- This is an enforcement action, not a regulatory change introducing new rules; it enforces existing obligations under French financial regulations for asset management companies (sociétés de gestion...
- Absence of operational procedures for investment/divestment processes, failing to verify lender authorizations, breaching duties to act honestly, fairly, professionally, with skill, care, and...
- Inability to demonstrate that retrocessed management fees to distributors improved client services.
- Failure to systematically perform AML/CFT due diligence on fund assets and liabilities.
- Shortcomings in fund marketing materials, lacking clear, accurate information. These align with ongoing AMF expectations for robust internal systems, as seen in similar cases emphasizing operational...
Compliance impact
Urgency: High - This recent (2025) decision signals intensified AMF enforcement on core operational failures in asset management, with total fines of €1.3 million and personal accountability, amid a pattern of similar actions (e.g., M Capital Partners €305,000 in Dec 2025, Eternam €400,000 in Sep 2025). It matters because AMF uses such rulings educationally to clarify expectations, increasing audit risks and penalties for non-compliance; firms without robust procedures face immediate exposure, especially with appeals not suspending applicability.
References
- [1] amf-france.org/en/news-publications/news-releases/enforce... third-party
- [2] amf-france.org/en/news-publications/news-releases/amf-new... third-party
- [3] amf-france.org/en/news-publications/news-releases/enforce... third-party
- [4] amf-france.org/en/news-publications/news-releases/enforce... third-party
- [5] amf-france.org/sites/institutionnel/files/pdf/77659/en/Th... third-party
- [6] amf-france.org/en/news-publications/news-releases/enforce... third-party
- [7] amf-france.org/en/news-publications/news-releases/enforce... third-party
- [8] amf-france.org/en/news-publications/news-releases/enforce... third-party
AI-generated analysis. May contain errors or omissions — verify with the original AMF source before acting. Full disclaimer.