April 2022 Regulatory Updates

April 28th 2022

Appointments in the Investigations Directorate and the Asset Management Directorate

Appointment AMF activity Other professionals Executive & other private individuals Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services providers Investment management...

Why this matters

This regulatory update announces appointments within the French financial regulator AMF, which is relevant for investment management firms, wealth managers, and banks operating in the French market.

Sectors:

Topics:

Authorisation & Licensing Senior Managers / Governance Reporting & Disclosure

Asset ManagerWealth ManagerBank

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🇫🇷 AMF Guidance

April 21st 2022

The ACPR and AMF are urging professionals to improve their practices in online marketing of savings products and financial instruments

Marketing Investing wisely Retail investors Journalists The ACPR and AMF are urging professionals to improve their practices in online marketing of savings products and financial instruments

Why this matters

This regulatory update from the ACPR and AMF in France is focused on improving practices in the online marketing of savings products and financial instruments, which impacts a range of financial services firms that offer these products to retail investors.

Sectors:

Banking & Credit Investment Management Wealth & Private Banking

Topics:

Consumer Protection / Conduct Prudential / Capital Requirements Authorisation & Licensing

Asset ManagerWealth ManagerBank

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🇫🇷 AMF Report

April 20th 2022

The AMF Ombudsman publishes her 2021 Annual Report

Mediation Annual report Retail investors Journalists The AMF Ombudsman publishes her 2021 Annual Report

Why this matters

This regulatory update from the AMF Ombudsman covers the 2021 annual report, which is likely to be of interest to investment managers, wealth managers, and banks that serve retail investors.

Sectors:

Investment Management Wealth & Private Banking Consumer Credit

Topics:

Consumer Protection / Conduct Reporting & Disclosure Authorisation & Licensing

Asset ManagerWealth ManagerBank

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🇫🇷 AMF Policy Statement

April 20th 2022

Review of the central clearing framework in the EU: the AMF publishes a position paper

Market infrastructures Post-trading infrastructures Review of the central clearing framework in the EU: the AMF publishes a position paper

Why this matters

This regulatory update from the AMF discusses a review of the central clearing framework in the EU, which is relevant for banks, broker-dealers, and asset managers involved in capital markets and trading activities.

Sectors:

Capital Markets & Trading Banking & Credit Investment Management

Topics:

Prudential / Capital Requirements Market Abuse / Surveillance Operational Resilience / Outsourcing

BankBroker DealerAsset Manager

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🇫🇷 AMF Enforcement Significant

April 14th 2022

The AMF Enforcement Committee fines a financial investment advisor and its manager for breaches of their professional obligations

Sanctions & settlements Journalists The AMF Enforcement Committee fines a financial investment advisor and its manager for breaches of their professional obligations

AI Analysis

The AMF Enforcement Committee imposed significant sanctions on DCT (formerly Didier Maurin Finance) and its manager Didier Maurin for recommending unauthorized alternative investment funds to clients and obstructing regulatory investigations. This case exemplifies critical compliance failures in product authorization verification and client suitability assessment, with enforcement upheld by France's highest administrative court in September 2024.

Key dates

11 April 2022: - AMF Enforcement Committee issued original decision imposing five-year ban and fines
18 July 2022: - Conseil d'État suspended enforcement of fines pending appeal
9 September 2024: - Conseil d'État dismissed appeal, upholding all sanctions and ordering payment of €1,500 each to AMF

Suggested considerations

*Immediate compliance measures for financial investment advisors:
*Product Authorization Audit: Conduct comprehensive review of all recommended products to confirm authorization for marketing in France; document authorization status for each product in client files.
*Pre-Recommendation Due Diligence: Establish mandatory procedures requiring verification of product authorization before any client recommendation; implement checklist systems for compliance documentation.
*Client Suitability Documentation: Maintain written suitability reports for all recommendations, including product features, risks, and alignment with client profiles and objectives.
*Regulatory Cooperation Protocol: Establish procedures ensuring prompt, complete responses to AMF information requests; designate compliance officer responsible for regulatory liaison.

What changed

This enforcement action clarifies several regulatory obligations for financial investment advisors:
Product Authorization Verification: Financial advisors must verify that recommended investment products are authorized for marketing in France before advising clients, regardless of the product's...
Client Interest Prioritization: Recommending unauthorized products is inherently contrary to client interests and constitutes a breach of the duty to act with competence, care, and diligence.
Cooperation with Regulators: Advisors must provide documents and information requested during regulatory investigations; refusal constitutes a separate breach of diligence and loyalty obligations.

Compliance impact

Urgency: HIGH

References

AI-generated analysis. May contain errors or omissions — verify with the original AMF source before acting. Full disclaimer.

Sectors:

Investment Management Wealth & Private Banking Capital Markets & Trading

Topics:

Consumer Protection / Conduct Authorisation & Licensing Senior Managers / Governance

Asset ManagerWealth Manager

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🇫🇷 AMF Report

April 13th 2022

The AMF publishes a summary of its SPOT inspections on post-trade transparency in the bond market

Supervision Fixed income Journalists Investment services providers The AMF publishes a summary of its SPOT inspections on post-trade transparency in the bond market

Why this matters

This regulatory update from the AMF focuses on post-trade transparency in the bond market, which is relevant for banking and capital markets firms. The topics covered include reporting and disclosure requirements as well as market abuse and surveillance, which are important compliance areas for broker-dealers and...

Sectors:

Banking & Credit Capital Markets & Trading

Topics:

Reporting & Disclosure Market Abuse / Surveillance

Broker DealerBank

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🇫🇷 AMF Policy Statement

April 5th 2022

The AMF updates its policy on portfolio asset management company control systems and programmes of operations

Asset management The AMF updates its policy on portfolio asset management company control systems and programmes of operations

Why this matters

This regulatory update from the AMF focuses on portfolio asset management company control systems and programmes of operations, which is relevant for investment management and wealth management firms. It covers operational resilience and authorization/licensing requirements.

Sectors:

Investment Management Wealth & Private Banking

Topics:

Operational Resilience / Outsourcing Authorisation & Licensing

Asset ManagerWealth Manager

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🇫🇷 AMF News

April 4th 2022

The AMF announces the appointment of Jessica Reyes as Director of the Asset Management Regulation Division

Appointment Journalists Investment management companies The AMF announces the appointment of Jessica Reyes as Director of the Asset Management Regulation Division

Why this matters

This is an announcement of a new director appointment at the French financial regulator AMF, which oversees investment management firms and wealth managers. The appointment is relevant for those sectors and topics related to authorization and governance.

Sectors:

Investment Management Wealth & Private Banking

Topics:

Authorisation & Licensing Senior Managers / Governance

Asset ManagerWealth Manager

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🇫🇷 AMF News

April 4th 2022

The AMF and TRACFIN sign a new cooperation protocol

Anti-money Laundering Asset management The AMF and TRACFIN sign a new cooperation protocol

Why this matters

This regulatory update is relevant for asset managers, banks, and wealth managers as it involves a new cooperation protocol between the AMF (French financial markets regulator) and TRACFIN (the French anti-money laundering and counter-terrorist financing intelligence unit).

Sectors:

Investment Management Banking & Credit Wealth & Private Banking

Topics:

AML / Financial Crime Authorisation & Licensing Reporting & Disclosure

Asset ManagerBankWealth Manager

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