December 2022 Regulatory Updates

Key dates

21 December 2022

- Enforcement Committee decision date against Inocap Gestion

No specific implementation deadline stated Deadline

- The decision addresses historical breaches; however, firms should immediately remediate similar deficiencies

Suggested considerations

• assessments across these areas:
• *Liquidity Risk Management: Review procedures for adequacy and operational effectiveness; ensure they address fund-specific liquidity profiles and stress scenarios
• *Market Abuse Detection: Audit surveillance systems to confirm they specify participation conditions in market surveys and document consequences for violations
• *AML/CFT Compliance: Enhance risk mapping to capture money laundering typologies; strengthen client onboarding procedures to verify beneficial owners and screen for PEPs
• *Compliance Monitoring: Establish centralized processes for the compliance officer to aggregate and review market abuse information across all business lines

What changed

• The decision does not introduce new regulatory requirements but rather clarifies enforcement expectations for existing obligations:
• Liquidity Risk Management: Asset managers must establish procedures that are both adequate in design and operational in practice, not merely documented
• Market Abuse Detection Systems: Surveillance systems must specify conditions for participation in market surveys and establish clear consequences for non-compliance
• AML/CFT Procedures: Risk mapping and client onboarding procedures must be sufficiently detailed to identify and assess money laundering risks, including beneficial owner identification and...
• Compliance Function: The compliance and internal control officer must actively centralize and monitor information on market abuse across the organization

Key dates

2026 (H2)

- Expected finalization of AMF AI roadmap and tokenization consultation, influencing open finance APIs

January 14, 2026

- AMF publishes 2026 priorities, including open finance as part of innovation framework

June 30, 2026

- End of MiCA transitional period, relevant for crypto/open finance intersections

TBD (consultation period) Deadline

- Public consultation on open finance proposals; firms should check AMF site for exact submission deadline (typically 1-3 months post-publication)

Suggested considerations

• Review and respond to consultation: Submit feedback on proposals via AMF portal (https://www.amf-france.org/en/news-publications/news/amf-publishes-its-proposals-open-finance-framework) to influence final rules.
• Conduct gap analysis: Assess current APIs, data sharing capabilities, consent processes against proposed standards; integrate DORA compliance.
• Update policies: Revise customer onboarding, data protection (GDPR alignment), and TPP accreditation processes.
• Engage stakeholders: Participate in AMF's asset management tokenization consultation and AI use cases study for synergies.
• Test systems: Pilot secure APIs for investment/insurance data sharing; prepare for cybersecurity inspections.

What changed

• The publication outlines AMF's proposals for an open finance framework, building on open banking (e.g., PSD2) to include investments, insurance, and asset management data. Key elements include:
• Mandatory API-based data sharing for account information and payment initiation, extended to non-banking products like securities and insurance.
• Enhanced customer consent and control mechanisms, with granular permissions, revocation rights, and strong authentication.
• Security and liability standards aligned with DORA (Digital Operational Resilience Act), including incident reporting and resilience testing.
• Governance structure with a centralized standards body, similar to open banking hubs in the UK or EU.