January 2022 Regulatory Updates

🇫🇷 AMF Policy Statement

January 27th 2022

Update of the AMF's policy on funds that use Total Return Swaps and communicate about their consideration of non-financial criteria

Asset management Update of the AMF's policy on funds that use Total Return Swaps and communicate about their consideration of non-financial criteria

Why this matters

This regulatory update from the AMF (French financial markets authority) is focused on funds that use Total Return Swaps and communicate about their consideration of non-financial criteria, which falls under the ESG/sustainability and reporting/disclosure topics.

Sectors:

Investment Management

Topics:

ESG / Sustainability Reporting & Disclosure

Asset Manager

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🇬🇧 FCA Warning

January 20th 2022

DARIKCOIN.INFO (updated)

UnauthorizedThis firm may be providing or promoting financial services or products without our permission. You should avoid dealing with this firm and beware of scams. Almost all firms and individuals must be authorised or registered by us to carry out or promote financial services in the UK. This firm is not…

Why this matters

The FCA publishes a warning that DARIKCOIN.INFO is operating without authorisation and may be targeting UK consumers, advising people to avoid dealing with it and warning of scams. The text does not specify the firm's business activity beyond the name, so no specific sector is assigned.

Sectors:

General

Topics:

Authorisation & Licensing Consumer Protection / Conduct

All Firms

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🇮🇪 CBI Report

January 20th 2022

Central Bank publishes three Behind the Data papers examining the international activities of the Irish financial sector

Recent increase in cross-border financial assets is largely due to migration of assets from UK banks to subsidiaries in Ireland, to continue to serve EU clients after Brexit. Paper examining the strength of the connectedness of Irish insurance sector and investment funds finds insurers primarily hold shares in equity…

AI Analysis

The Central Bank of Ireland (CBI) published three "Behind the Data" papers on 20 January 2022 analyzing the international activities of Ireland's banking, insurance, investment funds, and non-bank financial intermediation (NBFI) sectors, highlighting post-Brexit asset migrations, insurer exposures via funds, and Ireland's fifth-largest global NBFI sector per FSB metrics. This matters for compliance professionals as it signals heightened CBI scrutiny on cross-border exposures, interconnectedness, and data granularity needs, potentially informing future supervisory expectations, macro-prudential policies, and reporting enhancements without imposing immediate rules.

Key dates

20 January 2022: Publication date of the three Behind the Data papers

Suggested considerations

Review and enhance internal reporting on cross-border assets, distinguishing Irish-parent vs. foreign-parent activities, in anticipation of potential narrower CBI statistics.
Map insurer fund exposures to underlying assets (e.g., equities, bonds) for geographic and asset-class transparency, addressing CBI-noted complexities in fund structures.
Assess NBFI activities against FSB economic functions for stability risks; prepare for possible granular data requests.
Monitor CBI's "Behind the Data" series for evolving trends, as it uses firm-submitted data and fulfills IMF recommendations (e.g., FSAP 2022 on fund exposures).

What changed

No direct regulatory changes, requirements, or new rules are introduced; these are analytical papers using existing locational banking, insurance, and fund data. Key insights include: (i) €180bn surge in cross-border bank assets (2018-Q3 2021) driven by UK-to-Ireland subsidiary migrations post-Brexit, concentrated in loans/deposits, derivatives, and three foreign-parent banks; (ii) Irish insurers' fund holdings primarily in equity (US-issued), bond (euro-area government/corporate), and mixed funds, with ~50% domiciled in Luxembourg but minimal local issuance; (iii) Recommendation for refined...

Compliance impact

Urgency: Low – This is informational analysis from 2022 with no binding rules, deadlines, or enforcement; it matters indirectly by flagging data gaps (e.g., parent distinction) that could shape future CBI supervision, macro-prudential tools, or reporting burdens, especially amid ongoing Brexit/NBFI focus. Firms with foreign parents or fund-heavy portfolios should note for risk monitoring, but no immediate compliance overhaul needed.

References

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

Sectors:

Banking & Credit Investment Management Insurance & Pensions

Topics:

Reporting & Disclosure Prudential / Capital Requirements

BankAsset ManagerInsurance

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🇫🇷 AMF Report

January 14th 2022

More than one million new retail investors have entered equity markets in France over the last 3 years, according to the AMF's dashboard

Long term investment Retail investors Journalists More than one million new retail investors have entered equity markets in France over the last 3 years, according to the AMF's dashboard

Why this matters

This regulatory update discusses the increase in retail investor participation in the French equity markets over the past 3 years, which is relevant for asset managers, broker-dealers, and wealth managers that serve retail clients.

Sectors:

Banking & Credit Investment Management Capital Markets & Trading

Topics:

Consumer Protection / Conduct Reporting & Disclosure Authorisation & Licensing

Asset ManagerBroker DealerWealth Manager

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🇫🇷 AMF Enforcement

January 10th 2022

The AMF informs about the liquidation of the portfolio asset management company « Nestadio Capital »

Asset management The AMF informs about the liquidation of the portfolio asset management company « Nestadio Capital »

Why this matters

This regulatory update from the AMF (French financial markets authority) is informing about the liquidation of the portfolio asset management company 'Nestadio Capital'.

Sectors:

Investment Management Wealth & Private Banking

Topics:

Authorisation & Licensing Reporting & Disclosure

Asset Manager

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🇫🇷 AMF Policy Statement

January 7th 2022

Stimulating the diversification of long-term savings: the AMF proposes an educational approach to equity investment

Long term investment Shares Stimulating the diversification of long-term savings: the AMF proposes an educational approach to equity investment

Why this matters

This regulatory update from the AMF focuses on stimulating the diversification of long-term savings through an educational approach to equity investment. It is relevant for investment managers, wealth managers, and banks that offer long-term savings products.

Sectors:

Investment Management Wealth & Private Banking Capital Markets & Trading

Topics:

Consumer Protection / Conduct ESG / Sustainability Reporting & Disclosure

Asset ManagerWealth ManagerBank

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🇫🇷 AMF Enforcement Significant

January 6th 2022

The AMF Enforcement Committee fines an issuer's Chief Financial Officer for insider dealing

Sanctions & settlements Journalists The AMF Enforcement Committee fines an issuer's Chief Financial Officer for insider dealing

AI Analysis

The AMF Enforcement Committee fined an issuer's Chief Financial Officer (CFO) for insider dealing, highlighting the regulator's aggressive enforcement against market abuse by senior executives. This case underscores the personal liability of insiders who trade on privileged information, reinforcing the need for robust internal controls in listed companies. Compliance teams must prioritize insider trading prevention to mitigate similar sanctions risks.

Key dates

December 4, 2024: - EU Regulation 2024/2809 amending MAR entered into force
June 5, 2026: - Certain amendments in sample insider policies apply (e.g., Groupe Casino policy)
June 30, 2026: - AMF General Regulation updates effective
3 trading days Deadline: - PDMRs must report securities transactions to issuer and AMF

Suggested considerations

Implement or update insider trading policies with mandatory black-out periods (30 days pre-annual/interim results, 15 days pre-quarterly info), extending to all routine/occasional insiders per AMF recommendations.
Maintain insider lists and notify affected persons of trading restrictions; train staff on MAR Article 17 (disclosure) and Article 19 (PDMR dealings).
Strengthen monitoring of gifts, transactions in derivatives/index products, and whistleblowing mechanisms, as urged in AMF/AFA joint guidance.
Ensure PDMR transaction reporting within 3 trading days via AMF portal.
Conduct regular compliance inspections on insider networks and corruption risks, formalizing prohibitions in codes of ethics.

What changed

This enforcement action does not introduce new regulatory changes but exemplifies ongoing application of existing Market Abuse Regulation (MAR) rules under EU Regulation 596/2014 and AMF General Regulations, including Articles 223-9 and 221-3 on inside information disclosure and trading bans. It aligns with AMF Position-Recommendation No 2016-08 on managing inside information, emphasizing black-out periods (e.g., 30 days before annual/interim results) and trading restrictions for Persons Discharging Managerial Responsibilities (PDMRs).

Compliance impact

Urgency: High - This demonstrates AMF's focus on holding executives accountable, with fines signaling zero tolerance amid rising "insider networks" linked to organized crime, as noted in AMF's 2024 report and 2025 AMF/AFA warnings. Firms face heightened inspection risks, reputational damage, and personal sanctions; immediate policy reviews are essential pre-2026 MAR amendments to avoid enforcement.

References

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

Sectors:

Capital Markets & Trading

Topics:

Market Abuse / Surveillance Senior Managers / Governance

All Firms

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🇫🇷 AMF Report

January 5th 2022

The AMF publishes its priorities for 2022, the last year of its five-year strategy

Strategy Supervision Other professionals Executive & other private individuals Fintech Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services providers ...

Why this matters

This regulatory update from the AMF covers priorities across investment management, capital markets, and fintech firms. Key topics include technology/cyber, authorization/licensing, and reporting/disclosure requirements. The medium urgency reflects the strategic nature of the update.

Sectors:

Investment Management Capital Markets & Trading

Topics:

Technology & Cyber Authorisation & Licensing Reporting & Disclosure

Asset ManagerBroker DealerFintech

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