June 2022 Regulatory Updates

June 28th 2022

The AMF and the ACPR warn the public against the activities of several entities offering in France investments in Forex and in crypto-assets derivatives without being authorized to do so

Warning Savings protection Forex and binary options Crypto-assets Warning The AMF and the ACPR warn the public against the activities of several entities offering in France investments in Forex and in crypto-assets derivatives without being authorized to do so

Why this matters

This regulatory update warns the public against unauthorized entities offering investments in Forex and crypto-asset derivatives in France, which impacts banking, investment management, and crypto firms. It is a consumer protection and authorization issue of high urgency.

Sectors:

Topics:

Consumer Protection / Conduct Authorisation & Licensing

BankFintechCrypto Exchange

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🇫🇷 AMF Warning

June 27th 2022

The AMF is warning the public against several companies proposing atypical investments without being authorised to do so

Warning Warning Savings protection Miscellaneous assets The AMF is warning the public against several companies proposing atypical investments without being authorised to do so

Why this matters

This warning from the AMF relates to companies offering unauthorized investment products, which poses risks to consumers and requires regulatory action.

Sectors:

Banking & Credit Investment Management Wealth & Private Banking

Topics:

Consumer Protection / Conduct Authorisation & Licensing

Asset ManagerWealth ManagerFintech

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🇫🇷 AMF News

June 24th 2022

Appointments to the Legal Affairs Directorate and Enforcement Assistance Directorate of the Autorité des Marchés Financiers

Institutional AMF activity Appointment Journalists Appointments to the Legal Affairs Directorate and Enforcement Assistance Directorate of the Autorité des Marchés Financiers

AI Analysis

This AMF publication announces internal appointments to its **Legal Affairs Directorate** and **Enforcement Assistance Directorate**, signaling potential enhancements in legal oversight and enforcement capabilities within France's financial markets regulator. Compliance professionals should note this as it may indicate a renewed focus on rigorous enforcement of market rules, though it imposes no direct regulatory changes on firms.

Key dates

16 October 2023: - Appointment of Sébastien Raspiller as AMF Secretary General
13 February 2024: - Ministerial order partially renewing AMF Enforcement Committee
20 February 2024: - Publication of Enforcement Committee appointments
27 February 2024: - Composition published in Official Journal

Suggested considerations

*No specific actions are required for regulated firms, as this does not introduce obligations. Recommended monitoring steps for proactive compliance:
Review ongoing AMF interactions (e.g., inspections) for potential shifts in approach under new directorate leadership.
Update internal AMF contact lists with confirmed governance details from https://www.amf-france.org/en/amf/our-organisation/our-governance.
Track AMF news releases for enforcement trends at https://www.amf-france.org/en/news-publications/news-releases/amf-news-releases.

What changed

There are no regulatory changes, new requirements, or policy updates in this announcement. It solely details personnel appointments within AMF's internal structure, specifically leadership roles in directorates handling legal affairs (e.g., Maxence Delorme as head of Legal Affairs Directorate) and enforcement assistance (e.g., Amélie du Passage as head of Instruction and Enforcement Assistance Directorate). These directorates support AMF's core functions like investigations, inspections, and sanction proceedings, but the publication does not alter any rules applicable to regulated entities.

Compliance impact

Urgency: Low. This matters peripherally for firms anticipating AMF enforcement, as new leaders in Legal Affairs and Enforcement Assistance could signal stricter scrutiny or faster processing of cases, similar to past leadership transitions (e.g., Secretary General appointment in 2023). However, absent policy shifts, it does not demand immediate compliance adjustments; monitor for signals in AMF's 2026 priorities announced 14 January 2026.

References

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

Sectors:

Capital Markets & Trading Investment Management Banking & Credit

Topics:

Authorisation & Licensing Senior Managers / Governance Market Abuse / Surveillance

Asset ManagerBroker DealerBank

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🇫🇷 AMF Guidance

June 22nd 2022

The AMF ensures compliance with major holding reporting obligations

Financial disclosures & corporate financing The AMF ensures compliance with major holding reporting obligations

Why this matters

This regulatory update from the AMF (Autorité des Marchés Financiers) relates to compliance with major holding reporting obligations, which is relevant for firms in the banking, investment management, and capital markets sectors.

Sectors:

Banking & Credit Investment Management Capital Markets & Trading

Topics:

Reporting & Disclosure Authorisation & Licensing Market Abuse / Surveillance

Asset ManagerBroker DealerBank

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🇫🇷 AMF Report

June 15th 2022

The ACPR and AMF Joint Unit for Insurance, Banking and Retail Investment publishes its 2021 annual report

Annual report Savings protection Journalists Investment services providers Investment management companies Listed companies and issuers The ACPR and AMF Joint Unit for Insurance, Banking and Retail Investment publishes its 2021 annual report

Why this matters

This regulatory update covers the 2021 annual report from the joint unit of the French financial regulators ACPR and AMF, which oversees insurance, banking, and retail investment firms.

Sectors:

Banking & Credit Investment Management Insurance & Pensions

Topics:

Consumer Protection / Conduct Reporting & Disclosure Authorisation & Licensing

Asset ManagerBankInsurance

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🇫🇷 AMF Policy Statement

June 10th 2022

Digital assets: the AMF updates its policy on DASPs

Crypto-assets Digital assets: the AMF updates its policy on DASPs

Why this matters

This regulatory update from the AMF focuses on updating its policy on digital asset service providers (DASPs), which are firms operating in the crypto and digital assets space.

Sectors:

Crypto & Digital Assets

Topics:

Authorisation & Licensing Consumer Protection / Conduct

Crypto ExchangeFintech

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🇫🇷 AMF Guidance

June 9th 2022

Assessing appropriateness and execution only in MiFID II: the AMF applies the ESMA guidelines

Asset management Assessing appropriateness and execution only in MiFID II: the AMF applies the ESMA guidelines

Why this matters

This regulatory update from the AMF applies ESMA guidelines on assessing appropriateness and execution only under MiFID II, which is relevant for investment managers and broker-dealers in the capital markets sector. It relates to consumer protection and authorization/licensing requirements.

Sectors:

Investment Management Capital Markets & Trading

Topics:

Consumer Protection / Conduct Authorisation & Licensing

Asset ManagerBroker Dealer

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🇫🇷 AMF Speech

June 2nd 2022

The AMF reiterates its call for a European regulation of ESG data, ratings, and related services

Europe & international Sustainable Finance Asset management The AMF reiterates its call for a European regulation of ESG data, ratings, and related services

Why this matters

This regulatory update from the AMF calls for a European regulation of ESG data, ratings, and related services, which is relevant for investment managers, wealth managers, and banks involved in capital markets and trading activities related to ESG and sustainable finance.

Sectors:

Investment Management Wealth & Private Banking Capital Markets & Trading

Topics:

ESG / Sustainability Reporting & Disclosure Authorisation & Licensing

Asset ManagerWealth ManagerBank

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🇫🇷 AMF Enforcement Significant

June 2nd 2022

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

Sanctions & settlements Other professionals 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 fined financial investment advisor Séquence 13 and its director Jean-Louis Lehmann €15,000 each and imposed a five-year ban from acting as financial investment advisors in its decision of 19 December 2023, due to failures in client disclosures, justifying remuneration, operating within regulatory limits, and managing conflicts of interest. This enforcement action underscores the AMF's strict enforcement of professional obligations for investment advisors, with personal liability for managers, serving as a deterrent against conduct breaches that harm client interests. Compliance teams should note this as part of a pattern of similar sanctions, emphasizing robust governance and documentation.

Key dates

19 December 2023: - AMF Enforcement Committee decision issued, imposing fines and five-year bans on Séquence 13 and Jean-Louis Lehmann

Suggested considerations

Review and enhance policies: Update procedures for remuneration disclosure, conflict identification/mitigation, and scope-of-activity limits; ensure all advice justifies value against fees.
Training programs: Mandate annual training for directors/managers on professional obligations, documentation, and inspection cooperation, as deficiencies led to personal liability.
Client file audits: Conduct gap analysis on existing client files for disclosure completeness, product suitability, and conflict records; remediate as needed.
Governance checks: Directors must verify firm compliance, implementing detection systems for misconduct (e.g., undocumented investments).
Mock inspections: Prepare for AMF inspections by simulating reviews, focusing on diligence and honesty.

What changed

This is an enforcement decision, not a new regulation, but it reinforces core professional obligations under AMF rules for financial investment advisors (Conseillers en Investissements Financiers,...
Client information on remuneration: Advisors must disclose any remuneration received for advice and justify service improvements relative to that pay.
Regulatory scope compliance: Firms must operate strictly within authorized activities, avoiding unauthorized product recommendations.
Conflict of interest management: Identify and mitigate conflicts to ensure client-best-interest advice.
Manager accountability: Breaches by the firm are attributable to its director, with personal sanctions possible. These align with ongoing AMF expectations for honest, fair, professional conduct, as...

Compliance impact

Urgency: High - This decision highlights escalating AMF scrutiny on CIFs, with fines, bans, and personal accountability in multiple recent cases (2022-2025), signaling increased inspection risk and potential for director bans. It matters because failures in basic conduct rules lead to severe, long-term sanctions, disrupting operations and reputations; firms must prioritize immediate policy fortification amid AMF's 2026 priorities for resilient markets.

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

Topics:

Consumer Protection / Conduct Senior Managers / Governance Authorisation & Licensing

Wealth Manager

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