June 2022 Regulatory Updates

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.

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...