Sanctions & settlements Disclosure Obligations Journalists AMF Enforcement Committee fines Biosynex, its CEO and several of its directors a total of €930,000
AI Analysis
The AMF Enforcement Committee fined Biosynex and four directors (plus their holding companies) a total of €930,000 on 25 July 2024 for breaches including selective disclosure of inside information via a CEO interview, insider trading by selling shares on non-public knowledge of a treasury share sale, and failures to report share transactions to the AMF. This matters as it reinforces AMF's strict enforcement of MAR (Market Abuse Regulation) rules on information dissemination, insider dealing, and PDMR reporting, serving as a precedent for listed companies and executives during high-volatility periods like COVID-19. Appeals by some parties were dismissed as inadmissible by the Paris Court of Appeal on 9 January 2025.
Key dates
25 July 2024
- AMF Enforcement Committee decision issuing fines
9 January 2025
- Paris Court of Appeal dismisses appeals by CEO Abensur, CFO Fraenckel, and ALA Financière as inadmissible (case n° 24/16188)
March
April 2020; - Violation period (interview on 20 March 2020; share sales and unreported transactions)
Suggested considerations
Implement pre-approval for executive media interactions: Require scripts/press releases issued simultaneously with interviews to avoid selective disclosure.
Enhance insider lists and trading controls: Block trading during closed periods or on inside info; mandate pre-clearance for PDMRs/holdings.
Automate transaction reporting: Ensure PDMRs register for real-time broker confirmations and file AMF reports within 3 business days; train on personal accountability.
Conduct MAR training refreshers: Focus on inside info identification (e.g., product launch timelines) and COVID-era precedents.
Audit past disclosures: Review 2020-2021 communications for similar selective leaks.
What changed
This is an enforcement decision, not a regulatory change; it applies existing requirements under EU MAR (Regulation (EU) No 596/2014, transposed in France) and AMF rules:
Selective disclosure: Issuers must ensure "full and effective" public dissemination of inside information via press releases before any selective sharing (e.g., interviews); partial disclosure to a...
Insider trading: Prohibits trading (including selling) by insiders possessing inside information, such as unreleased plans to sell treasury shares, which could impact share price.
Reporting obligations: Directors and holding companies must report transactions in issuer shares to AMF within 3 business days under Article 19 MAR; repeated failures (citing broker delays) were...
Compliance impact
Urgency: Medium - Not a new rule but a high-profile enforcement (€930k total: Biosynex €50k; CEO/holding €460k; others €70k-€230k each) highlighting personal liability for executives, with appeals failing. Matters for listed firms as it stresses "full/effective" dissemination and rejects operational excuses, increasing MAR fine risks amid ongoing AMF scrutiny of market abuse (e.g., similar 2025 asset manager fine).
AMF activity Institutional The AMF publishes its 2023 CSR Report
Why this matters
This regulatory update from the AMF (Autorité des Marchés Financiers) relates to the publication of its 2023 Corporate Social Responsibility (CSR) Report. This is an informational update that covers ESG and sustainability reporting, as well as authorisation and licensing requirements, which are relevant for asset...
Asset management The Autorité des Marchés Financiers (AMF) announces withdrawal of the authorisation of the portfolio asset management company Wide Asset Management as of 8 July 2024
Why this matters
This regulatory update from the AMF announces the withdrawal of authorization for the portfolio asset management company Wide Asset Management, which is relevant for asset managers operating in the investment management sector.
Sanctions & settlements Disclosure Obligations Professional investors The AMF Enforcement Committee fines an issuer and two of its former directors at the time of the facts for market manipulation by disseminating false or misleading information. It also fined one of the directors for insider...
AI Analysis
The AMF Enforcement Committee imposed fines on an issuer and two former directors for market manipulation via dissemination of false or misleading information, with an additional fine on one director for insider trading violations. This enforcement action underscores the AMF's rigorous enforcement of market abuse rules under the Market Abuse Regulation (MAR), serving as a stark reminder of personal and corporate liability for disclosure failures and privileged information misuse. Compliance teams must prioritize robust controls to mitigate similar risks, as such violations erode market integrity and investor trust.
Key dates
30 June 2026
- End of MiCA transitional period; AMF to fully enforce crypto-asset market abuse under MAR-equivalent rules
30 June 2026
- AMF General Regulation updates effective, enhancing MAR reporting procedures (e.g., Articles 145-1 to 145-4)
Suggested considerations
Implement or strengthen disclosure controls to ensure all public information is accurate and non-misleading, with pre-approval for promotional materials submitted to AMF.
Enhance insider lists and training for directors on MAR prohibitions, including trading blackouts before announcements.
Deploy surveillance systems to detect market manipulation signals, with compliance officers mandated to report suspicious transactions to AMF.
Conduct due diligence attestations for prospectuses/public offers, confirming no material omissions.
Review governance for personal liability, including cooperation incentives in investigations per proposed AMF powers.
What changed
This is an enforcement decision rather than new legislation, so there are no direct regulatory changes. It reinforces existing obligations under Book VI of the AMF General Regulation on market abuse, including insider dealing and market manipulation, aligned with Regulation (EU) No 596/2014 (MAR). Key principles upheld include prohibitions on disseminating false/misleading information that impacts security prices and trading on inside information, with no novel requirements but heightened emphasis on director accountability.
Compliance impact
Urgency: High - This demonstrates AMF's aggressive stance on market abuse amid rising "insider networks" and organized crime threats, with fines signaling personal risk for directors. It matters because enforcement is intensifying (e.g., web scraping for investigations, expanded sanctions like 10-year director bans proposed in 2025 bill), potentially increasing scrutiny on disclosures amid 2026 priorities for market resilience. Firms must act preemptively to avoid reputational damage and multimillion-euro penalties.
Warning Savings protection Warning Forex and binary options Crypto-assets The AMF reminds retail investors to be extremely vigilant regarding Immediate Connect's fraudulent investment offer
Why this matters
This regulatory update from the AMF warns retail investors about a fraudulent investment offer from Immediate Connect, which appears to be related to crypto-assets or forex/binary options.
The Central Bank of Ireland has today (Tuesday 23 July) published a Feedback Statement to the Discussion Paper on an approach to macroprudential policy for investment funds.
AI Analysis
The Central Bank of Ireland (CBI) published a Feedback Statement on 23 July 2024 summarizing stakeholder responses to its Discussion Paper (DP11) on developing a macroprudential policy framework for investment funds, emphasizing the sector's growth and systemic risks. This matters for compliance professionals as it signals ongoing domestic and international efforts to enhance fund resilience amid rapid expansion of non-bank financial intermediation (NBFI), with Ireland's funds sector reaching €6.2 trillion in assets by end-2022. No immediate new rules are imposed, but it underscores evaluation of existing measures and future policy evolution.
Key dates
18 January 2024 Deadline
- Consultation deadline for CP157 on macroprudential measures for GBP LDI funds
29 April 2024
- Announcement and start of three-month implementation period for GBP LDI yield buffer measures
23 July 2024
- Publication of Feedback Statement to DP11 on macroprudential policy for investment funds
29 July 2024 Deadline
- Effective date for GBP LDI funds' minimum 300bps yield buffer compliance (three months post-announcement)
22 November 2024
- CBI response to European Commission consultation on macroprudential policies for NBFI
Suggested considerations
For property funds: Continue adhering to pre-existing leverage/liquidity mismatch limits.
All relevant managers: Monitor CBI updates on measure evaluations, conduct ongoing vulnerability analysis, and prepare for potential toolkit expansions (e.g., stress testing, data sharing). Engage in international coordination via FSB/IOSCO and EU consultations.
General: Review fund strategies for systemic risks, update governance for macroprudential oversight, and align with CBI's DP11 principles.
What changed
This Feedback Statement introduces no new regulatory changes or requirements; it is a summary of feedback on DP11 and CBI's perspectives on macroprudential considerations for funds.
Restrictions on leverage and liquidity mismatch for Irish-authorised property funds (introduced prior to 2024).
A codified minimum 300bps yield buffer for Irish-authorised GBP-denominated Liability Driven Investment (LDI) funds, requiring resilience to UK interest rate shocks, with liquid assets in the buffer...
Compliance impact
Urgency: Medium—No new rules from the Feedback Statement itself, reducing immediate pressure, but firms must ensure full compliance with implemented LDI (by July 2024) and property fund measures while preparing for evaluations and EU-level developments (e.g., November 2024 CBI response). This matters as Ireland's funds dominance (global hub status, 16% of world financial assets) amplifies systemic scrutiny, with non-compliance risking supervisory actions under AIFMD Article 25 or future tools; proactive monitoring prevents disruptions in a €68 trillion global sector.
Regulatory developments Post-trading infrastructures Market infrastructures Cooperation Journalists AMF and Banque de France call for a well-anticipated move to T+1 Settlement Cycle
Why this matters
This regulatory update from the AMF and Banque de France calls for a move to a T+1 settlement cycle, which will impact banking, capital markets, and investment management firms.
Sanctions & settlements professional obligations Journalists Investment management companies AMF Enforcement Committee fines an asset management company and its directors for breaches of their professional obligations
AI Analysis
The AMF Enforcement Committee fined asset management company M Capital Partners €200,000 and its directors Rudy Secco (€70,000) and Stéphanie Minissier (€35,000) on 31 December 2025 for breaches of professional obligations spanning August 2019 to December 2023, including unauthorized investment services, deficient investment processes, conflicts of interest failures, and inadequate AML/CFT systems. This decision underscores AMF's focus on operational robustness and personal accountability in asset management, serving as a regulatory warning for firms to strengthen internal controls or face escalating sanctions.
Key dates
August 2019
December 2023; - Period of identified breaches (investment services, processes, AML/CFT deficiencies)
31 December 2025
- AMF Enforcement Committee decision date imposing fines on M Capital Partners and directors
08 January 2026
- Public press release publication date
Suggested considerations
Conduct gap analysis: Immediately review investment processes, allocation rules, and traceability against AMF standards; verify authorization of lending entities and service scopes.
Enhance AML/CFT: Update procedures, risk mappings, and due diligence on fund assets/liabilities; ensure operational effectiveness with documented evidence.
Strengthen governance: Implement robust conflicts of interest systems; formalize senior manager oversight with personal accountability training.
Audit marketing/distribution: For tied agents or retrocessions, document service quality enhancements to clients.
Senior manager certification: Directors must attest to compliance in annual reporting; prepare for AMF inspections by maintaining verifiable records.
What changed
This is an enforcement action, not a new regulation, but it reinforces existing AMF requirements under French Monetary and Financial Code for asset managers:
Operational procedures: Investment allocation processes must be precise, traceable, and fully operational; failure to verify compliance (e.g., loan authorizations) breaches honesty, fairness, and...
Scope of services: Asset managers acting as tied agents cannot provide unauthorized services like placing financial instruments without firm commitment, circumventing permitted investment services.
Conflicts of interest: Systems must effectively identify, prevent, and manage conflicts.
AML/CFT due diligence: Procedures, risk mapping, and due diligence on fund assets/liabilities must be operational and systematic.
Compliance impact
Urgency: High - This recent (Dec 2025) decision, alongside similar fines (e.g., €1.3M on Altaroc Partners in Sep 2025, €400k on Eternam in Sep 2025), signals AMF's intensified scrutiny on asset manager operations post-AIFMD reviews, with personal fines rising (up to €500k+). Non-compliance risks enforcement, reputational damage, and appeals delays; act within 3-6 months to align before potential audits.
Shares ETF Collective investments Long term investment The activity of retail investors active in equities and ETFs increased further in Q2 2024
Why this matters
This regulatory update discusses increased activity of retail investors in equities and ETFs, which is relevant for investment management firms, broker-dealers, and wealth managers that serve retail clients. The topics covered include consumer protection, market abuse, and reporting requirements.
MIFID Fixed income The AMF proposes a methodology for calibrating the thresholds determining the transparency regime applicable to corporate bond transactions.
Why this matters
This regulatory update from the AMF proposes a methodology for calibrating transparency thresholds for corporate bond transactions, which is relevant for banks and broker-dealers operating in capital markets. It relates to market transparency and reporting requirements.
Asset management Notification forms for the cross-border exercise of the activities of passemanagement companies, and the marketing of UCITS and AIFs: the AMF updates its doctrine
Why this matters
This regulatory update from the AMF relates to notification forms for the cross-border exercise of activities by asset management companies, as well as the marketing of UCITS and AIFs. It impacts investment management and wealth management firms that operate across borders.
Sustainable Finance Asset management Other professionals Journalists Investment management companies The Autorité des Marchés Financiers (AMF) publishes the findings of three supervisory initiatives on sustainable finance
Why this matters
This regulatory update from the AMF focuses on supervisory initiatives related to sustainable finance, which is relevant for investment management firms, wealth managers, and the broader financial industry.
Crypto-assets Innovation The AMF publishes the summary of responses received to its Discussion Paper on Decentralised Finance
AI Analysis
The Autorité des Marchés Financiers (AMF) has published a summary of stakeholder responses to its June 2023 Discussion Paper on Decentralised Finance (DeFi), analyzing regulatory challenges posed by automated, decentralized crypto-asset activities. This matters for compliance professionals as it signals the AMF's ongoing commitment to developing a balanced DeFi framework amid MiCA's implementation, potentially shaping future supervision of decentralized protocols while emphasizing investor protection and innovation.
Key dates
June 2023
- AMF publishes initial Discussion Paper on DeFi regulatory challenges
July 2024
- AMF publishes summary of responses to DeFi Discussion Paper
December 30, 2024
- MiCA enters force for CASPs
June 30, 2026 Deadline
- End of MiCA transitional period for DASPs; full CASP licensing required
July 2027 Deadline
- EU AMLR ("single rulebook") comes into effect, standardizing crypto due diligence
Suggested considerations
Monitor and engage: Participate in AMF's ongoing DeFi discussions and tokenization consultations for asset managers; no mandatory actions from this summary alone.
MiCA compliance: DASPs must apply for CASP licenses or leverage exemptions (e.g., notify AMF with operational/AML details if regulated entities); ensure AML/CTF alignment with EBA/TFR "Travel Rule" extensions.
Assess decentralization: DeFi protocols should evaluate if they qualify as "sufficiently decentralized" to evade DASP rules; traditional firms notify AMF before crypto services.
Update policies: Incorporate AMF clarifications on DASP transitions (DOC-2019-23/24 updates) and prepare for 2026 priorities like DORA cybersecurity.
What changed
No immediate regulatory changes or new requirements are introduced; this is a non-binding summary of consultation feedback from July 2024, intended to inform future discussions rather than enact rules. It highlights stakeholder views on DeFi's challenges, such as decentralization's impact on traditional oversight, with the AMF planning continued ecosystem engagement to outline proportionate responses.
Compliance impact
Urgency: Medium - This consultation summary does not impose new obligations but underscores evolving DeFi scrutiny within MiCA's firm deadlines (e.g., June 2026 transition end), making it critical for crypto firms to align now to avoid sanctions like DASP withdrawals. It matters for maintaining competitiveness in France's innovation-friendly regime, especially with AMF's 2026 focus on MiCA convergence and tokenization.
Warning Savings protection Forex and binary options 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 relates to consumer protection and licensing requirements.
Warning Savings protection Miscellaneous assets Warning 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.
Innovation Artificial intelligence AMF launches its "innovation workshops"
Why this matters
This news item announces the launch of 'innovation workshops' by the AMF, the French financial markets regulator. This indicates a focus on supporting innovation and new technologies in the financial sector, particularly for banks, asset managers, and fintech firms.