Artificial intelligence Innovation Financial products Financial services providers Artificial intelligence: the AMF encourages market stakeholders to take part in two European Commission initiatives on issues specific to the financial sector
Why this matters
This regulatory update from the AMF encourages market stakeholders in the financial sector to participate in two European Commission initiatives related to artificial intelligence.
Supervision Asset management Journalists Investment management companies The AMF has published a summary of its SPOT inspections of financial management delegation arrangements at asset management companies
Why this matters
This regulatory update from the AMF focuses on inspections of financial management delegation arrangements at asset management companies, which is relevant for the investment management and wealth management sectors.
Sanctions & settlements professional obligations Other professionals Journalists AMF Enforcement Committee fines a financial investment advisor and its director for breaches of their professional obligations
AI Analysis
The AMF Enforcement Committee has issued multiple enforcement decisions against financial investment advisors and their management for breaches of professional obligations, with the most recent and significant case involving Carat GP and its directors receiving combined fines of €2.5 million and permanent/extended bans from operating as financial investment advisors. These cases establish critical precedent regarding advisor duties around client disclosure, product authorization, conflict of interest management, and honest/fair conduct—requirements that apply across the entire financial investment advisory sector.
Key dates
2 July 2019
- AMF Enforcement Committee decision against Invest Securities and financial advisors (€90,000 to €60,000 fines)
11 April 2022
- AMF Enforcement Committee decision against DCT and Didier Maurin (€150,000 and €200,000 fines; 5-year ban)
24 October 2022
- AMF Enforcement Committee decision against Salzillo Finance and Jean Salzillo (€20,000 and €80,000 fines; 3-year ban)
19 December 2023
- AMF Enforcement Committee decision against Séquence 13 and Jean-Louis Lehmann (€15,000 fines each; 5-year ban)
9 September 2024
- Conseil d'Etat judgment dismissing appeal by DCT and Didier Maurin
Suggested considerations
*Immediate Compliance Review:
*Governance and Documentation:
*Training and Culture:
*Regulatory Engagement:
What changed
The enforcement decisions clarify and reinforce several core professional obligations for financial investment advisors:
Transparency and Disclosure Obligations
Financial investment advisors must inform clients of any remuneration received for their advice and justify improvements to advisory services in return for compensation received.
Sustainable Finance Governance Financing the economy Other professionals Journalists Investment management companies Listed companies and issuers The AMF and the ACPR have published their report on the monitoring and assessment of the climate...
Why this matters
This regulatory update from the AMF and ACPR focuses on monitoring and assessing the climate commitments made by Paris financial centre participants. It is relevant for banking, investment management, and capital markets firms, as well as listed companies, in relation to ESG/sustainability reporting and disclosure...
Institutional Europe & international Cooperation AMF Chair Marie-Anne Barbat-Layani meets with CSRC Vice Chairman, Fang Xinghai
Why this matters
This regulatory update discusses a meeting between the AMF Chair and the CSRC Vice Chairman, which is likely to involve discussions around cross-border cooperation, regulatory alignment, and information sharing between European and Chinese financial authorities.
This appears to be a general news update from CBI covering multiple financial services sectors and regulatory topics, without specific details on urgency or impact.
Annual report Savings protection Marketing Retail investors Journalists The ACPR and AMF Joint Unit for Insurance, Banking and Retail Investment has published its 2023 Annual Report
Why this matters
This annual report from the ACPR and AMF Joint Unit covers key regulatory developments and oversight across the banking, investment, and insurance sectors, with a focus on consumer protection, reporting requirements, and authorization/licensing. The content is informational in nature.
Sustainable Finance Investment advice Long term investment Retail investors Journalists Mystery shopping visits to bank branches: the collection of client sustainability preferences remains fragmented
Why this matters
This regulatory update focuses on the collection of client sustainability preferences by bank branches, which is relevant for banking, wealth management, and investment management firms. The key topics covered are ESG/sustainability, consumer protection, and reporting/disclosure requirements.
Asset management Anti-money Laundering Money laundering and terrorist financing: the AMF publishes its sectoral risk analysis
Why this matters
This regulatory update from the AMF (French financial markets regulator) focuses on the sectoral risk analysis for anti-money laundering and counter-terrorist financing in the asset management and wealth management sectors. It is of medium urgency for firms in these sectors to review the analysis and ensure compliance.
Asset management The Autorité des Marchés Financiers (AMF) withdraws the authorisation of the portfolio asset management company Wide Asset Management
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 investment management and wealth management firms.
Warning Savings protection Crypto-assets Warning Cryptoassets: the Autorité des Marchés Financiers warns the public about the activities of several fraudulent market participants and publishes a new ‘blacklist’
Why this matters
This regulatory update from the Autorité des Marchés Financiers (AMF) in France warns the public about the activities of several fraudulent market participants in the cryptoasset space. The AMF is publishing a new 'blacklist', indicating a focus on consumer protection and unauthorized activities in the crypto sector.
Mediation Annual report Retail investors Professional investors Journalists AMF Ombudsman publishes her 2023 Annual Report
Why this matters
This regulatory update from the AMF Ombudsman covers mediation and annual reporting, which are relevant for investment managers, wealth managers, and banks that serve retail and professional investors. The topics include consumer protection, reporting and disclosure, and licensing/authorization requirements.
Asset management ETF Active ETFs: the AMF publishes a recommendation on the transparency of portfolios
Why this matters
This regulatory update from the AMF (French financial markets regulator) focuses on transparency requirements for active ETFs, which are relevant for investment managers, broker-dealers, and crypto exchanges offering these products.
Asset management MMF AMF complies with ESMA guidelines on updating the stress scenario parameters provided for in Article 28 of the Money Market Funds Regulation for 2024
Why this matters
This regulatory update from the AMF relates to compliance with ESMA guidelines on stress scenario parameters for money market funds, which is relevant for investment managers, banks, and broker-dealers that operate or invest in money market funds.