Asset management Collective investments End of life of private equity funds: the AMF amends its General Regulation and policy
Why this matters
This regulatory update from the AMF relates to changes in the rules around the end of life of private equity funds, which is relevant for asset managers operating in the investment management and capital markets sectors.
Shares ETF ETFs: strong growth for retail investors in 2024
Why this matters
This news article discusses the strong growth of ETFs for retail investors in 2024, which is relevant for investment management firms, wealth managers, and broker-dealers. It touches on consumer protection, ESG, and technology/cyber topics.
Asset management Marketing Publication of the first study on the performance of unlisted financial asset funds aimed at non-professional clients
Why this matters
This regulatory update is related to the performance of unlisted financial asset funds aimed at non-professional clients, which falls under the investment management and wealth management sectors. The key topics covered are consumer protection and reporting/disclosure requirements for these types of funds.
Sanctions & settlements professional obligations Journalists Listed companies and issuers The AMF Enforcement Committee fines Pharnext and its former directors a total of €800,000
AI Analysis
The AMF Enforcement Committee fined Pharnext €500,000 and its former directors Daniel Cohen (€200,000) and David Horn Solomon (€100,000) on 20 January 2025 for failing to disclose inside information promptly and disseminating false or misleading information about FDA interactions for a drug candidate. This enforcement action reinforces AMF's strict stance on market abuse rules under EU MAR, highlighting personal liability for directors in listed biotech firms where investor expectations around product approvals are high. Compliance teams should note it as a reminder of timely disclosure obligations, especially amid appeals filed by the parties.
Key dates
10 April 2019
- FDA request for additional study deemed inside information; not disclosed until 30 August 2019
28 October 2020
- FDA 'non-agreement' on clinical study design deemed inside information; never publicly disclosed
20 January 2025
- AMF Enforcement Committee decision imposing fines (SAN-2025-01)
23 July 2025
- Paris Court of Appeal dismissed David Horn Solomon's stay of execution application (n°25/05331)
Post
20 January 2025; - Appeal lodged by Pharnext, Cohen, and Solomon to Paris Court of Appeal (ongoing)
Suggested considerations
Review inside information policies: Ensure protocols flag regulatory feedback (e.g., FDA requests) as inside information and mandate immediate public disclosure via official channels.
Audit communications: Screen press releases, shareholder letters for optimistic language on approvals; implement pre-issuance legal/compliance sign-off.
Director training: Conduct MAR-specific training on personal liability for disclosure failures; document decision trails.
Monitor appeals: Track Paris Court of Appeal outcomes, as upheld fines could set precedents for biotech disclosures.
wide actions mandated beyond general MAR compliance, but proactive gap analysis recommended.
What changed
This is not a regulatory change but an enforcement decision applying existing obligations under the Market Abuse Regulation (MAR), specifically:
Article 17 MAR: Requirement to disclose inside information as soon as possible (breached by Pharnext's delays from 10 April 2019 and non-disclosure from 28 October 2020).
Article 12(1)(c) MAR: Prohibition on disseminating false or misleading information that could affect market prices, via press releases and shareholder letters overstating FDA progress.
No new rules...
Compliance impact
Urgency: Medium – This is a specific enforcement (not a new rule), but it signals heightened AMF scrutiny on biotech disclosures amid investor sensitivity to approval news; delays in similar cases could trigger investigations/fines up to 15% of turnover or €15M. Matters for listed firms with pipeline dependencies, as it exemplifies director accountability and market-wide deterrence post-MAR implementation.
Europe & international Innovation Financial services providers Operational resilience – The AMF applies the Joint Guidelines on the oversight cooperation and information exchange under the Digital Operational Resilience Act (DORA)
Why this matters
This regulatory update from the AMF applies the Joint Guidelines on oversight cooperation and information exchange under the Digital Operational Resilience Act (DORA), which is relevant for banking, investment management, and wealth management firms in terms of operational resilience and technology/cyber risk...
Strategy Supervision Institutional Executive & other private individuals Journalists Investment services providers Investment management companies Listed companies and issuers The AMF publishes its action and supervisory...
Why this matters
This regulatory update from the AMF covers priorities related to investment management firms, capital markets participants, and listed companies. Key areas of focus include reporting and disclosure requirements, authorization and licensing, and governance/senior management oversight.
Innovation Institutional Crypto-assets MiCA The AMF is recognized by INATBA for Its Innovative Approach to Digital Asset Regulation
Why this matters
This news article discusses the AMF's innovative approach to regulating digital assets, which is relevant for crypto exchanges and fintech firms operating in the crypto/digital asset space. The content is informational in nature, so the urgency is low.
Innovation Market infrastructures MIFID Pilot Regime: the AMF publishes an in-depth report on the implementation of the regulation
Why this matters
This regulatory update from the AMF (Autorité des Marchés Financiers) relates to the implementation of the Pilot Regime, which is a new regulatory framework for market infrastructures.
Long term investment Shares Collective investments AMF 2024 Barometer: French equity investment intentions remain high
Why this matters
This regulatory update from the AMF (French financial markets regulator) discusses the results of the AMF 2024 Barometer, which indicates that French investors' intentions to invest in equities remain high.
Warning Savings protection Warning Forex and binary options Crypto-assets 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.
Sanctions & settlements MAR Other professionals Executive & other private individuals Listed companies and issuers The AMF Enforcement Committee fines a US investment fund and its director a total of €10 million for price manipulation during an initial public offering...
AI Analysis
The AMF Enforcement Committee fined US-based investment fund EcoR1 Capital €7 million and its director Oleg Nodelman €3 million (total €10 million) on 13 December 2024 for price manipulation via "marking the close" trades on Euronext Paris during Innate Pharma's 2019 Nasdaq IPO, plus reporting failures on 5% ownership thresholds. This case demonstrates AMF's extraterritorial reach over foreign actors impacting French markets and underscores personal liability for executives in market abuse violations under MAR.
Key dates
October 10
16, 2019; - Five trading sessions during which manipulative "marking the close" sales occurred on Euronext Paris
2019 (exact dates unspecified)
- Instances of failing to report exceeding/falling below 5% ownership thresholds in Innate Pharma
13 December 2024
- AMF Enforcement Committee decision date imposing fines
16 December 2024
- French version of press release published
Suggested considerations
Implement pre-trade surveillance for "marking the close" patterns, especially around issuer events like IPOs where Euronext closes influence external pricing.
Enhance 5% threshold monitoring with automated alerts and timely filings (4 trading days post-threshold).
Conduct senior manager training on personal liability under MAR for manipulative orders benefiting the firm (e.g., lower ADS subscription as largest subscriber).
Review cross-border trading policies for French-listed assets, including jurisdiction assessments for non-EU funds.
Perform gap analysis on order timing controls to flag end-of-day volume spikes.
What changed
This is an enforcement decision, not a regulatory change; it reinforces existing MAR prohibitions on price manipulation (Article 12), specifically "fixing the price at an abnormal or artificial level" through timed sales at market close to influence linked ADS pricing on Nasdaq. It also highlights ongoing scrutiny of reporting obligations under Article L. 233-7 of the French Commercial Code for crossing 5% thresholds in listed companies.
Compliance impact
Urgency: Medium - Matters due to AMF's aggressive fines (€10M total) and personal accountability for a US fund/director, signaling heightened cross-border enforcement on Euronext trades. Firms should prioritize surveillance upgrades now, as appeals are possible but do not suspend implications; low immediate deadline pressure but high precedent value for biotech/dual-listed scenarios.
Warning Savings protection Warning Forex and binary options The AMF warns the public about the fraudulent Forex investment offering on the LIVAXXEN trading platform
Why this matters
This regulatory update from the AMF warns the public about a fraudulent Forex investment offering, which falls under the banking, investment management, and wealth management sectors. The key topics covered are consumer protection, authorization and licensing, and market abuse.
Warning Savings protection Crypto-assets Warning Cryptoassets: the Autorité des Marchés Financiers warns the public about the activities of several unauthorized entities
Why this matters
This is a warning from the French financial regulator AMF about unauthorized entities operating in the crypto asset space, which is relevant for crypto exchanges, fintechs, and other firms involved in the crypto industry. It relates to consumer protection and the need for proper licensing and authorization.
Asset management Marketing Innovation Other professionals Professional investors Journalists Investment management companies Listed companies and issuers The AMF awards its 2024 prize for young researchers in economics to Maxime...
Why this matters
This news item announces the AMF's award of a prize for young researchers in economics, which is relevant to investment management firms and listed companies. The topics of authorization/licensing and consumer protection are implicated as the AMF is a regulatory body overseeing these areas.
Asset management The AMF updates its policy following its decision to comply with the ESMA guidelines on the names of ESG funds
Why this matters
This regulatory update from the AMF relates to changes in its policy on the naming of ESG funds, in order to comply with ESMA guidelines. This impacts investment management firms that offer ESG-focused funds.
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Why this matters
This is a standard FCA Warning List entry identifying an unauthorised firm operating without permission. The content is primarily informational and protective in nature, alerting consumers to avoid the entity and explaining consequences of dealing with unauthorised firms (no FSCS/ombudsman coverage).