In-depth Savings & services providers: Marketing

Review of marketing materials: the AMF updates its approach for various financial products aimed at retail investors

Published on December 14, 2018

Under its new Supervision#2022 strategy, the AMF has determined a number of priorities relating to the marketing of financial products, among them the supervision of marketing materials. In this regard, the regulator is announcing a change in its approach concerning undertakings for collective investment, structured debt securities issued by banks and structured funds, where these products are marketed to retail investors in France.

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Impacts of MiFID II: the AMF enhances its guide for financial investment advisors (FIAs)

Published on June 20, 2018

MiFID II requires the FIA regime to integrate certain rules similar to those applying to investment services providers. As such, new concepts and new provisions, including on the governance of financial instruments, have been introduced to the AMF General Regulation. To support FIAs in the implementation of their obligations, the AMF is enhancing its MiFID II guide published in October 2017. More than an overview of the impacts of MiFID II, the guide aims to serve as a practical tool for FIAs.

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Verification of minimum knowledge : equivalence between certain British requirements on the suitable competences and the certified French examination

Published on January 22, 2018

AMF Scientific Advisory Board meets to discuss the shareholdings of French households

Published on November 28, 2017

Research presented at the Scientific Advisory Board meeting of 10 October 2017 focused on the core issue of retail investors’ shareholdings.

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Impacts of MiFID II: the AMF publishes a guide for financial investment advisors (FIAs)

Published on November 15, 2017

The new European directive on markets in financial instruments (MiFID II) will enter into force on 3 January 2018. As such, FIAs will be subject to a national regulatory regime that incorporates rules analogous to those in MiFID II. In other words, the MiFID II rules will not apply directly to FIAs but will be implemented in a national regulatory regime that includes them to some degree (for example, the governance of financial instruments requirements and MiFID II's clarifications on the content of the suitability assessment have been incorporated into the FIA regime). In light of this, the AMF has published a guide to help FIAs to successfully implement the Directive. The guide outlines the new measures that should come into force. It will be updated to account for the forthcoming provisions of the AMF General Regulation which will transpose the provisions of the MiFID II delegated acts into the FIA regime.

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The AMF is supplementing its doctrine on the collection of information related to the client’s knowledge by publishing a Position/Recommendation dedicated to the digitisation of client relationships

Published on July 28, 2017

Mindful of the new technological environment with its benefits in terms of traceability, transparency and fluidity in client relationships, the AMF also wishes to guarantee effective protection for savers. In this context, the AMF is supplementing its Position DOC-2013-02 on collecting know-your client information in a Position/Recommendation dedicated to the risks brought about by the digitisation of relationships between the service provider and its client for the provision of investment services. This publication forms part of the work currently being conducted by the AMF with the ACPR within a joint unit, on the use of digital technologies in the financial sector’s commercial practices.

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Intermediation in miscellaneous assets: amendment to the General Regulation and publication of a new Instruction (2017-06)

Published on July 19, 2017

Law No. 2016-1691 of 9 December 2016 on transparency, anti-corruption and economic modernisation (the so-called Sapin II law) changed the rules on intermediation in miscellaneous assets laid down in articles L. 550-1 et seq. of the Monetary and Financial Code. Consequently, the AMF is amending its General Regulation and publishing a new instruction.

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Discretionary portfolio management obligations with respect to retail clients: the AMF strengthens its policy

Published on July 24, 2015

The Autorité des Marchés Financiers (AMF) is strengthening its policy on professional obligations towards retail clients with regard to discretionary portfolio management (DOC-2007-21). Certain principles already applied to collective management will be reapplied and mandates invested in unlisted securities will be supervised with new rules.

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European authorities launch discussions on the content of the Key Information Document within the scope of the European PRIIPS Regulation

Published on July 16, 2015

The Joint Committee, which brings together the three European Supervisory Authorities (ESMA, EBA, EIOPA), has just published a discussion paper on the content of the Key Information Document (KID) for investors, as set out in the European PRIIPs (Packaged Retail and Insurance-based Investment Products) Regulation.

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Non standard investments: the AMF calls for financial investment advisers and their professional association to be vigilant

Published on March 23, 2015

In a context of low interest rates, the AMF is noting an increase in "atypical investments" (forests, diamonds, wine, works of art, photovoltaics, manuscripts, etc.) offered to the public, often coming from non-regulated firms. It also appears that financial investment advisers (CIF – Conseiller en investissement financier), important vectors for marketing financial products, are being solicited to distribute these products.

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Head of publications: The Executive Director of AMF Communication Directorate.
Contact: Communication Directorate – Autorité des marches financiers 17 place de la Bourse – 75082 Paris cedex 02