AMF Communication – Brexit – Launch of the AGILITY program

Pursuant to the Brexit, the Autorité des Marchés Financiers (the French Financial Markets Authority, the “AMF”) launched a dedicated program called “AGILITY” for management firms and FinTech companies based in the United Kingdom on 28 September 2016. The goal of this program is to welcome British firms wishing to act in France. It is composed of three main elements: 

• The “2WeekTicket” which permits to receive a pre-authorization from the AMF in two weeks after a facilitated formalities. 
• The access to English-speaking “coaches”. 
• The coordinated access to a single contact point at the AMF and ACPR for concerned innovative companies.

The AMF and the Autorité de Contrôle Prudentiel et de Résolution (which is the regulatory authority for banking and insurance companies) also undertook to facilitate the licensing of British-based institutions wishing to locate their business in France.

Read the AMF press release on AGILITY. 

Read the AMF press release on AMF and ACPR initiative.

AMF Consultation – Consultation on funding of research

The AMF launched a public consultation on 12 September 2016, regarding the implementation of the MiFID II provisions relating to the payment of research costs. Within the framework of this consultation, the AMF gives its reading on MiFID II principles on this issue. The main issues are (i) to determine who is liable for such costs (i.e., either the client or the investment firm) and (ii) to define precisely the services covered by the term “research”.

Read the AMF consultation.

AMF Study – Efficiency of cross-border distribution of funds in Europe

The AMF published a study on 19 September 2016 on the efficiency of the European passports for distributions of funds in Europe. This study has been conducted within the framework of the public consultation published by the European Commission. In this study, the AMF has identified several entry barriers related to the cross-border distribution in Europe (both for UCITS and AIFs) and provides several proposals to resolve such barriers to improve European competition. 

Read the AMF study.

Update of the AMF General Regulations

An Arrêté was published on 14 September 2016 to enact an update of the AMF General Regulations (Règlement Général de l’Autorité des Marchés Financiers) related to the implementation under French law of EU Regulations 596/2014 dated 16 April 204 regarding market abuse.

Read the Arrêté.