Podcast: ESMA Report: Undue Pressure on Companies
Regulator Takes Strict Approach - Managers seeking to rely on reverse solicitation by EU investors should take note of last year’s enforcement action by the French regulator. The enforcement action, while confirming that...more
The French regulator, the Autorité des Marchés Financiers (the AMF) has recently published a report (the AMF Report) following its inspection, involving a sample group of credit institutions, of certain simple, transparent...more
A number of regulators across the globe responded to recent market volatility by introducing temporary short selling bans and/or market restrictions. Such bans have since expired as of 18 May 2020. Other regulators (including...more
A number of regulators across the globe have responded to recent market volatility by introducing temporary short selling bans and/or market restrictions. Other regulators (including the UK) say that there is no evidence to...more
To mitigate the risks faced by French financial markets during this unprecedented period of disruption caused by the COVID-19 pandemic, the French Financial Markets Authority (AMF) announced on April 15, 2020, that it will...more
The European Securities and Markets Authority (ESMA) has confirmed the renewal of the emergency restrictions on short selling and similar transactions by the Finanzmarktaufsicht (FMA) of Austria, the Financial Securities and...more
Challenge of the guidelines of the European Banking Authority and notice of compliance by the Prudential Supervisory and Resolution Authority (ACPR) In its notice of September 8, 2017, the ACPR stated that it complies with...more
Implementation of AMF position 2019-03 on "certain aspects of the MiFID II adequacy requirements" - The AMF position DOC-2019-03 incorporates the ESMA guidance on "certain aspects of the MiFID II adequacy requirements"...more
On Feb. 6, the French government put forth a statutory instrument (l'ordonnance n° 2019-75 du 6 février 2019, hereinafter the l’ordonnance) containing changes to French law, including the French monetary and insurance codes,...more
Money Market Funds - The AMF published a guide describing the main impacts of the application of the MMF Regulation, as well as the details of the authorization procedures specific to such money market funds, notably...more
With crypto-currencies on the rise and technological developments providing great opportunities in the financial services sector, Initial Coin Offerings ("ICO") provide an innovative way of raising capital. They are...more
Monitoring of promotional documentation: the AMF changes its approach regarding various financial products for private individuals - The Autorité des Marchés Financiers (the AMF, the French financial markets authority)...more
MiFID II update - The Autorité des Marchés Financiers continues to update its doctrine following the entry into force of MiFID II. As a result, on 26 June, the AMF published updated versions of 14 of its positions,...more
UCITS/AIFs’ Share Classes and Hedging - Pursuant to the ESMA Opinion n° 34-43-296 relating to share classes of UCITS, the AMF updated its regulations and doctrine with respect to the hedging possible when a fund (or a...more
Proposals to make French funds more attractive for international marketing - A working group set up by Euroclear France, Ailancy, professional associations and different actors of the asset management industry, presented...more
The Paris office of Hogan Lovells is pleased to provide this English language edition of our monthly e-newsletter, which offers a legal and regulatory update covering France and Europe for February 2018. ...more
Katja Kaulamo (Frankfurt, capital markets): With structural and political change in Europe in 2017, the European capital markets industry was left in a state of uncertainty pending the final outcome of the Brexit...more
France Welcomes Foreign and Alternative Capital Providers with Latest Reform of Finance Sector - Long a cornerstone of the French banking system, the "French banking monopoly" largely prevents non-bank entities from...more
Publication du règlement dit « Prospectus » abrogeant la directive Prospectus - Le 30 juin 2017 a été publié au Journal officiel de l’UE le règlement n° 2017/1129 du 14 juin 2017 concernant le prospectus à publier en cas...more
Portées des Q&A des AES - Le 21 mars 2017 la Commission Européen a lancé une consultation intitulée « Operations of the European Supervisory Authorities ». ...more
The Paris office of Hogan Lovells is pleased to provide this English language edition of our monthly e-newsletter, which offers a legal and regulatory update covering France and Europe for March 2017. ...more
AMF Consultations - Corporate Finance Advice and Intermediation in Miscellaneous Assets - The Autorité des Marchés Financiers (the “AMF”, the French financial markets authority) has recently launched two public...more
The Paris office of Hogan Lovells is pleased to provide this English language edition of our monthly e-newsletter, which offers a legal and regulatory update covering France and Europe for January 2017. 1. Audovisual...more
MIF 2 Directive – AMF Guide - The AMF published a guide on the implementation of the MIF 2 Directive. The document is drafted as a Q&A on several issues with respect to the implementation of the MIF 2 Directive, subject...more
Public Consultation on the Origination of Loans by Funds - Within the framework of the implementation of the ELTIF Regulations in France, the Autorité des Marchés Financiers (“AMF”) launched a public consultation on 22...more