Aggregated News From Investment Management Regulators

The AMF applies the ESMA guidelines on compliance function requirements


Please complete the required fields.

The Autorité des Marchés Financiers (AMF) has published a position (DOC-2021-04) to incorporate the guidelines of the European Securities and Markets Authority (ESMA) on “certain aspects of the MiFID II compliance function requirements”. From 6 June 2021, this position will replace AMF Position DOC-2012-17 which incorporated the ESMA guidelines under MiFID I.

A position echoing the ESMA guidelines

The AMF has incorporated the guidelines published by ESMA on “certain aspects of the MiFID II compliance function requirements” (ESMA35-36-1952), in a new position DOC-2021-04. These guidelines were enacted on the basis of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014, called MiFID II, transposed into national law in the Monetary and Financial Code, and its Commission Delegated Regulation (EU) 2017/565 of 25 April 2016. They will be replacing the guidelines published in 2012 under MiFID I (ESMA/2012/388).

Details of the new compliance function requirements

The new ESMA guidelines clarify changes to the roles of the compliance function under MiFID II (product governance responsibilities, possibility of performing the complaints management function, advising the management body on the firm’s remuneration policy), by setting out the compliance function’s reporting obligations to senior management, for example.

Upcoming changes in the policy applicable to collective management

The ESMA guidelines apply within the framework of the provision of investment services or ancillary services and therefore concern investment firms, credit institutions and asset management companies in connection with the provision of these services.

To standardise practices, the AMF will change its policy on UCITS and AIF management in the coming months to take into account the relevant aspects of the revised guidelines. This update will be made in conjunction with the clarifications that the AMF is to make in its policy following the publication of the summary of SPOT inspections on outsourcing of internal control.

Find out more

This news item was originally published by the Financial Markets Authority (AMF FR). For more information, see the Source Link.

Regulator Information

Regulator Name: Financial Markets Authority
Abbreviation: AMF
Jurisdiction: France

Recent Articles

Directive for the beneficial ownership register of express trusts and similar legal arrangements

See the Press Release published by the Cyprus Securities and Exchange Commission (CySEC CY) here: Source link


Attention! The FMA warns investors against concluding transactions with: RichmondSuper (Link to external page. Opens in new window.) [email protected] [email protected] [email protected] [email protected] [email protected] (Link to external page. Opens in new window.) This provider...

Hardson Becker Global

Attention! The FMA warns investors against concluding transactions with: Hardson Becker Global with its registered address apparently in Hangzhou, China This provider is not authorised to carry...

“Let’s talk about money” – money laundering: how illegal assets are given a legal appearance

In the latest edition of its consumer information series, “Let’s talk about money” the Austrian Financial Market Authority (FMA) explains about the term money...

Chair Powell will host town hall with educators August 2, 2021 at 4 p.m. EDT

Please enable JavaScript if it is disabled in your browser or access the information through the links provided below.

Get the latest from Regulatory.News in your inbox!