Association Française des entreprises d'investissement

The International Council of Securities Associations (ICSA) has published its comments on implementation of the Volcker Rule (Section 619 of the Dodd-Frank Act), which the US financial authorities have put out for comment.

As part of its work on the proposed revision of the Market Abuse Directive published last October, AMAFI met with the Danish Presidency of the EU and with the European Commission. It held in-depth talks on several aspects of the proposal that it finds particularly noteworthy.

AMAFI responded to two consultations organised by the European Securities and Markets Authority (ESMA) on technical regulatory or implementing acts in connection with the European Regulation on short selling and certain aspects of Credit Default Swaps  (AMAFI / 12-10 and AMAFI / 12-13).

A financial transaction tax (FTT) has been written into the 2012 the Supplementary Budget Act. Although the new tax will not have the same impact as the now-defunct stamp duty, which tended to drive business away from French markets, AMAFI regrets nevertheless that this measure was taken unilaterally without a detailed analysis of its negative impact on French companies (AMAFI / 12-14).