Representing financial market professionals based in France



AMF guide to commercial documentation

The AMF’s Corporate Finance Division has begun work to convert Position 2013-13 into a guide to marketing materials for structured debt securities, in order to comply with directly applicable European legislation, including MiFID II and PR3. AMAFI was consul...



Webinar and presentation of AMAFI’s CMU report AMAFI teamed up with the Centre for European Policy Studies (CEPS-ECMI) to stage a webinar on 30 June, the release date for the association’s report (AMAFI / 20-40) on completing capital markets union (...


Review of the MiFID II framework

AMAFI responded to the European Commission’s consultation on the review of the MiFID II framework (AMAFI / 20-32). Repeating many of the proposals included in the memo that it released in early 2020 (AMAFI / 20-03), AMAFI pinpointed the issues where adjustme...



Entry into application of the reporting mechanism provided for by European Securities Financing Transaction Regulation (EU) 2015/2365 (SFTR) has been pushed back from 13 April to 13 July 2020 for credit institutions and investment firms (cf. Financial Newsletter N...


Capital Markets Union – AMAFI-CEPS report

Over recent months, AMAFI has been thinking about ways to reinvigorate the Capital Markets Union (CMU) initiative. To tap into the expertise of a recognised think tank, these discussions are being held in conjunction with the Centre for European Policy Studies (CE...



With the Covid-19 crisis seemingly doing nothing to shake the United Kingdom’s resolve to leave the European Union on 31 December, talks remain tense, to put it mildly, with limited progress on the financial services sector. Although the European Commission...


AMAFI Product Governance Guide

AMAFI has published an update of its guide to implementing product governance obligations (AMAFI / 20-16), which notably clarifies the obligations to regularly review target markets and identify crucial events affecting products. As with previous versions, the gui...


Primary bond issues – Conflicts of interest

In late 2019, the International Organization of Securities Commissions (IOSCO) held a consultation on proposed guidance covering conflicts of interest identified in primary bond issues. The IOSCO report proposed eight measures, partly modelled on provisions in Eur...


Financing for SMEs and mid-tier firms – European liquidity contract

Financing for SMEs and mid-tier firms is vitally important, which is why AMAFI was closely involved in the European Commission’s SME Growth Market initiative. We successfully argued for a liquidity contract that could be used in different Member States, with...