Working Groups

Objective: Treatment of issues related to IFR/IFD.
Topics under review:

• Preparation of responses to EBA/ESMA Call for Advice on the possible revision of the prudential framework for investment firms
• Discussions on the current regulatory framework

Person responsible and associated committee: Emmanuel de Fournoux – Market Structure Committee

Objectives:

• Facilitate discussions around more general regulatory reporting issues (beyond those covered by the EMIR Refit Reporting Group, which has now closed).
• Where necessary, liaise with the authorities to highlight any sticking points.

Topics under review:

• WG kick-off meeting (objectives and procedures)

Person responsible and associated committee: Emmanuel de Fournoux – Market Structure Committee

Objectives:

• Respond to ESMA’s consultation as part of the MiFIR review on changes to transaction reporting requirements under Article 26 and order data retention under Article 25.

Topics under review:

• First meeting on 7 November

Person responsible and associated committee: Emmanuel de Fournoux – Market Structure Committee, Commodities Committee, Post-Market Committee and Reporting Work Group

Objectives:

• Work with FPM and AFG to determine the conditions for switching to T+1 in Europe

Topics under review:

• Analysis of the consequences for certain market segments, including corporate bonds, ETFs and sovereign bonds.

Person responsible and associated committee: Emmanuel de Fournoux – Market Structure Committee

Objectives:

• Prepare a methodology to determine the requirements for derivatives to be treated as contributing to sustainability.
• Measure the contribution from derivatives to sustainability KPIs at the product and entity level.

Topics under review:

• Monitor European-level discussions on recognising derivatives in Taxonomy ratios at entity level (in the GAR, GIR and Trading book KPIs) and product level.
• Examine the best method to count derivatives in the GAR numerator.

Person responsible: Ambra Moschini

Objectives:

• Handling ad hoc issues related to sustainable bond issues (green, social, sustainabiliy linked, EUGBS, etc.)
• Identification of possible best practices
• Help in implementing new emission standards
• Discussions with the AMF’s Corporate Finance Division

Topics under review:
Discussions with the AMF Corporate Finance division and AFTE on identifying and describing risk factors in prospectuses, which must comply with a number of principles.
Person responsible: Ambra Moschini

Objectives:

• Discuss sustainability criteria applicable to ESG structured products
• Study applicability of sustainable finance standards to structured products (e.g. SFDR, MiFID 2, ESG)

Topics under review:

• Develop a proposed delta haircut at the AMF’s request to mitigate the impact of delta volatility on ESG KPIs.

Person responsible: Ambra Moschini

Objectives:

• Respond to consultations on market abuse issues (EC, ESMA)
• Work on the MAR review (Listing Act)
• Discuss MAR provisions

Topics under review:

• Work on pre-hedging
• Work on the MAR review as part of the Listing Act initiative

Person responsible and associated committee: Catherine Balençon – Compliance Committee

Objectives:

• Discuss issue of transparency of costs and charges within the RIS framework.
• Monitor AMF work on discretionary investment management costs and charges and respond to resulting consultations

Topics under review:

• Potential work on MiFID 2 Level 2 amended post-RIS

Person responsible and associated committees: Catherine Balençon – Compliance and Private Banking Compliance Committees

Objectives: Monitor and take part in current and future work by ESMA on product governance & suitability, particularly on ESG issues.
Topics under review:

• Clarify implementation of MiFID 2 / ESG provisions and monitor ESMA’s CSA and AMF 2024 SPOT inspections
• Implementation of MiFID 2/ESG obligations for the primary market
• AMF consultation on the distribution of actively managed certificates (AMCs)
• AMF consultation on regulating turnover commissions in discretionary investment management (AMAFI / 24-24)

Person responsible and associated committees: Catherine Balençon – Compliance and Private Banking Compliance Committees

Objectives:

• Respond to ACPR and EBA consultations
• Take part in the ACPR’s AML/CFT Consultative Commission
• Address ad hoc AML/CFT issues.

Topics under review:

• Discussions on the annual money laundering questionnaire
• Draft review of ACPR/TRACFIN joint guidelines on suspicious transaction reports
• Discussions on market practices
• Monitoring of progress in setting up AMLA
• Work to propose a review of guidelines on identifying and checking the identity of customers, to ensure that the guidelines are suited to market activities.

Person responsible and associated committee: Julie Dugourgeot – Compliance Committee

Objectives:

• Discuss and liaise with AFA

Person responsible and associated committee: Julie Dugourgeot –Private Banking Compliance Committee

Objectives: Address issues related to best execution

Topics under review: Prepare response to ESMA’s consultation on draft technical standards for ISP best execution policies

Person responsible and associated committee: Catherine Balençon – Compliance Committee

Objectives:

• Work on issues specific to structured products raised in connection with the RIS
• Respond to consultations on the PRIIPs framework or raising other issues specific to structured products
• Merger of PRIIPs and Structured Products WGs

Topics under review:

• Amendment of the PRIIPS Regulation in connection with the RIS
• AMF consultation on the distribution of actively managed certificates (AMCs)
• Consultations on Level 2 of the ESAP Regulation
• Update of AMAFI’s Q&A on PRIIPs (AMAFI / 19-55)

Person responsible and associated committee: Catherine Balençon – Compliance Committee

Objectives: Hold discussions on the proposed Retail Investment Strategy published by the European Commission on 24 May 2023
Topics under review:

• Determine the positions that AMAFI plans to convey to stakeholders in France (AMF, Treasury) and Europe about the proposed MiFID 2 and PRIIPs amendments
• Work on the proposed amendments to these texts

Person responsible and associated committees: Catherine Balençon – Compliance and Private Banking Compliance Committees

Objectives: Working group focused on specific issues encountered by branches established in France (European or third country)

Topics under review:

• AMF – Annual European branches questionnaire
• Clarification of rules applicable to incoming branches and identification of the competent authority for each branch
• Potential steps to take with respect to the AMF in the event that duplicates are identified or if there is uncertainty over competence

Person responsible and associated committees: Catherine Balençon – Compliance and Private Banking Compliance Committees

Objectives: Work on the electronic invoicing reform.
Topics under review:

• In the lead-up to application of the reform, identify the needs of operators and inform them about the applicable rules and the approach adopted by the tax authorities.
• Identify implementation challenges that could be the subject of a joint approach to the tax authorities.
• As applicable, characterise needs in terms of specific solutions for the intermediation sector and securities industry.

Person responsible and associated committee: Maguette Diouf – Tax Committee

Objectives: Analysis of the VAT regime for financial intermediation services
Topics under review:

• Update of AMAFI / 15-20 memo on the VAT regime for commissions and remuneration earned by ISPs
• Analysis of VAT treatment of investment research services with regard to complex-transactions theory and electronic invoicing

Person responsible and associated committee: Maguette Diouf – Tax Committee

Objectives:

• Discuss questions relating to the accepted market practice on equity liquidity contracts.
• Update AMAFI standard liquidity contract and comments memo.

Topics under review:

• Finalisation of the documentation: charter, agreement template and explanatory memo. Publication during the week of 8 July 2024.

Person responsible: Thiebald Cremers

Objectives:

• Facilitate application of the DORA Regulation.

Topics under review:

• Gather questions from the group’s members on DORA application.

Person responsible and associated committee: Thiebald Cremers – Legal Committee

Objectives:

• Work on the European Listing Act legislative package.
• Monitor and implement Listing Act texts in French law.

Topics under review:

• Response to the European Commission consultation on the Listing Act initiative.
• Pending transposition into French law of Listing Act texts: MiFID, MAR, Prospectus, Multiple voting rights (expected by late 2024).

Person responsible and associated committee: Thiebald Cremers – Legal Committee