{"id":1573,"date":"2024-07-25T11:32:42","date_gmt":"2024-07-25T09:32:42","guid":{"rendered":"https:\/\/amafi.dev39.fr\/working-groups\/"},"modified":"2025-10-13T14:45:32","modified_gmt":"2025-10-13T12:45:32","slug":"working-groups","status":"publish","type":"page","link":"https:\/\/www.amafi.fr\/en\/working-groups\/","title":{"rendered":"Working Groups"},"content":{"rendered":"\n<div class=\"wp-block-group triangle-top-bottom green has-base-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\" style=\"margin-bottom:var(--wp--preset--spacing--spacing-5);padding-top:var(--wp--preset--spacing--spacing-5);padding-bottom:var(--wp--preset--spacing--spacing-5)\">\n<h2 class=\"wp-block-heading\">Working Groups<\/h2>\n\n\n\n<p><strong>Working groups<\/strong> are set up by the committees, commissions or, more rarely, by the Board. They are set up \u2013 on a permanent basis where necessary \u2013 to tackle specific questions. Some <a href=\"https:\/\/www.amafi.fr\/wp-content\/uploads\/2024\/07\/groupes-AMAFI.pdf\" data-type=\"attachment\" data-id=\"1228\">groups <\/a>are shared by several committees.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group has-base-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\" style=\"margin-top:var(--wp--preset--spacing--spacing-5);margin-bottom:var(--wp--preset--spacing--spacing-4);padding-top:var(--wp--preset--spacing--spacing-5);padding-bottom:var(--wp--preset--spacing--spacing-5)\">\n<h3 class=\"wp-block-heading\">Market-related groups<\/h3>\n\n\n\n<p><\/p>\n<\/div>\n\n\n\n<div id=\"block_accordion-block_c5538bfa65ee5f26eb78c1b4d414cb1b\" class=\"block_accordion | \">\n\n    \n        \n            \n            <details class=\"block_accordion_details | has-white-background-color mb-3\">\n                <summary class=\"block_accordion_summary | d-flex justify-content-start align-items-center | fw-bold has-white-background-color p-3\">\n                    <p class=\"my-0 ms-5\"> DLT<\/p>\n                <\/summary>\n                <div class=\"block_accordion_content | p-3\">\n                    <p><strong>Objective<\/strong>:<\/p>\n<ul>\n<li>Identification and analysis of DLT projects in market activities.<\/li>\n<\/ul>\n<p><strong>Topics under review:<\/strong><\/p>\n<ul>\n<li>To be determined<\/li>\n<\/ul>\n<p><strong>Person responsible and associated committee:<\/strong> <a href=\"mailto:mjacolin@amafi.fr\">Mathieu Jacolin<\/a> -Market Structure Committee<\/p>\n<p><a href=\"mailto:tcremers@amafi.fr\">Thiebald Cremers<\/a> \u2013 Legal Committee<\/p>\n\n                    \n                <\/div>\n            <\/details>\n\n        \n            \n            <details class=\"block_accordion_details | has-white-background-color mb-3\">\n                <summary class=\"block_accordion_summary | d-flex justify-content-start align-items-center | fw-bold has-white-background-color p-3\">\n                    <p class=\"my-0 ms-5\"> IFR\/IFD<\/p>\n                <\/summary>\n                <div class=\"block_accordion_content | p-3\">\n                    <p><strong>Objective<\/strong>:<\/p>\n<ul>\n<li>Addressing challenges related to the prudential framework applicable to investment firms<\/li>\n<\/ul>\n<p><strong>Topics under review:<\/strong><\/p>\n<ul>\n<li data-start=\"138\" data-end=\"281\">\n<p data-start=\"140\" data-end=\"281\">Identification of avenues for simplifying the prudential regime under IFR\/IFD at the request of the Directorate General of the Treasury<\/p>\n<\/li>\n<li data-start=\"282\" data-end=\"402\">\n<p data-start=\"284\" data-end=\"402\">Preparation of discussions with the competent authorities (ACPR) to obtain clarifications on supervisory actions<\/p>\n<\/li>\n<li data-start=\"403\" data-end=\"463\">\n<p data-start=\"405\" data-end=\"463\">Identification of issues arising from the ECI status<\/p>\n<\/li>\n<\/ul>\n<p><strong>Person responsible and associated committee:<\/strong> <a href=\"mailto:mjacolin@amafi.fr\">Mathieu Jacolin<\/a> -Market Structure Committee<\/p>\n\n                    \n                <\/div>\n            <\/details>\n\n        \n            \n            <details class=\"block_accordion_details | has-white-background-color mb-3\">\n                <summary class=\"block_accordion_summary | d-flex justify-content-start align-items-center | fw-bold has-white-background-color p-3\">\n                    <p class=\"my-0 ms-5\"> Data and Reporting<\/p>\n                <\/summary>\n                <div class=\"block_accordion_content | p-3\">\n                    <p><strong>Objectives:<\/strong><\/p>\n<ul>\n<li>Facilitate discussions around more general regulatory reporting issues (beyond those covered by the EMIR Refit Reporting Group, which has now closed).<\/li>\n<li>Where necessary, liaise with the authorities to highlight any sticking points.<\/li>\n<\/ul>\n<p><strong>Topics under review:<\/strong><\/p>\n<ul>\n<li data-start=\"68\" data-end=\"234\">\n<p data-start=\"70\" data-end=\"234\">Implications of the future DPE regime (formerly SI) on reporting and the interdependence of RTS related to reference data and transparency (RTS 23 and RTS 2).<\/p>\n<\/li>\n<li data-start=\"235\" data-end=\"348\">\n<p data-start=\"237\" data-end=\"348\">Work on simplifying and reducing the reporting burden in the context of the MiFIR review (RTS 22 and 24).<\/p>\n<\/li>\n<li data-start=\"349\" data-end=\"422\">\n<p data-start=\"351\" data-end=\"422\">Response to ESMA\u2019s Call for Evidence on reporting simplification.<\/p>\n<\/li>\n<li data-start=\"423\" data-end=\"455\">\n<p data-start=\"425\" data-end=\"455\">EMIR reporting for NFCs.<\/p>\n<\/li>\n<\/ul>\n<p><strong>Person responsible and associated committee:<\/strong> <a href=\"mailto:mjacolin@amafi.fr\">Mathieu Jacolin<\/a>\u00a0&#8211; Market Structure Committee<\/p>\n\n                    \n                <\/div>\n            <\/details>\n\n        \n            \n            <details class=\"block_accordion_details | has-white-background-color mb-3\">\n                <summary class=\"block_accordion_summary | d-flex justify-content-start align-items-center | fw-bold has-white-background-color p-3\">\n                    <p class=\"my-0 ms-5\"> MiFIR review &#8211; Derivatives Transparency<\/p>\n                <\/summary>\n                <div class=\"block_accordion_content | p-3\">\n                    <p><strong>Objective:<\/strong><\/p>\n<ul>\n<li>Reply to the consultation<\/li>\n<\/ul>\n<p><strong>Topics under review:<\/strong><\/p>\n<ul>\n<li data-start=\"91\" data-end=\"204\">Reply to ESMA\u2019s consultation on transparency for derivatives \/ package orders and data for the CTP (OTC).<\/li>\n<\/ul>\n<p><strong>Person responsible and associated committee:<\/strong> <a href=\"mailto:mjacolin@amafi.fr\">Mathieu Jacolin<\/a> &#8211; Market Structure Committee &amp; Commodities Committee<\/p>\n\n                    \n                <\/div>\n            <\/details>\n\n        \n            \n            <details class=\"block_accordion_details | has-white-background-color mb-3\">\n                <summary class=\"block_accordion_summary | d-flex justify-content-start align-items-center | fw-bold has-white-background-color p-3\">\n                    <p class=\"my-0 ms-5\"> T+1<\/p>\n                <\/summary>\n                <div class=\"block_accordion_content | p-3\">\n                    <p><strong>Objectives:<\/strong><\/p>\n<ul>\n<li>Work with FPM and AFG to determine the conditions for switching to T+1 in Europe<\/li>\n<\/ul>\n<p><strong>Topics under review:<\/strong><\/p>\n<ul>\n<li data-start=\"91\" data-end=\"204\">\n<p data-start=\"93\" data-end=\"204\">Coordination with members involved in European governance (Industry Committee and Technical Workstreams).<\/p>\n<\/li>\n<li data-start=\"205\" data-end=\"323\">\n<p data-start=\"207\" data-end=\"323\">Establishment of a French structure (with FPM and AFG) to respond to European requests and address key issues.<\/p>\n<\/li>\n<li data-start=\"324\" data-end=\"399\">\n<p data-start=\"326\" data-end=\"399\">Exchanges with various authorities (AMF, Treasury, ESMA, DG FISMA).<\/p>\n<\/li>\n<li data-start=\"400\" data-end=\"505\">\n<p data-start=\"402\" data-end=\"505\">Review of CSDR: request for a suspension mechanism for penalties, to be activated when necessary.<\/p>\n<\/li>\n<li data-start=\"506\" data-end=\"593\">\n<p data-start=\"508\" data-end=\"593\">Analysis of the consequences on certain market segments and on the repo market.<\/p>\n<\/li>\n<\/ul>\n<p><strong>Person responsible and associated committee:<\/strong> <a href=\"mailto:mjacolin@amafi.fr\">Mathieu Jacolin<\/a> &#8211; Market Structure Committee &amp; Post-Market Committee<\/p>\n\n                    \n                <\/div>\n            <\/details>\n\n        \n    \n<\/div>\n\n\n<div class=\"wp-block-group has-base-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\" style=\"margin-top:var(--wp--preset--spacing--spacing-5);margin-bottom:var(--wp--preset--spacing--spacing-4);padding-top:var(--wp--preset--spacing--spacing-5);padding-bottom:var(--wp--preset--spacing--spacing-5)\">\n<h3 class=\"wp-block-heading\">Sustainable finance-related groups<\/h3>\n\n\n\n<p><\/p>\n<\/div>\n\n\n\n<div id=\"block_accordion-block_a8c8fd80b42bcc9ad6e3cabc18de87a4\" class=\"block_accordion | \">\n\n    \n        \n            \n            <details class=\"block_accordion_details | has-white-background-color mb-3\">\n                <summary class=\"block_accordion_summary | d-flex justify-content-start align-items-center | fw-bold has-white-background-color p-3\">\n                    <p class=\"my-0 ms-5\"> Derivatives and Sustainable finance<\/p>\n                <\/summary>\n                <div class=\"block_accordion_content | p-3\">\n                    <p><strong>Objectives:<\/strong><\/p>\n<ul>\n<li>Prepare a methodology to determine the requirements for derivatives to be treated as contributing to sustainability.<\/li>\n<li>Measure the contribution from derivatives to sustainability KPIs at the product and entity level.<\/li>\n<\/ul>\n<p><strong>Topics under review:<\/strong><\/p>\n<ul>\n<li>Monitor European-level discussions on recognising derivatives in Taxonomy ratios at entity level (in the GAR, GIR and Trading book KPIs) and product level.<\/li>\n<li>Examine the best method to count derivatives in the GAR numerator.<\/li>\n<\/ul>\n<p><strong>Person responsible:<\/strong> <a href=\"mailto:amoschini@amafi.fr\">Ambra Moschini<\/a><\/p>\n\n                    \n                <\/div>\n            <\/details>\n\n        \n            \n            <details class=\"block_accordion_details | has-white-background-color mb-3\">\n                <summary class=\"block_accordion_summary | d-flex justify-content-start align-items-center | fw-bold has-white-background-color p-3\">\n                    <p class=\"my-0 ms-5\"> AMAFI Group: Sustainable Bonds<\/p>\n                <\/summary>\n                <div class=\"block_accordion_content | p-3\">\n                    <p><strong>Objectives:<\/strong><\/p>\n<ul>\n<li>Handling ad hoc issues related to sustainable bond issues (green, social, sustainabiliy linked, EUGBS, etc.)<\/li>\n<li>Identification of possible best practices<\/li>\n<li>Help in implementing new emission standards<\/li>\n<li>Discussions with the AMF\u2019s Corporate Finance Division<\/li>\n<\/ul>\n<p><strong>Topics under review:<\/strong> <br \/>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.<br \/><strong>Person responsible: <\/strong><a href=\"mailto:amoschini@amafi.fr\">Ambra Moschini<\/a><\/p>\n\n                    \n                <\/div>\n            <\/details>\n\n        \n            \n            <details class=\"block_accordion_details | has-white-background-color mb-3\">\n                <summary class=\"block_accordion_summary | d-flex justify-content-start align-items-center | fw-bold has-white-background-color p-3\">\n                    <p class=\"my-0 ms-5\"> Structured products and Sustainable finance <\/p>\n                <\/summary>\n                <div class=\"block_accordion_content | p-3\">\n                    <p><strong>Objectives:<\/strong><\/p>\n<ul>\n<li>Discuss sustainability criteria applicable to ESG structured products<\/li>\n<li>Study applicability of sustainable finance standards to structured products (e.g. SFDR, MiFID 2, ESG)<\/li>\n<\/ul>\n<p><strong>Topics under review:<\/strong><\/p>\n<ul>\n<li>Develop a proposed delta haircut at the AMF\u2019s request to mitigate the impact of delta volatility on ESG KPIs.<\/li>\n<\/ul>\n<p><strong>Person responsible:<\/strong> <a href=\"mailto:amoschini@amafi.fr\">Ambra Moschini<\/a><\/p>\n\n                    \n                <\/div>\n            <\/details>\n\n        \n    \n<\/div>\n\n\n<div class=\"wp-block-group has-base-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\" style=\"margin-top:var(--wp--preset--spacing--spacing-5);margin-bottom:var(--wp--preset--spacing--spacing-4);padding-top:var(--wp--preset--spacing--spacing-5);padding-bottom:var(--wp--preset--spacing--spacing-5)\">\n<h3 class=\"wp-block-heading\">Compliance division<\/h3>\n\n\n\n<p><\/p>\n<\/div>\n\n\n\n<div id=\"block_accordion-block_22e43c7eecc1353f5015f6009a8fef8f\" class=\"block_accordion | \">\n\n    \n        \n            \n            <details class=\"block_accordion_details | has-white-background-color mb-3\">\n                <summary class=\"block_accordion_summary | d-flex justify-content-start align-items-center | fw-bold has-white-background-color p-3\">\n                    <p class=\"my-0 ms-5\"> Market abuse<\/p>\n                <\/summary>\n                <div class=\"block_accordion_content | p-3\">\n                    <p><strong>Objectives:<\/strong><\/p>\n<ul>\n<li>Respond to consultations on market abuse issues (EC, ESMA)<\/li>\n<li>Work on the MAR review (Listing Act)<\/li>\n<li>Discuss MAR provisions<\/li>\n<\/ul>\n<p><strong>Topics under review:<\/strong><\/p>\n<ul>\n<li>Work on pre-hedging<\/li>\n<li>Work on the MAR review as part of the Listing Act initiative<\/li>\n<\/ul>\n<p><strong>Person responsible and associated committee:<\/strong> <a href=\"mailto:cbalencon@amafi.fr\">Catherine Balen\u00e7on<\/a> \u2013 Compliance Committee<\/p>\n\n                    \n                <\/div>\n            <\/details>\n\n        \n            \n            <details class=\"block_accordion_details | has-white-background-color mb-3\">\n                <summary class=\"block_accordion_summary | d-flex justify-content-start align-items-center | fw-bold has-white-background-color p-3\">\n                    <p class=\"my-0 ms-5\"> MiFID 2 Costs and Charges<\/p>\n                <\/summary>\n                <div class=\"block_accordion_content | p-3\">\n                    <p><strong>Objectives:<\/strong><\/p>\n<ul>\n<li>Discuss issue of transparency of costs and charges within the RIS framework.<\/li>\n<li>Monitor AMF work on discretionary investment management costs and charges and respond to resulting consultations<\/li>\n<\/ul>\n<p><strong>Topics under review:<\/strong><\/p>\n<ul>\n<li>Potential work on MiFID 2 Level 2 amended post-RIS<\/li>\n<\/ul>\n<p><strong>Person responsible and associated committees:<\/strong> <a href=\"mailto:cbalencon@amafi.fr\">Catherine Balen\u00e7on<\/a> \u2013 Compliance and Private Banking Compliance Committees<\/p>\n\n                    \n                <\/div>\n            <\/details>\n\n        \n            \n            <details class=\"block_accordion_details | has-white-background-color mb-3\">\n                <summary class=\"block_accordion_summary | d-flex justify-content-start align-items-center | fw-bold has-white-background-color p-3\">\n                    <p class=\"my-0 ms-5\"> Product Governance &amp; Suitability<\/p>\n                <\/summary>\n                <div class=\"block_accordion_content | p-3\">\n                    <p><strong>Objectives:<\/strong> Monitor and take part in current and future work by ESMA on product governance &amp; suitability, particularly on ESG issues. <br \/><strong>Topics under review:<\/strong><\/p>\n<ul>\n<li>Clarify implementation of MiFID 2 \/ ESG provisions and monitor ESMA\u2019s CSA and AMF 2024 SPOT inspections<\/li>\n<li>Implementation of MiFID 2\/ESG obligations for the primary market<\/li>\n<li>AMF consultation on the distribution of actively managed certificates (AMCs)<\/li>\n<li>AMF consultation on regulating turnover commissions in discretionary investment management (AMAFI \/ 24-24)<\/li>\n<\/ul>\n<p><strong>Person responsible and associated committees:<\/strong> <a href=\"mailto:cbalencon@amafi.fr\">Catherine Balen\u00e7on<\/a> \u2013 Compliance and Private Banking Compliance Committees<\/p>\n\n                    \n                <\/div>\n            <\/details>\n\n        \n            \n            <details class=\"block_accordion_details | has-white-background-color mb-3\">\n                <summary class=\"block_accordion_summary | d-flex justify-content-start align-items-center | fw-bold has-white-background-color p-3\">\n                    <p class=\"my-0 ms-5\"> AML\/CFT<\/p>\n                <\/summary>\n                <div class=\"block_accordion_content | p-3\">\n                    <p><strong>Objectives:<\/strong><\/p>\n<ul>\n<li>Respond to ACPR and EBA consultations<\/li>\n<li>Take part in the ACPR\u2019s AML\/CFT Consultative Commission<\/li>\n<li>Address ad hoc AML\/CFT issues.<\/li>\n<\/ul>\n<p><strong>Topics under review:<\/strong><\/p>\n<ul>\n<li>Discussions on the annual money laundering questionnaire<\/li>\n<li>Draft review of ACPR\/TRACFIN joint guidelines on suspicious transaction reports<\/li>\n<li>Discussions on market practices<\/li>\n<li>Monitoring of progress in setting up AMLA<\/li>\n<li>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.<\/li>\n<\/ul>\n<p><strong>Person responsible and associated committee:<\/strong> <a href=\"mailto:jdugourgeot@amafi.fr\">Julie Dugourgeot<\/a> \u2013 Compliance Committee<\/p>\n\n                    \n                <\/div>\n            <\/details>\n\n        \n            \n            <details class=\"block_accordion_details | has-white-background-color mb-3\">\n                <summary class=\"block_accordion_summary | d-flex justify-content-start align-items-center | fw-bold has-white-background-color p-3\">\n                    <p class=\"my-0 ms-5\"> Anti-corruption<\/p>\n                <\/summary>\n                <div class=\"block_accordion_content | p-3\">\n                    <p><strong>Objectives:<\/strong><\/p>\n<ul>\n<li>Discuss and liaise with AFA<\/li>\n<\/ul>\n<p><strong>Person responsible and associated committee:<\/strong> <a href=\"mailto:jdugourgeot@amafi.fr\">Julie Dugourgeot<\/a> \u2013Private Banking Compliance Committee<\/p>\n\n                    \n                <\/div>\n            <\/details>\n\n        \n            \n            <details class=\"block_accordion_details | has-white-background-color mb-3\">\n                <summary class=\"block_accordion_summary | d-flex justify-content-start align-items-center | fw-bold has-white-background-color p-3\">\n                    <p class=\"my-0 ms-5\"> Best execution<\/p>\n                <\/summary>\n                <div class=\"block_accordion_content | p-3\">\n                    <p><strong>Objectives:<\/strong> Address issues related to best execution<\/p>\n<p><strong>Topics under review:<\/strong> Prepare response to ESMA\u2019s consultation on draft technical standards for ISP best execution policies <\/p>\n<p><strong>Person responsible and associated committee:<\/strong> <a href=\"mailto:cbalencon@amafi.fr\">Catherine Balen\u00e7on<\/a> \u2013 Compliance Committee<\/p>\n\n                    \n                <\/div>\n            <\/details>\n\n        \n            \n            <details class=\"block_accordion_details | has-white-background-color mb-3\">\n                <summary class=\"block_accordion_summary | d-flex justify-content-start align-items-center | fw-bold has-white-background-color p-3\">\n                    <p class=\"my-0 ms-5\"> Structured products and PRIIPs<\/p>\n                <\/summary>\n                <div class=\"block_accordion_content | p-3\">\n                    <p><strong>Objectives:<\/strong><\/p>\n<ul>\n<li>Work on issues specific to structured products raised in connection with the RIS<\/li>\n<li>Respond to consultations on the PRIIPs framework or raising other issues specific to structured products<\/li>\n<li>Merger of PRIIPs and Structured Products WGs<\/li>\n<\/ul>\n<p><strong>Topics under review:<\/strong><\/p>\n<ul>\n<li>Amendment of the PRIIPS Regulation in connection with the RIS<\/li>\n<li>AMF consultation on the distribution of actively managed certificates (AMCs)<\/li>\n<li>Consultations on Level 2 of the ESAP Regulation<\/li>\n<li>Update of AMAFI\u2019s Q&amp;A on PRIIPs (AMAFI \/ 19-55)<\/li>\n<\/ul>\n<p><strong>Person responsible and associated committee:<\/strong> <a href=\"mailto:cbalencon@amafi.fr\">Catherine Balen\u00e7on<\/a> \u2013 Compliance Committee<\/p>\n\n                    \n                <\/div>\n            <\/details>\n\n        \n            \n            <details class=\"block_accordion_details | has-white-background-color mb-3\">\n                <summary class=\"block_accordion_summary | d-flex justify-content-start align-items-center | fw-bold has-white-background-color p-3\">\n                    <p class=\"my-0 ms-5\"> Retail Investment Strategy (RIS)<\/p>\n                <\/summary>\n                <div class=\"block_accordion_content | p-3\">\n                    <p><strong>Objectives:<\/strong> Hold discussions on the proposed Retail Investment Strategy published by the European Commission on 24 May 2023<br \/><strong>Topics under review:<\/strong><\/p>\n<ul>\n<li>Determine the positions that AMAFI plans to convey to stakeholders in France (AMF, Treasury) and Europe about the proposed MiFID 2 and PRIIPs amendments<\/li>\n<li>Work on the proposed amendments to these texts<\/li>\n<\/ul>\n<p><strong>Person responsible and associated committees:<\/strong> <a href=\"mailto:cbalencon@amafi.fr\">Catherine Balen\u00e7on<\/a> \u2013 Compliance and Private Banking Compliance Committees<\/p>\n\n                    \n                <\/div>\n            <\/details>\n\n        \n            \n            <details class=\"block_accordion_details | has-white-background-color mb-3\">\n                <summary class=\"block_accordion_summary | d-flex justify-content-start align-items-center | fw-bold has-white-background-color p-3\">\n                    <p class=\"my-0 ms-5\"> Branch compliance<\/p>\n                <\/summary>\n                <div class=\"block_accordion_content | p-3\">\n                    <p><strong>Objectives:<\/strong> Working group focused on specific issues encountered by branches established in France (European or third country) <\/p>\n<p><strong>Topics under review:<\/strong><\/p>\n<ul>\n<li>AMF \u2013 Annual European branches questionnaire<\/li>\n<li>Clarification of rules applicable to incoming branches and identification of the competent authority for each branch<\/li>\n<li>Potential steps to take with respect to the AMF in the event that duplicates are identified or if there is uncertainty over competence<\/li>\n<\/ul>\n<p><strong>Person responsible and associated committees:<\/strong> <a href=\"mailto:cbalencon@amafi.fr\">Catherine Balen\u00e7on<\/a> \u2013 Compliance and Private Banking Compliance Committees<\/p>\n\n                    \n                <\/div>\n            <\/details>\n\n        \n    \n<\/div>\n\n\n<div class=\"wp-block-group has-base-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\" style=\"margin-top:var(--wp--preset--spacing--spacing-5);margin-bottom:var(--wp--preset--spacing--spacing-4);padding-top:var(--wp--preset--spacing--spacing-5);padding-bottom:var(--wp--preset--spacing--spacing-5)\">\n<h3 class=\"wp-block-heading\">Tax division<\/h3>\n\n\n\n<p><\/p>\n<\/div>\n\n\n\n<div id=\"block_accordion-block_315843cbc4cbb20b12779f077670ac72\" class=\"block_accordion | \">\n\n    \n        \n            \n            <details class=\"block_accordion_details | has-white-background-color mb-3\">\n                <summary class=\"block_accordion_summary | d-flex justify-content-start align-items-center | fw-bold has-white-background-color p-3\">\n                    <p class=\"my-0 ms-5\"> AMAFI-France Post March\u00e9 electronic invoicing<\/p>\n                <\/summary>\n                <div class=\"block_accordion_content | p-3\">\n                    <p><strong>Objectives:<\/strong> Work on the electronic invoicing reform.<br \/><strong>Topics under review:<\/strong><\/p>\n<ul>\n<li>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.<\/li>\n<li>Identify implementation challenges that could be the subject of a joint approach to the tax authorities.<\/li>\n<li>As applicable, characterise needs in terms of specific solutions for the intermediation sector and securities industry.<\/li>\n<\/ul>\n<p><strong>Person responsible and associated committee:<\/strong> <a href=\"mailto:mdiouf@amafi.fr\">Maguette Diouf<\/a> \u2013 Tax Committee<\/p>\n\n                    \n                <\/div>\n            <\/details>\n\n        \n            \n            <details class=\"block_accordion_details | has-white-background-color mb-3\">\n                <summary class=\"block_accordion_summary | d-flex justify-content-start align-items-center | fw-bold has-white-background-color p-3\">\n                    <p class=\"my-0 ms-5\"> VAT on investment services <\/p>\n                <\/summary>\n                <div class=\"block_accordion_content | p-3\">\n                    <p><strong>Objectives:<\/strong> Analysis of the VAT regime for financial intermediation services<br \/><strong>Topics under review:<\/strong> <\/p>\n<ul>\n<li>Update of AMAFI \/ 15-20 memo on the VAT regime for commissions and remuneration earned by ISPs<\/li>\n<li>Analysis of VAT treatment of investment research services with regard to complex-transactions theory and electronic invoicing<\/li>\n<\/ul>\n<p><strong>Person responsible and associated committee:<\/strong> <a href=\"mailto:mdiouf@amafi.fr\">Maguette Diouf<\/a> \u2013 Tax Committee<\/p>\n\n                    \n                <\/div>\n            <\/details>\n\n        \n    \n<\/div>\n\n\n<div class=\"wp-block-group has-base-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\" style=\"margin-top:var(--wp--preset--spacing--spacing-5);margin-bottom:var(--wp--preset--spacing--spacing-4);padding-top:var(--wp--preset--spacing--spacing-5);padding-bottom:var(--wp--preset--spacing--spacing-5)\">\n<h3 class=\"wp-block-heading\">Legal division<\/h3>\n\n\n\n<p><\/p>\n<\/div>\n\n\n\n<div id=\"block_accordion-block_39a9cce6c7807d282e58eee2f9e421ba\" class=\"block_accordion | \">\n\n    \n        \n            \n            <details class=\"block_accordion_details | has-white-background-color mb-3\">\n                <summary class=\"block_accordion_summary | d-flex justify-content-start align-items-center | fw-bold has-white-background-color p-3\">\n                    <p class=\"my-0 ms-5\"> Liquidity contracts<\/p>\n                <\/summary>\n                <div class=\"block_accordion_content | p-3\">\n                    <p><strong>Objectives:<\/strong><\/p>\n<ul>\n<li>Discuss questions relating to the accepted market practice on equity liquidity contracts.<\/li>\n<li>Update AMAFI standard liquidity contract and comments memo.<\/li>\n<\/ul>\n<p><strong>Topics under review:<\/strong><\/p>\n<ul>\n<li>Finalisation of the documentation: charter, agreement template and explanatory memo. Publication during the week of 8 July 2024.<\/li>\n<\/ul>\n<p><strong>Person responsible:<\/strong> <a href=\"mailto:tcremers@amafi.fr\">Thiebald Cremers<\/a><\/p>\n\n                    \n                <\/div>\n            <\/details>\n\n        \n            \n            <details class=\"block_accordion_details | has-white-background-color mb-3\">\n                <summary class=\"block_accordion_summary | d-flex justify-content-start align-items-center | fw-bold has-white-background-color p-3\">\n                    <p class=\"my-0 ms-5\"> DORA<\/p>\n                <\/summary>\n                <div class=\"block_accordion_content | p-3\">\n                    <p><strong>Objective:<\/strong><\/p>\n<ul>\n<li>Facilitate application of the DORA Regulation.<\/li>\n<\/ul>\n<p><strong>Topics under review:<\/strong><\/p>\n<ul>\n<li>Gather questions from the group\u2019s members on DORA application.<\/li>\n<\/ul>\n<p><strong>Person responsible and associated committee:<\/strong> <a href=\"mailto:tcremers@amafi.fr\">Thiebald Cremers<\/a> \u2013 Legal Committee<\/p>\n\n                    \n                <\/div>\n            <\/details>\n\n        \n            \n            <details class=\"block_accordion_details | has-white-background-color mb-3\">\n                <summary class=\"block_accordion_summary | d-flex justify-content-start align-items-center | fw-bold has-white-background-color p-3\">\n                    <p class=\"my-0 ms-5\"> Euro PP<\/p>\n                <\/summary>\n                <div class=\"block_accordion_content | p-3\">\n                    <p><strong>Objective :<\/strong><\/p>\n<ul>\n<li>Monitoring developments in the Euro PP market and the charter.<\/li>\n<\/ul>\n<p><strong style=\"font-family: inherit\">Topics under review:<\/strong><\/p>\n<ul>\n<li>Monitoring the application of the regulation on credit rating agencies (CRA) to Euro PP.<\/li>\n<\/ul>\n<p><strong>Person responsible and associated committee:<\/strong> <a href=\"mailto:tcremers@amafi.fr\">Thiebald Cremers<\/a> \u2013 Legal Committee<\/p>\n\n                    \n                <\/div>\n            <\/details>\n\n        \n            \n            <details class=\"block_accordion_details | has-white-background-color mb-3\">\n                <summary class=\"block_accordion_summary | d-flex justify-content-start align-items-center | fw-bold has-white-background-color p-3\">\n                    <p class=\"my-0 ms-5\"> Listing Act<\/p>\n                <\/summary>\n                <div class=\"block_accordion_content | p-3\">\n                    <p><strong>Objectives:<\/strong><\/p>\n<ul>\n<li>Work on the European Listing Act legislative package.<\/li>\n<li>Monitor and implement Listing Act texts in French law.<\/li>\n<\/ul>\n<p><strong>Topics under review:<\/strong><\/p>\n<ul>\n<li>Response to the European Commission consultation on the Listing Act initiative.<\/li>\n<li>Pending transposition into French law of Listing Act texts: MiFID, MAR, Prospectus, Multiple voting rights (expected by late 2024).<\/li>\n<\/ul>\n<p><strong>Person responsible and associated committee:<\/strong> <a href=\"mailto:tcremers@amafi.fr\">Thiebald Cremers<\/a> \u2013 Legal Committee<\/p>\n\n                    \n                <\/div>\n            <\/details>\n\n        \n            \n            <details class=\"block_accordion_details | has-white-background-color mb-3\">\n                <summary class=\"block_accordion_summary | d-flex justify-content-start align-items-center | fw-bold has-white-background-color p-3\">\n                    <p class=\"my-0 ms-5\"> Simplification of the Commercial Code<\/p>\n                <\/summary>\n                <div class=\"block_accordion_content | p-3\">\n                    <p><strong>Objective:<\/strong><\/p>\n<ul>\n<li>Formulate proposals for revising the Commercial Code by removing obsolete articles and proposing amendments to bring it into line with new European provisions.<\/li>\n<\/ul>\n<p><strong style=\"font-family: inherit\">Topics under review:<\/strong><\/p>\n<ul>\n<li>The working group has begun its work and plans to complete it in September.<\/li>\n<\/ul>\n<p><strong>Person responsible and associated committee: <\/strong><a style=\"font-family: inherit\" href=\"mailto:tcremers@amafi.fr\">Thiebald Cremers<\/a><span style=\"font-family: inherit\"> \u2013 Legal Committee<\/span><\/p>\n\n                    \n                <\/div>\n            <\/details>\n\n        \n            \n            <details class=\"block_accordion_details | has-white-background-color mb-3\">\n                <summary class=\"block_accordion_summary | d-flex justify-content-start align-items-center | fw-bold has-white-background-color p-3\">\n                    <p class=\"my-0 ms-5\"> Structured Products and Prospectus Regulations<\/p>\n                <\/summary>\n                <div class=\"block_accordion_content | p-3\">\n                    <p><strong>Objective:<\/strong><\/p>\n<ul>\n<li>Interpretation of the new provisions of the Prospectus Regulation as applied to structured products.<\/li>\n<\/ul>\n<p><strong>Topics under review:<\/strong><\/p>\n<ul>\n<li>Study of the operational impacts of the new provisions on prospectuses for structured products.<\/li>\n<li>Practical application of the new Annex 21 on ESG.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>Person responsible and associated committee: <\/strong><a style=\"font-family: inherit\" href=\"mailto:tcremers@amafi.fr\">Thiebald Cremers<\/a><span style=\"font-family: inherit\"> \u2013 Legal Committee &amp; Corporate finance Committee<\/span><\/p>\n<p><a href=\"mailto:amoschini@amafi.fr\">Ambra Moschini<\/a><\/p>\n\n                    \n                <\/div>\n            <\/details>\n\n        \n    \n<\/div>\n\n\n<div id=\"block_print_icon-block_8170d96434600d3d38e1f55b835ebeff\" class=\"block_print_icon |  mb-4\">\n    <div class=\"adherent-print-icon\">\n        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<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Working Groups Working groups are set up by the committees, 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