{"id":18661,"date":"2021-10-04T02:00:00","date_gmt":"2021-10-04T00:00:00","guid":{"rendered":"https:\/\/amafi.dev39.fr\/liquidity-contracts-accepted-market-practice\/"},"modified":"2021-10-04T02:00:00","modified_gmt":"2021-10-04T00:00:00","slug":"liquidity-contracts-accepted-market-practice","status":"publish","type":"post","link":"https:\/\/www.amafi.fr\/en\/liquidity-contracts-accepted-market-practice\/","title":{"rendered":"Liquidity contracts \u2013 Accepted market practice"},"content":{"rendered":"<p>As planned, following a two-year observation period, the French securities regulator, AMF, conducted an overall review of the accepted market practice (AMP) for liquidity contracts created by AMF Decision 2018-01. Accordingly, on 31 March 2021, it submitted a new draft AMP to ESMA, which responded with a negative <a href=\"https:\/\/www.esma.europa.eu\/sites\/default\/files\/library\/esma70-155-11961_opinion_on_amf_amp.pdf\" target=\"_blank\" rel=\"noopener\">opinion<\/a> (<em><u>Info AMAFI 150)<\/u><\/em>.<\/p>\n<p>On 23 June 2021, the AMF decided to disregard ESMA&rsquo;s opinion and published <a href=\"https:\/\/www.amf-france.org\/sites\/default\/files\/private\/2021-06\/decision-amp-cl_0.pdf\" target=\"_blank\" rel=\"noopener\">Decision 2021-01<\/a> on renewing the implementation of liquidity contracts in equity securities under the accepted market practice. The French financial community, including AMAFI (see <a href=\"http:\/\/www.amafi.fr\/storage\/snippet\/3CX5wP7hUCLFvk55G4nugMUTbIAwmuaGvlxRQgva.pdf\">press release<\/a>), welcomed the decision, which is supported by detailed analyses, as mentioned in the explanatory <a href=\"https:\/\/www.amf-france.org\/sites\/default\/files\/private\/2021-06\/note-pub_fr_1_0.pdf\" target=\"_blank\" rel=\"noopener\">memo published <\/a>by the Authority pursuant to MAR Article 13(5).<\/p>\n<p>Acting through its Liquidity Contract Group, AMAFI is updating its standard liquidity contract and accompanying memo. It is also drafting a charter to clarify the commitments of market members acting under liquidity contracts to help them implement the obligations resulting from the AMF&rsquo;s decision. These documents will be discussed with the AMF in the near future, with the intention of publishing them in October.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As planned, following a two-year observation period, the French securities regulator, AMF, conducted an overall review of the accepted market [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_searchwp_excluded":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-18661","post","type-post","status-publish","format-standard","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.amafi.fr\/en\/wp-json\/wp\/v2\/posts\/18661","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.amafi.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.amafi.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.amafi.fr\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.amafi.fr\/en\/wp-json\/wp\/v2\/comments?post=18661"}],"version-history":[{"count":0,"href":"https:\/\/www.amafi.fr\/en\/wp-json\/wp\/v2\/posts\/18661\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.amafi.fr\/en\/wp-json\/wp\/v2\/media?parent=18661"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.amafi.fr\/en\/wp-json\/wp\/v2\/categories?post=18661"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.amafi.fr\/en\/wp-json\/wp\/v2\/tags?post=18661"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}