France’s AMF plans to conduct 65 checks in 2019

Maria Nikolova

Thematic checks will focus on how new rules are implemented, whereas other “classic” checks will target major players or entities that pose particular risks.

France’s financial markets authority AMF has earlier today published a document outlining its supervisory priorities for 2019. A great part of the AMF supervisory role is performed via inspections of regulated entities.

The regulator says it aims to conduct 65 such checks in 2019. This marks a small change from 63 checks carried out in 2018.

The AMF says that the inspections are of two main kinds:

  1. “Classic” checks – they target major players or ones posing particular risks or ones mentioned in alerts.

  2. Thematic checks – they cover groups of companies as the regulator tries to assess how the entities comply with new rules.

The French regulator also set forth its supervisory priorities for 2019. The top priority with regard to supervision of asset managers is cyber security, whereas financial intermediaries will be monitored mainly for MiFID II compliance in areas such as transactions reporting.

The words “Forex” and “CFD” are not mentioned in the document. Apparently, the foci of the AMF will be on other aspects of supervision.

Let’s recall, however, that in a recent speech, Robert Ophèle – Chairman of the AMF, has voiced his concerns about the chaos that may emerge if the European Securities and Markets Authority (ESMA) stops renewing its measures restricting CFD offering to retail investors and prohibiting binary options.

Serious problems have become apparent since the introduction of the new ESMA rules, AMF’s head stressed, explaining that these problems are due to the temporary nature of the product intervention measures, that is, that these measures last three months and then have to be renewed. This duration, according to Mr Ophèle, is too short and may increase certain risks. How to translate the EU rules into national ones is a particularly sensitive matter, he said, especially given that the national rules may be permanent.

According to Mr Ophele, it is particularly worrying that, once ESMA does not renew the rules for CFDs and binary options, there will be a multitude of national regimes regarding the offering of these products. This will result in chaotic surveillance of products that are marketed online.

  • Read this next

    Inside View

    Scalping or day trading?

    Among the many popular trading styles with both beginners and experienced traders are scalping, which allows you to extract small portions of profit from each price movement, and day trading, which aims to trade over a single day. In this article, you will learn what scalping and day trading are and their differences and peculiarities. Ultimately, you will learn what to look for to understand which trading style is right for you.

    Crypto Insider

    Unveiling Plasma Next: INTMAX’s Solution to Scale Ethereum with Stateless Layer

     INTMAX has launched Plasma Next on the mainnet α, a groundbreaking Layer 2 zkRollup, revealed by co-founder Leona Hioki at ETH Denver. This innovation offers scalability with constant costs per block, merging Plasma’s scalability goals with zkRollups’ security.

    Fintech

    Nuam selects Vermiculus for clearing system in Chile, Colombia, and Peru

    “We are proud to deliver a system that plays an integral role in the core of this historical merger, empowering one of Latin America’s most crucial markets with VeriClear’s state-of-the-art technology, together with our deep market expertise.”

    Retail FX

    Moomoo launches super app in Malaysia

    “As an investment platform connecting 21 million retail investors globally, we envision collaborating with exchanges, regulatory bodies, and partners in the visible future to become the gateway, connecting Malaysia’s investment products to global capital and investors.”

    Executive Moves

    FXPA elects Joe Hoffman as new Chair in its 10th anniversary

    “The opportunity to serve as Chair of the FXPA is truly an honor, and I am committed to upholding the exceptional work of a FXPA. Given the recent market fluctuations due to global tensions, inflationary pressures, shifts in monetary policy, as well as the outcome of the US election and the risk of recession, brings the potential for more FX volatility in 2024. I am dedicated to expanding the FXPA’s membership and I’m excited about collaborating with all members to echo the unified voice of the FX market.”

    Market News

    Eurozone Fights Stagnation Whilst Stock Indices Rally

    European stock markets are defying economic gloom as they continue to soar to all-time highs, showcasing resilience amidst broader economic challenges.

    Web3

    Lisk Partners with Indonesia’s Communications Ministry to Boost Web3 Startup Ecosystem

    Discover the strategic partnership between Lisk and the Indonesian Ministry of Communications and Informatics, aimed at propelling local Web3 startups to new heights through comprehensive support and education.

    Executive Moves

    Admirals appoints founder Alexander Tsikhilov as CEO

    “Striking the right balance between sourcing new talent and developing and harnessing the strength and capabilities of our current workforce, is key to achieving our vision.”

    Executive Moves

    GCEX appoints Ignacio Corral and Helen Man to UK operation

    GCEX has announced the appointment of Ignacio Corral and Helen Man to its UK FCA-regulated operation based in London as the firm further expands its global business on account of increasing demand for its digital prime brokerage services.

    <