The French financial regulator, the Autorite des Marches Financiers (AMF), has embarked on a public consultation on changes to its regulations that deal with investment services providers and market infrastructure.
It marks the final stage before implementation of the EU’s capital market reforms known as MiFID II on 3 January 2018.
To complete the process of updating its general regulation, the AMF must still amend a number of existing provisions, particularly those dealing with the authorisation process for investment services providers, the authorisation procedure for the operation of a multilateral trading facility and position limits.
It also needs to introduce provisions for operators of organised trading facilities and for data services providers. It is these provisions that are the subject of this consultation.
The consultation also invites comment on the regime for crowd funding investment advisers and financial investment advisers.
These advisers were previously governed by domestic law, but under the second iteration of the Markets in Financial Markets Directive II they are required to be subject to rules that are at least analogous to the organisational and business conduct rules applicable to investment firms.
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