19 March 2020

Market activities continuity during the coronavirus pandemic– the AMF states its expectations

In order to fully accompany financial market professionals in the current context, the AMF reminds the financial industry of the various requirements arising from the European texts. Where possible, e.g. in the case of non-critical requirements, AMF has decided to grant participants time extensions.

The AMF is in close contact with financial institutions, as well as with other national and European supervisory authorities, as part of its duties. Given this context, the Authority expects market participants to focus their attention on market activities continuity while a high degree of market integrity. [...]

EMIR and MIFID II transaction reporting

Transaction reporting is crucial for the fulfilment of a regulator’s duties and nonetheless so for the AMF in its monitoring of markets and participants, especially in times of crisis. Participants must ensure that the transmission of reports remains steady, of good quality and is carried out within the regulatory timelines. Participants who encounter occasional difficulties with report transmission will be expected to swiftly submit missing data. Participants who encounter persistent difficulties are invited to contact their usual AMF staff member in order to provide information on the nature of the difficulties encountered and inform on the projected return to normal.

SFTR reporting

Entry into application for credit institutions and investment providers is scheduled for 13 April 2020. For CCPs and CSDs, this is scheduled for 13 July 2020.

The AMF is fully convinced of the importance of this new reporting, however it considers that the current situation will not allow to sufficently prepare and be ready for 13 April 2020. ESMA, which supervises trade repositories charged with the reception of these reports, has indicated that it is extending its TR authorising procedure deadline beyond 13 April 2020, in order to allow actors more time to adequately ready themselves and to enable to be ready to report as of 13 July 2020.

The AMF will take this new timeline into account in its supervisory activities, in accordance with ESMA’s press release.

RCSI Annual questionnaire

Annual questionnaire submission will begin shortly. The Webpage address for collection will be made known in a timely manner to partcicipants. The submission deadline is postponed until 15 May 2020 and may be subject to further postponement depending upon national confinement measures.

Full press release

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