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The AMF and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) continued to work to prevent problems and provide information, regularly updating the lists of unauthorised websites and entities offering forex investments or binary options. The AMF teamed up with the national institute for consumer affairs, INC, to organise a new awareness-raising campaign for consumers, while extending its range of educational guides to include one on voting at annual general meetings. It also added to the tools provided to the public by offering new online financial calculators. In addition, the AMF completed a training cycle launched in 2011 for representatives of consumer associations.
On the regulatory front, work on transposing the AIFMD led to amendments to the General Regulation in order to incorporate the directive’s obligations on marketing, depositaries, asset valuation and disclosures. At the same time, several measures were introduced into domestic law to enhance France’s attractiveness in terms of asset management, including steps to rationalise the range of alternative investment funds (AIFs).
The number of approvals for issues of debt securities rose by 34 per cent to 196. Private bond placements continued to grow robustly, reflecting the combined effects of more constrained bank lending and the need to diversify financing sources amid buoyant market conditions. These deals, though still mostly confined to large listed companies, are gradually becoming more accessible to mid-tier firms.