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Gérard Rameix, Chairman of the Autorité des Marchés Financiers, presented the AMF's 2014 Annual Report.
Savings protection remained the key phrase in 2014. Over the last year, the "Epargne Info Service" platform, which provides assistance to both private individuals and professionals, dealt with12,108 queries. Among the complaints received, the regulator highlighted a 301% increase on binary options cases and a growth of 42% related to the Forex. The Ombudsman, who dealt with and closed 969 files last year, 506 of which were under his jurisdiction, also witnessed a increase in cases related to speculations on the Forex.
Alarmed by this trend, in October 2014, the AMF launched an extensive internet-based communication campaign to increase public awareness. For the first time, the AMF also had recourse to the courts to block access to certain websites offering unauthorised trading on the Forex. Along with the French Prudential Control and Resolution Authority (ACPR), the AMF continued to update its lists of operators offering unauthorised investment services on French territory.
With the aim both to prevent and to inform, the AMF, together with the National institute of Consumption, launched a new "Consomag" campaign. This new campaign not only addresses financial investment costs, internet trading and on-line subscription to financial products, but also issues of employee savings and financial planning for retirement.
Working towards secure and transparent European markets
The AMF amended its general regulations with the insertion of provisions related to the Law of Separation and Regulation of Banking Activities, before the implementation of MiFID II. As of 1 January 2015, the regulator must be notified of the use of automated processing facility (i.e. algorithms). The AMF also adopted measures directly relating to operators of regulated market or multilateral trading facilities to allow them to cope with situations of extreme volatility or severe strains on the financial markets (applicable from 1 July 2015).Finally, in December 2014, the AMF launched a consultation (completed on 27 February 2015) with a view to incorporating the provisions set out in the law of separation to strengthen the regulation of markets in financial instruments the underlying asset of which includes on agricultural commodity.
Through its involvement in international bodies, including the IOSCO and the Financial Stability Board, the AMF has contributed to current discussions aimed at identifying the most important non-banking and non-insurance-related entities and is following the market funds reform process with interest.
On the asset management side, 2014 was a positive year. First, the outstanding shares issued by mutual funds increased by 3% to 1,349 billion Euros (excluding securitisation entities). Second, the number of asset management companies increased from 613 to 634, with 48 new management companies approved by the AMF in the course of the year (an increase of 23% in comparison with 2013).
The AMF reviewed the initial public offering framework to make it more competitive while preserving individuals' access to these transactions. To this end, a working group was created. Its opinions led to the publication of a position-recommendation and amendments to the General Regulations.
The AMF also strengthened its action in relation to SME, through increased meetings with listed companies and the publication of a reference document preparation guide specifically tailored towards small and mid-caps.