AMF applies the ESMA guidelines on the compliance function requirements

11 January 2013

The Autorité des Marchés Financiers incorporated the ESMA guidelines on certain aspects of the MiFID compliance function requirements (2012/388) in its position 2012-17, which will apply as of 28 January, 2013.

The European Securities and Markets Authority (ESMA) enacted guidelines on the basis of the MiFID Directive (2004/39/CE) and its implementing Directive (2006/73/CE). These guidelines aim to clarify the obligations arising from the compliance function. They apply to investment services providers when they provide investment services and ancillary services.

These guidelines, which are reproduced in the AMF position, provide details on the following:

• the  responsibilities of the compliance function (assessment of the risk of non-compliance, the  implementation of a control programme, the content of the compliance report, staff training);
• the compliance function organisational requirements (resources, experience and expertise, continuity, independence and outsourcing);
• the procedures for assessment of the function by the regulator. 

Full AMF position

© AMF - Autorité des Marchés Financiers