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The AMF outlined the conditions applicable in
The AMF considers that an investment services provider (ISP) operating in France under the freedom to provide services, and having its registered office or place of effective management in the EU of the EEA that has not transposed the provisions of the aforementioned directives by 1 November 2007, must comply with the conduct of business rules in force in France since that date.
Consequently, the ISP must apply Articles L. 533-11 to L. 533-16, L. 533-18 and L. 533-19 MFC and their implementing provisions, in particular the relevant provisions of Book III of the AMF General Regulation, to the extent that its home State has not transposed the corresponding provisions of the above directives into domestic law and made them enforceable or has not provided for comparable requirements applicable to the ISP.
The provisions in question refer, inter alia, to the obligation for ISPs to act in the best interests of their clients, to provide clients with fair, clear and accurate information, to verify the suitability or appropriateness of the products or services offered to the client, and to take the necessary measures to ensure best execution of client orders.
It should be noted that, pursuant to MiFID, Articles L. 532-18-1 and L. 532-18-2 MFC as amended give jurisdiction to the AMF with regards to the conduct of business rules applicable to French-based branches of ISPs from another Member State, and that the rules of conduct applicable to ISPs operating under the freedom to provide services in France were included in the AMF General Regulation until the MiFID provisions came into force in France.