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Benedicte Gravrand, Opalesque Geneva:

From what can be seen in Gide Loyrette Nouel’s March’s newsletter, a de facto regulatory update on the French financial markets, the AMF, the French financial regulator, has somewhat consolidated its powers in the last quarters. It has also been busy informing market participants on new measures or recommendations with regards to insider trading, the Key Information Document (KID), remuneration, market surveillance and MiFID. The Paris-based law firm also recapitulates the new EU financial supervisor’s roles.

Marketing complex financial instruments to retail clients For a start, the body reviewed its position on marketing, back in October 2010; it has laid down criteria for assessing compliance with legal and regulatory obligations when marketing complex financial instruments to retail clients.

If there is a possibility that clients will not fully understand the underlying risks of an investment, enhanced vigilance measures should be taken, and marketing documents for the product should include the following text: "The AMF considers this product to be too complex to be marketed to retail investors and has therefore not reviewed the marketing materials for it."

More power for the AMF Furthermore, a new Act on banking and financial regulation (called "LRBF") was published that same month with the intent to “tighten supervision of financial markets and market participants and ......................

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