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Matthias Knab, Opalesque for New Managers: The Enforcement Committee of France's Autorite des marches financiers (AMF) imposed fines of EUR 400,000 on the asset management company Novaxia Investissement and EUR 100,000 on one of its former directors, Joachim Azan, for breaches of several professional obligations.
The AMF Board alleged multiple failings by Novaxia Investissement, including issues relating to compliance with its authorisation application, weaknesses in its investment and divestment process, the use of group service providers, distributor remuneration practices, client categorisation, and due diligence obligations related to anti-money laundering and combating the financing of terrorism (AML/CFT).
On the authorisation point, the Enforcement Committee held that the powers exercised by Mr Azan did not exceed those described in the authorisation application. As a result, the Committee concluded that the asset management company had not breached the conditions of its authorisation.
However, the Committee identified significant operational shortcomings. It found that Novaxia Investissement's investment and divestment procedures were incomplete and therefore not operational in practice. The firm failed to ensure proper traceability of compliance checks against fund policies and constraints, and did not adequately formalise due diligence conducted prior ...................... To view our full article Click here
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