As from January 1, 2027, asset management companies will no longer be allowed to receive transaction fees from clients when providing discretionary management services (i.e. portfolio management on behalf of
Reform of the Legal Framework on Collective Investment Undertakings: a Welcome Simplification and Modernization
Published in the Official Journal on March 12, 2025, Ordinance no. 2025-230 marks an important milestone in the evolution of the law on Collective Investment Undertakings (CIUs). Implemented under the
From PSD2 to PSD3: tackling payment fraud
The ex-post evaluation of PSD2 led the European Commission to propose legislative changes aimed at improving its functioning on June 28, 2023. Two new proposals have been presented: a directive
Retail Investment Strategy (“RIS”): Reconciling Investor Protection and Intermediary Remuneration
Within the European Union, several legal instruments regulate the protection of investments (MiFID II, IDD, PRIIPs, UCITS, and the AIFM Directive). While this legal framework aims to harmonize standards and
The ACPR presents its work program for 2025
On January 20, 2025, the Autorité de Contrôle Prudentiel et de Résolution (ACPR) unveiled its work program for 2025. The ACPR’s 2025 roadmap is based on: the assessment of risks
Focus on the AMF’s control priorities for 2025
At the beginning of each year, during the presentation of her New Year’s wishes to the press, the President of the Financial Markets Authority (AMF) unveils the latter’s new priorities
Companies with at least 11 employees not subject to mandatory profit-sharing : new requirements on sharing profits for 2025
The bill n°2023-1107 passed in France on November 29th, 2023 concerning profit sharing with employees imposes new requirements on companies whose workforce is at least equal to 11 employees and
Boosting the Paris financial center’s attractivity by diversifying and simplifying formalities for business financing
After 3 months of parliamentary debates, law no. 2024-537 aimed at increasing business financing and France’s attractiveness as a financial center was adopted on June 13, 2024 (the “Attractiveness Law”).
MiCA Regulation: licensing applications as Crypto-Asset Service Providers are now open with the AMF
Regulation (EU) 2023/1114 of 31 May 2023, known as the MiCA Regulation, which establishes the legal framework for crypto-asset services (previously referred to under French law as digital assets –
New European Anti-Money Laundering Authority: what are the expected impacts on the financial sector?
Located in Frankfurt, the new European Authority for Anti-Money laundering and Countering the Financing of Terrorism (AMLA) is due to start its first supervisory and sanctioning missions by mid-2025, except