AMF plans to improve European rulebook 06 June 2019Paris Reporter: Maddie Saghir
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The French financial markets regulator, Autorité des marchés financiers (AMF), is making concrete proposals to improve the quality of the European rulebook and its ability to evolve.
AMF will contribute to the 2020-2024 agenda following the European elections and Parliament and the European Commission’s new term of office.
It has proposed a series of adjustments to existing texts to make them easier to read, simplify and, if necessary, correct provisions that prove inadequate.
Additionally, AMF suggested that the architecture of asset management regulation be rethought.
During the review of the Alternative Investment Fund Managers Directive, the drafting of a legislation defining a clearer and more harmonised common set of rules for asset managers could be considered.
AMF also affirms its support for simplifying the Packaged Retail and Insurance-based Investment Products regulation to better inform investors.
As well as this, AMF supports a targeted review of the second Markets in Financial Instruments Directive.
This is to adjust certain provisions in the light of experience and to take into account the effects of the UK's exit from the EU.
The regulator also calls for a review of reporting requirements to avoid duplication and inconsistencies.
AMF noted: “The AMF puts forward pragmatic proposals to promote greater convergence in the supervision of actors and developing a framework for day-to-day relations between supervisors in a European landscape that will be profoundly transformed by the UK exit from the Union and the coexistence of several financial centres.”
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