The French government recently approved a draft legislative package (‘Sapin 2’) on transparency, the fight against corruption and economic modernisation. It incorporates numerous provisions relevant to financial market participants on which AMAFI was consulted at the start of the year (AMAFI / 16-09).

They include measures related to whistleblowing, a change to the market abuse sanctions system following last year’s Constitutional Court decision, adaptation of the market abuse regime to take account of the impending European regulation, an extension of the AMF’s competence in administrative penalties, the transparency and security of derivatives transactions, powers to order measures to ease corporate debt financing and a prohibition on advertising certain financial products.

AMAFI is particularly concerned by this last measure. It believes that this power – to be integrated into the AMF General Regulation – has to be used in a precise and targeted manner and solely for remedial purposes in clear instances of fraud whose number and extent warrant a reaction