Réforme des retraites : les fonds de pension sont-ils définitivement hors-jeu ?

Philippe Tibi était l’invité de l’émission « Du grain à moudre » sur France Culture le 27 juin dernier.

Ecoutez l'émission

Lettre ouverte sur la taxe sur les transactions financières

Lettre ouverte aux partisans d’une taxe sur les transactions financières : accédez à la Tribune de Pierre de Lauzun, publiée aujourd’hui sur le site du Monde.

Interview de Pierre de Lauzun : "il faut un plan Marshall pour les marchés d’actions"

Accédez à l'interview de Pierre de Lauzun, Délégué Général de l’AMAFI, intitulée  "Il faut un plan Marshall pour les marchés d’actions" publiée dans la Tribune

Les enjeux de la taxe Tobin

Accédez à l'article de Pierre-Cyrille Hautcoeur, publié dans le monde : http://www.lemonde.fr/teaser/?url_zop=http%3a%2f%2fabonnes.lemonde.fr%2fidees%2farticle%2f2012%2f01%2f16%2fles-enjeux-de-la-taxe-tobin_1630126_3232.html (accessible abonnés Le Monde uniquement) - Janvier 2012

Taxe sur les transactions financières - interventions AMAFI

Accédez aux différentes interventions sur la taxation des transactions financières, de Pierre de Lauzun, Délégué Général de l'AMAFI dans Les Echos et Atlantico ainsi que sur France 2, France 3, France Culture, I Télé et Arte et de Philippe Tibi, Président de l'AMAFI sur BFM. 

Les Echos :

http://www.lesechos.fr/entreprises-secteurs/finance-marches/actu/0201829926717-taxe-tobin-veut-on-vraiment-que-les-acteurs-de-marche-soient-tous-a-londres-ou-new-york-272110.php

Atlantico :

http://www.atlantico.fr/decryptage/taxe-tabin-contre-productive-263709.html

I Télé :

http://www.itele.fr/emissions/chronique/menard-sans-interdit/video/20783 

France 2 :

http://www.pluzz.fr/jt-13h-2012-01-09-12h59.html

Minuteur : Sujet Finance à 6:44 et Intervention de Pierre de Lauzun à 9 :42

France 3 :

http://www.pluzz.fr/jt-12-13-edition-nationale-2012-01-09-12h24.html

Minuteur : Sujet Finance à 9:40 et Intervention de Pierre de Lauzun à 11:16

France Culture :

http://www.franceculture.fr/player/reecouter?play=4372105

Minuteur : Sujet Finance à 4:17 et Intervention de Pierre de Lauzun à 8:36

Arte :

http://www.arte.tv/fr/Tobin-or-not-Tobin-/6323092.html

BFM Business

http://www.bfmbusiness.com/programmes-replay/podcasts

Intervention de Philippe Tibi 

Pierre de Lauzun elected Chair of ICSA

Pierre de Lauzun, AMAFI Chief Executive, has been elected Chair of the International Council of Securities Associations, ICSA. The Annual General Meeting of ICSA was held in Mexico City from May 21-23.

https://icsa.global/

Reforming France's independent authorities

AMAFI published a briefing paper (AMAFI / 17-34) on reforms to France's independent administrative authorities (AAIs) and independent public authorities (APIs) resulting from measures introduced by Act No. 2017-55 of 20 January 2017. In addition to briefly reviewing the overall status created by lawmakers in an effort to limit the proliferation of such authorities, the paper also looks at the main changes that the legislation will bring to the ACPR and AMF, which include strengthened powers for the AMF Chairman and rules prohibiting the simultaneous holding of certain positions. 

MIFID 2

AMAFI met with AMF representatives to talk about international securities identification numbers (ISINs) for financial instruments and the concept of "traded on a trading venue" (TOTV), following positions adopted by the ESMA Board of Supervisors on 29 March. According to these positions, an unlisted derivative instrument shall be deemed to be TOTV and therefore subject to MiFID 2 pre- and post-trade transparency obligations if it shares the same characteristics as a TOTV derivative instrument. These characteristics include the ISIN. 

The interaction between ISIN and TOTV does however raise issues for which clarification is needed, including the level of granularity of ISIN allocation criteria used by the Association of National Numbering Agencies (ANNA) and the interaction between this granularity and the TOTV definition proposed by ESMA. 

Paying for research

AMAFI and the AFG have decided to revise the AFEI-AFG Charter of Best Practices that sets out the framework for management companies to pay for services provided by market intermediaries. A joint group is being set up for this purpose. The goal is to produce, by the end of the year, a standard contractual framework governing relations between the parties that provide and receive research services and materials. Operational and tax-related questions relating to this framework will be addressed at a later time. 

Meanwhile, the Payment for Research Group is continuing work aimed at determining what should be included or excluded from the scope of research. A set of AMAFI Q&A is being prepared and will shortly be discussed with the AMF and AFG.

Product Governance

Since publishing the first version of its guide to implementing product governance requirements (AMAFI / 17-22), AMAFI has continued to work on this issue, focusing on two main areas: 

• The application of governance obligations to straightforward products such as equities and bonds, particularly in the context of placement and underwriting transactions. Several issues have been identified, including the need to implement the proportionality principle, potential inconsistencies with other regulatory obligations and non-applicability of most of the obligations beyond the placement period. These questions were passed on to the AMF for inclusion in ESMA's final guidance. 

• Drafting Annex 3 of the Guide, which is intended to propose a set of standardised exchanges between distributors and manufacturers for sales outside the target market. A meeting was held in late April with members of the Product Governance and Private Banking Compliance Groups with a view to preparing proposals that would reflect manufacturers' needs as well as the issues faced by distributors. A final version of the annex will be published when the Guide is updated and will take account of the final guidance released by ESMA. 

Cost disclosures

Following a meeting that AMAFI requested with ESMA in March to air concerns among its membership, AMAFI decided to provide ESMA with additional information to help the European authority gain a better understanding of the issues. Accordingly, clarification was provided about the information to be provided to customers before the provision of investment services, particularly concerning the use of pricing schedules.

European supervisory framework

The European Commission began a consultation in mid-March on reforming the framework for the European Supervisory Authorities (ESAs): ESMA (securities and markets), EBA (banks) and EIOPA (insurance).

Given the activities of its membership, AMAFI focused its response on the framework for ESMA, while pointing out that different changes could be considered for each authority depending on the specific needs of the supervised sector (AMAFI / 17-35). AMAFI also said that in view of the importance of the issues under debate, and particularly with Brexit reshaping Europe's financial landscape, it would be advisable to discuss these matters within a high-level expert committee that was given sufficient time to perform a thorough assessment and make proposals commensurate with the challenges.

AMAFI put forward a number of other points to factor into a potential review of ESMA's operating framework:

• Keep a tripartite supervisory architecture with multiple centres, which would rule out merging the ESAs or concentrating cross-sector powers with a single entity.
• Give ESMA the means to ensure effective convergence in national authorities’ supervisory practices, probably by strengthening its toolkit and ensuring that the mechanisms used to verify convergence are truly autonomous (especially peer reviews).
• Convergence must take place only where it is needed, namely where there is a genuine pan-European issue of market structure or competition.
• ESA governance should be reviewed, notably by giving thought to setting up some kind of permanent board-type structure along the lines of the set-up seen in US agencies such as the SEC and CFTC, ensuring that the composition reflects the actual situation of domestic markets in terms of their relative importance.
• At the very least, consideration should be given to extending qualified majority voting in the area of convergence and supervision of practices.
• Give ESMA the power to assess and monitor equivalence agreements with third countries, particularly with a view to the post-Brexit period.
• Improve consultation mechanisms.
• Given the many tasks assigned to ESMA, limit the granting of new powers to what is relevant and truly needed within Europe.

On this last point, AMAFI provided the following feedback on some of the solutions proposed by the Commission:

• Giving ESMA cross-sector supervisory powers to protect consumers or audit and accounting powers would lead to added complexity and would be inappropriate.
• When it comes to supervising central counterparties (CCPs), logic dictates that direct CCP supervision should be entrusted to central banks and banking authorities, and hence, in the case of the euro area, to the European Central Bank and the Single Supervisory Mechanism.
• There would be value in giving ESMA direct supervisory powers over the “critical benchmarks” referred to in the European Benchmark Regulation, given the pan-European nature of these indices.

Market abuse

The new Market Abuse Regulation will come into force on 3 July. Some of the Level 2 measures, including the implementing regulations and the delegated regulation, were recently published in the OJEU. One of the main thrusts is the Implementing Technical Standards on the format of insider lists. 
In early March the European Commission published five draft delegated Regulations that are currently subject to the right of the European Parliament and the Council to raise objections. The focal points are investment recommendations, prevention and detection of suspicious orders and transactions, the content of notifications to competent authorities, rules on buyback programmes and stabilisation, and accepted market practices.

AMAFI is currently drawing up a Q&A on issues of particular concern regarding implementation of the Market Abuse Regulation. It is drawing on discussions with the AMF in recent weeks and intends to publish the document in June, before the Regulation comes into force.