The Autorité des Marchés Financiers (AMF) Enforcement Committee imposed a fine of EUR 200,000 on a portfolio asset management company for breaches of its professional obligations .
According to the press release, 123 Investment Managers was the recipient of the fine by the French watchdog in a decision taken on July 6 and made effective today. In the first instance, the Enforcement Committee found that 123 Investment Managers’ marketing and disclosure procedures were not operational since they contained inaccurate regulatory references and did not specify the controls carried out by the compliance officer.
123 Investment Managers was also found to have failed to provide accurate, clear, and non-misleading information about the characteristics of the funds under management and the fees charged in emails, videos, reports, and a letter to investors.
As a result, the Committee determined that 123 Investment Managers had not breached its obligations to act honestly, loyally, and professionally by misleading its clients throughout the period under review. This information had indeed been provided to clients by 123 Investment Managers during the fund’s creation phase.
This alleged breach was also dismissed after 123 Investment Managers was found not to have violated the fund’s rules with regard to managing part of the fees for the advisor. According to the Committee, 123 Investment Managers did not have a procedure for tracking advice received from third parties and the management decisions made as a result of this advice.
The Committee found that 123 Investment Managers failed to control external advisors’ advice on fund management.
Reprimand on Financial Investment Advisor by the AMF
The AMF Committee issued in May a reprimand and imposed a fine of EUR 150,000 on the financial investment advisor, Auvergne Investissement Hôtels. A five-year ban was also put on Serge Emery, the Chairman, and a fine of €50,000 was imposed on him.
Auvergne Investissement Hôtels had its clients subscribe to shares in two German alternative investment funds (AIFs) that were not authorized to be sold in France between February 2017 and October 2019.
The Autorité des Marchés Financiers (AMF) Enforcement Committee imposed a fine of EUR 200,000 on a portfolio asset management company for breaches of its professional obligations .
According to the press release, 123 Investment Managers was the recipient of the fine by the French watchdog in a decision taken on July 6 and made effective today. In the first instance, the Enforcement Committee found that 123 Investment Managers’ marketing and disclosure procedures were not operational since they contained inaccurate regulatory references and did not specify the controls carried out by the compliance officer.
123 Investment Managers was also found to have failed to provide accurate, clear, and non-misleading information about the characteristics of the funds under management and the fees charged in emails, videos, reports, and a letter to investors.
As a result, the Committee determined that 123 Investment Managers had not breached its obligations to act honestly, loyally, and professionally by misleading its clients throughout the period under review. This information had indeed been provided to clients by 123 Investment Managers during the fund’s creation phase.
This alleged breach was also dismissed after 123 Investment Managers was found not to have violated the fund’s rules with regard to managing part of the fees for the advisor. According to the Committee, 123 Investment Managers did not have a procedure for tracking advice received from third parties and the management decisions made as a result of this advice.
The Committee found that 123 Investment Managers failed to control external advisors’ advice on fund management.
Reprimand on Financial Investment Advisor by the AMF
The AMF Committee issued in May a reprimand and imposed a fine of EUR 150,000 on the financial investment advisor, Auvergne Investissement Hôtels. A five-year ban was also put on Serge Emery, the Chairman, and a fine of €50,000 was imposed on him.
Auvergne Investissement Hôtels had its clients subscribe to shares in two German alternative investment funds (AIFs) that were not authorized to be sold in France between February 2017 and October 2019.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
