France transposed parts of the
MiFID directive into national law. The executive order dated 15 May 2007, approving the amendments to the General Regulation of the
AMF was published in the Official Journal of the French Republic on 16 May 2007. The new measures concern Books III and V on Investment Service Providers and Market Infrastructures. They will take effect on 1 November 2007.
Book III has been totally restructured because MiFID makes no distinction between firms that provide an individual discretionary management service and those providing other investment services.
Adopting the same approach as MiFID, Book V lays down the principles governing the execution of orders on different venues.
On both issues a consultation process took place.
The AMF will start work on bringing the rest of the General Regulation into conformity, particularly Book IV on Collective Investment Products, and Book II on Issuers and Financial Disclosure. It will also have to update the instruments, notably the AMF instructions, used to implement the General Regulation.
Press release
© AMF - Autorité des Marchés Financiers
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