Knowledge Base
Market Functioning and Organization
Structure and operating mechanisms of financial markets. Covers trading venues, order types, price formation, and market transparency.
Skills
Questions
Which regulation governs the licensing of CCPs (Central Counterparties) in Europe?
EMIR governs the licensing of CCPs, as indicated in the text.
Which authority is responsible for granting licences to investment firms in France?
According to the text, the ACPR, which operates under the Banque de France, is responsible for granting licences to investment firms. The AMF, in turn, approves the activity programme for certain services.
What is a possible consequence of non-compliance with post-licensing operational rules by an ISP?
Non-compliance with post-licensing operational rules may justify a licence withdrawal procedure, as mentioned in the text.
The licensing of a central securities depository falls under CSDR with the AMF as the competent authority.
The text states that the licensing of a central securities depository falls under CSDR with the AMF as the competent authority, which is true.
Categorize items by dragging them to the appropriate zones
Items to categorize:
Licensing conditions
Post-licensing operational rules
Licensing conditions include the registered office in France and initial capital, while post-licensing operational rules include sound administrative procedures and effective internal control mechanisms.
ISP licensing conditions include the requirement for a registered office and effective management in France to ensure French authorities' jurisdictional competence.
The text states that the requirement for a registered office and effective management in France aims to ensure French authorities' jurisdictional competence, which is true.
How long does the AMF have to issue its opinion on a licence application?
The AMF has two months to issue its opinion after receiving the file from the ACPR, as specified in the text.
Coordination agreement between ACPR and AMF
Click to see answer
AMF Instruction 2014-01 establishes the coordination agreement between the ACPR and the AMF.