Knowledge Base
Explain the loi Sapin 2 regulatory framework governing diversified asset intermediation
Which body is responsible for registering intermediaries in miscellaneous assets under the loi Sapin 2?
The AMF is responsible for registering intermediaries in miscellaneous assets. The loi Sapin 2 strengthened its role by requiring prior registration for both regimes before any marketing.
Which assets are explicitly excluded from the miscellaneous assets regime under the loi Sapin 2?
Under the loi Sapin 2, banking operations, financial instruments and shares, operations governed by the Insurance Code, the Mutual Code, or the Social Security Code, as well as the acquisition of housing, commercial premises, or building land, do not fall within the miscellaneous assets regime. This exclusion aims to avoid overlap with other regulatory frameworks.
What is the AMF's review period for registering intermediaries in miscellaneous assets under the loi Sapin 2?
The loi Sapin 2 extended the AMF's review period from thirty days to two months to allow for more thorough examination of registration files. This provision aims to strengthen investor protection by identifying fraud before it causes harm.
The miscellaneous assets regime also applies to crypto-assets if the conditions are met.
The AMF has clarified that the miscellaneous assets regime may apply in addition to the digital services regime if the conditions are met. However, Title V of Book V of the Code monétaire et financier now separates the chapter dedicated to intermediaries in miscellaneous assets from the one devoted to public offerings of crypto-assets.
The loi Sapin 2 introduced mandatory prior review for both intermediation regimes for miscellaneous assets (Miscellaneous Assets I and II).
Before the loi Sapin 2, only the Miscellaneous Assets I regime was subject to prior review. The law extended this review to the Miscellaneous Assets II regime, which was previously subject only to ex-post review. Registration with the AMF is now required for both regimes before any marketing.
Publication date of the loi Sapin 2
Click to see answer
The loi Sapin 2 was published on December 9, 2016. It was introduced to address the explosion of fraud in the atypical investment sector, as demonstrated by a 2015 CSA/AMF study revealing that 40% of investors in miscellaneous assets reported being victims of scams.
Categorize items by dragging them to the appropriate zones
Items to categorize:
Falls within the miscellaneous assets regime
Does not fall within the miscellaneous assets regime
The loi Sapin 2 clearly defines the scope of the miscellaneous assets regime and excludes certain asset categories to avoid overlap with other regulatory frameworks. For example, banking operations and financial instruments do not fall within this regime.
According to a 2015 CSA/AMF study, what proportion of investors in miscellaneous assets reported being victims of scams?
A 2015 CSA/AMF study revealed that 40% of investors in miscellaneous assets reported being victims of scams. This study served as a basis for justifying the reforms introduced by the loi Sapin 2 to strengthen investor protection.