Knowledge Base
Interpret ethical guidelines and compliance requirements for financial institutions
Which document provides technical clarifications on points raised by practitioners regarding compliance?
Questions & Answers (Q&A) published by ESMA and the AMF clarify technical points. For example, AMF Q&As help resolve ambiguities in the application of rules, as mentioned in AMF Position DOC-2021-04.
Which document establishes the mission of interpreting ethical guidelines for the RCCI/RCSI?
Article 22 of Delegated Regulation (EU) 2017/565 establishes this mission, which is further specified by ESMA Guidelines 35-36-1952 of 6 April 2021 and AMF Position DOC-2021-04. These documents are essential for understanding the regulatory framework.
What is the main role of the RCCI/RCSI in terms of advisory and assistance?
The RCCI/RCSI provides opinions on new products before their launch, trains staff and serves as an interface with the authorities. These missions are crucial to ensure ongoing compliance.
What is the hierarchy of norms applicable to financial institutions in the European context?
European regulations (such as MAR, SFDR, PRIIPs) are directly applicable and prevail over domestic law, while directives (such as MiFID II, AIFM, UCITS) require transposition into French law. This hierarchy is essential for correctly interpreting regulatory texts, as specified by Article 22 of Delegated Regulation (EU) 2017/565 and ESMA guidelines.
Categorize items by dragging them to the appropriate zones
Items to categorize:
Shed light on the legislator's intentions
Clarify technical points
Reveal best practices
Form case law
Recitals shed light on the legislator's intentions, Q&As clarify technical points, SPOT summaries reveal best practices, and decisions of the Sanctions Committee form case law.
Proportionality applies to client protection objectives based on the size of the institution.
Proportionality applies only to the means, never to the objectives. The obligation to achieve results in terms of client protection remains the same regardless of the institution's size, as emphasised in the text.
Main mission of the RCCI/RCSI in control and monitoring
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The RCCI/RCSI must maintain a non-compliance risk mapping updated at least annually, a compliance plan prioritised according to risks, and first and second-level permanent controls with documented traceability.
AMF positions have direct binding force on financial institutions.
AMF positions, recommendations and instructions clarify the regulator's interpretation but do not have direct binding force. However, they constitute a reference in the event of an inspection.