Knowledge Base

← Sustainable Finance and Key Concepts

Questions

Which report introduced the canonical definition of sustainable development in 1987?

The Stern Review

The Brundtland Report

The Kyoto Protocol

The Paris Agreement

Which innovative mechanism was introduced by the Kyoto Protocol?

The carbon market

The EU Taxonomy

The Paris Agreement

The European Green Deal

Which industrial disaster led to the adoption of the Oil Pollution Act in the United States in 1990?

The Chernobyl disaster in 1986

The Bhopal disaster in 1984

The Exxon Valdez oil spill in 1989

The AZF factory explosion in Toulouse in 2001

What is the main objective of the European Green Deal?

Making Europe climate-neutral by 2050

Reducing CO2 emissions by 50% by 2030

Creating a single market for renewable energies

Banning all fossil fuels by 2030

The Paris Agreement only commits developed countries to limiting global warming.

True

False

The Kyoto Protocol was adopted in 1997 and entered into force immediately.

True

False

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1.Short-term bond funds≡

2.Large-cap equity funds≡

3.Money market funds≡

4.SCPIs/OPCIs≡

1.Six months to one year≡

2.A few days to three months≡

3.Three to five years≡

4.Eight to ten years≡

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1.AIFM reporting (assets > 1 billion euros)≡

2.Statistical reporting (outstanding amounts)≡

3.Statistical reporting (investment structure)≡

4.Statistical reporting (private equity funds)≡

5.AIFM reporting (assets < 1 billion euros)≡

1.Quarterly≡

2.Quarterly≡

3.Semi-annual≡

4.Semi-annual≡

5.Monthly≡

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1.AMF≡

2.Statutory auditor≡

3.External valuation expert≡

1.Independent asset valuation≡

2.Regulatory supervision≡

3.Accounts certification≡

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1.Criterion 1: Majority green share≡

2.Criterion 2: Strict exclusions≡

3.Criterion 3: ESG integration≡

4.Criterion 4: Impact measurement≡

1.Investment in eight categories of eligible eco-activities≡

2.Total exclusion of fossil fuels (except nuclear since 2024)≡

3.Active monitoring of ESG criteria throughout the portfolio≡

4.Reporting on at least one area: climate, biodiversity, water, or resources≡

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1.CNAV≡

2.LVNAV≡

3.VNAV≡

1.Mark-to-market valuation≡

2.Amortized cost with a deviation < 20 basis points≡

3.Constant net asset value≡

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1.Committee 4≡

2.Committee 3≡

3.Committee 2≡

4.Committee 1≡

1.Enforcement and information exchange≡

2.Intermediaries≡

3.Secondary markets≡

4.Accounting and disclosure≡

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1.Authorization≡

2.MiFID II directive≡

3.AMF position-recommendations≡

1.General framework of investment service provider obligations≡

2.Delegated Regulation 2017/565 concerning obligations toward non-professional clients≡

3.Authorization requirement for investment service providers≡

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1.UCITS≡

2.SCPI≡

3.AIFs≡

4.FCPR≡

1.National flexibility, authorization for the manager only≡

2.European standardization, dual authorization≡

3.Investment in rental real estate≡

4.Possible lock-up period of ten years≡

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1.ESG integration≡

2.Sector exclusions≡

3.Impact investing≡

4.Best-in-Class≡

1.Selection of ESG leaders by sector≡

2.Negative screening of companies≡

3.Dual measurable financial and non-financial objective≡

4.Traceability of ESG criteria in financial analysis≡

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1.Synthetic replication≡

2.Sampling≡

3.Full physical replication≡

1.Holding a representative subset of securities≡

2.Holding all index securities in the same proportions≡

3.Use of derivative products≡

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1.Allocation effect≡

2.Selection effect≡

3.Interaction effect≡

1.Residual combining allocation and selection≡

2.Value added from stock-picking within each sector≡

3.Contribution of sector weighting choices relative to the benchmark≡

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1.Monthly returns≡

2.Weekly returns≡

3.Daily returns≡

1.√252 (≈15.87)≡

2.√52 (≈7.21)≡

3.√12 (≈3.46)≡

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1.Covered bonds≡

2.Sovereign securities (EU)≡

3.Securities from a single issuer (base)≡

4.Deposits with a single credit institution≡

1.5%≡

2.35%≡

3.25%≡

4.20%≡

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1.Crédit Foncier≡

2.OSEO≡

3.Caisse des dépôts et consignations≡

4.Agence française de développement≡

1.Real estate financing≡

2.SME support≡

3.International development aid≡

4.Management of public funds≡

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1.Money market funds≡

2.Balanced diversified funds≡

3.Equity funds≡

1.Class 1≡

2.Class 6≡

3.Class 4≡

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1.Geographic strategies≡

2.Mid-cap strategies≡

3.Sector strategies≡

1.Exposure to a specific economic sector≡

2.Exposure to specific economic regions≡

3.Lower liquidity and higher growth potential≡

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1.Finansol label≡

2.FAIR association≡

3.ESUS status≡

1.Guarantees the transparency of solidarity savings products≡

2.Provides access to solidarity employee savings≡

3.Structures the sector and publishes the Barometer≡

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1.AMF≡

2.ACPR≡

1.Grants licences to investment firms and credit institutions≡

2.Approves the activity programme for investment advisory and portfolio management services≡

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1.Home country control≡

2.Mutual recognition≡

3.Regulatory harmonization≡

1.Reduction of legislative divergences≡

2.European passport≡

3.Prudential supervision by the home state≡

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1.Market operator≡

2.Systematic internaliser≡

1.Publishes firm quotes for liquid instruments≡

2.Monitors transactions to detect market abuse≡

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1.Market maker≡

2.Liquidity provider≡

3.Listing sponsor≡

1.Contract with the issuer governed by the AMF≡

2.Use of proprietary capital≡

3.Contract with Euronext initiated by the issuer≡

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1.GTC order≡

2.FOK order≡

3.Day order≡

1.Cancelled at end of session if not executed≡

2.Remains active until execution or manual cancellation≡

3.Requires immediate full execution or no execution≡

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1.FactSet≡

2.S&P Capital IQ≡

3.Refinitiv Eikon≡

4.Bloomberg Terminal≡

1.Proprietary APIs and financial modelling tools≡

2.In-depth emerging markets coverage and ESG data≡

3.Bond data and instant messaging≡

4.Screening and comparative analysis features for investment banking≡

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1.Negotiated Trade waiver≡

2.Large in Scale (LIS) waiver≡

3.Reference Price waiver≡

1.Orders exceeding size thresholds calculated by ESMA≡

2.Bilaterally negotiated transactions within a defined price range≡

3.Execution of orders at the market reference price without prior publication≡

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1.AMF≡

2.APA≡

3.Responsible investment firm≡

1.Submits the transaction to the APA≡

2.Validates and publishes the transaction≡

3.Supervises compliance with the rules≡

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1.Over-the-counter market (OTC)≡

2.Multilateral trading facility (MTF)≡

3.Regulated market≡

1.Bilateral transactions without a central order book≡

2.Non-discretionary rules with flexible admission regime≡

3.Strict admission rules and clearing house≡

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1.Central counterparty clearing house (CCP)≡

2.Central securities depository (CSD)≡

1.Maintains securities accounts and handles settlement-delivery≡

2.Guarantees the successful completion of transactions≡

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1.Pre-closing≡

2.Continuous trading≡

3.Trading At Last≡

4.Opening auction≡

5.Pre-opening≡

1.Order accumulation without execution from 7:15 AM to 9:00 AM≡

2.Determination of the opening price at 9:00 AM≡

3.Real-time transactions from 9:00 AM to 5:30 PM≡

4.Order accumulation without execution from 5:30 PM to 5:35 PM≡

5.Transactions at the closing price from 5:35 PM to 5:40 PM≡

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1.Deferred settlement≡

2.Rapid settlement (T+2)≡

3.Margin system≡

4.Full funds required≡

1.Futures market≡

2.Spot market≡

3.Spot market≡

4.Futures market≡

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1.APA≡

2.ARM≡

3.CTP≡

1.Consolidation of market data≡

2.Publication of off-venue transactions≡

3.Transmission of reports to the authorities≡

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1.Transmission via the trading venue≡

2.Transmission via an ARM≡

3.Direct reporting≡

1.The firm must master the prescribed XML format≡

2.Most widely used solution, cost pooling and shared responsibility≡

3.Option available if the venue offers this service≡

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1.ESMA≡

2.EBA≡

3.EIOPA≡

1.Insurance≡

2.Financial markets≡

3.Banking sector≡

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1.Multilateral Trading Facility (MTF)≡

2.Organised Trading Facility (OTF)≡

3.Systematic Internaliser (SI)≡

4.Regulated Market (RM)≡

1.Not a venue but a bilateral counterparty≡

2.Can be operated by an investment firm≡

3.Operated exclusively by a market operator≡

4.Uses discretionary rules for matching≡

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1.Step 4≡

2.Step 1≡

3.Step 2≡

4.Step 3≡

1.Assignment and publication of the LEI code≡

2.Selection of an issuing body from accredited LOUs≡

3.Validation by the LOU≡

4.Submission of the application via the chosen LOU's portal≡

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1.Algorithmic market making≡

2.Direct electronic access (DEA)≡

3.Notification obligations≡

4.Systemic requirements≡

1.Provider responsibility for pre-trade controls applied to clients≡

2.Resilient systems, trading thresholds and limits, prevention of erroneous orders≡

3.Notification to the competent authority and trading venues, communication of strategy details upon request≡

4.Written agreement with the venue, continuous presence for a defined proportion of trading hours≡

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1.Second pillar (EMIR)≡

2.First pillar (MiFID II)≡

3.Third pillar (MAR)≡

1.Position limits≡

2.Central clearing and transaction reporting≡

3.Sanctions for price manipulation≡

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1.Task Force on Climate-related Financial Disclosures (TCFD)≡

2.Science Based Targets initiative (SBTi)≡

3.Network for Greening the Financial System (NGFS)≡

4.European Union (Green Deal)≡

1.Develop climate-related macro-financial scenarios≡

2.Structure corporate climate reporting≡

3.Finance green and sustainable projects≡

4.Validate the science-based targets of companies≡

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1.European Union≡

2.AFG and FIR≡

3.GSIA≡

4.ISSB≡

1.EU Taxonomy (2020/852)≡

2.Harmonization of ESG terminologies (2022)≡

3.IFRS S1 and S2 standards (2023)≡

4.National definition of SRI in France (2013)≡

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1.SDG 1≡

2.SDG 7≡

3.SDG 3≡

4.SDG 5≡

1.No poverty≡

2.Good health and well-being≡

3.Gender equality≡

4.Affordable and clean energy≡

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1.Socially Responsible Investment (SRI)≡

2.Solidarity-based finance≡

3.Green bonds≡

1.French state label for a robust ESG methodology≡

2.Financing the social economy without maximizing returns≡

3.Exclusive financing of environmental projects with detailed reporting≡

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1.EU Taxonomy≡

2.SFDR Regulation≡

3.CSRD Directive≡

1.Science-based classification system of sustainable activities around six environmental objectives≡

2.Transparency obligations on the integration of sustainability risks and on the principal adverse impacts of investments≡

3.Extension of extra-financial reporting obligations with the double materiality principle and ESRS≡

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1.Environmental pillar≡

2.Social pillar≡

3.Governance pillar≡

1.Corporate direction and oversight≡

2.Working conditions and social relations≡

3.Ecological impact≡

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1.Urgewald≡

2.Reclaim Finance≡

3.ShareAction≡

4.WWF≡

1.Taskforce on Nature-related Financial Disclosures (TNFD)≡

2.Global Coal Exit List≡

3.'Investing in Europe's Prosperity' report≡

4.Financial lobbying analysis≡

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1.Divestment campaign against apartheid (1977)≡

2.Bhopal disaster (1984)≡

3.Brundtland Report (1987)≡

4.Paris Agreement (2015)≡

1.Integration of financial flows into a low-carbon pathway≡

2.Conceptual definition of sustainable development≡

3.Revealed environmental risks for corporations≡

4.Demonstrated that investments can influence political change≡

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1.Whistleblowing mechanism≡

2.Mitigation actions≡

3.Assessment procedures≡

4.Monitoring framework≡

5.Risk mapping≡

1.Identification and prioritization of risks≡

2.Regular assessment of subsidiaries and suppliers≡

3.Implementation of measures to prevent serious harm≡

4.Collection of reports in consultation with trade unions≡

5.Evaluation of the effectiveness of implemented measures≡

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1.Interest rate derivatives≡

2.Foreign exchange derivatives≡

1.$130,100 billion≡

2.$548,300 billion≡

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1.Rating improvement≡

2.Double materiality≡

3.Coverage rate≡

4.Selectivity≡

1.Proportion of the portfolio with an ESG rating≡

2.Reduction of the investment universe by eliminating the lowest-rated issuers≡

3.Average ESG score of the portfolio exceeding that of the reference universe≡

4.Simultaneous analysis of environmental and social impacts and ESG factors on financial performance≡

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1.MSCI≡

2.Sustainalytics≡

3.S&P Global≡

4.ISS-ESG≡

1.Best-in-universe with risk scale≡

2.Best-in-class with governance analysis≡

3.Best-in-class with industry-specific weightings≡

4.Best-in-class with sector comparison≡

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1.SRRI Category 7≡

2.SRRI Category 4≡

3.SRRI Category 1≡

1.Volatility > 25%≡

2.Volatility between 5% and 10%≡

3.Volatility < 0.5%≡

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1.ESMA≡

2.National authorities≡

3.Court of Justice of the European Union≡

1.Issues opinions on proposed national measures≡

2.Must notify their proposed measures to ESMA and other authorities≡

3.Has jurisdiction over appeals against ESMA measures≡

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1.PRIIPs KID≡

2.UCITS KIID≡

1.Four prospective scenarios based on historical simulations≡

2.Past performance over ten years with benchmark comparison≡

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1.Refine the target market without broadening it≡

2.Carry out scenario testing≡

3.Obtain product information from the manufacturer≡

4.Define the positive target market≡

1.Manufacturer≡

2.Distributor≡

3.Distributor≡

4.Manufacturer≡

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1.Suitability test≡

2.Appropriateness test≡

1.Applies to investment advice and portfolio management services≡

2.Applies to services such as order reception-transmission and order execution≡

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1.Automated calling systems≡

2.Other telephone techniques≡

1.Prior consent (opt-in)≡

2.Opt-out system via Bloctel≡

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1.Information in the strict sense≡

2.Warning≡

3.Advice≡

1.Semi-personalized alert on specific risks≡

2.Fully personalized guidance on the merits of a transaction≡

3.Non-personalized objective information≡

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1.Credit institutions≡

2.Tied agents≡

3.Finance companies≡

4.Financial investment advisors≡

1.Investment service providers≡

2.Intermediaries in banking transactions and payment services≡

3.Investment firms≡

4.Insurance undertakings≡

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1.MiFID 2≡

2.Delegated Regulation 2017/565≡

3.Regulation 2019/1156≡

1.Strengthens requirements at EU level (Articles 24 and 25)≡

2.Specifies transparency obligations (Article 44)≡

3.Governs cross-border communications of investment funds≡

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1.Climate Action 100+≡

2.Engagement Platform of the Forum pour l'Investissement Responsable≡

1.Achieving carbon neutrality by 2050 for targeted companies≡

2.Raising ESG questions at CAC 40 general meetings≡

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1.Performance fees≡

2.Order reception-transmission fees≡

3.Ongoing charges (TER)≡

4.Advisory commissions≡

1.Costs related to the investment service≡

2.Costs related to the financial instrument≡

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1.Fed≡

2.ECB≡

3.Bank of England≡

1.3.50-3.75%≡

2.2.0%≡

3.3.75%≡

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1.Real GDP≡

2.GDP deflator≡

3.PCE index≡

4.CPI≡

1.Covers a wider range of expenditures and automatically adjusts weightings≡

2.Isolates growth without the effect of inflation≡

3.Tracks price changes of a basket of goods and services for urban households≡

4.Broad measure of inflation in the economy≡

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1.Portfolio Management Companies (SGP)≡

2.Investment Firms (EI)≡

3.Credit Institutions (EC)≡

1.AMF≡

2.ECB on proposal from the ACPR≡

3.ACPR≡

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1.CCLRF≡

2.CCSF≡

1.Relations between professionals and their clients≡

2.Opinions on regulatory texts≡

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1.Sectoral systemic risk buffer in 2023≡

2.Mortgage lending framework since 2022≡

3.Release of the countercyclical buffer in 2020≡

1.Correction of mortgage lending practices≡

2.Release of bank capital to finance the economy≡

3.Strengthened surveillance of exposures to highly indebted large corporates≡

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1.Portfolio manager≡

2.Head of clearing≡

3.Sales representative≡

4.Financial analyst≡

1.Represents the clearing member before the clearing house≡

2.Produces investment research with guaranteed independence≡

3.Informs or advises clients on financial instruments≡

4.Makes investment decisions for clients≡

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1.Dealing on own account≡

2.Portfolio management≡

3.Reception-transmission of orders≡

4.Investment advice≡

1.Commitment of own capital≡

2.Full suitability assessment≡

3.Appropriateness test≡

4.Discretionary mandate≡

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1.IOBSP or IAS brokers≡

2.Condominium managers≡

3.Estate agents (loi Hoguet)≡

1.€115,000 minimum≡

2.Amount adapted to managed funds≡

3.€30,000 for 3 years then €110,000≡

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1.CIF≡

2.IOBSP≡

3.IAS≡

1.AMF≡

2.ACPR≡

3.ORIAS≡

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1.Deposit facility rate≡

2.Main refinancing operations rate≡

3.Marginal lending facility rate≡

1.2.15%≡

2.2.00%≡

3.2.40%≡

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1.FFA≡

2.FBF≡

3.AMAFI≡

4.AFG≡

1.Financial markets≡

2.Asset management≡

3.Insurance≡

4.Banking≡

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1.Membership condition checks≡

2.Periodic reviews≡

3.Continuing education≡

4.Mediation and dispute resolution≡

1.Instruction DOC-2020-04≡

2.Association internal rules and AMF mediator≡

3.Article 325-38 of the General Regulation≡

4.Article L.541-4 II of the CMF≡

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1.Single Supervisory Mechanism (SSM)≡

2.Single Resolution Mechanism (SRM)≡

3.European Deposit Insurance Scheme≡

1.Prudential supervision of banks by the ECB≡

2.Management of bank failures with a resolution fund≡

3.Harmonisation of national deposit guarantee schemes≡

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1.Book I≡

2.Book IV≡

3.Book II≡

4.Book III≡

1.Market infrastructure≡

2.Organisation and functioning of the AMF≡

3.Service providers≡

4.Issuers and financial information≡

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1.Court of Justice of the European Union≡

2.European Parliament≡

3.European Commission≡

4.Council of the European Union≡

1.Co-legislator≡

2.Not involved in the ordinary legislative procedure≡

3.Co-legislator≡

4.Legislative initiative≡

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1.International Organization of Securities Commissions (IOSCO)≡

2.Financial Stability Board (FSB)≡

3.International Association of Insurance Supervisors (IAIS)≡

4.Basel Committee on Banking Supervision≡

1.Assessment of insurance supervisory regimes≡

2.Regulation of securities markets≡

3.Global macroprudential coordination≡

4.Development of banking standards≡

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1.Pillar 2≡

2.Pillar 1≡

3.Pillar 3≡

1.Reporting (quantitative and narrative reports)≡

2.Prudential governance (key functions, ORSA)≡

3.Quantitative requirements (SCR, MCR)≡

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1.Ordinary shares≡

2.Options≡

3.Bonds≡

4.Treasury bills≡

1.Financial securities≡

2.Financial contracts≡

3.Financial securities≡

4.Financial contracts≡

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1.AMF-ACPR Joint Unit≡

2.ACPR≡

3.AMF≡

1.Prudential supervision of financial institutions≡

2.Financial markets supervision≡

3.Client protection and fight against scams≡

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1.G-SIB buffer≡

2.Countercyclical buffer≡

3.Capital conservation buffer≡

1.Applies to global systemically important banks (1% to 3.5%)≡

2.Mandatory reserve to absorb losses during stress periods (2.5%)≡

3.Varies according to national credit growth (0 to 2.5%)≡

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1.Participatory governance≡

2.Short financial circuit≡

3.Transparency and traceability≡

4.Financing the real economy≡

5.Primacy of social utility over profit≡

1.Direct link between savers and funded projects≡

2.Financial returns are not the primary objective≡

3.Concrete projects in social housing, employment, etc.≡

4.Democratic management of funded organizations≡

5.Savers know where their money is invested≡

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1.ISR≡

2.Greenfin≡

3.European Ecolabel≡

4.Finansol≡

1.Broad ESG approach≡

2.Focus on environmental and climate issues≡

3.Under development≡

4.Focus on social solidarity≡

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1.Recognised authority≡

2.Access to relevant information≡

3.Sufficient resources≡

4.Appropriate expertise≡

1.Ability to react quickly to unforeseen events≡

2.Specialist knowledge in financial regulation≡

3.Formal recognition within the organisation≡

4.Minimum budget defined according to assets under management≡

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1.Response deadline≡

2.Complaints register≡

3.Remedies≡

1.Must include the mediator's contact details≡

2.Centralises the client's name, date of receipt, etc.≡

3.Runs from 1 January 2024 from the date sent by the client≡

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1.Regular controls≡

2.Permanent controls≡

3.Ad hoc controls≡

1.In response to specific events≡

2.For routine activities, carried out at set intervals≡

3.For critical processes, carried out continuously≡

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1.Qualified individual 1≡

2.Qualified individual 2≡

3.Qualified individual 3≡

1.Appointed by the President of the Senate≡

2.Appointed by the President of the National Assembly≡

3.Appointed by the Minister of Finance≡

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1.Unusual concentration of transactions≡

2.Abnormal repetition of similar transactions≡

3.Orders placed at best prices then cancelled before execution≡

4.Significant share of daily volume accompanied by a notable price movement≡

1.Transactions abnormally concentrated on a single financial instrument≡

2.Same transactions repeated multiple times in an unusual manner≡

3.High volume with a significant price movement≡

4.Orders placed at best prices but withdrawn before execution≡

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1.More than €1 billion (professional clients)≡

2.Between €200 and €500 million (non-professional clients)≡

3.Less than €200 million≡

4.More than €500 million (non-professional clients)≡

1.Staff member dedicated 100% of the time≡

2.Staff member dedicated 50% of the time≡

3.18 person-days per year≡

4.Staff member dedicated 50% of the time≡

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1.Mapping≡

2.IT architecture≡

3.Wall-crossing procedures≡

4.Physical implementation≡

1.Identifies entities and information flows≡

2.Physical separation of premises with access control≡

3.Governs temporary access to inside information≡

4.Separation of systems and networks by function≡

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1.Approval response≡

2.Verification against lists≡

3.Request submission≡

1.The employee submits a request through the compliance system≡

2.The request is verified against restriction and watch lists≡

3.The response is provided within 24 to 48 hours≡

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1.Step 1: Comprehensive assessment≡

2.Step 2: Monitoring programme≡

1.Proportionate to identified risks≡

2.Covers all investment services and ancillary activities≡

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1.Banking mediation≡

2.Insurance mediation≡

1.Insurance Mediation (LMA)≡

2.Mediator of the French Banking Federation (FBF)≡

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1.European regulations (MAR, SFDR)≡

2.European directives (MiFID II)≡

3.AMF positions≡

1.Not binding but serve as a reference for inspections≡

2.Require transposition into French law≡

3.Directly applicable without transposition≡

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1.Conflicts of loyalty≡

2.Financial conflicts of interest≡

3.Complex regulatory situations≡

1.Coexistence of seemingly contradictory obligations, such as holding inside information and the duty to advise the client≡

2.Tension between loyalty to the employer and protecting the client or complying with the law≡

3.Tension between incentives to recommend certain products and the obligation to act in the client's best interest≡

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1.Situation 5≡

2.Situation 4≡

3.Situation 3≡

4.Situation 2≡

5.Situation 1≡

1.A divergent interest in the outcome of a service between the firm and the client≡

2.The receipt of third-party benefits related to the services provided≡

3.Financial or other incentives to favour one client to the detriment of another≡

4.A financial gain or loss avoided at the client's expense≡

5.Carrying out identical activities for multiple clients creating competing interests≡

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1.Aggregated risk indicators≡

2.Exception reports≡

3.Incident logs≡

4.Targeted transaction monitoring≡

1.Observe transactions to detect anomalies≡

2.Document significant deviations from standards≡

3.Quantify risk exposure≡

4.Record situations requiring resolution≡

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1.Watch list≡

2.Restriction list≡

3.Insider list≡

1.Lists the issuers and instruments under enhanced surveillance≡

2.Prohibits or limits transactions on specific instruments≡

3.Nominatively lists the persons with access to inside information≡

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1.2019-2020 Argentine crisis≡

2.2018 Turkish crisis≡

1.35% loss in the value of the Turkish lira in 47 days≡

2.9th historical sovereign default with a 27% haircut on $65 billion≡

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1.Conflicts of interest register≡

2.Written conflicts management policy≡

3.Chinese walls≡

4.Restrictions on personal transactions≡

1.Description of procedures for detecting and handling conflicts≡

2.Limit the risks of front-running or use of inside information≡

3.Prevent the flow of sensitive information between activities≡

4.Centralisation of identified situations and measures applied≡

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1.Staff≡

2.Management≡

1.Daily assistance on compliance matters≡

2.Regular reports and participation in meetings≡

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1.Non-misleading nature≡

2.Clarity≡

3.Accuracy≡

4.Balance≡

1.Verified and sourced information≡

2.Comprehensible language adapted to the target audience≡

3.Equal visibility for risks and potential gains≡

4.Balanced presentation between advantages and risks≡

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1.Case preparation≡

2.Adversarial investigation≡

3.Guidance towards agreement≡

4.Information on referral conditions≡

5.Admissibility examination≡

1.Inform the client of the procedures for referring to the mediator≡

2.Draft a clear description of the case with chronology and supporting documents≡

3.Verify whether the case meets the legal criteria (deadline, competence, etc.)≡

4.Examine the documents of both parties and formulate recommendations≡

5.Formulate a non-binding proposal and ensure its implementation≡

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1.Compliance culture level≡

2.Average remediation time≡

3.Quality of internal procedures≡

4.Control plan execution rate≡

1.Quantitative≡

2.Qualitative≡

3.Qualitative≡

4.Quantitative≡

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1.Telephone calls≡

2.Emails≡

3.Conversations on personal social networks≡

4.Instant messages≡

5.SMS≡

1.Mandatory≡

2.Mandatory≡

3.Mandatory≡

4.Mandatory≡

5.Not mandatory≡

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1.Financial situation≡

2.Sustainability preferences≡

3.Knowledge and experience≡

4.Investment objectives≡

1.ESG criteria≡

2.Past transactions and financial training≡

3.Purpose of the investment≡

4.Income and wealth≡

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1.European Directive 2019/1937≡

2.Code monétaire et financier (Art. L.634-1 to L.634-4)≡

3.Loi Waserman≡

4.Loi Sapin II≡

1.Requires internal procedures for reporting breaches≡

2.Transposes European Directive 2019/1937≡

3.Amends the loi Sapin II≡

4.Governs the professional whistleblowing framework in France≡

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1.Step 4≡

2.Step 3≡

3.Step 2≡

4.Step 1≡

1.Signing a service agreement≡

2.Effective delivery of pre-contractual information documents≡

3.Comprehensive collection of information required for client knowledge≡

4.Client categorisation according to the regulatory classification≡

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1.Impartiality≡

2.Confidentiality≡

3.Free of charge≡

4.Independence≡

1.Obligation of secrecy regarding exchanges≡

2.Neutral examination without external instructions≡

3.Appointment for a minimum period of three years≡

4.No fees for the consumer≡

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1.Knowledge and experience≡

2.Independence of judgement≡

3.Reputation≡

4.Availability≡

5.Conflicts of interest management≡

1.Assesses the ability to exercise independent thinking≡

2.Verifies that the candidate devotes sufficient time to their functions≡

3.Assesses the ability to identify and manage personal conflicts≡

4.Examines the absence of convictions or sanctions≡

5.Verifies that the candidate possesses the theoretical knowledge and practical experience≡

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1.Professionalism≡

2.Loyalty≡

3.Honesty≡

1.Strong technical competence and ongoing training≡

2.Full transparency in the information provided to the client≡

3.Placing the client's interest above one's own interest≡

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1.GECO≡

2.BDIF≡

3.Euronext Data Services≡

4.Webstat≡

1.AMF≡

2.Banque de France≡

3.ESMA≡

4.Euronext≡

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1.Episodic volatility≡

2.Exogenous volatility≡

3.Economic cycle volatility≡

1.A few days to a few weeks≡

2.Months to years≡

3.Variable duration≡

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1.Universal registration document (URD)≡

2.Securities note≡

3.Summary≡

1.Summary document limited to seven pages≡

2.Comprehensive presentation of the issuer≡

3.Description of the specific characteristics of the issuance≡

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1.Short-term BTF≡

2.Green OAT≡

3.Long-term OAT (8.5 years and above)≡

1.Syndication≡

2.Auction≡

3.Auction≡

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1.Documentation phase≡

2.Placement phase≡

3.Preparation phase≡

1.Joint Bookrunners≡

2.Statutory auditors≡

3.Specialist securities lawyers≡

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1.Merger by creation of a new company≡

2.Merger by absorption≡

3.Demerger≡

1.Transfer of assets to several beneficiary companies (articles L236-18 to L236-26)≡

2.Creation of a new company with dissolution of the merging companies (article L236-1)≡

3.Universal transfer of assets with dissolution of the absorbed company (article L236-1)≡

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1.Interest-bearing loans (crowdlending)≡

2.Equity investment (crowdequity)≡

3.Donation≡

1.12.8%≡

2.79.5%≡

3.€160.5 million≡

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1.Stock dividend≡

2.Dividend in kind≡

3.Cash dividend≡

1.Allocation of new shares≡

2.Cash payment≡

3.Distribution of assets other than cash or shares≡

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1.Euronext Access≡

2.Euronext Growth≡

3.Euronext Paris≡

1.Organized multilateral trading facility (MTF)≡

2.Regulated market≡

3.Simplified access for startups≡

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1.Takeover bid (OPA)≡

2.Exchange offer (OPE)≡

3.Mandatory buyout offer (OPR)≡

1.Share-based compensation with volatility risk≡

2.Cash settlement with premium≡

3.Delisting with 90% threshold≡

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1.Euronext Access≡

2.Euronext Growth≡

3.Euronext Paris≡

1.€6,500 billion≡

2.€40.22 billion≡

3.€11.83 billion≡

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1.Climate risk≡

2.Cyber risk≡

3.Residential real estate risk≡

1.Significant exposures to physical and transition risks, assessed through stress tests≡

2.Rise in the number and sophistication of attacks, amplified by generative AI≡

3.Stabilisation since Q2 2024 after significant correction since 2022≡

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1.Reduced communication≡

2.No ESG reference≡

3.Central communication≡

1.Brief mention in the 'Other information' section of the KID≡

2.No ESG reference in the KID or marketing documentation≡

3.Presentation of ESG characteristics as a central element of the fund in the KID≡

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1.Capital reduction not driven by losses≡

2.Cash capital increase≡

3.Incorporation of reserves≡

1.Does not change shareholders' equity≡

2.Decreases shareholders' equity≡

3.Increases shareholders' equity≡

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1.High-risk client≡

2.Medium-risk client≡

3.Low-risk client≡

1.Every year≡

2.Every 5 years≡

3.Every 2 or 3 years≡

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1.Small institutions≡

2.Large insurance groups≡

3.Large banking groups≡

1.1 to 2 million euros≡

2.5 to 10 million euros≡

3.<500,000 euros≡

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1.Description of transactions≡

2.Suspicion analysis≡

3.Client identification≡

4.Declarant identification≡

1.Name, first name, title, and contact details of the declarant≡

2.Objective elements that led to the decision to report≡

3.Exact nature, amounts, dates, and financial instruments≡

4.KYC information and beneficial owner if different≡

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1.Trigger≡

2.Deadline≡

3.Filing on ERMES≡

4.Complete data≡

1.With signature of the authorized declarant≡

2.Date on which the transaction becomes suspicious≡

3.Identity, beneficial owner, nature and amount of the transaction≡

4.Eight calendar days≡

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1.Livret A≡

2.Current account with balance > $50,000≡

3.Plan d'Épargne Logement (PEL)≡

4.Compte Épargne Logement (CEL)≡

1.Subject to reporting≡

2.Exempt from reporting≡

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1.Coordinated interest rate cut in October 2008≡

2.European sovereign debt crises≡

3.Collapse of Lehman Brothers≡

1.First definition of a common set of rules by the G-7≡

2.Freezing of the global credit market≡

3.Transmission of shocks via the euro≡

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1.Low-risk third parties≡

2.High-risk third parties≡

3.Moderate-risk third parties≡

1.Simplified checks (Kbis, URSSAF)≡

2.Database screening + standardized questionnaire≡

3.Enhanced due diligence (external audit)≡

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1.AMF≡

2.EBA≡

3.FATF≡

4.ACPR≡

5.TRACFIN≡

1.Coordinate national European supervisors≡

2.Process financial intelligence in France≡

3.Supervise the French banking and insurance sector≡

4.Supervise the French financial markets≡

5.Set international AML/CFT standards≡

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1.Confidentiality breaches≡

2.Non-compliance with due diligence procedures≡

3.Inaccurate or incomplete reports≡

4.Late reporting≡

5.Failure to collect or incorrect collection of information≡

1.Category 4≡

2.Category 1≡

3.Category 3≡

4.Category 2≡

5.Category 5≡

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1.Acquisition targets≡

2.Commercial intermediaries≡

3.Direct clients and buyers≡

4.Consulting service providers≡

1.Business introducers≡

2.Subcontractors≡

3.Strategic suppliers≡

4.Joint venture partners≡

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1.Political functions≡

2.Judicial functions≡

3.Other functions≡

1.Governor of the Banque de France, ambassadors≡

2.Members of the Conseil d'État, the Cour de cassation≡

3.President of the Republic, Prime Minister, ministers≡

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1.Transactional signals≡

2.Behavioural signals≡

3.Structural signals≡

1.Client's legal structure≡

2.Characteristics of planned or completed transactions≡

3.Client's attitude towards know-your-customer requests≡

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1.Internal reporting≡

2.External reporting≡

1.Escalation of an alert by a staff member to the compliance team≡

2.Submission of a suspicious transaction report to TRACFIN≡

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1.Comprehensive embargoes≡

2.Sectoral embargoes≡

3.Targeted restrictions≡

4.Asset freeze≡

1.Near-total prohibition of economic relations with a country≡

2.Prohibition of transactions in targeted sectors (energy, defence, finance)≡

3.Blocking of all funds and economic resources of designated persons≡

4.Application to specific persons or entities identified on lists≡

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1.Code of conduct≡

2.Risk mapping≡

3.Third-party assessment procedures≡

4.Internal whistleblowing system≡

1.Risk analysis by activities and geographical areas≡

2.Secure and confidential reporting mechanism≡

3.Verification of clients and suppliers according to their risk level≡

4.Document defining prohibited behaviours≡

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1.Third line of defence≡

2.First line of defence≡

3.Second line of defence≡

1.Operational teams in contact with clients≡

2.Compliance and financial security functions≡

3.Internal audit≡

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1.Data Quality Engagement Framework (DQEF)≡

2.Periodic internal audit≡

3.SPOT inspection≡

1.Identifies significant data quality issues≡

2.Analyses four areas simultaneously≡

3.Examines compliance with laws and regulations≡

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1.Senior management≡

2.Internal audit≡

3.Compliance officer≡

4.Operational contributors≡

1.Leads the methodological implementation≡

2.Assesses the robustness of procedures≡

3.Approves the final risk map≡

4.Identifies risks specific to their scope≡

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1.Responsiveness≡

2.Adequacy of tools≡

3.Transparency≡

4.Quality of vulnerability identification≡

5.Coordination with other authorities≡

1.Publication of annual reports and public consultations≡

2.Composition including key agencies facilitating coordination≡

3.Positive record but limitations such as the absence of a binding loan-to-value ratio≡

4.Positive assessment by the IMF for institutional arrangements conforming to best practices≡

5.Four-year delay in transforming alerts into binding standards≡

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1.Smurfing≡

2.Shell companies≡

3.Real estate investments≡

1.Integration≡

2.Layering≡

3.Placement≡

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1.Advisory activity≡

2.Supervisory power≡

3.Development of recommendations≡

4.Administrative coordination≡

1.Centralise and disseminate relevant information≡

2.Publish anti-corruption guides and standards≡

3.Carry out initiative, execution, and follow-up inspections≡

4.Produce thematic and sectoral guides≡

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1.Digital asset service providers≡

2.Notaries≡

3.Credit and payment institutions≡

4.Casinos and gaming operators≡

1.Technology and crypto-assets≡

2.Leisure and entertainment≡

3.Banking and financial sector≡

4.Legal professions≡

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1.Structural indicators≡

2.Behavioural indicators≡

3.Transactional indicators≡

1.Shell companies, beneficial owners difficult to identify≡

2.Amounts inconsistent with the declared profile, apparent structuring to stay below reporting thresholds≡

3.Client's attitude towards know-your-customer questions≡

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1.In-depth analysis≡

2.Effective transmission≡

3.Alert escalation≡

4.Decision≡

5.Initial detection≡

1.Factual and objective transmission to qualified persons≡

2.Examination of relevant information elements by review staff≡

3.Sending the STOR report to the AMF electronically≡

4.Alert generated by the system or a trained employee≡

5.Documentation of the decision to report or close the file≡

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1.Marking the close≡

2.Spoofing≡

3.Layering≡

1.Orders placed at multiple price levels far from the best limit≡

2.Rapid cancellations of orders placed without intention of execution≡

3.Significant interventions in the final minutes of the session to influence the closing price≡

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1.Prohibition on acquiring or disposing of financial instruments≡

2.Prohibition on recommending transactions≡

3.Prohibition on disclosing the information≡

1.Using the information for personal transactions≡

2.Recommending transactions to third parties based on the information≡

3.Disclosing the information to unauthorised third parties≡

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1.Warning≡

2.Reprimand≡

3.Temporary ban from practising≡

4.Financial sanction≡

1.Formal notification of a breach without a fine≡

2.Formal criticism of a breach with a minor fine≡

3.€3.5 million fine imposed on CACEIS Bank in 2025≡

4.Withdrawal of professional licence≡

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1.Administrative sanctions≡

2.Criminal penalties≡

1.AMF Sanctions Committee≡

2.Judicial courts≡

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1.Immediate publication of inside information≡

2.Maintenance of comprehensive insider lists≡

3.Declaration of managers' transactions≡

1.Article 17≡

2.Article 19≡

3.Article 18≡

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1.Permanent access to all information≡

2.Specific inside information≡

1.Permanent insiders section≡

2.Event-based section≡

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1.Pump and dump≡

2.Wash trading≡

3.Marking the close≡

4.Spoofing≡

1.Large orders withdrawn before execution≡

2.Significant interventions in the final minutes before market close≡

3.Transactions without economic justification≡

4.Gradual accumulation of a long position with dissemination of positive information≡

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1.Informed third parties≡

2.Secondary insiders≡

3.Primary insiders≡

1.Corporate officers, directors≡

2.Lawyers, statutory auditors≡

3.Persons knowingly in possession of inside information≡

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1.Threshold effects or accelerators≡

2.Minimum sales quotas per product≡

3.Variable pay based on sales volumes≡

4.Systems with conditional variable salary≡

1.Remuneration based solely on the number of instruments sold≡

2.Sales targets imposed to obtain a bonus≡

3.Remuneration that increases sharply after a certain threshold≡

4.Salary that decreases if targets are not met≡

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1.Monitoring client changes≡

2.Monitoring product changes≡

1.Changes in product characteristics (performance, risk, liquidity)≡

2.Changes in the client's personal and financial situation≡

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1.Step 2: Reviewing financial instruments≡

2.Step 1: Updating information≡

1.Ask the client to update their personal and financial information≡

2.Verify the performance and risk exposure of financial instruments≡

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1.ESG preferences≡

2.Investment objectives≡

3.Risk tolerance≡

4.Ability to bear losses≡

1.Environmental, social and governance criteria≡

2.Amount or percentage the client can lose without compromising their financial situation≡

3.Attitude towards risk, distinct from financial capacity≡

4.Time horizons and financial goals≡

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1.Transaction-by-transaction consent≡

2.General consent≡

1.Obtained before each relevant transaction, provides enhanced protection≡

2.Obtained at the start of the relationship, covers all future transactions≡

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1.Accounting documents and supporting records≡

2.Account statements≡

3.Deposit slips≡

1.Five years≡

2.Ten years≡

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1.AMF (France)≡

2.CNMV (Spain)≡

3.BaFin (Germany)≡

1.Permanent restrictions on crypto-asset CFDs (July 2023)≡

2.Permanent ban on binary options (July 2019)≡

3.Permanent CFD restrictions (August 2019)≡

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1.Transparent information≡

2.Maintenance of processing records≡

3.Notification of breaches to the CNIL≡

4.Appointment of a DPO≡

1.Article 37≡

2.Article 33≡

3.Article 30≡

4.Articles 12 to 14≡

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1.SIPC≡

2.Directive 94/19/EC≡

3.FSCS≡

4.FGDR≡

1.European Economic Area≡

2.France≡

3.United Kingdom≡

4.United States≡

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1.Instruction on timing≡

2.Instruction on execution venue≡

3.Instruction on price conditions≡

1.Exclusive execution on a specific market≡

2.Immediate execution at market price≡

3.Limit price far from the current price≡

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1.Conservative strategy≡

2.Balanced strategy≡

3.Dynamic strategy≡

1.Long-term performance seeking with acceptance of volatility≡

2.Measured combination of bonds and equities≡

3.Capital preservation and regular income≡

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1.Annual statement≡

2.Periodic statement≡

3.Execution notice≡

1.Financial instruments and funds held≡

2.Composition and valuation of the portfolio≡

3.Details of commissions and fees charged≡

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1.Performance commissions≡

2.Subscription fees≡

3.Custody fees≡

4.Brokerage fees≡

1.Variable remuneration for outperformance≡

2.Fees for safekeeping securities in portfolio≡

3.Fixed and proportional fees on transaction amounts≡

4.Recurring costs for access to specific services≡

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1.Board (Collège)≡

2.Sanctions Committee≡

3.Permanent advisory committees≡

1.Composed of 12 members independent from the Board≡

2.Decision-making body composed of 16 members≡

3.Inform the Board's decisions≡

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1.Trade secrets≡

2.Professional secrecy≡

3.Banking secrecy≡

1.Covers information entrusted within the scope of a profession≡

2.Protects client information held by credit institutions≡

3.Protects the company's intangible assets≡

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1.Duty to inform≡

2.Duty to warn≡

3.Best execution obligation≡

1.Obtain the best possible result for the client≡

2.Alert about the inherent risks of the service≡

3.Clear and accurate communications≡

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1.Directive (EU) 2023/2673≡

2.MiFID II≡

1.Fundamental consumer rights for distance contracts≡

2.Investor protection through suitability assessment≡

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1.Bonds≡

2.French listed shares≡

1.Multilateral trading facilities≡

2.Euronext Paris≡

3.Over-the-counter≡

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1.Initial Disclosure Document≡

2.Engagement Letter≡

3.Suitability Report≡

1.Specifies the adviser's status and the type of advice≡

2.Formalizes the agreed services and remuneration terms≡

3.Justifies the suitability of the recommended product with the client's profile≡

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1.Regulated markets≡

2.Multilateral trading facilities≡

3.Systematic internalizers≡

4.Over-the-counter execution≡

1.Execution against own account under conditions at least as favorable≡

2.Used for certain specific instruments≡

3.More competitive conditions on certain securities≡

4.High transparency and liquidity≡

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1.Major currency pairs (EUR/USD)≡

2.Gold and major indices≡

3.Commodities excluding gold≡

4.Individual shares≡

5.Crypto-assets≡

1.2:1≡

2.5:1≡

3.30:1≡

4.20:1≡

5.10:1≡

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1.Ethics and compliance≡

2.Institutional and regulatory framework≡

1.Distribution of powers among supervisory authorities≡

2.Rules of good conduct, management of conflicts of interest≡

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1.Average amounts per transaction≡

2.Order volume≡

3.Frequency of operations≡

4.Nature of transactions≡

1.Rate at which operations are carried out (monthly, quarterly)≡

2.Average value of transactions≡

3.Type of financial instruments traded≡

4.Number of orders or transactions executed≡

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1.Freedom to provide services≡

2.Freedom of establishment≡

1.Detailed communication with a three-month timeframe≡

2.Simplified notification with a one-month timeframe≡

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1.Bonds without embedded derivatives≡

2.Warrants≡

3.EMTN≡

4.Shares listed on a regulated market≡

1.Complex≡

2.Complex≡

3.Non-complex≡

4.Non-complex≡

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1.Guideline 1≡

2.Guideline 5≡

1.Provision of the overall package price and the price of each component sold separately≡

2.Explanation of the overall risk profile modified by the package≡

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1.Quick Ratio≡

2.Interest coverage ratio≡

3.DPO≡

4.DSO≡

1.Average supplier payment period≡

2.Debt servicing capacity (EBITDA/interest charges)≡

3.Immediate liquidity (available assets/current liabilities)≡

4.Average client collection period≡

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1.Step 3≡

2.Step 4≡

3.Step 2≡

4.Step 1≡

5.Step 5≡

1.Sending a written warning detailing the protections lost≡

2.Receipt of a written request from the client≡

3.Receipt of a written statement from the client acknowledging their understanding≡

4.Formal acceptance by the service provider≡

5.Verification that the client meets at least two of the three required criteria≡

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1.Identification of training needs≡

2.Assessment proper≡

3.Tracking table setup≡

4.Scope identification≡

1.Distinction between full assessment and minimum knowledge verification≡

2.Staff mapping with internal classification and manager identity≡

3.Review of regulatory developments and verification of continuing education≡

4.Annual interview or questionnaire completed jointly by the staff member and their manager≡

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1.Renunciation by the agent≡

2.Death of one of the parties≡

3.Placement under guardianship≡

4.Revocation by the principal≡

1.Unilateral decision by the agent without required justification≡

2.Unilateral decision by the principal without required justification≡

3.Automatic termination due to legal incapacity≡

4.Automatic termination of the mandate for an individual account≡

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1.Precious metals≡

2.Art and collectibles≡

3.Viticulture≡

4.Forestry≡

1.Forests, trees≡

2.Works of art, stamps≡

3.Gold, diamonds≡

4.Wines, champagnes≡

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1.Absolute nullity≡

2.Relative nullity≡

1.Strikes down unlawful agreements or those contrary to public policy≡

2.Protects a particular interest (defect of consent)≡

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1.Quality of execution prices≡

2.Capacity to handle volumes≡

3.Transaction costs≡

4.Speed of execution≡

1.Absorption of large orders without market impact≡

2.Commissions and implicit costs≡

3.Spreads between requested and obtained prices≡

4.Average delays between order receipt and confirmation≡

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1.Online advertising banners≡

2.Radio advertising≡

3.Commercial emails≡

4.Information on the provider's website≡

1.Prohibited≡

2.Permitted≡

3.Prohibited≡

4.Prohibited≡

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1.MiFID II Directive≡

2.AIFMD Directive≡

3.UCITS Directive≡

1.Framework for UCITS intended for retail investors≡

2.Regulation of alternative investment fund managers≡

3.Harmonized framework for investment services≡

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1.Currency risk≡

2.Liquidity risk≡

3.Credit risk≡

4.Market risk≡

1.The issuer's ability to honor its commitments≡

2.Impact of exchange rate fluctuations on the final return≡

3.Fluctuations in underlying assets affecting the product's value≡

4.Difficulty in selling the product before maturity≡

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1.Joint tenancy account≡

2.Joint account≡

1.Unanimity required for all transactions≡

2.Flexible management with active joint and several liability≡

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1.Ex-ante disclosure≡

2.Ex-post reporting≡

1.Once a year≡

2.In good time before the service is provided≡

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1.Favoring one client over another for a limited security≡

2.Higher remuneration on certain products≡

3.Receipt of third-party inducements≡

4.Proprietary trading on the same instruments≡

1.Direct financial conflict of interest≡

2.Conflict of interest related to the firm's own activities≡

3.Conflict of interest related to the management of limited resources≡

4.Conflict of interest related to external inducements≡

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1.Right to erasure≡

2.Right to rectification≡

3.Right to data portability≡

4.Right of access≡

1.Article 15≡

2.Article 16≡

3.Article 20≡

4.Article 17≡

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1.Eligible counterparties≡

2.Professional clients≡

3.Retail clients≡

1.Receive the highest level of protection, including natural persons and most SMEs≡

2.Presumed to have the experience and knowledge necessary to assess risks, including credit institutions and large enterprises≡

3.Subject to the lightest regulatory requirements≡

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1.Capital gains on disposal≡

2.Bond interest≡

3.Dividends≡

4.Share premiums≡

1.Usufructuary≡

2.Bare owner≡

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1.Credit institution≡

2.Commercial enterprise with balance sheet >€20M≡

3.Individual with portfolio <€500k≡

1.Retail client≡

2.Professional client≡

3.Eligible counterparty≡

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1.Multiplying creditors≡

2.Increasing reliance on credit≡

3.Requests for payment plans≡

4.Repeated payment delays≡

1.Masking underlying financial problems≡

2.Precarious financial management≡

3.Immediate difficulty in making payments≡

4.Dispersal of financial resources≡

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1.Assets and liabilities≡

2.Expenses and income≡

3.Net cash position≡

4.Equity≡

1.Balance sheet≡

2.Income statement≡

3.Balance sheet≡

4.Balance sheet≡

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1.Pensions (reference tax income > 26,002 euros)≡

2.Salaries≡

3.Dividends and interest≡

4.Pensions (reference tax income < 12,817 euros)≡

1.0%≡

2.8.3%≡

3.9.2%≡

4.9.2%≡

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1.Financial sanctions≡

2.Suspension of voting rights≡

3.Automatic forfeiture of voting rights≡

1.Up to 100 million euros or ten times the profits made≡

2.Up to five years in case of fraudulent intent≡

3.Two years following regularization≡

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1.Limit the systemic impact of inappropriate incentives≡

2.Mitigate excessive credit expansion≡

3.Strengthen the resilience of financial infrastructures≡

4.Limit dependence on short-term funding≡

5.Limit concentration of exposures≡

1.Prevent risks related to excessive dependence on short-term funding≡

2.Control excessive credit expansion and leverage≡

3.Improve the ability of financial infrastructures to withstand shocks≡

4.Manage risks related to incentives that create moral hazard≡

5.Reduce risks associated with excessive concentration of exposures≡

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1.Diversified UCITS≡

2.UCITS primarily invested in equities≡

3.Interest on term deposits≡

4.Negotiable debt securities≡

1.Exempt from corporate tax≡

2.Valued at net asset value with integration of differences≡

3.Valued at cost until disposal≡

4.Taxable at the standard corporate tax rate≡

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1.Wages and salaries≡

2.Rental income≡

3.Industrial and commercial profits (BIC)≡

4.Non-commercial profits (BNC)≡

1.Commercial and craft activities≡

2.Liberal professions≡

3.Standard 10% deduction for professional expenses≡

4.Rental of unfurnished real estate≡

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1.Universal Registration Document (if used as annual report)≡

2.Half-yearly financial report≡

3.Annual financial report≡

1.Three months≡

2.Four months≡

3.Four months≡

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1.Primary market transactions≡

2.Market maker activities≡

3.Intragroup transactions≡

4.Liquidity contracts supervised by the AMF≡

1.Ensuring market liquidity≡

2.Encouraging structured liquidity strategies≡

3.Internal tax optimization≡

4.Preservation of corporate financing≡

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1.Account 70≡

2.Account 60≡

3.Account 64≡

4.Account 76≡

1.Income≡

2.Expenses≡

3.Expenses≡

4.Income≡

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1.Current Ratio≡

2.Return on Equity (ROE)≡

3.Inventory Turnover≡

4.Debt to Equity Ratio≡

1.Assess the ability to meet short-term debts≡

2.Measure the return on equity for shareholders≡

3.Evaluate the efficiency of inventory management≡

4.Analyze the financing structure and financial risk≡

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1.Scope of application (IFI)≡

2.Comprehensive tax base (personal income tax)≡

3.Progressivity (personal income tax)≡

4.Personalization (personal income tax)≡

1.Division of net taxable income by the number of household tax shares≡

2.Net taxable real estate assets exceeding 1,300,000 euros≡

3.Increasing tax rates with income≡

4.Addition of all categorical income before deducting charges≡

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1.Standing Committee on Assessment of Vulnerabilities (SCAV)≡

2.Standing Committee on Supervisory and Regulatory Cooperation (SRC)≡

3.Standing Committee on Standards Implementation (SCSI)≡

4.Standing Committee on Budget and Resources≡

1.Monitoring the implementation of international standards≡

2.Development of regulatory policies≡

3.Assessment of systemic risks and vulnerabilities≡

4.Oversight of financial aspects≡

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1.Wages and salaries≡

2.Investment income (dividends)≡

3.Real estate capital gains≡

1.Flat tax at 12.8% or progressive schedule with 40% allowance≡

2.Standard 10% deduction or actual expenses≡

3.Allowances for holding period (6% per year after 5 years for income tax)≡

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1.Operating cash flows≡

2.Investing cash flows≡

3.Financing cash flows≡

1.Changes in capital structure and borrowings≡

2.Acquisitions and disposals of long-term assets≡

3.Movements related to the main revenue-generating activities≡

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1.Dividends eligible for the parent-subsidiary regime≡

2.Capital gains on qualifying shareholdings≡

3.Bond interest≡

1.1.25%≡

2.25%≡

3.3%≡

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1.Gross margin≡

2.EBITDA≡

3.Free cash flow≡

4.Operating income≡

1.Ratio of trade margin to sales≡

2.Alternative indicator not defined by IFRS standards≡

3.Ability to generate cash≡

4.Result after depreciation and amortization charges≡

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1.Money markets≡

2.Bond markets≡

3.Equity markets≡

1.Financing of governments and large corporations≡

2.Corporate financing through securities issuance≡

3.Short-term financing of the economy≡

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1.Investment securities≡

2.Bonds≡

3.Qualifying shareholdings≡

1.Standard regime for dividends and capital gains≡

2.Taxation at the standard corporate tax rate of 25%≡

3.Parent-subsidiary regime for dividends≡

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1.Article 3≡

2.Article 4≡

3.Article 5≡

4.Article 6≡

1.PAI statement for entities with more than 500 employees≡

2.Sustainability risk disclosure for all products≡

3.Integration of sustainability risks into remuneration policies≡

4.Publication of sustainability risk integration policies≡

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1.Article 8+≡

2.Article 8≡

3.Article 6≡

4.Article 9≡

1.No ESG characteristics promoted, sustainability risk disclosure≡

2.Explicit sustainable investment objective, 100% sustainable portfolio≡

3.ESG characteristics promoted, measurable indicators≡

4.Commitment to a proportion of sustainable investments with DNSH≡

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1.Complementary Delegated Act (EU) 2022/1214≡

2.Climate Delegated Act (EU) 2021/2139≡

3.Environmental Delegated Act (EU) 2023/2486≡

1.January 2024, Four other environmental objectives≡

2.January 2023, Nuclear and natural gas≡

3.January 2022, First two environmental objectives≡

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1.Measurable impact≡

2.Attractiveness for stakeholders≡

3.Regulatory rigour≡

4.Scalability≡

5.Greenwashing reduction≡

1.Mandatory external verification by ESMA≡

2.Taxonomy alignment and standardised reporting≡

3.Exemption from Article 2(17) SFDR analysis for investors≡

4.High compliance costs for SMEs≡

5.Financing of projects with verifiable environmental contribution≡

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1.Climate Transition Benchmarks (CTB)≡

2.Paris-Aligned Benchmarks (PAB)≡

1.Additional exclusions for thermal coal, oil, and natural gas≡

2.Common exclusions only≡

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1.European Securities and Markets Authority (ESMA)≡

2.European Banking Authority (EBA)≡

3.European Insurance and Occupational Pensions Authority (EIOPA)≡

1.ESG integration within the Solvency II framework for insurers and pension funds≡

2.Prudential banking supervision≡

3.ESG integration in capital markets and investment funds≡

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1.Article 8 product≡

2.Article 9 product≡

3.Article 6 product≡

1.Simple disclosure of sustainability risks or explanation of their non-relevance≡

2.Description of environmental or social characteristics and sustainability indicators≡

3.Demonstration of a sustainable investment objective and compliance with the 'Do No Significant Harm' principle≡

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1.Futures≡

2.Forwards≡

3.Options (European style)≡

4.Options (American style)≡

1.Organised market≡

2.Over-the-counter (OTC)≡

3.Over-the-counter (OTC)≡

4.Organised market≡

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1.Communication of the management report≡

2.Appointment of a statutory auditor≡

3.Transmission of published documents≡

4.Delivery of the information document≡

1.Before the contract is signed≡

2.To the AMF≡

3.To the supervisory authority≡

4.On the advice of the AMF≡

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1.Zero-coupon bonds≡

2.Fixed-rate bonds≡

3.OATs≡

1.Unit face value of EUR 1≡

2.Coupon determined at issuance≡

3.Issued below par with no coupons≡

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1.Free shares≡

2.Priority dividend shares≡

3.Preference shares≡

4.Ordinary shares≡

1.One-year vesting period with no rights, capped at 15% of share capital≡

2.Priority or enhanced dividend, possible voting restrictions≡

3.Guaranteed minimum dividend without voting rights (except after three non-payments)≡

4.Uniform rights (simple voting, proportional dividend)≡

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1.NEU CP≡

2.NEU MTN≡

1.Maturity exceeding 1 year≡

2.Maturity from 1 day to 1 year≡

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1.Average daily trading volume≡

2.Bid-ask spread≡

3.Order book depth≡

4.Transaction frequency≡

1.Equities≡

2.Equities≡

3.Bonds≡

4.Bonds≡

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1.Substitute instruments≡

2.Livret A≡

3.Term deposits≡

4.Life insurance contracts≡

1.No capital guarantee≡

2.1.7% rate and tax exemption≡

3.Partial capital guarantee≡

4.Fixed rate agreed upon subscription≡

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1.AFG≡

2.AMAFI≡

3.FBF≡

1.Development of ethical rules for portfolio management companies≡

2.Promotion of financial market activities and representation of stock exchange professionals≡

3.Representation of banking firms and financial education≡

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1.Centralising agent≡

2.Depositary≡

3.Issuer account keeper≡

4.Euroclear France≡

1.Central securities depository via the RGV system≡

2.Updates the number of units in circulation≡

3.Ensures settlement-delivery and asset custody≡

4.Receives orders≡

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1.Technical modalities of the issuance≡

2.Intended use of funds≡

3.Detailed project description≡

4.Rights attached to tokens≡

1.Specifies the technical characteristics of the token issuance≡

2.Includes the number of tokens issued and their price≡

3.Explains the reasons for the offering and the project itself≡

4.Describes subscription conditions such as soft cap and hard cap≡

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1.Discounted cash flow (DCF) approach≡

2.Multiples approach≡

3.Asset-based approach≡

1.Values revalued assets and liabilities≡

2.Uses listed comparables or recent transactions≡

3.Based on discounted future cash flows≡

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1.Modified duration≡

2.Macaulay duration≡

3.Inverse relationship between price and yield≡

1.Relative price sensitivity to rate changes≡

2.Any rate increase causes a decrease in bond prices≡

3.Measures the weighted average life of cash flows≡

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1.Hedging≡

2.Speculation≡

3.Arbitrage≡

1.Reducing a pre-existing risk≡

2.Taking a directional position≡

3.Exploiting unjustified pricing discrepancies≡

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1.ORNANE≡

2.OCEANE≡

3.OCA≡

4.ORA≡

1.Seven-business-day conversion period≡

2.Combined repayment in cash and shares≡

3.Mandatory conversion into shares at maturity≡

4.Three-month conversion period≡

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1.Caisses d'Epargne≡

2.Crédit Mutuel (Class A shares)≡

3.BRED (Banque Populaire)≡

4.Crédit Agricole≡

1.Redemption subject to the board of directors' discretionary approval≡

2.Only one annual window for requesting buyback≡

3.Redeemable at any time≡

4.Conditional on finding a buyer≡

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1.Life annuities≡

2.Diamonds and precious stones≡

3.Gold investments≡

4.Solar panels≡

1.Miscellaneous Assets I≡

2.Miscellaneous Assets II≡

3.Miscellaneous Assets I≡

4.Miscellaneous Assets II≡

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1.Euribor≡

2.Euro short-term rate≡

1.Actual transactions only≡

2.Hybrid methodology: actual transactions, interpolation, expert estimates≡

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1.KYC verification≡

2.Order aggregation≡

3.NAV calculation≡

4.Creation of new units≡

1.Issuer account keeper≡

2.Global centralizer≡

3.Distributor or financial intermediary≡

4.Management company≡

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1.Standard advertising≡

2.Influencers≡

3.Solicitation≡

4.Sponsorship≡

1.No specific requirement≡

2.Written contract with stated compensation≡

3.Reserved for licensed DASPs≡

4.'Advertisement' or 'Commercial partnership' visibly displayed≡

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1.Capital loss risk≡

2.Liquidity risk≡

3.Fraud risk≡

4.Valuation risk≡

1.Absence of official listing and price opacity≡

2.Fraudulent schemes such as Ponzi schemes≡

3.Possibility of losing all or part of invested capital≡

4.Difficulty in quickly reselling an asset without a discount≡

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1.Binary options≡

2.CFDs without negative balance protection≡

1.Loss potentially exceeding deposited capital≡

2.100% total loss≡

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1.Unlisted equities≡

2.Listed equities≡

3.Held CIUs≡

4.Bonds≡

1.Last closing price≡

2.Last known net asset value≡

3.Discounted future cash flows or transaction multiples≡

4.Market price or model in the absence of listing≡

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1.AIFs≡

2.Public offering prospectus≡

3.KID≡

4.French UCITS≡

1.Instructions DOC-2011-20 to DOC-2011-23≡

2.European Prospectus Regulation 2017/1129≡

3.Instruction DOC-2011-19≡

4.PRIIPs Regulation 1286/2014≡

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1.Number of mechanisms in the calculation formula≡

2.Number of nodes in the decision tree≡

3.Underlying complexity≡

4.Number of identifiable scenarios≡

1.Measures conditional branching points≡

2.Identifies the complexity of formulas used≡

3.Reveals complexity through terms like 'if', 'as long as'≡

4.Assesses whether the underlying is a standard index or a basket of assets≡

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1.Loi de securite financiere of August 1, 2003≡

2.Loi PACTE of May 22, 2019≡

3.Law of July 26, 2013≡

4.Loi Sapin 2 of December 9, 2016≡

1.Creation of the AMF≡

2.Establishment of the HCSF≡

3.Strengthening of HCSF powers over life insurance≡

4.Modernization of the financial sector≡

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1.Article R.214-21≡

2.Article R.214-32-29≡

3.Article 411-82≡

1.5% limit per standard private issuer≡

2.Cumulative cap of 40% for exposures exceeding 5%≡

3.10% limit per counterparty on OTC transactions≡

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1.Value at Risk (VaR) method≡

2.Commitment approach≡

1.Assessment based on a confidence interval and time horizon≡

2.Conversion of positions into market value of an underlying asset≡

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1.Dividend yield≡

2.Total shareholder return (TSR)≡

3.Real return≡

1.Annual dividend divided by the share price≡

2.Capital gain and dividends relative to the initial value≡

3.Nominal return minus inflation≡

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1.Prior review≡

2.Ongoing supervision≡

3.Sanctioning power≡

1.Review of draft information documents before marketing≡

2.Application of disciplinary and financial sanctions through the Sanctions Committee≡

3.Monitoring of authorized offerings throughout their existence≡

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1.Delta≡

2.Gamma≡

3.Theta≡

4.Vega≡

5.Rho≡

1.Price change for a one-euro move in the underlying≡

2.Acceleration of delta as the underlying moves≡

3.Sensitivity to implied volatility≡

4.Marginal impact of interest rates≡

5.Daily loss of value due to the passage of time≡

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1.NFT≡

2.Security tokens≡

3.Utility tokens≡

4.Stablecoins≡

1.Stable value backed by reference assets≡

2.Financial securities converted into digital tokens≡

3.Usage right on a specific product or service≡

4.Uniqueness and non-fungibility≡

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1.Forward Rate Agreements (FRA)≡

2.Options≡

3.Credit Default Swaps (CDS)≡

4.Currency forwards≡

1.Interest rates≡

2.Credit≡

3.Equities≡

4.Currencies≡

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1.Trailing PER (TTM)≡

2.Forward PER≡

3.Shiller PER (CAPE)≡

1.Forecast EPS for the current or following fiscal year≡

2.Average EPS of the last ten years adjusted for inflation≡

3.EPS of the last twelve months≡

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1.Stock≡

2.Coupon-bearing bond≡

3.Zero-coupon bond≡

1.Yield To Maturity (YTM)≡

2.Dividend yield≡

3.Nth root of (par value/price)≡

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1.Third level of control≡

2.First level of control≡

3.Second level of control≡

1.Verification of procedure compliance by the RCCI≡

2.Dual transaction validation by operational staff≡

3.In-depth periodic controls by internal or external audit≡

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1.Conflict of interest≡

2.Cost structure≡

3.Margin mechanism≡

4.Leverage effect≡

1.Incentive to maximize client losses≡

2.Gradual erosion of capital≡

3.Potential losses exceeding capital≡

4.Amplification of gains and losses≡

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1.Caisse des Dépôts≡

2.Coinhouse≡

3.Société Générale-Forge≡

4.Paymium≡

1.Optional license for all services≡

2.Buying/selling against legal tender≡

3.Digital asset custody≡

4.Trading platform operation≡

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1.French State≡

2.Large corporations≡

3.Institutional investors≡

4.Banks≡

1.Money market UCITS≡

2.European Short-Term Notes (NEU CP)≡

3.Fixed-rate Treasury bills (BTF)≡

4.Interbank market≡

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1.VaR-equivalent Volatility (VEV)≡

2.Tracking error≡

3.Value at Risk (VaR)≡

4.Historical volatility≡

1.Volatility measurement using standard deviation of returns≡

2.Potential loss with a 95% confidence interval≡

3.Volatility equivalent to a 97.5% VaR≡

4.Volatility of the performance deviation relative to a benchmark≡

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1.Subordinated securities in general≡

2.AT1 securities≡

3.Tier 2 securities≡

1.Extension risk≡

2.Loss absorption mechanism≡

3.Bail-in risk≡

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1.Short-term money market UCITS≡

2.Money market UCITS≡

1.Weighted average maturity of 60 days or less and weighted average life of 120 days or less≡

2.Sensitivity between 0 and 0.5≡

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1.AIF≡

2.UCITS≡

1.UCITS Directive≡

2.AIFM Directive≡

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1.Liquidity risk≡

2.Prepayment risk≡

3.Structural complexity risk≡

4.Underlying credit risk≡

1.Difficulty selling securities without a significant discount on a sometimes thin secondary market≡

2.Potential default of borrowers in the securitized portfolio, leading to principal losses and reduced cash flows≡

3.Early repayment of receivables, reducing effective duration and forcing reinvestment at potentially lower rates≡

4.Opacity of multi-layered structures making it difficult to assess true risk≡

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1.Branches of third-country firms≡

2.EEA investment firms under freedom to provide services (FPS)≡

3.French investment firms operating in another Member State via outbound passport≡

1.Possible upon notification to the AMF/ACPR without a branch≡

2.Requires a branch authorized in France with specific conditions≡

3.Notification to the ACPR with a processing period of 1 month for FPS or 3 months for a branch≡

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1.Jensen's alpha≡

2.Treynor ratio≡

3.Sharpe ratio≡

1.Excess return per unit of total risk≡

2.Outperformance relative to the CAPM≡

3.Excess return per unit of systematic risk≡

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1.Financial counterparty (FC)≡

2.Non-financial counterparty (NFC)≡

3.FC+≡

4.NFC+≡

1.Entity not falling within FC categories≡

2.Credit institution or investment firm≡

3.NFC exceeding at least one clearing threshold (excluding hedging positions)≡

4.FC exceeding clearing thresholds≡

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1.Clearstream Banking≡

2.Euroclear Bank≡

1.Luxembourg, CSSF≡

2.Brussels, National Bank of Belgium≡

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1.Book-entry transfer≡

2.T+2 settlement-delivery≡

3.Book-entry registration≡

4.Fungibility≡

1.Exclusive proof of securities ownership≡

2.Transfer of financial securities≡

3.Standard timeline for definitive transfer≡

4.Interchangeability of securities from the same issue≡

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1.Financial investment advisors (CIF)≡

2.Canvassers≡

3.Investment services providers (PSI)≡

1.Provide the full range of investment services≡

2.Provide advice on financial instruments≡

3.Offer financial products to clients≡

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1.Centralizing subscription and redemption orders≡

2.Safeguarding client investors' assets≡

3.Maintaining the shareholder register≡

1.Account keeper-custodian≡

2.Transfer agent≡

3.UCITS centralizer≡

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1.OTC derivatives≡

2.Listed derivatives≡

3.Cash equities≡

4.Repo≡

1.LCH SA EquityClear≡

2.Eurex Clearing≡

3.LCH SwapClear≡

4.LCH RepoClear≡

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1.PERCO≡

2.PER Collectif≡

3.PEI≡

4.PEE≡

1.Inter-company plan≡

2.Replaced by the PER Collectif≡

3.Lock-up until retirement≡

4.Five-year lock-up≡

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1.Social pillar≡

2.Environmental pillar≡

3.Governance pillar≡

1.Biodiversity preservation≡

2.Diversity and inclusion≡

3.Financial transparency≡

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1.Organised trading facilities (OTF)≡

2.Systematic internalisers (SI)≡

3.Regulated markets≡

4.Multilateral trading facilities (MTF)≡

1.Possibility of discretionary execution for bonds and derivatives≡

2.Frequent and systematic proprietary trading≡

3.Slightly relaxed rules≡

4.Strictest rules≡

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1.EBA≡

2.ESMA≡

3.EIOPA≡

1.Paris≡

2.Brussels≡

3.Frankfurt am Main≡

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1.Automatic convocation to general meetings≡

2.Centralization of securities in a single account≡

3.Custody fees varying by intermediary≡

4.Direct relationship with the issuer≡

1.Administered registered≡

2.Administered registered≡

3.Direct registered≡

4.Direct registered≡

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1.T2S≡

2.CLS≡

3.ESES≡

4.T2≡

1.Settlement in central bank money of the eurozone≡

2.Unification of settlement-delivery on Euronext markets≡

3.Elimination of settlement risk on foreign exchange transactions≡

4.Centralized pan-European settlement≡

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1.Obligation 1≡

2.Obligation 2≡

3.Obligation 3≡

4.Obligation 4≡

5.Obligation 5≡

1.Facilitate the exercise of rights attached to financial securities registered in the account.≡

2.Exercise all due care to initiate securities and cash movements in accordance with client instructions.≡

3.Return securities registered in its books upon client request.≡

4.Guarantee the segregation of client assets from its own assets in the books of third parties where it holds positions.≡

5.Ensure strict accounting of securities and their movements.≡

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1.Counterparty risk reduction≡

2.Financial market efficiency≡

3.Systemic financial stability≡

4.Transparency and standardization≡

1.Mandatory central clearing≡

2.Risk mutualization via the default fund≡

3.Multilateral netting≡

4.Extended publication obligations≡

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1.EBA≡

2.EIOPA≡

3.ESMA≡

1.Insurance≡

2.Financial markets≡

3.Banking regulation≡

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1.Variation margin≡

2.Default fund≡

3.Intraday margin calls≡

4.Initial margin≡

1.Daily flows reflecting the mark-to-market evolution of positions≡

2.Immediate response to significant market movements≡

3.Mutualized resource used after exhaustion of the defaulting member's margins≡

4.Coverage of the potential loss in the event of a member's default during the liquidation period≡

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1.Regulatory compliance control≡

2.Asset safekeeping≡

3.Cash flow monitoring≡

1.Ex-post examination of compliance with investment rules≡

2.Daily verification of cash movements≡

3.Obligation of result for the restitution of securities≡

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1.Money market UCITS≡

2.Other daily-valued funds≡

3.UCITS admitted to Euroclear France≡

1.Same-day settlement≡

2.T+2 or T+3≡

3.SLAB RELIT+≡

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1.Systematic internaliser≡

2.Dealer≡

3.Broker≡

1.Connects buyers and sellers without committing own capital≡

2.Commits own capital and acts as counterparty to client orders≡

3.Executes client orders outside regulated markets in an organized and systematic manner≡

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1.Central counterparty≡

2.Multilateral netting≡

3.Default management≡

4.Settlement-delivery≡

1.DVP≡

2.Novation≡

3.Netting≡

4.Default waterfall≡

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1.Private equity fund≡

2.OPCI≡

3.FIVG≡

4.UCITS≡

1.Daily≡

2.Bi-monthly≡

3.Monthly or quarterly (as per the prospectus)≡

4.As per the terms of the prospectus≡

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1.Condition 2≡

2.Condition 4≡

3.Condition 1≡

4.Condition 3≡

1.Quality of shareholding≡

2.Sufficient initial capital and adequate financial resources≡

3.Four-eyes rule for management≡

4.Registered office and effective management located in France≡

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1.E1≡

2.E2≡

3.E3≡

4.E4≡

5.E5≡

1.Pollution≡

2.Biodiversity≡

3.Climate change≡

4.Circular economy≡

5.Water resources≡

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1.Physical ETF≡

2.GFI≡

3.Synthetic ETF≡

4.Traditional forestry group≡

1.Direct holding of index securities≡

2.AMF approval, professional management≡

3.Non-negotiable shares, transfer by notarial deed≡

4.Use of swap contracts with collateralisation≡

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1.L. 533-10≡

2.L. 533-11≡

3.L. 533-12≡

4.L. 533-14≡

1.Acting honestly and fairly≡

2.Conflict of interest management≡

3.Entering into a written agreement≡

4.Disclosure obligations≡

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1.Level I≡

2.Level II≡

3.Level III≡

1.Highest legal force but lowest flexibility≡

2.Maximum flexibility but attenuated legal force≡

3.Binding force with increased flexibility≡

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1.SICAV≡

2.FCP≡

3.SCPI≡

4.OPCI≡

1.AIF - Real estate and non-real estate investment≡

2.AIF - Real estate investment≡

3.UCITS - Co-ownership without legal personality≡

4.UCITS - Legal form (SAS or SA)≡

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1.Depositary≡

2.Distributor≡

3.Management company≡

1.AMF authorisation and organisational structure≡

2.ORIAS registration and membership of a professional association≡

3.Registered office in France and specific missions≡

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1.FIP (metropolitan in 2025)≡

2.FCPR≡

3.FCPI≡

4.OPCI (SPPICAV)≡

1.25% income tax reduction (capped)≡

2.Income tax exemption on capital gains after 5 years≡

3.No income tax reduction (removed in 2025)≡

4.Flat tax of 30%≡

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1.Verification of valuation calculations≡

2.Calculation of net asset value≡

3.Position financing through margin lending≡

1.Prime broker≡

2.Fund administrator≡

3.Depositary≡

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1.MiFID II Directive≡

2.AIFM Directive≡

3.UCITS Directive≡

1.Coordinated UCITS≡

2.Alternative funds≡

3.Transparency and investor protection≡

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1.Article 6 funds≡

2.Article 9 funds≡

3.Article 8 funds≡

1.Do not pursue a specific ESG objective but must disclose their integration of sustainability risks≡

2.Promote environmental or social characteristics without a sustainable investment objective≡

3.Pursue a sustainable investment objective with application of the DNSH principle≡

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1.MMF Regulation≡

2.UCITS Directive≡

3.AIFM Directive≡

1.Regulate alternative fund managers≡

2.Strengthen the resilience of money market funds≡

3.Create a single market for investment funds≡

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1.Buyout FCPE≡

2.Employee share ownership FCPE≡

3.Diversified FCPE≡

1.Invest at least one-third in company securities≡

2.Facilitate company transfer to employees≡

3.Invest less than one-third in company securities≡

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1.Acute physical risks≡

2.Chronic physical risks≡

3.Policy transition risks≡

4.Technological transition risks≡

1.Extreme weather events such as hurricanes≡

2.Obsolescence of carbon-intensive assets≡

3.Gradual changes such as rising temperatures≡

4.Carbon taxes and climate litigation≡

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1.Global Macro strategy≡

2.Arbitrage strategy≡

3.Event-Driven strategy≡

1.Investing in financially distressed companies≡

2.Anticipating macroeconomic movements≡

3.Exploiting pricing inefficiencies between related instruments≡

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1.S&P Global≡

2.ISS ESG≡

3.Sustainalytics≡

4.MSCI≡

1.62 sector-specific questionnaires≡

2.AAA to CCC scale≡

3.Numerical scale 0 to over 40≡

4.Focus on governance≡

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1.Tracking error≡

2.Information ratio≡

3.Jensen's alpha≡

1.Isolates outperformance not attributable to market movements≡

2.Measures the volatility of the difference between the fund's return and its benchmark's return≡

3.Relates the annualised outperformance to the tracking error≡

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1.European ESRB≡

2.US FSOC≡

3.German Ausschuss fur Finanzstabilitat≡

4.HCSF≡

1.Binding decision-making powers≡

2.Non-binding warnings and recommendations≡

3.Soft powers in the form of warnings and recommendations≡

4.Power to designate systemically important financial institutions≡

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1.OPPCI≡

2.FPCI≡

3.FIVG≡

4.UCITS≡

1.Professional investors≡

2.Non-professional investors under conditions≡

3.Professional investors≡

4.Non-professional investors≡

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1.Equity UCIs≡

2.Money Market UCIs≡

3.Mixed UCIs≡

4.Bond UCIs≡

1.Equity exposure limited to a maximum of 10%≡

2.Minimum 60% exposure to equity markets≡

3.Weighted average maturity below 6 months≡

4.Combination of several asset classes≡

Categorize items by dragging them to the appropriate zones

Items to categorize:

Divestment campaign against apartheid (1977)

Bhopal disaster (1984)

Kyoto Protocol (1997)

European Green Deal (2019)

Categories:

Social milestones

Environmental milestones

Regulatory milestones

Definition of sustainable development

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