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CEBS Consultation Paper Summary: AMAFI Response

Core Content

AMAFI (Association française des marchés financiers), formerly known as AFEI, is a financial markets association representing over 120 members and more than 10,000 professionals. It operates in the cash and derivatives markets for equities, fixed-income products, and commodities. The organization has expanded its scope beyond investment firms to include credit institutions and market infrastructures.

AMAFI responded to the CEBS consultation paper on technical advice to the European Commission regarding option and national discretions. The response focused primarily on the national provisions related to investment firms, as per the directives and regulations under consideration.

Main Points

AMAFI emphasized that the Basel II and CRD (Capital Requirements Directive) frameworks were originally designed for the banking industry. These frameworks aimed to align capital requirements with the specific risk profiles of banks. However, investment firms were granted certain national discretions to account for the unique nature of their activities, not due to local preferences, but due to the specificity of their operations.

AMAFI expressed concern that removing these national discretions could destabilize the current regulatory framework for investment firms. Therefore, they support maintaining these provisions, as CEBS does not intend to change them.

Key Areas of Agreement

AMAFI agrees with CEBS's proposals on the following national discretions and articles:

• Own Funds, Article 57 (Directive 2006/48/EC)
• Own Funds, Article 13.2 (Directive 2006/49/EC)
• Own Funds, Article 13.5 (Directive 2006/49/EC)
• Own Funds, Article 14 (Directive 2006/49/EC) (for investment firms)
• Scope of application, Article 69.1 (Directive 2006/48/EC)
• Scope of application, Article 70 (Directive 2006/48/EC)
• Scope of application, Article 72.3 (Directive 2006/48/EC)
• Scope of application, Article 73.1 (Directive 2006/48/EC)
• Scope of application, Articles 22, 24 & 25 (Directive 2006/49/EC)
• Counterparty Risk in Derivatives, Annex III, Part 3 (Directive 2006/48/EC)
• Op Risk, Article 102.4 & Annex X, Part 4, Points 1 and 2 (Directive 2006/48/EC)
• Op Risk, Article 104.3 (Directive 2006/48/EC)
• Op Risk, Article 105.4 (Directive 2006/48/EC)
• Op Risk, Annex X, Part 2, Point 3 and 5 (Directive 2006/48/EC)
• Op Risk, Article 20.2 (Directive 2006/49/EC)
• Op Risk, Article 20.3 (Directive 2006/49/EC)

Special Notes

AMAFI also made a few additional comments:

• For Article 14 (Directive 2006/49/EC), they agree with the proposal until the revision of own funds rules is completed.
• For Articles 44 and 46 (Directive 2006/49/EC), they support the proposals but suggest transforming these options into general rules through amendments to the Directive.

Conclusion

AMAFI's response underscores the importance of maintaining national discretions for investment firms, as they are essential to reflecting the specific risk structures and operational needs of these entities. The organization supports CEBS's stance and advocates for consistency and clarity in the regulatory framework to ensure stability and effectiveness in the financial markets.