Clock ticking for Natixis to appeal 鈧�3 million fine
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Clock ticking for Natixis to appeal 鈧�3 million fine 09 October 2019Paris Reporter: Maddie Saghir
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Natixis has just over a month left to formally appeal a 鈧�3 million fine it has publically disputed from the Autorit茅 des March茅s Financiers (AMF) Enforcement Committee, for a series of conflicts of interest and information breaches related to its agency lender activities.
The French investment manager has until 26 November to file its appeal against the fine it was handed on 25 September, which included 鈧�2 million for breaches relating to the information provided to investors as well as to its management of conflicts of interest, and a further 鈧�1 million for 鈥渇ailing to comply with the obligation to act honestly, loyally and professionally in the interest of its investors鈥�.
A spokesperson for Natixis said: "This is a technical and complex issue. We do not agree with the enforcement committee鈥檚 analysis and we are considering our next course of action.鈥�
Last month, the AMF Enforcement Committee found against Natixis Asset Management 麻豆影视传媒 that there had been a breach of the obligation to act honestly, fairly and professionally in the interest of investors, since they had not been informed of the remuneration that it had received.
The AMF further found that Natixis Investment Managers International had, on one hand, provided incorrect and imprecise information to the investors concerning these transactions and, on the other hand, failed to fulfil its obligation to manage conflicts of interest.
Natixis added: 鈥淭he committee recognised in no uncertain terms that holders鈥� financial interests had not been adversely affected in any way.鈥�
鈥淐omplaints upheld by the AMF related to Natixis Investment Managers International and Natixis Asset Management 麻豆影视传媒 primarily involved the way that information was formulated in the prospectuses, which the committee deemed to be inadequate.鈥�
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