Autorité des Marchés Financiers‘s  Enforcement Committee announced on 8 November 2024 that it fined a financial investment advisor, two asset management companies and their directors, and a credit institution a total of €5,670. 000.

According to AMF s announcement, the Enforcement Committee imposed fines of between €30k and EUR 5.7 million and disciplinary sanctions for breaches of professional obligations in connection with the marketing and management of the Smart Treso securitization investment fund.

The breaches that have been identified by the Committee include failure to act honestly and fairly with certain shortcomings identified in terms of the eligibility of the receivables included in the fund’s assets.

The Committee also found that the asset management company responsible for marketing the fund had failed to act in an honest, fair and professional manner, by continuing to market the fund, even though n was aware “hat its assets included ineligible receivables. The company had also “disregarded the interests of the fund and its investors and had not implemented sufficient technical resources appropriate to its activity”.

It is worth noting that an appeal may be launched against this decision.