Climate indices

Before the summer, the AMF consulted AMAFI on how Climate Transition Benchmark and Paris Alignment Benchmark (CTB / PAB) indices should be treated with regard to the complexity restrictions set out in AMF Position No. 2010-05, where the indices are used as underlying instruments for structured products issued as euro medium-term notes.

While wholeheartedly supporting the AMF’s initiative, AMAFI proposed some wording changes for the draft update of Position No. 2010-05 (AMAFI / 21-55), which were welcomed by AMF staff. The amended position is scheduled to be published before the end of the year.

Mapping sustainable finance

AMAFI published its sustainable finance mapping project in July (AMAFI/21-43). The initiative is intended to support members as they analyse and keep track of sustainable finance-related rules, while providing an overview of European and French legal provisions, as well as of the work currently being done by the various competent authorities.

However, the entry into force of new legislation over the summer, including delegated acts incorporating sustainability factors into the MiFID II framework (Delegated Regulation (EU) 2021/1253 & Delegated Directive (EU) 2021/1269, cf. AMAFI / 21-50 & 21-51), meant that an update was required (AMAFI/21-60). The document will continue to be monitored on a regular basis.