Purpose
The Market Infrastructure Committee brings together representatives of SGP, France Post Marché (FMP) and various service providers involved in the asset management value chain (e.g. auditing firms, consulting firms, service providers, members of market infrastructures, etc.). In addition, external experts and/or representatives of public authorities may be invited to IM Commission meetings to present a topical issue.
Its purpose is to identify the issues at stake and to address, from a technical and regulatory standpoint, the following topics:
- Fund assets: relations with intermediaries (brokers, intermediation tables, custodians, etc.) and market infrastructures (trading platforms, clearing houses, central securities depositories), as well as the processing of transactions themselves (OTC transactions in derivatives and other financial instruments and transactions in listed products); as well as transactions themselves (OTC transactions in derivatives and other financial instruments and transactions in listed products);
- Fund liabilities: placing subscription/redemption orders for UCI units/shares, fund liability management activities and fund valuation;
- Investment in certain types of assets, when these are the subject of particular attention or represent a new asset class (such as digital assets);
- Relations with fund custodians and administrators;
- relations with suppliers of financial and non-financial data;
- Any changes in market practices that have an impact on SGP operations and organization.
Two commissions are attached to the Committee:
- the Market Activities Committee, which deals with regulatory developments and market practices in market activities,
- the Financial and Extra-Financial Data Committee, which deals with relations with data providers and the protection of SGP’s interests as data users.
In addition, ad hoc working groups (WGs) are set up on specific subjects, requiring the involvement of experts. For example, WGs have been set up for the CSDR, MIFIR, EMIR 3.0 and T+1 regulations.
Goals
1/ On regulatory aspects
- Respond to consultations and questions on these regulatory issues, in partnership with the other AFG Commissions and Committees concerned, who will contribute their business knowledge;
- Propose regulatory advances on AFG topics relating to market infrastructures;
- To participate in industry-related work, particularly with other professional associations and public authorities.
- Contribute to the work of European associations (in particular EFAMA) in order to convey AFG’s positions.
- Propose the organization of a public event on subjects requiring particular attention from SGPs.
2/ On operational aspects
- To be a forum for sharing SGP developments in different business lines and monitoring strategic and organizational developments related to market infrastructures. In particular, these exchanges could help federate collective and individual initiatives supported by the AFG;
- Monitor major initiatives aimed at developing market and post-market infrastructures, and provide AFG members with insights (in best effort mode) on these initiatives in France and Europe;
- Participate in all relevant market studies.
