Agence France Trésor (AFT), on behalf of the Minister for the Economy, Finance and the Recovery, has decided to restore Morgan Stanley’s status of SVT (Spécialiste en Valeurs du Trésor - Primary Dealer) with effect from 4 November 2020.
The restoration of this status results from compliance with the following remedial measures, jointly adopted with AFT:
- Introduction of a special training programme for persons authorised within the Morgan Stanley group to deal in French sovereign securities certifying that they have read the decision of the Sanction Commission of the Autorité des Marchés Financiers of 4 December 2019 and are aware of AFT’s complaints concerning the impact of the transactions carried out on 16 June 2015 on the liquidity of French debt;
- The adoption of internal procedures to ensure compliance with the obligations set out in Article A.5 of the primary dealer charter;
- The Morgan Stanley group carrying out an independent audit of the functions tasked with French debt securities market-making activities in order to verify that the various internal practices and procedures of the entity or entities concerned (i) comply with the regulations in force, (ii) apply best practices in the market place in this area and, (iii) comply with the applicable laws and regulations (primary dealer charter and primary dealer code of conduct), and the implementation of any required corrective measures as recommended by the audit.
This decision reinstates the rights and obligations of the two European entities likely to operate as SVTs: Morgan Stanley Europe SE and Morgan Stanley & Co International Plc.
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