In its annual report, the joint unit of the French Prudential Supervisory and Resolution Authority (ACPR) and the Autorité des marchés financiers (AMF) noted ‘an approximately 13% increase in debt products’ marketing documentation that has been submitted to its review in 2017’. The AMF further reported a lack of ‘complexification of the payoff formulas used’, represented mainly by autocallable structures or listed [flow] products, like warrants, turbos and certificates, similar to previous years

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