Sanctions & settlements Journalists The AMF Enforcement Committee fines two individuals for insider dealing breaches
The AMF Enforcement Committee has sanctioned two individuals, Ytane Mamou and Elie Houri, a total of €50,000 for insider dealing related to a takeover of a listed company, based on trading in July 2021. The decision confirms and illustrates how the AMF infers possession and use of inside information from circumstantial indicators (transmission channels, atypical trading, timing, and weak explanations), which has direct implications for how firms design surveillance, control personal account dealing, and train staff and related persons.
What Changed
- - The decision reiterates and operationalises the definition of “inside information” under the EU Market Abuse Regulation (MAR, Regulation (EU) No 596/2014), confirming that information relating to a...
- The Enforcement Committee shows that it will infer possession and use of inside information from a combination of factors (plausible transmission channels, atypical trading patterns, timing around...
- The decision confirms that the use of inside information through trading on own account and on the account of closely related persons (spouse, parent) will be treated as separate instances of misuse...
- The Committee explicitly treats recommendations to invest made on the basis of inside information as a distinct form of insider dealing, exposing the recommender to sanctions even if they do not...
- The ruling reinforces that relatives and close associates (here, cousins) who act on such recommendations can be sanctioned for insider dealing, even when they are not employees or insiders of the...
Suggested Considerations
- Review and update MAR market abuse policies to explicitly cover the prohibition on recommending or inducing others to trade on the basis of inside information, including for non-staff related persons.
- Enhance insider dealing surveillance scenarios to capture atypical trading patterns before takeover or M&A announcements, including trading by retail clients and accounts linked to employees’ family members where identifiable.
- Tighten procedures for the management of inside information during corporate transactions (takeovers, mergers, acquisitions), including clear designation of insiders, controlled information flows, and logging of who is aware of pending deals.
- Strengthen controls around potential transmission channels for inside information, including guidance and monitoring for staff who may informally share information with relatives or friends, and explicitly prohibit such behaviour in codes of conduct.
- Provide targeted MAR training to staff, senior management, and high‑risk functions (M&A, corporate finance, strategy, legal, finance) that uses this case as an example of how the AMF infers insider dealing and the consequences for both insiders and relatives.
Key Dates
- Period during which Mr Ytane Mamou purchased shares in the listed company on his own account, for his wife, and for his father, and when Mr Houri acquired shares following his cousin’s recommendation, prior to takeover-related announcements
- AMF Enforcement Committee decision SAN‑2026‑04 is adopted, finding insider dealing by Mr Mamou and Mr Houri and imposing fines of €30,000 and €20,000 respectively
- AMF publishes the news release summarising the Enforcement Committee decision and sanctions; appeal against the decision remains possible from this date in accordance with French procedural rules
Compliance Impact
Failure to prevent, detect, and report insider dealing exposes firms and individuals to substantial administrative fines, reputational damage, and potential criminal consequences under French law. The AMF’s reliance on circumstantial evidence in this case raises the bar for firms’ surveillance, documentation, and staff training, since weak explanations and poor records can be interpreted against market participants.
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Asset ManagerBroker DealerBank Collective investments Marketing Financial products Retail investors Journalists The AMF unveils its 2026-2028 financial education plan to boost women’s investment
Asset ManagerBroker DealerAll Firms
Asset management AIFMD UCIT Regulatory developments Liquidity Management Tools: the AMF intends to comply with ESMA’s Guidelines
Asset ManagerHedge Fund
Supervision Marketing Financial products Investment services Savings protection Journalists Investment services providers In an increasingly digital investment landscape, the AMF stresses the importance of the quality of the information...
Fintech
Warning Warning Savings protection Forex and binary options The AMF and the ACPR warn the public against several entities offering in France investments in the unregulated foreign exchange market (Forex) and in crypto-assets derivatives without being authorized to do so
Crypto Exchange
Cooperation Europe & international Equity Journalists Listed companies and issuers AMF Québec, OSC and AMF France enter into an agreement to support cross-listing of securities in Canada and France
Asset ManagerBroker Dealer
MAR Offence of obstructing an AMF investigation sentenced by the Paris Tribunal Correctionnel
The Paris Tribunal Correctionnel on 9 April 2026 sentenced an individual to a six-month suspended prison term and €20,000 fine for obstructing an AMF house search during a market abuse investigation, plus €5,000 in AMF procedural costs and €1 in damages. This enforcement action underscores the criminal liability for impeding AMF investigations, reinforcing the regulator's authority and serving as a deterrent against non-cooperation. Compliance teams must prioritize training on full cooperation to avoid similar penalties, as maximum sanctions include up to two years' imprisonment and €300,000 fines under the Monetary and Financial Code.
What Changed
This is not a regulatory change but an enforcement precedent affirming existing rules under the Monetary and Financial Code (CMF), specifically Article L.642-2, which criminalizes obstruction of AMF inspections or investigations, including refusing access during authorized house searches. The ruling reiterates that even initial refusal of access constitutes obstruction, with courts upholding AMF operations via prior judicial authorization from the *Juge des Libertés et de la Détention*. It highlights dual administrative and criminal tracks, though a 2022 Constitutional Court decision (QPC no.
Suggested Considerations
- Immediate training: Conduct firm-wide sessions on AMF inspection protocols, emphasizing mandatory cooperation, document access, and avoiding any delay or refusal (e.g., scripted responses for employee interactions).
- Policy updates: Revise compliance manuals to explicitly prohibit obstruction, including scenarios like home searches for remote workers; designate 24/7 points of contact for AMF visits.
- Mock drills: Simulate AMF searches at offices and residences to test response times and access protocols.
- Legal readiness: Retain counsel experienced in CMF Article L.642-2 matters; pre-approve cooperation clauses in employee contracts.
- Reporting: Enhance internal surveillance to detect potential market abuse early, reducing investigation risks.
Key Dates
- AMF investigators, with judicial police, conducted authorized house search; individual initially refused access
- AMF filed report with Paris Public Prosecutor's Office
- Paris *Cour d’Appel* upheld search authorization, finding sufficient presumption of market abuse; ordered €5,000 costs to AMF
- AMF lodged formal complaint
- Paris *Cour d’Appel* validated search and seizure operations; ordered additional €5,000 costs to AMF
Compliance Impact
Urgency: High – This recent (April 2026) criminal conviction demonstrates swift judicial support for AMF actions, with appeals consistently rejected, signaling zero tolerance for even minor obstructions. It elevates risks for individuals and firms in *MAR* probes, potentially leading to personal liability, reputational damage, and cascading sanctions; firms must act preemptively as investigations can stem from routine surveillance.
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Broker DealerAll Firms
Savings protection Warning Retail investors Journalists The AMF confirms the resumption of trading in Rapid Nutrition shares
Broker DealerAsset Manager
MAR Journalists Listed companies and issuers The AMF welcomes the first criminal rulings in an insider network case
BankBroker DealerAsset Manager
Markets Europe & international Cooperation FMSB signs Consultation Agreement with Autorité des Marchés Financiers
The Autorité des Marchés Financiers (AMF) and Financial Markets Standards Board (FMSB) have signed a Consultation Agreement to enhance collaboration on developing guidance for wholesale Fixed Income, Currencies, and Commodities (FICC) markets, allowing AMF to provide expertise on FMSB drafts. This matters for compliance professionals as it signals regulatory endorsement of FMSB's non-binding standards, potentially elevating their influence on market conduct expectations in France and Europe, particularly as Paris grows as a trading hub. https://www.amf-france.org/en/news-publications/news/fmsb-signs-consultation-agreement-autorite-des-marches-financiers
What Changed
This is not a regulatory change imposing new rules but a bilateral Consultation Agreement outlining cooperation mechanisms. Key elements include: AMF input on FMSB's annual strategy refresh via discussions with FMSB Chair/CEO; annual high-level oral updates on FMSB strategy progress; operational updates on FMSB workplan/priorities; and AMF's ability to review and challenge draft FMSB guidance materials and publications for wholesale FICC markets. The agreement is non-binding, personal to the parties, and amendable only by mutual written consent, with no third-party rights.
Suggested Considerations
- Review and monitor FMSB's 2026 Workplan for upcoming Standards/Statements, noting AMF-influenced drafts (e.g., via FMSB committees and buy-side forum). https://fmsb.com/wp-content/uploads/2026/01/FMSB-2026-Workplan_Final.pdf
- Benchmark internal FICC practices against FMSB guidance, especially vulnerability areas like market structures or conduct.
- Engage with FMSB membership or working groups if applicable, to align with emerging standards endorsed by AMF.
- Track AMF/FMSB updates for Paris-specific FICC developments. https://fmsb.com/fmsbsignsconsultationagreementwithamf/
Key Dates
- Operational oral updates on FMSB workplan/priorities as needed. https://www.amf-france.org/sites/institutionnel/files/private/2026-03/fmsb-amf-accord-2026.pdf
- Agreement signed and announced, marking effective date of collaboration (today's date). https://www.amf-france.org/en/news-publications/news/fmsb-signs-consultation-agreement-autorite-des-marches-financiers
- FMSB provides high-level oral update to AMF on strategy progress
- FMSB Chair/CEO discusses strategy refresh with AMF for input
Compliance Impact
Urgency: Low - This agreement introduces no direct obligations, deadlines, or penalties; it fosters indirect influence via enhanced credibility of FMSB's voluntary standards in AMF-regulated markets. It matters for long-term conduct risk management in FICC, as firms ignoring FMSB guidance (now AMF-supported) may face heightened supervisory scrutiny, especially amid Paris's trading growth and AMF's 2026 priorities for resilient markets. https://zoominvest.fr/actualites/patrimoine/amf-des-priorites-2026-axees-sur-l-attractivite-l-innovation-et-la-securite-des-marches/iob24fnqfmfh258iwmxwwicy
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Broker DealerBank
Long term investment Shares ETF Retail investors Journalists The stock market attracted a record number of retail investors in 2025
Asset ManagerBroker DealerWealth Manager
Asset management Crowdfunding: the AMF reminds platforms of their complaint handling obligations
Asset ManagerBroker DealerWealth Manager Warning Savings protection MAR Retail investors Professional investors Journalists AMF requests extension to the RAPID NUTRITION share suspension
The AMF has requested Euronext to extend the trading suspension of RAPID NUTRITION shares until April 10, 2026, due to ongoing suspicions of "pump and dump" market abuse under Article L. 420-10 of the Monetary and Financial Code. This enforcement action underscores the AMF's proactive market surveillance and highlights risks of unauthorized investment recommendations, urging investors to report evidence. Compliance professionals should note this as a signal of heightened scrutiny on manipulative practices in small-cap stocks like those on Euronext Growth.
What Changed
- This is not a new regulation but an enforcement extension; no broad regulatory changes are introduced. Key elements include:
- Extension of trading suspension from March 13, 2026, to April 10, 2026, to allow continued AMF analysis of price manipulation indicators.
- Reiterated definition and warning on pump and dump schemes, involving unauthorized promotions without disclosure of promoters' holdings, leading to artificial price inflation followed by dumps.
- Invocation of MAR (Market Abuse Regulation) principles, aligned with EU standards, emphasizing orderly market operations and investor protection.
Suggested Considerations
- Trading venues (e.g., Euronext): Implement and maintain suspension of RAPID NUTRITION shares until April 10, 2026, or AMF notice.
- Firms under AMF jurisdiction: Review trading surveillance systems for pump-and-dump signals (e.g., aggressive social media/email pitches promising quick gains); ensure no facilitation of unauthorized recommendations.
- Investors: Preserve all pitch documents (screenshots, emails, messages) and submit to AMF via Epargne Info Service platform or phone.
- Compliance teams: Conduct immediate audits of client communications and holdings in similar volatile stocks; train staff on MAR obligations for disclosing positions in recommendations.
- No new reporting deadlines, but proactive evidence submission is urged.
Key Dates
- Initial trading suspension requested by AMF until 13 March 2026 due to pump-and-dump suspicions
- End of initial suspension period; AMF requests extension
- New end date for extended trading suspension, or until further notice
Compliance Impact
Urgency: High - This active enforcement on a live suspension (as of March 14, 2026, just post-initial period) signals AMF's aggressive stance on market abuse in retail-targeted small-caps, with potential for fines or further sanctions (e.g., prior AMF cases fined €850,000). Firms must act swiftly to mitigate exposure to similar schemes, as failure to detect/report could trigger secondary liability under MAR; impacts trading desks and surveillance functions directly.
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Broker DealerAll Firms
Shares Asset management Post-trading infrastructures The AMF analyses the typology of participants on the French equity market over the past five years.
Asset ManagerBankBroker Dealer
MAR Executive & other private individuals Journalists Listed companies and issuers The Casino case: the Paris Tribunal Correctionnel ruling marks the end of a market abuse case in which the AMF has been heavily involved
BankBroker DealerAsset Manager
Warning Savings protection Retail investors Professional investors Journalists Listed companies and issuers The AMF has required the suspension of RAPID NUTRITION shares and calls on investors to be vigilant
The AMF has mandated the suspension of trading in RAPID NUTRITION shares (Euronext Growth Paris: ALRPD) from February 19, 2026, until March 13, 2026, due to indicators of "pump and dump" market manipulation, urging investors to exercise extreme caution against unauthorized high-upside recommendations. This enforcement action highlights AMF's proactive surveillance of market abuse in small-cap listings and serves as a reminder for firms to enhance client protection measures against boiler room tactics. It matters for compliance as it underscores heightened scrutiny on retail investor-facing activities amid volatile stock surges, like RAPID NUTRITION's 437% rise since January 1, 2026.[AMF publication]
What Changed
- This is not a new regulation but an enforcement action under existing French financial markets and market abuse rules (e.g., EU Market Abuse Regulation - MAR, transposed via AMF oversight).
- Trading suspension on Euronext at AMF's request due to suspected "pump and dump" (boiler room) practices, involving unauthorized recommendations promising rapid gains without disclosing promoters'...
- No formal rule changes; reinforces prohibitions on market manipulation (Article 12 MAR), unlawful investment recommendations (MiFID II Article 24), and failure to disclose conflicts.
- AMF's call for evidence collection emphasizes ongoing investigations into aggressive sales pitches via emails, messaging, or screenshots.[AMF publication]
Suggested Considerations
- Investors: Preserve all solicitation evidence (screenshots, emails, messages) and report via AMF's Epargne Info Service (online or +33(0)1 5345 6200, Mon-Fri 9am-12:30pm).
- Trading venues (Euronext): Implement and maintain suspension until lifted.
- Firms/brokers:
- Suspend trading in RAPID NUTRITION shares.
- Enhance surveillance for pump-and-dump indicators (e.g., unusual volume/price spikes, correlated recommendations).
- Review client communications for unauthorized advice; block/blocklist suspicious patterns.
Key Dates
Trading suspension begins; (effective from this trading session)
Scheduled end of suspension; (inclusive, or earlier if market conditions allow via new AMF notice)
Compliance Impact
Urgency: High - Immediate trading halt requires system updates today (Feb 19, 2026); ongoing AMF probe risks fines/sanctions under MAR for non-compliant surveillance or advice. Matters due to retail investor exposure in volatile Euronext Growth stocks, potential for follow-on enforcement (e.g., against unauthorized advisors), and signal of intensified AMF monitoring amid 437% surges, amplifying conduct risk for client-facing firms.[AMF publication]
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Broker DealerAll Firms
Anti-money Laundering Asset management The AMF invites financial market participants to AMLA’s consultations on three draft AML/CFT implementing standards
The AMF is urging financial market participants, especially in asset management and related sectors, to engage in AMLA's public consultations on three draft Regulatory Technical Standards (RTS) under the new EU AML/CFT package, covering customer due diligence (CDD), identification of business relationships/transactions, and enforcement measures. These RTS aim to provide harmonized, proportionate implementation guidance, significantly impacting CDD processes and supervisory consistency across the EU, with underlying rules applying from 10 July 2027.[Source URL: https://www.amf-france.org/en/news-publications/news/amf-invites-financial-market-participants-amlas-consultations-three-draft-amlcft-implementing#xts=607212&xtor=RSS-11&type=RSS]
What Changed
- - CDD RTS: Builds on EBA's prior draft with AMLA refinements for legal clarity, proportionality, and risk adaptation; specifies information/sources for identity verification of natural persons/legal...
- Business Relationships/Occasional/Linked Transactions RTS: Defines criteria under AMLR Article 19(9) to harmonize identification, ensuring consistent EU-wide application beyond basic...
- Enforcement RTS (Pecuniary Sanctions/Administrative Measures): Under AMLD6 Article 53(10), standardizes supervisor assessment/categorization of breaches for proportionate, effective, dissuasive...
Suggested Considerations
- Gap analysis and preparation: Assess current CDD/business identification/enforcement processes against drafts; identify changes for remote onboarding, PEPs, sectoral measures (e.g., asset manager Article 17 scenarios), and sanctions screening; set milestones for policy/system updates by July 2027.
- Engage hearings: Attend 24 March 2026 public hearing for CDD/business RTS.
- Monitor post-consultation: Track AMLA/EC adoption (expected Q1 2026 for some related RTS) and national implementations (e.g., CSSF data reporting).
Key Dates
- Consultations opened by AMLA on three draft RTS.[Source URL: https://www.amf-france.org/en/news-publications/news/amf-invites-financial-market-participants-amlas-consultations-three-draft-amlcft-implementing#xts=607212&xtor=RSS-11&type=RSS]
- Consultation closes on RTS for pecuniary sanctions/administrative measures
- Online public hearing on CDD and business relationships RTS
- Consultations close on CDD RTS and business relationships/linked transactions RTS.[Source URL: https://www.amf-france.org/en/news-publications/news/amf-invites-financial-market-participants-amlas-consultations-three-draft-amlcft-implementing#xts=607212&xtor=RSS-11&type=RSS]
- AMLA submits final draft RTS to European Commission for adoption
Compliance Impact
Urgency: High - These RTS operationalize core AMLR/AMLD6 mandates with July 2027 applicability, demanding immediate consultation input to influence final rules and 18-month lead time for system/process overhauls (e.g., CDD verification sources, harmonized transaction linking). Failure to engage risks non-compliant frameworks amid AMLA's push for EU-wide consistency, elevated direct supervision risks, and stricter enforcement; asset managers face acute challenges from intermediary distribution rules.[Source URL:...
AI-generated analysis. May contain errors or omissions — verify with the
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Asset ManagerCrypto ExchangeAll Firms
Derivatives or structured products MIFID The AMF revises the position limits applicable to the salmon derivative contract listed on Euronext
All Firms
Institutional Markets Journalists The AMF awards its 2025 prize for young researchers in economics to Alexandre Madelaine
Asset ManagerBroker DealerFintech
Institutional Regulatory developments Financing the economy Other professionals Journalists Listed companies and issuers The AMF awards its Marie-Josèphe-Vanel thesis prize in law to Vincent Ramonéda
Asset ManagerBroker DealerBank
Derivatives or structured products Marketing MIFID The AMF publishes a working group study on structured products
Asset ManagerBroker Dealer
Sanctions & settlements MAR Compliance Journalists Investment services providers The AMF Enforcement Committee fines an investment services provider and its director a total of €850,000
Broker DealerAll Firms
Financial disclosures & corporate financing Periodic & ongoing disclosures Reporting ESEF Closing of the 2025 accounts: the AMF flags up points for vigilance and issues recommendations
BankBroker DealerAsset Manager Supervision Compliance Journalists Investment services providers The AMF publishes the findings of its inspections on the role and involvement of the compliance function at investment services providers
BankAsset ManagerBroker Dealer
Strategy Supervision Institutional Other professionals Retail investors Journalists Investment services providers Investment management companies Listed companies and issuers The AMF sets its priorities for 2026 for...
Asset ManagerBroker DealerBank Asset management AIFMD UCIT AIFM II: the AMF updates its doctrine to make introducing liquidity management tools easier for UCITS and AIFs
Asset ManagerHedge Fund
Warning Warning Savings protection Miscellaneous assets The AMF is warning the public against several entities proposing to invest in miscellaneous assets without being authorized to do so
Asset ManagerWealth ManagerBroker Dealer
Long term investment Shares Artificial intelligence Retail investors Journalists AMF 2025 Barometer: in search of autonomy, many French people turn to artificial intelligence when they want to invest
Asset ManagerWealth ManagerFintech
MiCA Crypto-assets Financial products Marketing Journalists Investment management companies Listed companies and issuers The AMF adapts its policy on complex financial products in response to the rise of crypto-assets
Crypto ExchangeAsset ManagerFintech
Financial disclosures & corporate financing Journalists Listed companies and issuers The Autorité des Marchés Financiers takes note of the Cour de Cassation ruling in the Vivendi SE case
BankBroker DealerAsset Manager
Mediation Appointment Institutional Other professionals Executive & other private individuals Retail investors Journalists Investment services providers Investment management companies Listed companies and issuers ...
Asset ManagerBroker DealerWealth Manager Asset management Collective investments The Autorité des Marchés Financiers has amended its doctrine to clarify its expectations of ELTIFs
Asset Manager
Shares ETF Fixed income Individual investors remain active on the markets in the 3rd quarter of 2025
Asset ManagerBroker DealerWealth Manager
Europe & international Sanctions & settlements Publication of the annual ESMA Report on Sanctions and Measures for 2024: AMF imposes the highest amounts in Europe
The ESMA Annual Report on Sanctions and Measures for 2024, published on 16 October 2025, aggregates enforcement data from EEA national competent authorities (NCAs), highlighting that the French AMF imposed the highest total sanctions at €29.4 million—nearly a third of the EEA's €100 million aggregate—primarily under MAR and MiFID II. This matters for compliance professionals as it signals intensified enforcement focus on market abuse and investor protection across Europe, with France leading in both fine amounts and settlement usage, underscoring a trend toward higher penalties and agile resolution mechanisms.
What Changed
This is not a new regulation but a retrospective report documenting 2024 enforcement trends; no direct regulatory changes are introduced. Key observations include a significant rise in total fine amounts to over €100 million (from €71 million in 2023) despite stable sanction volumes (975 vs. 976), with MAR (377 sanctions, €45.5 million) and MiFID II/MiFIR (294 sanctions, €44.5 million) dominating. Notable shifts: increased settlement usage (94 agreements for €21.9 million, 22% of total), with AMF at 18% of its penalties via settlements (vs.
Key Dates
- ESMA publishes second consolidated Annual Sanctions Report for 2024 data
Compliance Impact
Urgency: medium – This report reinforces existing rules without new requirements, but signals escalating financial penalties (up 40% YoY) and settlement trends, pressuring firms to prioritize MAR/MiFID compliance to avoid outsized AMF-style fines, especially in France or cross-EEA operations. Matters for resource allocation toward surveillance and remediation, as NCAs like AMF demonstrate willingness for multimillion-euro penalties.
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Asset ManagerBroker DealerAll Firms
Crypto-assets Investment services Financial services providers The Financial Stability Board and the International Organisation of Securities Commissions publish two reports assessing the implementation of recommendations on crypto-asset and stablecoin activities
Crypto ExchangeBankFintech
Periodic & ongoing disclosures Sustainable Finance Corporate sustainability reporting: AMF draws listed companies' attention to ESMA's 2025 recommendations
Asset ManagerBankBroker Dealer
Savings protection Warning Other professionals Executive & other private individuals Retail investors Professional investors Journalists Investment management companies Listed companies and issuers The AMF has...
The AMF enforced a trading suspension on MEXEDIA S.p.A. shares on Euronext from 11 September 2025 to 30 September 2025 due to indicators of **pump and dump** market abuse, urging investors to exercise extreme caution against unauthorized high-upside recommendations. This enforcement action underscores the AMF's proactive market surveillance and highlights ongoing risks of manipulative practices in listed equities, serving as a reminder for firms to bolster internal controls against such schemes. Compliance teams should note this as a signal of heightened regulatory scrutiny on price manipulation, potentially informing future enforcement trends.
What Changed
- This is an enforcement action rather than new regulatory changes; no legislative or rule amendments are introduced. Key elements include:
- AMF's invocation of financial markets and market abuse regulations to mandate trading suspension via Euronext.
- Explicit warning on pump and dump tactics, defined as unauthorized promotions inflating share prices for insider sales, leading to investor losses.
- Follow-up resumption of trading on 1 October 2025 after suspension ended, with continued vigilance calls.
Suggested Considerations
- Trading venues (e.g., Euronext): Immediately implement and maintain suspensions upon AMF request; purge affected orders.
- Investment firms and brokers: Screen for and block client orders in suspended securities; monitor for pump-and-dump indicators in communications.
- Advisory firms: Cease unauthorized investment recommendations promising strong upside; disclose positions if providing advice.
- All surveilled firms: Enhance transaction surveillance for manipulation signals (e.g., unusual volume/price spikes); report suspicions to AMF.
- Investors and firms assisting them: Retain evidence of suspicious pitches (screenshots, emails) and submit to AMF via Epargne Info Service (https://www.amf-france.org/en/request-information or +33(0)1 53 45 62 00).
Key Dates
- Trading suspension in MEXEDIA shares effective at end of session
- AMF press release published (French version)
- Scheduled end of suspension period (inclusive)
- Resumption of trading confirmed; pre-suspension orders purged
Compliance Impact
Urgency: Medium - This is a resolved, case-specific enforcement (suspension lifted 1 October 2025), not imposing new firm-wide rules, reducing immediate action needs as of January 2026. It matters for market abuse surveillance programs, signaling AMF's focus on pump-and-dump in equities, which could elevate fines or scrutiny in audits; firms should review systems for similar indicators to mitigate risks in ongoing operations.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
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Broker DealerAll Firms
Financial disclosures & corporate financing Public offer Prospectus Executive & other private individuals Professional investors Journalists Listed companies and issuers The AMF announces new measures to facilitate access to listing
BankBroker Dealer
Sustainable Finance Periodic & ongoing disclosures Corporate sustainability reporting: AMF’s response to EFRAG’s consultation on the simplification of European standards
The Autorité des Marchés Financiers (AMF), France's financial markets regulator, responded to EFRAG's July 31, 2025, public consultation on simplified European Sustainability Reporting Standards (ESRS) under the CSRD, welcoming a 57% reduction in mandatory datapoints and 55% shorter standards while urging refinements in materiality, climate reporting, and financial effects disclosure. This matters for compliance professionals as it signals upcoming proportionate ESRS revisions that could ease reporting burdens for large listed companies starting voluntarily in 2026, enhancing investor usability without diluting key sustainability insights.
What Changed
- AMF endorses EFRAG's simplifications but proposes targeted adjustments:
- Materiality assessment: Support for proportionate double materiality (impacts, risks, opportunities or IRO) but requires minimum specification of impact type (positive/negative, risk, opportunity);...
- Climate reporting: Regrets removal of "net zero" definition (90-95% gross GHG reduction trajectory), essential for 2024 comparability.
- Anticipated financial effects: Strongly backs Option 1 (quantitative info required, with exceptions) for climate matters to align with ISSB and investor needs; flexible for other topics.
- Reporting reliefs: Supports "undue costs/efforts" exemptions (e.g., metrics except Scope 3 GHG) with time-bound limits to match ISSB.
EFRAG's draft cuts mandatory datapoints by 57-61%, eliminates...
Suggested Considerations
- Monitor EFRAG's post-consultation technical advice (end-November 2025) and EC adoption process; prepare for voluntary uptake in 2026 reporting cycles.
- Listed companies: Refine materiality processes to specify IRO types and use gross impacts; retain "net zero" definitions in climate plans; prioritize quantitative climate financial effects.
- Conduct or update materiality assessments per EFRAG guidance (e.g., value chain, thresholds); leverage "undue costs" relief judiciously with time limits.
- Prepare xHTML digital tagging for sustainability statements in management reports.
- French firms: Align 2026 statements with AMF supervisory expectations, noting non-adoption of ESMA's GLESI guidelines pending full CSRD transposition.
Key Dates
- EFRAG publishes draft simplified ESRS for public consultation
- Consultation closes
- EFRAG submits technical advice to European Commission
- Sector-specific ESRS adoption planned
- Voluntary application of simplified standards, if legislative timeline allows
Compliance Impact
Urgency: Medium - Not immediate mandates, as this is a consultation response with voluntary 2026 start, but proactive preparation is essential for large listed firms facing AMF scrutiny on 2025/2026 statements. Matters due to potential burden reduction (57% fewer datapoints) balanced by AMF's push for investor-critical details like quantitative climate effects, aligning EU CSRD with global ISSB standards amid supervisory ramp-up.
AI-generated analysis. May contain errors or omissions — verify with the
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before acting. Full disclaimer.
Asset ManagerBankAll Firms
Stress-testing Markets Asset management Journalists Investment services providers Investment management companies The Banque de France, the ACPR and the AMF launch a first system-wide stress test on interconnections within the financial system
BankAsset ManagerBroker Dealer
Savings protection Warning Retail investors Journalists Listed companies and issuers AMF announces resumption of trading in Mexedia shares
Broker DealerWealth ManagerAll Firms
Long term investment Sustainable Finance Retail investors Journalists Investment management companies Listed companies and issuers Sustainable finance: retail investors have higher expectations of their financial advisors
Asset ManagerWealth ManagerBank
Supervision Other professionals Fintech Market Infrastructures Professional investors Journalists Investment management companies Listed companies and issuers European supervision of capital markets: the AMF calls for an enhanced...
Asset ManagerWealth ManagerBank MiCA Other professionals Fintech Journalists Listed companies and issuers The French, Austrian and Italian markets authorities call for a stronger European framework for crypto-asset markets
Crypto ExchangeFintechBank
Warning Warning Miscellaneous assets Savings protection The AMF is warning the public against several entities proposing to invest in miscellaneous assets without being authorized to do so
Asset ManagerWealth ManagerBroker Dealer
Appointment Institutional Isabelle Guezet and Julien Laroche appointed Deputy Directors of the Corporate Finance Division
BankAsset ManagerBroker Dealer
Sanctions & settlements professional obligations Disclosure Obligations Other professionals Journalists The AMF Enforcement Committee fines a Danish investment bank for breaches of professional obligations committed by a French branch
The AMF Enforcement Committee imposed a €300,000 fine on Saxo Bank A/S on 16 July 2025 for multiple breaches of professional obligations committed through its French branch, including failures to properly inform clients about significant changes to derivatives procedures, margin calculations, and securities transaction incidents, as well as deficiencies in equity savings plan (PEA) transfers. This enforcement action demonstrates the AMF's active oversight of cross-border investment banks operating in France and highlights critical gaps in client disclosure practices that compliance teams must address.
What Changed
- The enforcement decision does not introduce new regulatory requirements but rather clarifies existing obligations under current French financial regulations.
- Client notification requirements for significant procedural changes affecting derivatives trading and margin calculations
- Incident disclosure obligations for securities transactions that could materially affect order execution
- Timely information provision regarding regulatory consequences of the UK's withdrawal from the European Union as they affect PEA accounts
- Operational procedures for managing equity savings plan transfers with proper documentation and client communication
Suggested Considerations
- *Audit client notification procedures for derivatives trading changes, particularly regarding position closure procedures and margin calculation methodologies, ensuring clients receive advance notice of material changes
- *Implement incident reporting protocols for securities transactions that could affect order execution, with documented evidence of timely client notification
- *Review PEA transfer procedures to ensure compliance with regulatory timeframes and proper documentation of information provided to clients regarding Brexit-related consequences
- *Strengthen information governance to ensure all material operational changes are communicated to clients within required timeframes and with appropriate detail
- *Conduct compliance training for front-office and operations staff on professional obligations regarding client communication and information disclosure
Key Dates
- AMF Enforcement Committee decision issued imposing €300,000 fine
- Official publication of enforcement decision
- Appeal period available (no specific timeframe stated in the decision)
Compliance Impact
Urgency: HIGH
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Broker DealerBank
Shares ETF Retail investor activity in equities at its highest since 2020
Asset ManagerBroker DealerWealth Manager
MAR Financial disclosures & corporate financing Shares The AMF and the AFA call for vigilance of the risk of private corruption by criminal networks of natural persons with access to inside information
BankAsset ManagerBroker Dealer
Sanctions & settlements MAR professional obligations Investment advice Other professionals Journalists Listed companies and issuers The AMF Enforcement Committee fines eight individuals and two legal entities a total of €1,890,000 for late...
All Firms
Crypto-assets Innovation The ACPR and AMF publish the summary of responses to the consultation conducted by the Working Group on Smart Contract Certification
The ACPR and AMF have published a summary of responses to a public consultation on a 2024 Working Group report exploring smart contract certification in DeFi, addressing technical standards, audit practices, and potential regulatory frameworks. This matters for compliance as it signals preparatory steps toward possible EU-level DeFi regulation, emphasizing risk reduction and trust-building without immediate mandates, influencing future operational and audit strategies for crypto firms.
What Changed
No binding regulatory changes are introduced; this is an exploratory summary confirming industry support for proposed principles on technical standards (security, governance, compliance), audit methods (third-party, self-certification), and regulatory avenues (preference for voluntary certification over mandatory). Respondents endorsed alignment with industry best practices, risk-based approaches, and proportionality, with calls for technologically neutral standards and continuous monitoring models.
Suggested Considerations
- Monitor developments: Track ACPR/AMF Fintech Forum updates for potential voluntary certification pilots or EU harmonization under MiCA/pending DeFi rules.
- Review internal practices: Align smart contract governance, audits, and change management with endorsed principles (e.g., third-party audits, risk-based recertification on material changes).
- Enhance documentation: Prepare for possible protocol-level certification, including modular DeFi interactions and continuous on-chain monitoring.
- Engage stakeholders: Participate in future consultations via industry groups like GDF or Adan to influence voluntary frameworks.
Key Dates
- Working Group conducts analysis and drafts report on smart contract certification
- Report published for public consultation
- Industry responses submitted (e.g., GDF, Adan)
- Summary of consultation responses published by ACPR and AMF
Compliance Impact
Urgency: Medium – This is not enforceable yet but previews potential mandatory certification in EU DeFi regulation, critical for firms scaling smart contract use to mitigate user risks and build trust; proactive alignment now avoids future retrofits, especially with MiCA's crypto focus.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Crypto ExchangeFintechAll Firms
Long term investment Equity Retail investors Journalists Investment services providers Investment management companies Listed companies and issuers French retail investor stock market activity: the AMF analyses changes in behaviour between...
Asset ManagerWealth ManagerBroker Dealer
Risk and Trend Mapping Markets Fixed income Asset management Other professionals Executive & other private individuals Fintech The AMF publishes its 2025 Markets and Risk Outlook
Asset ManagerBroker DealerFintech Sanctions & settlements MAR Journalists Listed companies and issuers The AMF Enforcement Committee fines an issuer €20,000 and its shareholders a total of €1.7 million
The AMF Enforcement Committee imposed fines totaling €1.72 million on 10 June 2025 against SMCP (an issuer) and its major shareholders European TopSoho, Dynamic Treasure Group, and Ms. Chenran Qiu for breaches including failure to report threshold crossings in shareholdings, disseminating false or misleading information constituting market manipulation, and SMCP's lapse in maintaining inside information confidentiality. This decision underscores AMF's rigorous enforcement of **Market Abuse Regulation (MAR)** obligations on issuers and shareholders, serving as a deterrent against opaque share transactions and premature disclosures that undermine market integrity. Compliance teams should prioritize robust monitoring of ownership changes and information controls to avoid similar sanctions, which can reach seven figures for individuals and entities.
What Changed
- This is an enforcement decision, not a regulatory change introducing new rules; it reinforces existing obligations under French financial markets law and MAR:
- Shareholder reporting thresholds: Mandatory notification to AMF and issuers for crossing above or below capital/voting rights thresholds, plus six-month plans.
- Prohibition on false/misleading information: Press releases denying control over entities when factual arrangements prove otherwise qualify as market manipulation.
- Inside information confidentiality: Issuers must prevent premature public access to sensitive releases, even unintentionally.
No new requirements were enacted; the decision clarifies application to...
Suggested Considerations
- Shareholders: Implement automated threshold monitoring systems; file timely declarations (immediately upon crossing, with six-month plans) via AMF portal. Document all share transfers, including indirect control via trusts/companies.
- Issuers: Secure pre-publication access to financial releases (e.g., website password protection); conduct pre-release audits. Train IR teams on confidentiality protocols.
- All firms: Review governance for personal attribution risks; audit recent disclosures for misleading statements. Enhance MAR compliance training, focusing on complex ownership structures.
- Immediate: If involved in similar transactions (2016-2021 period referenced), self-assess and remediate reporting gaps.
Key Dates
- AMF Enforcement Committee decision issued, imposing fines
10 June 2025; - Appeal window opened; European TopSoho lodged appeal before Paris Court of Appeal
Compliance Impact
Urgency: Medium - Matters due to substantial fines (€1.72M total, including €1M personal), personal liability for controllers, and appeal pending, signaling ongoing risk. Not critical as it's backward-looking enforcement (events 2016-2021), but elevates priority for listed firms handling ownership changes or inside info, amid AMF's pattern of MAR sanctions (e.g., Parrot case, €420K for similar manipulation). Firms with opaque structures face audit triggers.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
All Firms
Marketing Long term investment Other professionals Retail investors Journalists The stock market investor journey: the AMF analyses the mobile applications of 14 institutions
Asset ManagerBroker DealerWealth Manager
Annual report Institutional Other professionals Executive & other private individuals Fintech Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services providers ...
Asset ManagerBroker DealerFintech Shares ETF Retail investor activity up again
Asset ManagerBroker DealerWealth Manager
Financial disclosures & corporate financing Journalists Listed companies and issuers The AMF orders DANAE GROUP to file a draft takeover bid for ENTREPRENDRE shares
The AMF has ordered Danae Group to file a draft takeover bid for shares in Entreprendre, enforcing mandatory public offer rules triggered by a shareholding threshold crossing. This matters for compliance professionals as it exemplifies AMF's strict oversight of takeover regulations, ensuring market integrity, equal treatment of shareholders, and timely disclosures in listed company transactions. It underscores the risks of non-compliance, potentially leading to enforcement actions.
What Changed
No new regulatory changes are introduced; this is an enforcement decision applying existing AMF rules on mandatory takeover bids under the General Regulation (RGAMF), particularly Articles 234-2 et seq. Key requirements include: filing a draft offer with the AMF for compliance review within 10 trading days; mandatory cash offers at the highest price paid by the offeror (alone or in concert) in the prior 12 months; adherence to principles of free play of bids, equal treatment, transparency, market integrity, fairness, and competition.
Suggested Considerations
- File draft takeover bid immediately: Submit to AMF with price details (highest 12-month price, cash only), intent on squeeze-out, and supporting documents.
- Appoint independent appraiser: Mandatory if squeeze-out planned; fairness statement required.
- Inform AMF and publish: Disclose filing; adhere to trading restrictions during pre-offer/offer periods.
- Prepare target response: Entreprendre to file draft reply document, potentially involving works council.
- Monitor thresholds: Ongoing vigilance for 30% voting rights or 1% 12-month crossings by any party.
Key Dates
6 weeks of triggering event; - Danae Group must file draft takeover bid (practice standard; exact trigger date not specified in publication)
- AMF reviews draft for compliance and issues visa (extendable if appraiser or works council involved, min. 5 trading days post-target reply)
offer period (post-announcement); - Strict trading rules apply; offeror may acquire shares until opening, with restrictions
- From AMF filing notice to results publication; minimum success threshold 50% (waivable by AMF)
Compliance Impact
Urgency: High - Immediate filing obligation for Danae Group risks escalation to sanctions if ignored; for others, it signals AMF's proactive enforcement, heightening scrutiny on share acquisitions in listed firms. Matters due to potential market disruption, shareholder protection mandates, and precedent for rapid intervention (e.g., visa timelines enforce orderly processes).
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
All Firms
Sanctions & settlements Executive & other private individuals Journalists The AMF Enforcement Committee fines three individuals and one legal entity a total of €700,000 for insider dealing breaches
The AMF Enforcement Committee imposed fines totaling €700,000 on three individuals and one legal entity for insider dealing violations, demonstrating the regulator's ongoing commitment to enforcing Market Abuse Regulation (MAR) prohibitions on trading with inside information. This case underscores the AMF's aggressive pursuit of insider networks and coordinated breaches, serving as a stark reminder for firms to bolster insider trading surveillance and training programs. Compliance teams should use it to reinforce policies amid rising detections of organized insider activities.
What Changed
This is an enforcement action, not a regulatory change; it reaffirms existing MAR requirements under Articles 7 (inside information definition), 8 (insider lists), 14 (insider dealing prohibition), 17 (public disclosure), and 19 (PDMR trading restrictions, including 30-day black-out periods before financial results). No new rules are introduced, but it highlights AMF's reliance on firms for detection via internal policies, whistleblowing, and gift/invitation controls, as echoed in recent AMF-AFA guidance.
Suggested Considerations
- Update insider policies: Incorporate AMF-recommended black-out periods (30/15 days), definitions of inside information, and restrictions on index products/derivatives.
- Enhance training and awareness: Train PDMRs, insiders, and staff on MAR prohibitions; formalize in codes of ethics per AMF-AFA joint call (July 9, 2025).
- Strengthen surveillance: Implement transaction monitoring, insider lists (per MAR Article 8), whistleblowing mechanisms, and controls on gifts/invitations.
- Report promptly: PDMRs submit transactions via AMF portal; issuers disclose inside information immediately.
- Conduct audits: Review compliance functions for disciplinary oversight and breach detection, aligning with AMF inspection findings.
Key Dates
EU Regulation 2024/2809 enters force; , amending MAR on inside information and disclosures
Certain amendments to insider trading policies (e.g., Groupe Casino policy) apply; ; others immediate from February 2025
AMF General Regulation updates effective; , covering certifications for financial instruments and prospectuses
PDMRs must report securities transactions; to issuer and AMF
Compliance Impact
Urgency: High – This enforcement signals intensified AMF focus on insider networks, with fines demonstrating willingness to penalize both individuals (€700,000 total) and entities amid a "worrying trend" of organized crime infiltration. Firms face elevated inspection risks, especially post-AMF-AFA vigilance call (2025), and must act preemptively to avoid similar sanctions, as MAR breaches undermine market integrity and investor trust.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Broker DealerAll Firms
Asset management MMF The AMF applies ESMA's guidelines on updating stress scenario parameters, in accordance with Article 28 of the Money Market Funds Regulation
Asset ManagerBankBroker Dealer
Market infrastructures Innovation Europe & international Cooperation Other professionals Market Infrastructures Journalists Investment management companies The French and Italian authorities make proposals for a more competitive...
The French (AMF) and Italian (Consob) financial authorities have jointly proposed amendments to the EU's DLT Pilot Regime to increase its competitiveness and attract market participants. The Pilot Regime, which became operational in March 2023, has underperformed with only three authorized infrastructures and minimal live trading activity, prompting regulators to recommend structural changes including greater proportionality, expanded eligible instruments, and raised activity thresholds.
What Changed
- The proposed amendments address the Pilot Regime's limited uptake by introducing the following regulatory modifications:
Scope Expansion
- Expand eligible financial instruments from current restrictions to all financial assets
- Remove categorical limitations that previously restricted participation
Activity Thresholds
- Raise activity thresholds from €6 billion to €100 billion
- Introduce greater proportionality based on project scale, allowing smaller players simplified requirements
Operational Flexibility
Suggested Considerations
- *For Market Infrastructure Operators:
- *Reassess Business Cases: Evaluate viability under revised €100 billion thresholds and expanded instrument eligibility
- *Prepare Applications: Organizations previously excluded by €6 billion threshold should prepare authorization applications under new proportionality framework
- *Monitor Commission Decisions: Track European Commission's response to ESMA report (expected Q2 2026) for final regulatory direction
- *Compliance Documentation: Prepare operational and technical documentation demonstrating alignment with revised requirements
Key Dates
- Pilot Regime became operational
- AMF and Consob formal proposals submitted
- ESMA report deadline to European Commission on Pilot Regime functioning and recommendations
- Expected European Commission report to Parliament and Council with recommendations on Pilot Regime extension, amendment, or permanent conversion
- End of MiCA transitional period; full crypto-asset regime implementation
Compliance Impact
Urgency: HIGH
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Asset ManagerBroker DealerFintech
Marketing Derivatives or structured products Executive & other private individuals Journalists Listed companies and issuers The AMF and ACPR Joint Unit publishes its analysis of the French structured product market
BankBroker DealerAsset Manager
Europe & international Cooperation Financial stability, artificial intelligence, data quality and financial education at the heart of the discussions at the AMF 2025 international seminar for securities regulators
Asset ManagerBankBroker Dealer
Artificial intelligence Markets Innovation The International Organization of Securities Commissions (IOSCO) publishes a report on artificial intelligence in financial markets
All Firms
Sanctions & settlements Journalists Listed companies and issuers The AMF Enforcement Committee clears three individuals and one legal entity for insider dealing breaches
The AMF Enforcement Committee dismissed insider dealing charges against three individuals and one legal entity, determining insufficient evidence of inside information use or disclosure. This decision underscores the Committee's rigorous evidentiary standards in market abuse cases, offering reassurance to compliance teams that weak indicia alone do not trigger sanctions, while reinforcing the need for robust defenses in investigations. It matters because it provides interpretive guidance on proving insider dealing, potentially reducing overreach in enforcement but heightening focus on documentation and transaction rationales.
What Changed
No new regulatory changes or requirements are introduced; this is an enforcement decision, not a rulemaking. It clarifies application of existing Market Abuse Regulation (MAR) rules under AMF jurisdiction, emphasizing that sanctions require concrete proof beyond timing, atypical trades, or plausible disclosure channels—such as unconvincing explanations alone are insufficient for liability. The ruling aligns with prior cases where the Committee has cleared parties when evidence falls short, as seen in decisions fining some but exonerating others based on similar factors.
Suggested Considerations
- Enhance insider list maintenance and training to preempt failures, as fined in parallel cases.
- Document transaction rationales proactively (e.g., investment theses independent of inside info) to counter "atypical nature" arguments.
- Conduct regular MAR compliance audits, focusing on disclosure channels and trade timing surveillance.
- Review internal policies against AMF Enforcement Committee precedents, ensuring defenses emphasize alternative explanations for trades.
Compliance Impact
Urgency: Medium—not critical as no new rules or fines imposed, but matters for firms under AMF scrutiny or with high insider dealing risk, as it illustrates acquittal thresholds (e.g., insufficient indicators like timing alone). Heightened relevance amid ongoing AMF enforcement wave on market abuse, where fines reached €1M+ in similar cases; strengthens case for investing in surveillance tech and training now to mitigate investigation risks.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Broker DealerAll Firms
Anti-money Laundering Asset management AMF invites financial market participants to take part in the EBA consultation on draft AML/CFT implementing standards
The AMF is urging French financial market participants to engage in the EBA's consultation launched on March 6, 2025, on draft Regulatory Technical Standards (RTS) for AML/CFT implementing standards under AMLD6 and AMLR, focusing on harmonized risk assessment methodologies for supervisors and obliged entities. This matters because it signals a shift to uniform EU-wide AML/CFT supervision via AMLA (post-EBA handover on January 1, 2026), requiring firms to adapt to standardized risk indicators, data reporting, and enforcement, with new CDD rules applying from July 2027. Participation ensures firms influence final standards amid the transition to a single EU AML rulebook.
What Changed
- The draft RTS propose harmonized methodologies for AML/CFT supervision, including:
- Risk Assessment of Obliged Entities (Article 40(2) AMLD6): A three-step process with indicators for inherent risk (customers, products/services, geography, distribution channels), control...
- Risk Assessment for Direct Supervision (Article 12(7) AMLAR): Two-stage selection for AMLA direct oversight of high-risk cross-border firms (operating in ≥6 Member States, meeting...
- CDD Updates: Risk-based approach for new customers from July 2027; five-year transition for existing customers, prioritizing high-risk.
- Pecuniary Sanctions RTS (Article 53(10) AMLD6): Structured classification of breaches, proportionate sanctions, and enforcement for serious/repeated/systematic infringements to ensure uniformity...
Suggested Considerations
- Participate in EBA consultation: Submit feedback on draft RTS via EBA channels, focusing on risk indicators, data frequency, and feasibility; AMF encourages French firms to act promptly.
- Conduct compliance gap analysis: Review current AML frameworks against proposed indicators (inherent risk, controls, residual risk); prioritize high-risk customers/products.
- Enhance systems: Invest in regtech for automated risk scoring, transaction monitoring, and data reporting to supervisors; update governance, policies, and CDD processes.
- Prepare for AMLA supervision: For cross-border firms, model group-wide risk profiles; develop remediation plans for breaches.
- Ongoing monitoring: Implement annual risk reviews and ad-hoc reassessments for business changes.
Key Dates
EBA consultation launch; on draft RTS for AML/CFT standards (ongoing as of analysis)
EBA hands over AML/CFT mandates, tools (e.g., EuReCa database), and functions to AMLA; ; existing EBA guidelines remain until replaced
New AMLD6/AMLR rules apply directly; , including CDD for new customers and start of phased compliance
AMLA begins direct supervision; of selected high-risk entities
Full CDD compliance; for existing customers (five-year transition from 2027)
Compliance Impact
Urgency: High – While not yet final, the consultation shapes binding RTS under the new AMLA-led regime post-January 2026 handover, with direct rules from July 2027 requiring system upgrades and data readiness; delays risk non-compliance with harmonized supervision, higher sanctions, and AMLA scrutiny for large firms. Matters due to shift to uniform EU standards, ending national discretion and increasing reporting burdens—firms acting now can influence outcomes and future-proof via tech/governance investments.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Asset ManagerBankAll Firms
Markets Europe & international Other professionals Journalists Investment services providers The AMF calls on the European Commission for an ambitious strategy on the Savings and Investments Union project
Asset ManagerWealth ManagerBank
Artificial intelligence Innovation Market infrastructures Post-trading infrastructures Markets The AMF shares the lessons learned from its latest experiments with automated processing of regulatory data
All Firms
Sanctions & settlements Journalists The AMF Enforcement Committee fines three individuals a total of €590,000 for price manipulation
The AMF Enforcement Committee fined three individuals a total of €590,000 for engaging in price manipulation on French markets, highlighting the regulator's aggressive stance against market abuse. This enforcement action underscores the risks of coordinated trading schemes that distort supply, demand, or prices, serving as a deterrent for market participants. Compliance teams should note it as evidence of heightened AMF scrutiny on manipulative behaviors, even absent full case details.
What Changed
This is an enforcement decision, not a regulatory change; it reaffirms existing prohibitions under the French Monetary and Financial Code (Article L. 433-1-2) and EU Market Abuse Regulation (MAR, Regulation (EU) No 596/2014) against price manipulation, including fixing prices at artificial levels, disseminating false/misleading signals on supply/demand, or using deceptive orders. No new requirements are introduced, but it signals AMF's interpretation of manipulation in coordinated individual actions, consistent with prior cases.
Suggested Considerations
- Enhance surveillance: Implement real-time monitoring for spoofing, layering, wash trades, or coordinated orders creating artificial liquidity/pressure; calibrate alerts for atypical volumes or cancellations.
- Training: Conduct annual sessions on MAR price manipulation indicators, emphasizing individual liability even in group schemes.
- Policies: Update trading manuals to require pre-trade risk checks, order cancellation limits, and documentation of trading intent; mandate reporting of suspicious patterns to compliance/MLRO.
- Audits: Review historical trades for FOAT, equities, or warrants; self-report if issues found to mitigate fines.
- Governance: Senior managers certify no manipulation tolerance; integrate into MiFID II best execution and transaction reporting.
Compliance Impact
Urgency: High - Matters due to escalating fines (e.g., €590k here, up to €10M in ) and personal liability for individuals, amid AMF's pattern of 2024-2025 actions targeting manipulation across assets. Non-compliance risks reputational damage, trading bans, and appeals (e.g., ongoing in ); firms must act now to fortify defenses against investigations triggered by market data analytics.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Broker DealerAsset ManagerAll Firms
Prospectus Fixed income Sustainable Finance Professional investors Journalists Listed companies and issuers The AMF approves its first bond prospectus for European green bonds under the ‘EuGB’ standard
Asset ManagerBank
Asset management The Autorité des Marchés Financiers (AMF) has published an analysis of the performance of the French real estate crowdfunding market, based on data collected from the 10 largest platforms in terms of inflows.
Asset ManagerWealth ManagerFintech
Crypto-assets Innovation The ACPR and the AMF publish the findings from the Working Group on Smart Contract Certification, and launch a Public Consultation
The ACPR and AMF have published findings from their 2024 Working Group on Smart Contract Certification in DeFi, launching a public consultation on February 3, 2025, to explore certification frameworks for smart contracts, focusing on standards, audits, and regulatory options. This matters as it signals proactive French regulatory preparation for potential EU-level DeFi rules under MiCA, aiming to enhance security, governance, and compliance without immediate mandates, while industry feedback favors voluntary schemes.
What Changed
- No binding regulatory changes yet; this is exploratory work anticipating future regulation. The report proposes:
- Standards for security, governance, and compliance across execution environments.
- Audit frameworks including public authority, third-party auditors, or self-certification.
- Regulatory avenues from voluntary certification to obligations, with proportionate approaches.
Consultation responses (summarized post-March 2025) confirmed support for technical standards and audits...
Suggested Considerations
- Participate/Review: DeFi/crypto firms should review the report and response summary; late participation may inform ongoing discussions (consultation closed).
- Assess Smart Contracts: Evaluate internal smart contracts against proposed standards (security, governance, compliance) and audit practices for voluntary adoption.
- Monitor Developments: Track ACPR/AMF updates and EU MiCA/DeFi harmonization; prepare for potential fast-track CASP licensing if using certified contracts.
- Engage Stakeholders: Join ACPR-AMF Fintech Forum dialogues; implement AML/CFT enhancements for smart contract risks, as AMF/ACPR assess ongoing compliance.
Key Dates
- Conclusions from consultation responses to be presented
- Working Group report published and public consultation launched
- Public consultation closed (per some reports; responses summarized afterward)
- ACPR/AMF published summary of consultation responses
- DASP regime fully phased out under MiCA transitional period
Compliance Impact
Urgency: Medium. This is non-binding exploratory work with consultation closed, but it foreshadows potential mandatory smart contract certification in DeFi, aligning with MiCA's risk mitigation goals. Firms face low short-term risk but high long-term impact if voluntary standards evolve into obligations, especially amid DASP phase-out by July 2026 and EU harmonization needs; proactive adoption builds MiCA compliance edge.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Crypto ExchangeFintechBank
Asset management Collective investments End of life of private equity funds: the AMF amends its General Regulation and policy
Asset Manager
Shares ETF ETFs: strong growth for retail investors in 2024
Asset ManagerWealth ManagerBroker Dealer
Sanctions & settlements professional obligations Journalists Listed companies and issuers The AMF Enforcement Committee fines Pharnext and its former directors a total of €800,000
The AMF Enforcement Committee fined Pharnext €500,000 and its former directors Daniel Cohen (€200,000) and David Horn Solomon (€100,000) on 20 January 2025 for failing to disclose inside information promptly and disseminating false or misleading information about FDA interactions for a drug candidate. This enforcement action reinforces AMF's strict stance on market abuse rules under EU MAR, highlighting personal liability for directors in listed biotech firms where investor expectations around product approvals are high. Compliance teams should note it as a reminder of timely disclosure obligations, especially amid appeals filed by the parties.
What Changed
- This is not a regulatory change but an enforcement decision applying existing obligations under the Market Abuse Regulation (MAR), specifically:
- Article 17 MAR: Requirement to disclose inside information as soon as possible (breached by Pharnext's delays from 10 April 2019 and non-disclosure from 28 October 2020).
- Article 12(1)(c) MAR: Prohibition on disseminating false or misleading information that could affect market prices, via press releases and shareholder letters overstating FDA progress.
No new rules...
Suggested Considerations
- Review inside information policies: Ensure protocols flag regulatory feedback (e.g., FDA requests) as inside information and mandate immediate public disclosure via official channels.
- Audit communications: Screen press releases, shareholder letters for optimistic language on approvals; implement pre-issuance legal/compliance sign-off.
- Director training: Conduct MAR-specific training on personal liability for disclosure failures; document decision trails.
- Monitor appeals: Track Paris Court of Appeal outcomes, as upheld fines could set precedents for biotech disclosures.
- wide actions mandated beyond general MAR compliance, but proactive gap analysis recommended.
Key Dates
- FDA request for additional study deemed inside information; not disclosed until 30 August 2019
- FDA 'non-agreement' on clinical study design deemed inside information; never publicly disclosed
- AMF Enforcement Committee decision imposing fines (SAN-2025-01)
- Paris Court of Appeal dismissed David Horn Solomon's stay of execution application (n°25/05331)
20 January 2025; - Appeal lodged by Pharnext, Cohen, and Solomon to Paris Court of Appeal (ongoing)
Compliance Impact
Urgency: Medium – This is a specific enforcement (not a new rule), but it signals heightened AMF scrutiny on biotech disclosures amid investor sensitivity to approval news; delays in similar cases could trigger investigations/fines up to 15% of turnover or €15M. Matters for listed firms with pipeline dependencies, as it exemplifies director accountability and market-wide deterrence post-MAR implementation.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
All Firms
Strategy Supervision Institutional Executive & other private individuals Journalists Investment services providers Investment management companies Listed companies and issuers The AMF publishes its action and supervisory...
Asset ManagerBroker Dealer
Innovation Market infrastructures MIFID Pilot Regime: the AMF publishes an in-depth report on the implementation of the regulation
Asset ManagerBroker Dealer
Long term investment Shares Collective investments AMF 2024 Barometer: French equity investment intentions remain high
Asset ManagerWealth ManagerBank
Sanctions & settlements MAR Other professionals Executive & other private individuals Listed companies and issuers The AMF Enforcement Committee fines a US investment fund and its director a total of €10 million for price manipulation during an initial public offering...
The AMF Enforcement Committee fined US-based investment fund EcoR1 Capital €7 million and its director Oleg Nodelman €3 million (total €10 million) on 13 December 2024 for price manipulation via "marking the close" trades on Euronext Paris during Innate Pharma's 2019 Nasdaq IPO, plus reporting failures on 5% ownership thresholds. This case demonstrates AMF's extraterritorial reach over foreign actors impacting French markets and underscores personal liability for executives in market abuse violations under MAR.
What Changed
This is an enforcement decision, not a regulatory change; it reinforces existing MAR prohibitions on price manipulation (Article 12), specifically "fixing the price at an abnormal or artificial level" through timed sales at market close to influence linked ADS pricing on Nasdaq. It also highlights ongoing scrutiny of reporting obligations under Article L. 233-7 of the French Commercial Code for crossing 5% thresholds in listed companies.
Suggested Considerations
- Implement pre-trade surveillance for "marking the close" patterns, especially around issuer events like IPOs where Euronext closes influence external pricing.
- Enhance 5% threshold monitoring with automated alerts and timely filings (4 trading days post-threshold).
- Conduct senior manager training on personal liability under MAR for manipulative orders benefiting the firm (e.g., lower ADS subscription as largest subscriber).
- Review cross-border trading policies for French-listed assets, including jurisdiction assessments for non-EU funds.
- Perform gap analysis on order timing controls to flag end-of-day volume spikes.
Key Dates
16, 2019; - Five trading sessions during which manipulative "marking the close" sales occurred on Euronext Paris
- Instances of failing to report exceeding/falling below 5% ownership thresholds in Innate Pharma
- AMF Enforcement Committee decision date imposing fines
- French version of press release published
Compliance Impact
Urgency: Medium - Matters due to AMF's aggressive fines (€10M total) and personal accountability for a US fund/director, signaling heightened cross-border enforcement on Euronext trades. Firms should prioritize surveillance upgrades now, as appeals are possible but do not suspend implications; low immediate deadline pressure but high precedent value for biotech/dual-listed scenarios.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Hedge FundAsset Manager
Derivatives or structured products EMIR Refit: Update of the AMF website on notifications forms
Asset ManagerBroker DealerBank
Financial disclosures & corporate financing Periodic & ongoing disclosures Reporting ESEF Closing of the 2024 accounts: The AMF publishes recommendations and the results of its examinations of financial statements
Asset ManagerBankBroker Dealer
Sanctions & settlements Disclosure Obligations Journalists Listed companies and issuers The AMF Enforcement Committee imposes fines totalling €4,150,000 on four legal entities and three natural persons for disseminating false or misleading information, and price manipulation
The AMF Enforcement Committee imposed fines totaling €4,150,000 on December 11, 2024, against Auplata (an issuer), its former CEO Didier Tamagno, statutory auditors RSM Paris and Stéphane Marie (€50,000-€300,000 range), and fund entities European High Growth Opportunities Manco SA, Alpha Blue Ocean Inc., and director Pierre Vannineuse (€1,000,000-€1,500,000 range) for disseminating false or misleading information in press releases and financial statements, plus share price manipulation via unauthorized sales. This decision underscores the AMF's rigorous enforcement of market abuse rules under French financial regulations, serving as a critical reminder for issuers, auditors, and investment managers to ensure transparent disclosure of financing terms and compliance with share disposal commitments, with appeals already lodged at the Paris Court of Appeal.
What Changed
This is an enforcement action, not a regulatory change; it reinforces existing obligations under AMF rules prohibiting false/misleading information (e.g., omitting key clauses in financing agreements like ODIRNANEs with BSAs, failing to disclose earn-outs or include them in going concern analyses) and price manipulation (e.g., breaching share retention and daily sales volume limits).
Suggested Considerations
- Review disclosure practices: Audit press releases and financial statements for complete disclosure of financing terms, especially dilutive clauses (e.g., earn-outs, conversion mechanics in ODIRNANEs/BSAs); include in going concern assessments.
- Enhance auditor coordination: Ensure statutory auditors verify all material risks before issuing unqualified opinions; document diligence on issuer disclosures.
- Strengthen trading controls: For funds/managers, implement pre-trade checks on share sales against retention/volume commitments; monitor portfolio compliance with public undertakings.
- Training and policies: Update internal policies, conduct staff training on market abuse (MAR-equivalent rules), and perform gap analyses against this case; simulate disclosure scenarios.
- Monitor appeals: Track Paris Court of Appeal proceedings for potential precedent shifts (https://www.amf-france.org/en/news-publications/news-releases/enforcement-committee-news-releases/amf-enforcement-committee-imposes-fines-totalling-eu4150000-four-legal-entities-and-three-natural).
Key Dates
- AMF Enforcement Committee decision issued, imposing fines
11 December 2024; - Appeals lodged by European High Growth Opportunities Manco SA, Alpha Blue Ocean Inc., Auplata Mining Group AMG, RSM Paris SAS, Stéphane Marie, and Pierre Vannineuse before the Paris Court of Appeal (exact filing date not specified)
Compliance Impact
Urgency: High - Matters due to substantial fines (up to €1.5M per entity), personal liability for executives/auditors, and broad applicability to disclosure/manipulation risks in equity financings; recent timing (2024 decision, ongoing appeals) signals AMF's active enforcement focus, prompting immediate policy reviews to mitigate similar exposures amid heightened scrutiny of listed company transparency.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Asset ManagerAll Firms
Sustainable Finance Periodic & ongoing disclosures Journalists Listed companies and issuers The AMF publishes an educational report on listed companies' sustainability reporting
Asset ManagerBroker Dealer
Financial disclosures & corporate financing Periodic & ongoing disclosures Regulatory developments The Listing Act is entering into force on December 4, 2024
BankBroker DealerAsset Manager Short selling Equity Stock market tumbles: still a rare phenomenon on the Paris market
Broker DealerAsset ManagerWealth Manager
ETF Equity MIFID Executive & other private individuals Professional investors Journalists Listed companies and issuers ETFs win over newcomers as they invest into the stock market
Asset ManagerWealth ManagerBroker Dealer
Periodic & ongoing disclosures Sustainable Finance Publication of the first CSRD sustainability statements: AMF draws issuers’ attention to ESMA's 2024 recommendations
Asset ManagerBankBroker Dealer
Cooperation Markets Executive & other private individuals Professional investors Journalists Investment services providers Investment management companies Listed companies and issuers The AMF and the AMMC are strengthening their...
Asset ManagerBankBroker Dealer
Asset management Marketing The Autorité des Marchés Financiers (AMF) has published a recommendation governing the distribution of actively managed certificates (AMCs) to retail clients
Asset ManagerBroker DealerWealth Manager
Shares ETF Investment services In Q3 2024, for the first time, new ETF investors outnumbered new equity investors
Asset ManagerWealth ManagerBroker Dealer
Shares ETF The AMF analyses new investment practices: listed shares, ETFs and crowdfunding
Asset ManagerBroker DealerFintech
Sustainable Finance Periodic & ongoing disclosures ESMA’s communications to support the implementation and supervision of corporate sustainability reporting
Asset ManagerBankBroker Dealer
Sanctions & settlements professional obligations Journalists Investment management companies The AMF Enforcement Committee fines Sogenial Immobilier and its chairman a total of €180,000
The AMF Enforcement Committee issued a €180,000 combined fine against Sogenial Immobilier (€150,000) and its chairman Jean-Marie Souclier (€30,000) on September 12, 2024, for systematic breaches of professional obligations spanning investment selection, regulatory disclosure, conflict of interest management, and anti-money laundering compliance. This enforcement action demonstrates the AMF's heightened scrutiny of asset managers' operational controls and substantive compliance with fund governance requirements, particularly regarding real estate investment companies (SCPIs).
What Changed
- The decision does not introduce new regulatory requirements but rather clarifies enforcement expectations across existing obligations:
- Regulatory Documentation Standards: Asset managers must implement documented procedures governing the preparation of all regulatory and marketing materials for alternative investment funds, with...
- Investment Due Diligence Standards: A "high standard of diligence" is required when selecting investments, with formal investment procedures that must be consistently followed and documented.
- Conflict of Interest Management: Specific controls must address conflicts in asset allocation decisions, with documented decision-making processes that demonstrate conflict mitigation.
- AML/CFT Implementation: Anti-money laundering and combating the financing of terrorism procedures must be applied comprehensively to both fund-level investments and individual client subscriptions,...
Suggested Considerations
- *Audit Existing Procedures: Review and document all procedures governing regulatory and marketing materials for alternative investment funds, ensuring they address risk disclosure accuracy and asset return reporting requirements.
- *Formalize Investment Selection Process: Document and implement investment selection procedures that demonstrate application of "high standard of diligence," including documented investment committee decisions, due diligence checklists, and approval workflows.
- *Enhance Conflict of Interest Controls: Map all potential conflicts in asset allocation decisions and implement specific controls (e.g., segregation of duties, documented approvals, independent review) for each identified conflict scenario.
- *Implement Comprehensive AML/CFT: Extend AML/CFT procedures to cover both fund-level investments and individual client subscriptions, with documented customer due diligence, beneficial ownership verification, and transaction monitoring.
- *Strengthen Internal Control Functions: Establish or enhance internal audit/compliance functions with documented monitoring controls covering investments, conflicts of interest, and AML/CFT, with regular reporting to management and governance bodies.
Key Dates
- AMF Enforcement Committee issued the decision
- Public announcement of sanctions
- Appeal period remains open (appeals may be lodged against the decision)
Compliance Impact
Urgency: HIGH
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Asset Manager
Institutional Organisational rules Journalists The Autorité des Marchés Financiers (AMF) signs #JamaisSansElles Charter
Asset ManagerBroker DealerWealth Manager
Sanctions & settlements Disclosure Obligations Journalists AMF Enforcement Committee fines Biosynex, its CEO and several of its directors a total of €930,000
The AMF Enforcement Committee fined Biosynex and four directors (plus their holding companies) a total of €930,000 on 25 July 2024 for breaches including selective disclosure of inside information via a CEO interview, insider trading by selling shares on non-public knowledge of a treasury share sale, and failures to report share transactions to the AMF. This matters as it reinforces AMF's strict enforcement of MAR (Market Abuse Regulation) rules on information dissemination, insider dealing, and PDMR reporting, serving as a precedent for listed companies and executives during high-volatility periods like COVID-19. Appeals by some parties were dismissed as inadmissible by the Paris Court of Appeal on 9 January 2025.
What Changed
- This is an enforcement decision, not a regulatory change; it applies existing requirements under EU MAR (Regulation (EU) No 596/2014, transposed in France) and AMF rules:
- Selective disclosure: Issuers must ensure "full and effective" public dissemination of inside information via press releases before any selective sharing (e.g., interviews); partial disclosure to a...
- Insider trading: Prohibits trading (including selling) by insiders possessing inside information, such as unreleased plans to sell treasury shares, which could impact share price.
- Reporting obligations: Directors and holding companies must report transactions in issuer shares to AMF within 3 business days under Article 19 MAR; repeated failures (citing broker delays) were...
Suggested Considerations
- Implement pre-approval for executive media interactions: Require scripts/press releases issued simultaneously with interviews to avoid selective disclosure.
- Enhance insider lists and trading controls: Block trading during closed periods or on inside info; mandate pre-clearance for PDMRs/holdings.
- Automate transaction reporting: Ensure PDMRs register for real-time broker confirmations and file AMF reports within 3 business days; train on personal accountability.
- Conduct MAR training refreshers: Focus on inside info identification (e.g., product launch timelines) and COVID-era precedents.
- Audit past disclosures: Review 2020-2021 communications for similar selective leaks.
Key Dates
- AMF Enforcement Committee decision issuing fines
- Paris Court of Appeal dismisses appeals by CEO Abensur, CFO Fraenckel, and ALA Financière as inadmissible (case n° 24/16188)
April 2020; - Violation period (interview on 20 March 2020; share sales and unreported transactions)
Compliance Impact
Urgency: Medium - Not a new rule but a high-profile enforcement (€930k total: Biosynex €50k; CEO/holding €460k; others €70k-€230k each) highlighting personal liability for executives, with appeals failing. Matters for listed firms as it stresses "full/effective" dissemination and rejects operational excuses, increasing MAR fine risks amid ongoing AMF scrutiny of market abuse (e.g., similar 2025 asset manager fine).
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
All Firms
Sanctions & settlements Disclosure Obligations Professional investors The AMF Enforcement Committee fines an issuer and two of its former directors at the time of the facts for market manipulation by disseminating false or misleading information. It also fined one of the directors for insider...
The AMF Enforcement Committee imposed fines on an issuer and two former directors for market manipulation via dissemination of false or misleading information, with an additional fine on one director for insider trading violations. This enforcement action underscores the AMF's rigorous enforcement of market abuse rules under the Market Abuse Regulation (MAR), serving as a stark reminder of personal and corporate liability for disclosure failures and privileged information misuse. Compliance teams must prioritize robust controls to mitigate similar risks, as such violations erode market integrity and investor trust.
What Changed
This is an enforcement decision rather than new legislation, so there are no direct regulatory changes. It reinforces existing obligations under Book VI of the AMF General Regulation on market abuse, including insider dealing and market manipulation, aligned with Regulation (EU) No 596/2014 (MAR). Key principles upheld include prohibitions on disseminating false/misleading information that impacts security prices and trading on inside information, with no novel requirements but heightened emphasis on director accountability.
Suggested Considerations
- Implement or strengthen disclosure controls to ensure all public information is accurate and non-misleading, with pre-approval for promotional materials submitted to AMF.
- Enhance insider lists and training for directors on MAR prohibitions, including trading blackouts before announcements.
- Deploy surveillance systems to detect market manipulation signals, with compliance officers mandated to report suspicious transactions to AMF.
- Conduct due diligence attestations for prospectuses/public offers, confirming no material omissions.
- Review governance for personal liability, including cooperation incentives in investigations per proposed AMF powers.
Key Dates
- End of MiCA transitional period; AMF to fully enforce crypto-asset market abuse under MAR-equivalent rules
- AMF General Regulation updates effective, enhancing MAR reporting procedures (e.g., Articles 145-1 to 145-4)
Compliance Impact
Urgency: High - This demonstrates AMF's aggressive stance on market abuse amid rising "insider networks" and organized crime threats, with fines signaling personal risk for directors. It matters because enforcement is intensifying (e.g., web scraping for investigations, expanded sanctions like 10-year director bans proposed in 2025 bill), potentially increasing scrutiny on disclosures amid 2026 priorities for market resilience. Firms must act preemptively to avoid reputational damage and multimillion-euro penalties.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
All Firms
Regulatory developments Post-trading infrastructures Market infrastructures Cooperation Journalists AMF and Banque de France call for a well-anticipated move to T+1 Settlement Cycle
BankBroker DealerAsset Manager
Shares ETF Collective investments Long term investment The activity of retail investors active in equities and ETFs increased further in Q2 2024
Asset ManagerBroker DealerWealth Manager
MIFID Fixed income The AMF proposes a methodology for calibrating the thresholds determining the transparency regime applicable to corporate bond transactions.
BankBroker Dealer
Sustainable Finance Asset management Other professionals Journalists Investment management companies The Autorité des Marchés Financiers (AMF) publishes the findings of three supervisory initiatives on sustainable finance
Asset ManagerWealth ManagerAll Firms
Crypto-assets Innovation The AMF publishes the summary of responses received to its Discussion Paper on Decentralised Finance
The Autorité des Marchés Financiers (AMF) has published a summary of stakeholder responses to its June 2023 Discussion Paper on Decentralised Finance (DeFi), analyzing regulatory challenges posed by automated, decentralized crypto-asset activities. This matters for compliance professionals as it signals the AMF's ongoing commitment to developing a balanced DeFi framework amid MiCA's implementation, potentially shaping future supervision of decentralized protocols while emphasizing investor protection and innovation.
What Changed
No immediate regulatory changes or new requirements are introduced; this is a non-binding summary of consultation feedback from July 2024, intended to inform future discussions rather than enact rules. It highlights stakeholder views on DeFi's challenges, such as decentralization's impact on traditional oversight, with the AMF planning continued ecosystem engagement to outline proportionate responses.
Suggested Considerations
- Monitor and engage: Participate in AMF's ongoing DeFi discussions and tokenization consultations for asset managers; no mandatory actions from this summary alone.
- MiCA compliance: DASPs must apply for CASP licenses or leverage exemptions (e.g., notify AMF with operational/AML details if regulated entities); ensure AML/CTF alignment with EBA/TFR "Travel Rule" extensions.
- Assess decentralization: DeFi protocols should evaluate if they qualify as "sufficiently decentralized" to evade DASP rules; traditional firms notify AMF before crypto services.
- Update policies: Incorporate AMF clarifications on DASP transitions (DOC-2019-23/24 updates) and prepare for 2026 priorities like DORA cybersecurity.
Key Dates
- AMF publishes initial Discussion Paper on DeFi regulatory challenges
- AMF publishes summary of responses to DeFi Discussion Paper
- MiCA enters force for CASPs
- End of MiCA transitional period for DASPs; full CASP licensing required
- EU AMLR ("single rulebook") comes into effect, standardizing crypto due diligence
Compliance Impact
Urgency: Medium - This consultation summary does not impose new obligations but underscores evolving DeFi scrutiny within MiCA's firm deadlines (e.g., June 2026 transition end), making it critical for crypto firms to align now to avoid sanctions like DASP withdrawals. It matters for maintaining competitiveness in France's innovation-friendly regime, especially with AMF's 2026 focus on MiCA convergence and tokenization.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Crypto ExchangeFintechAsset Manager
Sanctions & settlements professional obligations Other professionals Journalists AMF Enforcement Committee fines a financial investment advisor and its director for breaches of their professional obligations
The AMF Enforcement Committee has issued multiple enforcement decisions against financial investment advisors and their management for breaches of professional obligations, with the most recent and significant case involving Carat GP and its directors receiving combined fines of €2.5 million and permanent/extended bans from operating as financial investment advisors. These cases establish critical precedent regarding advisor duties around client disclosure, product authorization, conflict of interest management, and honest/fair conduct—requirements that apply across the entire financial investment advisory sector.
What Changed
The enforcement decisions clarify and reinforce several core professional obligations for financial investment advisors:
Transparency and Disclosure Obligations
Financial investment advisors must inform clients of any remuneration received for their advice and justify improvements to advisory services in return for compensation received.
Suggested Considerations
- *Immediate Compliance Review:
- *Governance and Documentation:
- *Training and Culture:
- *Regulatory Engagement:
Key Dates
- AMF Enforcement Committee decision against Invest Securities and financial advisors (€90,000 to €60,000 fines)
- AMF Enforcement Committee decision against DCT and Didier Maurin (€150,000 and €200,000 fines; 5-year ban)
- AMF Enforcement Committee decision against Salzillo Finance and Jean Salzillo (€20,000 and €80,000 fines; 3-year ban)
- AMF Enforcement Committee decision against Séquence 13 and Jean-Louis Lehmann (€15,000 fines each; 5-year ban)
- Conseil d'Etat judgment dismissing appeal by DCT and Didier Maurin
Compliance Impact
Urgency: HIGH
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Asset ManagerWealth ManagerBroker Dealer
Sustainable Finance Governance Financing the economy Other professionals Journalists Investment management companies Listed companies and issuers The AMF and the ACPR have published their report on the monitoring and assessment of the climate...
Asset ManagerBankBroker Dealer
Institutional Europe & international Cooperation AMF Chair Marie-Anne Barbat-Layani meets with CSRC Vice Chairman, Fang Xinghai
BankAsset ManagerBroker Dealer
Asset management ETF Active ETFs: the AMF publishes a recommendation on the transparency of portfolios
Asset ManagerBroker DealerCrypto Exchange
Asset management MMF AMF complies with ESMA guidelines on updating the stress scenario parameters provided for in Article 28 of the Money Market Funds Regulation for 2024
Asset ManagerBankBroker Dealer
Appointment AMF activity Journalists Marie Seiller appointed Resources, Operations and Transformation Director at the Autorité des Marchés Financiers
Asset ManagerBankBroker Dealer
Annual report Institutional AMF activity Other professionals Executive & other private individuals Fintech Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment...
Asset ManagerBroker DealerFintech
Markets Investment services Financing the economy Supervision ESMA's 20 recommendations for more efficient and attractive European markets
Asset ManagerBroker DealerWealth Manager
Sanctions & settlements Journalists AMF Enforcement Committee fines one individual and clears two others for insider dealing breaches
The AMF Enforcement Committee sanctioned one individual with a fine for insider dealing violations while acquitting two others in a case involving breaches of market abuse rules under the Market Abuse Regulation (MAR). This decision underscores the AMF's rigorous enforcement of insider trading prohibitions, emphasizing evidence-based liability determinations and serving as a reminder for firms to strengthen insider monitoring and training programs. It matters because it highlights the risks of coordinated insider networks and the importance of robust compliance frameworks to mitigate personal and corporate exposure.
What Changed
This is an enforcement decision, not a regulatory amendment, so there are no new rules or requirements introduced. It reaffirms existing obligations under MAR Articles 7 (prohibition of insider dealing), 8 (unlawful disclosure of inside information), 10 (public disclosure of inside information), 14 (abuse of inside information), 17 (fair presentation and disclosure), and 19 (PDMR transactions), as well as AMF General Regulations Articles 223-9 and 221-3.
Suggested Considerations
- Review and update insider trading policies to align with AMF Position-Recommendation No. 2016-08, including clear inside information definitions, blackout notifications, and extensions to all insiders.
- Implement or strengthen training on MAR prohibitions, insider network risks, and whistleblowing mechanisms, especially for those handling M&A, results announcements, or advisor roles.
- Monitor and log gifts, donations, transactions in derivatives/index products, and PDMR dealings; notify insiders of blackouts via Insider Trading Committee.
- Enhance surveillance for coordinated trading patterns pre-announcements (e.g., takeover bids, results).
- For listed firms: Submit periodic/ongoing disclosures outside transactions via AMF portal and ensure compliance function oversees disciplinary measures.
Key Dates
Certain amendments in sample insider policies apply (e.g., enhanced disclosures)
PDMRs must report securities transactions to issuer and AMF
Statutory blackout period for PDMRs
Recommended blackout for insiders per AMF guidance
Compliance Impact
Urgency: Medium. This reinforces longstanding MAR rules without new mandates, but the acquittal of two individuals signals AMF's focus on provable evidence, reducing overreach risks while heightening scrutiny on networks. It matters amid rising organized crime threats (AMF 2024 report), prompting immediate policy reviews to avoid fines, especially with EU MAR amendments (Regulation 2024/2809 effective 4 Dec 2024).
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Asset ManagerBankAll Firms
Appointment AMF activity Retail investors Journalists France Mayer appointed Retail Investor Relations and Protection Director at the Autorité des Marchés Financiers
Asset ManagerWealth ManagerBank
Long term investment Equity ETF Retail investors Professional investors Journalists Dashboard of retail investors active on the stock market: sharp increase in retail ETF activity in Q1 2024
Asset ManagerBroker DealerWealth Manager
Financial disclosures & corporate financing Equity Journalists Listed companies and issuers Amendment to the AMF General Regulation makes "retail" tranche optional for initial public offerings
Broker Dealer
Asset management Europe & international Journalists Investment management companies Austrian, French, Italian and Spanish financial market authorities give their key priorities for a macro-prudential approach to asset management
Asset ManagerBankBroker Dealer
Fees Collective investments Shares ETF Less expensive investment funds for savers in 2023 according to the AMF's Household Savings Newsletter
Asset ManagerWealth ManagerBank
Professional certification AMF activity Journalists The Autorité des Marchés Financiers announces the new composition of the Financial Skills Certification Board
Asset ManagerBroker DealerBank
Appointment AMF activity Journalists Pauline Briand joins the Autorité des Marchés Financiers (AMF) as Head of Communications
Asset ManagerBankBroker Dealer Warning Savings protection Warning Miscellaneous assets The AMF is warning the public against several companies proposing atypical investments without being authorised to do so
Asset ManagerWealth ManagerBroker Dealer
Appointment Sanctions & settlements Journalists Valérie Michel-Amsellem becomes Chair of the AMF Enforcement Committee
This AMF publication announces the appointment of Valérie Michel-Amsellem as the new Chair of the AMF Enforcement Committee, the independent body responsible for imposing sanctions in financial market violations. It matters for compliance professionals because leadership changes in enforcement can signal shifts in sanctioning priorities, rigor, or focus areas, potentially influencing how firms approach risk management and remediation. While no immediate policy changes are introduced, monitoring the new Chair's tenure is essential given the Committee's role in upholding market integrity.
What Changed
There are no substantive regulatory changes, new requirements, or amendments to the AMF General Regulation outlined in this announcement. The publication solely details an internal governance appointment within the AMF's structure, where the Enforcement Committee maintains its established autonomy for sanction decisions, separate from the AMF Board. This aligns with prior affirmations of the Committee's independence, as upheld in ECHR rulings on its impartiality.
Suggested Considerations
- Review backgrounds of key AMF personnel, including Valérie Michel-Amsellem, for insights into enforcement trends (e.g., via AMF governance pages: https://www.amf-france.org/en/amf/our-organisation/our-governance).
- Enhance internal monitoring of AMF sanction releases (https://www.amf-france.org/en/news-publications/news-releases/enforcement-committee-news-releases) to track patterns under new leadership.
- Conduct gap analyses on compliance programs for high-risk areas like market abuse, given the Committee's sanction powers up to €100 million or 10x profits.
Key Dates
- Appointment takes effect upon announcement, with no disclosed transition period
Compliance Impact
Urgency: Low - This personnel change does not impose new obligations or alter existing rules, posing minimal immediate risk. It matters indirectly for long-term strategy, as the Chair could steer enforcement toward stricter penalties or novel interpretations of obligations (e.g., as analyzed in historical sanction studies: https://faculty-research.ipag.edu/wp-content/uploads/recherche/WP/IPAG_WP_2014_072.pdf).
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Asset ManagerBroker DealerBank Appointment Sanctions & settlements Journalists Appointements to the AMF Enforcement Committee
This AMF publication announces the partial renewal of the Enforcement Committee, including four new appointments, two reappointments, and the subsequent election of Valérie Michel-Amsellem as Chair on 28 February 2024. It matters for compliance professionals as changes in committee composition can influence enforcement priorities, sanction severity, and interpretations of financial regulations under AMF jurisdiction.
What Changed
There are no new regulatory requirements or substantive changes to laws; this is an administrative renewal of the Enforcement Committee's membership. Key developments include: new members Jean-Claude Hassan (Vice-President of the Council of State appointee, also chairs second section), Xavier Samuel (Court of Cassation appointee), Sophie Langlois and Aurélien Soustre (Ministerial appointees); reappointments of Anne Le Lorier and Ute Meyenberg.
Suggested Considerations
- Amsellem's prior roles in economic regulation and Court of Cassation) to anticipate enforcement trends; update internal AMF monitoring dashboards with new committee details; assess ongoing investigations or settlements for potential impact from refreshed perspectives.
Key Dates
- Ministerial order appointing new and reappointed members
- Publication of the ministerial order
- Composition published in the Official Journal
- First meeting; election of Valérie Michel-Amsellem as Chair and Jean-Claude Hassan as second section Chair
Compliance Impact
Urgency: low - This personnel change poses minimal immediate risk but signals potential evolution in enforcement tone under new leadership experienced in sanctions and regulation (e.g., Michel-Amsellem's appellate background). It matters longer-term for firms in protracted AMF proceedings, as committee decisions on sanctions and settlements directly affect penalties and reputational harm.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Asset ManagerBroker DealerBank AMF activity Appointment Journalists Ten new key figures admitted to the Board of the Autorité des Marchés Financiers
Asset ManagerBroker DealerBank
Derivatives or structured products EMIR Refit: Update of the AMF website on notifications forms
Asset ManagerBroker DealerBank
Europe & international Periodic & ongoing disclosures The European single access point for financial and non-financial information on European entities (ESAP) enters its implementation phase
Asset ManagerBankBroker Dealer
Sustainable Finance Periodic & ongoing disclosures Journalists Listed companies and issuers AMF publishes an educational guide on companies’ climate transition plans prepared by its Climate and Sustainable Finance Commission
Asset ManagerWealth Manager
Periodic & ongoing disclosures Sustainable Finance Consequences from 2024 of the transposition of the CSRD for large listed companies
Asset ManagerBankWealth Manager
Supervision Investment services Journalists Investment services providers AMF encourages investment services providers to strengthen their procedures for handling client complaints
Asset ManagerWealth ManagerBroker Dealer
Sanctions & settlements Journalists The AMF Enforcement Committee clears twelve individuals for insider dealing breaches
All Firms
Sanctions & settlements Disclosure Obligations Journalists Listed companies and issuers The AMF Enforcement Committee fines seven people, four for price manipulation and three for failing to comply with reporting obligations
Broker DealerWealth Manager
Strategy Supervision Institutional Other professionals Executive & other private individuals Fintech Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services...
Asset ManagerBroker DealerFintech Sanctions & settlements professional obligations Other professionals Journalists AMF Enforcement Committee fines a financial investment advisor and its director for breach of professional obligations
The AMF Enforcement Committee imposed sanctions on SPI (a financial investment advisor) and its director Vincent Rhodes on 9 January 2024 for breaching professional obligations. This case demonstrates the AMF's enforcement priorities regarding advisor conduct standards and establishes precedent for disciplinary action against both firms and individual managers who fail to meet regulatory requirements.
What Changed
- The decision does not introduce new regulatory requirements but rather clarifies enforcement of existing professional obligations for financial investment advisors.
- Comply with all applicable laws and regulations governing financial investment advisory activities
- Maintain professional standards in their dealings with clients and regulators
- Ensure their directors and managers operate within regulatory boundaries
The enforcement action reflects the AMF's interpretation and application of existing professional conduct standards rather...
Suggested Considerations
- *For Financial Investment Advisors:
- *Review compliance frameworks - Audit existing policies and procedures against the professional obligations that triggered this enforcement action
- *Enhance governance controls - Implement systems to ensure directors and senior management comply with regulatory requirements
- *Document compliance - Maintain records demonstrating adherence to professional conduct standards
- *Staff training - Ensure all personnel understand the scope of professional obligations and consequences of breach
Key Dates
- AMF Enforcement Committee decision imposing sanctions on SPI and Vincent Rhodes
- 2-year temporary ban on both respondents from exercising financial investment advisor activities commenced following the decision
Compliance Impact
Urgency: HIGH
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Wealth ManagerBroker DealerAsset Manager
Markets MAR Corporate action Shares Market manipulation identified and reported by the AMF sanctioned by the Paris Tribunal Correctionnel
All Firms
Sanctions & settlements Disclosure Obligations Journalists Listed companies and issuers The AMF Enforcement Committee fines a former manager of a listed company for failing to disclose inside information as soon as possible and for failing to disclose major shareholdings
The AMF Enforcement Committee imposed a fine on a former manager of a listed company for two violations: failing to disclose inside information to the public as soon as possible under Article 17 of the EU Market Abuse Regulation (MAR), and failing to disclose major shareholdings as required by French regulations. This enforcement action underscores the AMF's strict enforcement of market abuse rules, emphasizing personal accountability for executives in ensuring timely transparency to prevent insider trading risks and maintain market integrity. Compliance teams should review it as a reminder of heightened scrutiny on disclosure delays and threshold crossings.
What Changed
- This is not a regulatory change but an enforcement decision reinforcing existing obligations under MAR and AMF General Regulation:
- Inside information disclosure: Issuers must publicly disclose inside information "as soon as possible" per Article 17 MAR, unless specific delay conditions are met (legitimate interest,...
- Major shareholdings disclosure: Persons crossing legal or statutory thresholds in listed companies must declare to the issuer and AMF promptly, based on Article L.
- Supporting rules include Article 315-1 AMF GR mandating "information barriers" (walls) for investment firms to control inside information circulation, prohibiting unauthorized disclosure except under...
Suggested Considerations
- Implement/maintain information barriers per Article 315-1 AMF GR: Identify inside info holders, physically separate entities, prohibit unauthorized disclosure (notify compliance officer for exceptions), and log cross-entity assistance.
- Assess information promptly: Disclose inside info "as soon as possible" or delay only if all three MAR conditions met; notify AMF post-delay.
- Declare major shareholdings immediately upon threshold crossing to issuer/AMF; ensure custodians comply with identity disclosure requests.
- Use professional information providers for dissemination to ensure wide, secure EU reach; archive on company website.
- Train executives on insider lists, transaction reporting (within 3 days if >€20k/year), and penalties (up to €100m fines, criminal sanctions).
Key Dates
- Managers/PDMRs must report securities transactions to issuer and AMF if annual total exceeds €20,000
- Custodians must respond to Euroclear France/AMF requests for shareholder identity on threshold crossings
Compliance Impact
Urgency: High - This matters due to personal fines on managers, signaling AMF's aggressive enforcement of MAR since 2016, with rebuttable presumptions against executives for insider misconduct unless proven otherwise. Firms face reputational risk, investigations, and cascading liabilities (e.g., €10-100m fines, 2-year imprisonment). Review disclosure protocols now to avoid similar sanctions, especially amid ESMA/AMF focus on timely transparency.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
All Firms
Long term investment Collective investments Shares Retail investors Journalists Equity investment: intentions on the rise again, driven by young people
Asset ManagerWealth ManagerBroker Dealer
Asset management UCIT Collective investments The AMF updates its policy on disclosures by collective investment schemes incorporating non-financial methods
Asset ManagerWealth ManagerAll Firms
Governance Periodic & ongoing disclosures Journalists Listed companies and issuers AMF proposes enhanced investor information when evaluating boards of listed companies
Asset ManagerWealth ManagerBank Markets Institutional Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services providers Investment management companies Listed companies and issuers The AMF presents...
Asset Manager
Sanctions & settlements Journalists Listed companies and issuers The AMF Enforcement Committee fines Visiomed and its former directors, Éric Sebban and Olivier Hua, for market manipulation. It also fines Negma Group Ltd for breach of its reporting obligations
The AMF Enforcement Committee imposed fines on Visiomed and its former directors Éric Sebban and Olivier Hua for market manipulation, and on Negma Group Ltd for failing to meet reporting obligations. This enforcement action underscores the AMF's rigorous enforcement of market abuse rules under EU Regulation 596/2014 (MAR), serving as a critical reminder for listed companies, directors, and major shareholders to prioritize compliance with manipulation prohibitions and threshold crossing disclosures. It matters because it demonstrates personal liability for executives and ongoing scrutiny of disclosure failures, potentially influencing enforcement trends in 2026 amid strengthened AMF powers.
What Changed
This is an enforcement decision rather than new regulatory changes, reinforcing existing requirements under MAR (Regulation (EU) No 596/2014), transposed into AMF's General Regulation (Book VI on market abuse). It highlights prohibitions on market manipulation (e.g., disseminating false or misleading information or engaging in fictitious transactions to influence prices) and mandatory reporting of shareholdings crossing 5% thresholds or changes therein for listed issuers.
Suggested Considerations
- Conduct internal audits: Review past and current communications, trading patterns, and disclosures for manipulation risks or unreported positions.
- Enhance monitoring systems: Implement surveillance for market abuse, including automated tools for detecting unusual trading or information dissemination.
- Train personnel: Educate directors, compliance teams, and traders on MAR prohibitions and reporting thresholds; report suspicions via AMF forms.
- Update policies: Ensure prompt filing of threshold declarations (e.g., within 4 trading days for >5% holdings) and consistency with prospectus rules.
- Cooperate with regulators: Prepare for AMF investigations, leveraging potential penalty reductions for early cooperation as per emerging powers.
Key Dates
- End of MiCA transitional period, with AMF focusing on crypto-asset market abuse alignment (indirect relevance via MAR enforcement)
- AMF General Regulation updates effective, enhancing MAR-related reporting procedures (e.g., Title V on failings reporting)
- Report suspicious transactions (insider dealing or manipulation) to AMF without delay
Compliance Impact
Urgency: High - This action signals intensified personal accountability for executives in market manipulation cases, amid AMF's 2026 focus on market integrity and new tools like expanded data access and injunctions with penalty payments. Firms must act swiftly to fortify controls, as non-compliance risks substantial fines, reputational damage, and bans, especially with AMF's observed rise in "insider networks" and enforcement expansions.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
All Firms
Asset management UCIT The AMF releases a research paper on French bond funds' flow-performance relationship
Asset ManagerBankBroker Dealer
Sanctions & settlements Journalists The AMF Enforcement Committee fines a French tied agent of a Cypriot investment services provider and its manager for breaches of their professional obligations
The AMF Enforcement Committee fined France Safe Media (FSM), a French tied agent of Cypriot provider VPR Safe Financial Group Limited (Alvexo platform), €300,000 and imposed a 10-year ban from tied agent activities and reception/transmission of orders (RTO) services, while its manager Lior Mattouk received a €100,000 fine and similar 10-year ban, for breaches occurring January 2019–September 2021. This decision, dated 10 November 2023 and upheld by Conseil d'Etat on 16 June 2025, underscores AMF's strict enforcement of professional obligations for tied agents marketing high-risk CFDs, emphasizing staff qualifications, client assessments, risk warnings, disclosures, and diligence. It matters for cross-border intermediaries as it highlights personal liability for managers and the finality of sanctions post-appeal, signaling heightened scrutiny on CFD promotion and tied agent compliance in France.
What Changed
- This is an enforcement action, not a new regulation, but it clarifies and reinforces existing requirements under French rules implementing MiFID II for tied agents:
- Staff qualifications: Tied agents must verify sales staff have minimum qualifications and knowledge; post-hoc inadequate tests do not suffice.
- Client knowledge/experience assessment: Questionnaires must be robust, with appropriate scoring; account managers cannot interfere (e.g., by prompting answer changes).
- Promotional communications: CFD ads must include prominent risk warnings; bans on promoting non-limited-risk CFD accounts must be followed; banners lacking warnings violate rules.
- Status disclosure: Clients/potential clients must be informed of tied agent status and principal's identity upon first contact.
Suggested Considerations
- Conduct gap analysis: Review staff training/qualification records, client assessment processes (questionnaires, scoring, non-interference controls), promotional materials for risk warnings, and disclosure scripts for tied agent status.
- Enhance manager oversight: Implement personal accountability frameworks aligning with senior managers' regimes; document diligence/audit trails.
- Audit CFD marketing: Ensure all ads comply with CFD retail restrictions (e.g., limited-risk accounts only); test client knowledge processes for robustness.
- Training programs: Roll out mandatory training on MiFID II tied agent rules, with pre-hire testing and ongoing monitoring.
- Cross-border review: Non-EU principals (e.g., CySEC-licensed) should audit French tied agents for alignment with host-state rules.
Key Dates
- AMF Enforcement Committee decision SAN-2023-15 imposing fines and bans
- French version of press release published
- Conseil d'Etat judgment (n° 490826) dismissing appeals by FSM and Mattouk, confirming sanctions and ordering €4,000 costs to AMF
Compliance Impact
Urgency: High – Though dated (2019–2021 breaches), the 2025 appeal dismissal makes sanctions final, serving as a binding precedent for tied agents amid AMF's ongoing CFD enforcement wave (e.g., parallel fines on providers like CIC banks). It elevates personal risk for managers and signals intensified audits on client protection in high-risk products, critical for France-facing FX/CFD firms to avoid €100k–€400k fines and 10-year bans, especially post-MiFID II retail curbs.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Broker DealerWealth ManagerAll Firms
Sanctions & settlements Journalists The AMF Enforcement Committee fines two individuals for insider dealing breaches
The AMF Enforcement Committee fined two individuals for insider dealing breaches, highlighting the regulator's focus on prohibiting the use of non-public, price-sensitive information in securities transactions. This enforcement action underscores the AMF's rigorous application of market abuse rules under the Market Abuse Regulation (MAR), serving as a deterrent and educational tool for market participants. Compliance teams should note it as evidence of ongoing scrutiny, with fines reflecting the severity of breaches involving direct trading on inside information.
What Changed
This is an enforcement decision, not a regulatory change; it reaffirms existing requirements under EU MAR (Regulation (EU) No 596/2014), transposed into French law via the French Monetary and Financial Code. Key principles upheld include: (i) prohibition on using inside information for trading (Article 14 MAR), (ii) assessing breaches via indicators like transaction timing, atypical volume, order placement methods, and implausible justifications, and (iii) liability for both primary insiders and those receiving information through plausible channels.
Suggested Considerations
- Enhance surveillance: Implement real-time transaction monitoring for atypical patterns (e.g., timing near announcements, high conviction trades), using tools to flag urgency or unusual order methods.
- Insider list management: Issuers must diligently maintain/update lists under Article 18 MAR, with PDMR disclosures within 3 business days of transactions.
- Training programs: Mandatory annual training on MAR definitions (inside information as precise, non-public data likely to significantly affect prices), disclosure prohibitions, and whistleblower reporting.
- Policies and procedures: Update insider trading policies to cover inducement/recommendation chains (e.g., family/partner risks); conduct pre-clearance for PDMR trades.
- Audit and testing: Perform annual compliance audits on insider handling, with remediation for gaps; prepare for AMF investigations by documenting justifications for suspicious trades.
Compliance Impact
Urgency: High – While not a rule change, the AMF's frequent enforcement (multiple 2023-2026 cases with fines up to €1M) signals intensified focus on insider dealing amid M&A and earnings seasons, risking reputational damage, personal liability, and business bans. Firms must prioritize surveillance upgrades to mitigate civil/criminal risks, especially with strengthened AMF powers proposed in 2025 legislation.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Broker DealerAll Firms
Long term investment Risk and Trend Mapping Retail investors Professional investors Journalists Investment management companies Listed companies and issuers Gamification tends to increase investment risk-taking, according to behavioural...
Asset ManagerWealth ManagerBroker Dealer
Long term investment Equity Journalists Investment services providers Investment management companies Listed companies and issuers An OECD study for the AMF profiles new French retail investors
Asset ManagerWealth ManagerBroker Dealer
Cooperation Fintech Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services providers Investment management companies Listed companies and issuers The AMF and the US...
Asset ManagerBroker Dealer
Appointment Institutional AMF activity Other professionals Executive & other private individuals Retail investors Fintech Professional investors Journalists Investment services providers Investment management...
Asset ManagerBankBroker Dealer Asset management MIFID Financial services providers MiFID II product governance requirements: the AMF applies the updated ESMA guidelines
Asset ManagerBroker DealerBank
MiCA Crypto-assets Innovation Markets in crypto-assets: publication of the MiCA regulation
Crypto ExchangeFintechBank
Innovation Markets Decentralised Finance (DeFi): IOSCO publishes its consultation report
The AMF publication announces IOSCO's consultation report on Decentralised Finance (DeFi), highlighting ongoing global efforts to regulate DeFi activities under IOSCO's 2023 policy recommendations. This matters for compliance professionals as it signals intensifying scrutiny on DeFi platforms for investor protection, market integrity, and financial stability risks, potentially leading to harmonized rules that bridge traditional finance and crypto assets. Firms involved in DeFi must monitor this to align with emerging "same risk, same rule" standards across jurisdictions.
What Changed
No immediate binding regulatory changes are introduced, as this is a consultation report tied to IOSCO's 2023 DeFi Recommendations and a 2025 Thematic Review assessing implementation progress. Key focuses include enhanced regulatory cooperation (Recommendation 11), addressing gaps in enforcement for Crypto Asset Service Providers (CASPs), and applying CDA Policy Recommendations to DeFi for risks like financial stability, investor protection, and market integrity. Progress is noted in legal frameworks, but challenges persist in cross-border cooperation and enforcement beyond CASPs.
Suggested Considerations
- Review and comment: Submit feedback on IOSCO consultations by early February 2026 to influence final guidance on DeFi risks.
- Gap analysis: Assess current operations against IOSCO's 10 Assessed Recommendations (e.g., market integrity, investor protection, cross-border cooperation) and FSB frameworks, noting reforms underway.
- Enhance compliance: Implement AML mechanisms for DeFi (e.g., on-chain identity attestations), improve cybersecurity, business continuity, and enforcement powers for CASPs.
- Monitor cross-border: Leverage IOSCO MMoU for cooperation and prepare for global CASP supervision.
- Pilot participation: Explore EU DLT Pilot Regime or similar sandboxes for compliant DeFi activities.
Key Dates
- Cut-off date for assessing Participating Jurisdictions' regulatory frameworks in IOSCO's Thematic Review
- Publication date of FSB and IOSCO reports assessing crypto-asset and stablecoin implementation, including DeFi elements
- IOSCO consultation comment deadline on related reports (e.g., FMIs’ management of general business risks)
- CPMI-IOSCO consultation comment deadline on FMIs’ general business risks guidance, relevant to DeFi infrastructure
Compliance Impact
Urgency: High – While not yet binding, the report underscores incomplete global implementation (e.g., enforcement gaps, regulatory arbitrage risks), with IOSCO/FSB calling for swift action amid 2025-2026 reviews. This matters as DeFi's growth amplifies systemic risks, prompting "same risk, same rule" enforcement; firms risk non-compliance fines, operational restrictions, or lost innovation opportunities without proactive alignment.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Asset ManagerCrypto ExchangeFintech Sanctions & settlements Journalists Listed companies and issuers The AMF Enforcement Committee fines Rallye and its chief executive officer, Franck Hattab, for market manipulation
The AMF Enforcement Committee sanctioned listed company Rallye and its former CEO Franck Hattab for market manipulation via dissemination of false or misleading information about Rallye's liquidity position on 11 occasions across 14 communications from March 2018 to May 2019, in violation of Articles 12.1(c), 12.4, and 15 of the EU Market Abuse Regulation (MAR). Rallye was fined €25 million and Hattab €1 million due to the repetition of breaches, prior AMF warnings, and potential investor harm from artificially inflated share prices. This case matters as it demonstrates AMF's aggressive enforcement of MAR disclosure rules, holding both issuers and senior executives personally liable for financial communications that misrepresent key risks like liquidity.
What Changed
This is an enforcement decision, not a regulatory change; it reinforces existing MAR requirements prohibiting dissemination of false or misleading information likely to artificially affect financial instrument prices. Key interpretations include: (i) describing liquidity as "solid" or "very solid" despite dependency on volatile subsidiary (Casino) shares and hidden risks (e.g., €400-600M liquidity shortfall, concealed loans) constitutes manipulation; (ii) issuers are strictly responsible for communications by representatives like CEOs; (iii) repetition across multiple media (e.g.,...
Suggested Considerations
- Review historical/current financial communications for liquidity/debt portrayals; ensure they explicitly address dependencies (e.g., on subsidiary performance) and avoid unqualified positives like "solid liquidity" amid volatility.
- Enhance governance: Implement pre-approval processes for CEO/issuer statements on material risks; document awareness of true risk profiles.
- Training: Senior managers regime-style programs on MAR personal liability for misleading info, emphasizing repetition risks.
- Audit trails: Maintain evidence of internal deliberations on disclosures to defend against "knew or should have known" findings.
- Monitor appeals: Track Rallye's challenge, as outcomes may clarify MAR scope (e.g., https://www.marketscreener.com/insider/FRANCK-HATTAB-A1NUTV/ for updates).
Key Dates
19, 2023; - Rallye appeals the AMF decision
- Prior AMF Deputy Secretary General warning to Rallye on financial communication quality, specifically liquidity risk presentation
May 15, 2019; - Period of infringing communications (11 occasions, 14 media)
(inferred from context) - AMF Enforcement Committee decision imposing fines
Compliance Impact
Urgency: High - Reinforces personal accountability for executives in debt-heavy listed firms, with fines scaled to repetition and centrality of misrepresented risks (liquidity as Rallye's primary exposure). Matters amid ongoing Casino restructuring (€6.4B debt), signaling AMF scrutiny of retail sector holdings; non-EU firms cross-listed or dealing in French markets face similar MAR exposure via EU-wide rules.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
All Firms
Investment services Investment service: amendment of the French definition of reception and transmission of orders
Asset ManagerBroker DealerWealth Manager
Fixed income Markets Financial services providers The AMF publishes a study on the margins applied by brokers in the French bond market
Broker DealerBank
Crypto-assets Innovation Market infrastructures Post-trading infrastructures Market infrastuctures on blockchain technology: adaptation of the French securities laws
BankFintechCrypto Exchange
Regulatory developments Post-trading infrastructures Market infrastructures Central counterparties’ recovery and resolution: AMF complies with ESMA guidelines
Asset ManagerBroker DealerBank
Long term investment Equity Retail investors Journalists Close to 40% of new equity investors are under 35
Asset ManagerWealth ManagerBroker Dealer
Periodic & ongoing disclosures Sustainable Finance Regulatory developments The AMF responds to the European Commission’s public consultation on the draft European sustainability reporting standards
The AMF's response to the European Commission's public consultation advocates for simplified European Sustainability Reporting Standards (ESRS) under the CSRD, emphasizing retained quality in climate reporting, interoperability with ISSB standards, and proportionality while opposing overly complex materiality assessments. This matters for compliance professionals as it signals upcoming ESRS revisions that could reduce reporting burdens but maintain investor-focused disclosures, influencing 2026-2028 sustainability statements for listed firms and financial institutions. https://www.amf-france.org/en/news-publications/news/amf-responds-european-commissions-public-consultation-draft-european-sustainability-reporting
What Changed
- - Simplified ESRS Structure: EFRAG's draft reduces mandatory datapoints by 57-71% and ESRS length by 55%, focusing on materiality, fair presentation, and quantitative data while streamlining double...
- Materiality Assessment: AMF opposes assessing impact materiality post-mitigation (prefers "gross" approach for relevance and consistency) but supports specifying impacts, risks, or opportunities per...
- Climate Reporting: AMF regrets removal of "net-zero" target definition (requiring 90-95% gross GHG reduction trajectory) and seeks harmonization for financial actors; supports Option 1 for...
- Reporting Reliefs: Introduces "undue costs or efforts" exemptions (e.g., for metrics except Scope 3 GHG), with AMF recommending time-bound limits; further simplification proposed for social metrics...
- Interoperability: AMF stresses alignment with ISSB, accepting some EU-specific divergences for simplification.
Suggested Considerations
- Review and refresh double materiality assessments using "gross" impacts, specifying risks/opportunities per topic.
- Retain "net-zero" definitions in climate plans if used; prepare quantitative climate financial effects data (Option 1).
- Evaluate "undue costs" reliefs for non-climate metrics, documenting with time-bound justifications.
- Monitor EFRAG/EC updates post-November 2025; test voluntary simplified ESRS in 2026 cycles.
Key Dates
EFRAG submits simplified ESRS draft for consultation. https://www.amf-france.org/en/news-publications/news/corporate-sustainability-reporting-amfs-response-efrags-consultation-simplification-european
EFRAG consultation closes. https://www.amf-france.org/en/news-publications/news/corporate-sustainability-reporting-amfs-response-efrags-consultation-simplification-european
EFRAG presents technical advice to European Commission. https://www.amf-france.org/en/news-publications/news/corporate-sustainability-reporting-amfs-response-efrags-consultation-simplification-european
Potential ESRS adoption deadline. https://www.amf-france.org/en/news-publications/depth/csrd-sustainability-reporting
Voluntary use of simplified standards possible if legislative timeline allows. https://www.amf-france.org/en/news-publications/news/corporate-sustainability-reporting-amfs-response-efrags-consultation-simplification-european ; https://www.amf-france.org/en/news-publications/depth/csrd-sustainability-reporting
Compliance Impact
Urgency: Medium – Revisions offer relief (e.g., 57%+ datapoint cuts) but require proactive preparation for voluntary 2026 use and mandatory 2027/2028; critical for 2025 reporters under current ESRS/"quick fix" to avoid enforcement. Matters due to AMF/ESMA supervision ramp-up, investor demands for comparable climate data, and ISSB alignment risks if divergences grow.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Asset ManagerBankAll Firms
Risk and Trend Mapping Markets Europe & international Asset management Other professionals Market Infrastructures Journalists Investment services providers Investment management companies Listed companies and issuers ...
Asset ManagerBroker Dealer
MAR Anti-money Laundering Pump-and-dump practice: market manipulation sanctioned by the Paris Tribunal Correctionnel
The Paris Tribunal Correctionnel sanctioned a pump-and-dump market manipulation scheme, where perpetrators artificially inflated small-cap stock prices via social media hype before selling off, violating France's Market Abuse Regulation (MAR). This enforcement action by the AMF underscores aggressive judicial backing for anti-manipulation efforts, signaling heightened scrutiny on coordinated trading schemes, especially in illiquid assets. Compliance teams must prioritize surveillance enhancements to mitigate similar risks amid rising digital promotion tactics.
What Changed
This is an enforcement decision rather than new legislation, reinforcing existing prohibitions under Regulation (EU) No 596/2014 (MAR) against market manipulation, including pump-and-dump tactics like false information dissemination and artificial price inflation . No novel regulatory requirements are introduced, but it exemplifies AMF's collaboration with courts for criminal sanctions, potentially increasing deterrence through public naming and fines. Related AMF General Regulation updates effective 30/06/2026 integrate MAR references and strengthen reporting of failings .
Suggested Considerations
- Enhance market abuse surveillance systems to detect coordinated trading, unusual volume spikes, and social media-driven hype in small-cap/illiquid assets.
- Implement staff training on recognizing pump-and-dump indicators, such as group chats luring investors with upside promises .
- Review client communications policies to block manipulative promotions; report suspicions under MAR Article L.634-1 procedures .
- For crypto firms, align with "enhanced" DASP registration and MiCA AML/CFT compliance to preempt manipulation sanctions .
- Conduct internal audits of trading patterns and escalate to AMF if risks identified.
Key Dates
- MiCA mandatory licensing for CASPs; pre-registered PSANs enter 18-month transition
- End of PSAN transitional period; full MiCA authorization required, with AMF oversight on manipulation risks
Compliance Impact
Urgency: High - This case demonstrates swift judicial enforcement (Tribunal Correctionnel conviction), amplifying personal liability for individuals in manipulation schemes and pressuring firms to bolster pre-trade/post-trade surveillance. It matters amid MiCA deadlines, as unlicensed crypto operators risk exclusion post-2026, with pump-and-dump flagged as a key abuse vector . Non-compliance invites AMF inspections, fines, and reputational damage in a litigious environment.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Broker DealerCrypto ExchangeAll Firms
Annual report Institutional Strategy AMF activity Retail investors Post-trade Infrastructures Journalists Investment management companies Listed companies and issuers Impact 2027: six main strategic guidelines for...
Asset ManagerWealth ManagerBank
Sanctions & settlements Journalists Investment services providers By two decisions, the AMF Enforcement Committee fines two investment services providers for breaches of their professional obligations
The AMF Enforcement Committee issued two decisions on 19 June 2023 fining Crédit Industriel et Commercial (€1 million) and Banque CIC Sud-Ouest (€250,000) for breaches of professional obligations in investment advisory services, including inadequate suitability assessments, client classification procedures, marketing of unsuitable instruments, and insufficient controls on costs and fees. This matters because it underscores AMF's strict enforcement of MiFID II-derived obligations, signaling heightened scrutiny on operational systems for client protection and potential for substantial fines based on breach duration and scale.
What Changed
- This is an enforcement action rather than new legislation, but it reinforces existing regulatory requirements under French Monetary and Financial Code and MiFID II transposition:
- Obligation to implement an effective operational system for assessing investment suitability in advisory services.
- Requirement for compliant client classification procedures aligned with regulations.
- Duty to market only financial instruments suited to client profiles.
- Mandate for effective control systems over investment advisory activities.
Suggested Considerations
- Conduct immediate gap analysis of investment advisory processes against AMF expectations for suitability assessments, client classification, product matching, and control systems.
- Enhance traceability and documentation of suitability checks, client categorizations, and cost disclosures to demonstrate operational effectiveness.
- Review and strengthen internal procedures for marketing instruments, ensuring alignment with client profiles and regulatory marketing authorizations (cross-reference to similar past cases).
- Implement or audit remedial measures, as considered in fine calculations, including staff training on professional obligations.
- Test controls for providing clear cost information to clients, avoiding misleading disclosures.
Key Dates
- AMF Enforcement Committee decisions issued, imposing fines and warnings
Compliance Impact
Urgency: High – Demonstrates AMF's willingness to impose multimillion-euro fines for systemic operational failures in core client protection areas, with penalties scaled by breach duration, number, and seriousness; firms with advisory services face elevated risk of audits or enforcement if controls are deficient.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Broker DealerWealth ManagerBank
Periodic & ongoing disclosures Sustainable Finance The AMF supports issuers in implementing new sustainability reporting obligations
Asset ManagerBankAll Firms
Crypto-assets Innovation Fintech Journalists The AMF publishes a discussion paper on Decentralised Finance (DeFi)
The Autorité des Marchés Financiers (AMF), France's financial markets regulator, published a discussion paper on June 19, 2023, outlining preliminary thoughts on regulatory challenges posed by Decentralised Finance (DeFi) activities on crypto-assets, inviting stakeholder feedback by September 30, 2023. A summary of responses was released on July 10, 2024, highlighting key themes like defining DeFi, distinguishing protocol types, and applying a "same activity, same risk, same regulation" principle. This matters for compliance professionals as it signals AMF's intent to develop proportionate DeFi oversight, balancing innovation with investor protection, AML/CTF risks, and market integrity amid evolving EU frameworks like MiCA.
What Changed
- This is a discussion paper and consultation, not binding legislation, so no immediate regulatory changes or requirements are imposed. Key discussion points include:
- Defining DeFi based on decentralization criteria (e.g., automation, network architecture, governance, lack of single points of failure).
- Distinguishing permissioned vs. permissionless protocols and public vs. private blockchains.
- Regulatory approaches to smart contracts (e.g., certification, varying responsibilities), open-source code, and governance.
- Adopting IOSCO recommendations: identify responsible persons (developers, DAOs), enforce risk management, disclosures, conflict-of-interest mitigation, and applicable laws.
Suggested Considerations
- Submit feedback (past deadline): Stakeholders could contribute by September 30, 2023, to innovation@amf-france.org.
- Monitor developments: Track AMF/ACPR follow-ups, including smart contract certification discussions.
- Conduct internal assessments: Analyze DeFi exposures using IOSCO criteria—identify responsible persons, risks (operational, AML/CTF), interconnections with TradFi, and ensure disclosures/conflict management.
- Enhance compliance programs: Prepare for proportionate rules on governance, cybersecurity, solvency, transparency; align with "same risk, same regulation" for DeFi-like activities.
- Engage stakeholders: Participate in AMF ecosystem dialogues at French/EU/international levels.
Key Dates
- AMF publishes initial discussion paper on DeFi regulatory issues
- Deadline for stakeholder contributions to the discussion paper
- AMF publishes summary of responses to the discussion paper
Compliance Impact
Urgency: Medium – This is non-binding consultation feedback without hard deadlines or rules, but it previews AMF's regulatory trajectory toward DeFi oversight, including AML/CTF enforcement and investor safeguards, amid MiCA rollout. It matters because DeFi's growth amplifies risks like pseudonymity-driven financial crime and market abuse, potentially triggering enforcement of existing laws; firms risk non-compliance if unprepared for "same risk, same regulation" application, especially with AMF's international push.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
FintechCrypto ExchangeAll Firms
Financial services providers Asset management Marketing European Crowdfunding Services Providers: the AMF publishes a position on marketing communications
Asset ManagerBroker DealerFintech
Investment advice MIFID Asset management MiFID II suitability assessment: the AMF applies the updated ESMA guidelines
Asset ManagerBroker DealerWealth Manager
Mediation Annual report Retail investors Journalists Investment services providers Investment management companies Listed companies and issuers The AMF Ombudsman publishes her 2022 Annual Report
Asset ManagerWealth ManagerBroker Dealer
Regulatory developments Post-trading infrastructures Market infrastructures Central counterparties’ recovery plan: AMF complies with ESMA guidelines on recovery plan indicators and scenarios
BankBroker DealerAll Firms
Asset management Sustainable Finance Organisational rules Reporting under Article 29 of the Energy-Climate Law: the AMF updates its policy on how to prepare and submit reports
Asset ManagerWealth Manager
Innovation Markets Derivatives or structured products The AMF revises position limits applicable to agricultural commodity derivatives
Broker DealerAll Firms
Savings protection Equity Savings Plan Shares Long term investment Retail investors Journalists Investment services providers Listed companies and issuers Equity savings plans : the AMF working group proposes avenues for...
Asset ManagerWealth ManagerBroker Dealer
Supervision MIFID Financial services providers Other professionals Journalists Investment services providers Provision of market data: the AMF conducts a series of SPOT inspections and identifies shortcomings in compliance with requirements
Asset ManagerBroker DealerWealth Manager
Asset management The Autorité des Marchés Financiers (AMF) has withdrawn the authorisation of the portfolio asset management company Quantology Capital Management
Asset Manager
Long term investment Equity Savings Plan Retail investors Journalists Slight recovery of retail investor activity in the stock market
Asset ManagerBroker DealerWealth Manager
Financial disclosures & corporate financing The AMF makes available to listed companies the English version of its recommendations and the results of its examination work of the financial statements
BankBroker DealerAsset Manager
Appointment AMF activity Institutional Journalists Laure Tertrais is appointed Head of the AMF Chair’s Executive Office with effect from 1 April 2023
Asset ManagerBankAll Firms
Collective investments Shares The AMF presents its proposals to improve the readability of financial product fees in European law
The Autorité des Marchés Financiers (AMF, France's financial markets authority) has proposed a new table for presenting subscription fees on financial instruments and an accompanying glossary to enhance investor readability and comparability, developed in collaboration with the Financial Sector Consultative Committee (FSCC) as input to the European Commission's Retail Investment Strategy. This matters because it targets reconciling MiFID 2 and PRIIPs disclosure requirements, which currently hinder clear fee communication, potentially influencing future EU-level amendments to improve retail investor protection without imposing new obligations.
What Changed
- - Alternative Fee Presentation Table: A proposed redesigned table for displaying costs associated with subscribing to financial instruments, emphasizing investor understanding rather than adding a...
- Glossary of Terms: A harmonized glossary defining key fee types, tested with non-professional investors using AMF consumer testing tools, to standardize terminology across professionals and aid...
- No changes to fee calculation methodologies; focus is solely on presentation and terminology.
Suggested Considerations
- Monitor and Respond: Review the proposed table and draft glossary (available in French); consider submitting feedback via FSCC or directly to European Commission consultations on Retail Investment Strategy.
- Internal Review: Assess current MiFID 2/PRIIPs fee disclosures for compatibility with the proposed format; prepare for potential regulatory evolution by mapping existing presentations to the new table.
- Testing and Training: Evaluate glossary integration into client communications; conduct internal consumer testing aligned with AMF tools if adopting early.
- No immediate obligations, as this is a non-binding proposal requiring EU law changes.
Compliance Impact
Urgency: Medium – This is a consultative proposal without firm deadlines or binding rules, but it signals likely EU-level shifts in fee disclosure under MiFID 2/PRIIPs, impacting retail investor-facing firms. It matters for proactive compliance, as early adoption of clearer formats could mitigate future enforcement risks amid Retail Investment Strategy scrutiny, especially given AMF's history of fee doctrine updates (e.g., turnover fee bans).
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Asset ManagerWealth ManagerBroker Dealer Sustainable Finance Asset management Sustainable Finance Disclosure Regulation: the AMF publishes a study on classifications and fossil fuel exposure in the French funds universe
Asset ManagerBankBroker Dealer
Sanctions & settlements Journalists The AMF Enforcement Committee fines the head of consolidation of a listed company for insider dealing
The AMF Enforcement Committee fined the head of consolidation at a listed company for insider dealing, highlighting the regulator's aggressive enforcement against misuse of privileged information by senior finance personnel. This case underscores the personal liability of executives with routine access to inside information and reinforces the need for robust internal controls in listed entities. Compliance teams should prioritize this as a reminder of heightened scrutiny on insider networks and trading restrictions.
What Changed
This is an enforcement decision, not a regulatory change, but it aligns with ongoing Market Abuse Regulation (MAR) requirements under EU rules transposed in France, including Article 17 prohibitions on insider dealing. No new requirements are introduced; it exemplifies application of existing rules like black-out periods (30 days before annual/interim results, 15 days for quarterly) and trading bans for insiders, as recommended by AMF Position-Recommendation No 2016-08.
Suggested Considerations
- Enhance insider lists and training: Maintain updated lists of permanent/occasional insiders; train on MAR Article 7/17 prohibitions, including risks of "insider networks" linked to organized crime.
- Implement/enforce black-out periods: Prohibit trading 30 days before annual/interim results and 15 days before quarterly info for executives and insiders; notify via Insider Trading Committee.
- Strengthen policies on gifts/invitations and whistleblowing: Formalize in codes of ethics; monitor for corruption risks in information sharing.
- Monitor and report transactions: PDMRs and related persons report within 3 days; firms oversee compliance function role in breaches.
- Conduct risk assessments: For consolidation teams' access to inside info; integrate AMF/AFA joint vigilance calls.
Key Dates
EU Regulation 2024/2809 enters into force; , amending MAR on inside information and disclosures
Certain amendments to insider trading policies apply; (e.g., in Groupe Casino policy)
AMF General Regulation updates take effect; , covering prospectuses and admissions
PDMRs must report transactions; to issuer and AMF
Compliance Impact
Urgency: High – This demonstrates AMF's focus on executive accountability in insider dealing, amid rising "insider networks" concerns noted in 2024/2025 reports, with joint AMF/AFA warnings amplifying detection risks. Firms face fines, reputational damage, and procedural enhancements under strengthened AMF powers (e.g., 2025 Labaronne bill), making immediate policy reviews essential for listed entities.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
All Firms
Long term investment Equity Retail investors Professional investors Journalists The AMF has produced the standard profile of active investors in 2022
Asset ManagerWealth ManagerBroker Dealer
Sustainable Finance Executive & other private individuals Journalists Listed companies and issuers Shareholder dialogue on environmental and climate issues
Asset ManagerBankBroker Dealer
Innovation Market infrastructures Post-trading infrastructures Market infrastructures on blockchain: Application of the EU DLT Pilot Regime from March 23rd
FintechCrypto Exchange
EMIR Termination of membership towards Indian central counterparties: a transition period planned for the French credit institutions
Bank
Financial disclosures & corporate financing Financial products Journalists Listed companies and issuers The AMF calls on listed companies to improve investor information regarding the risks incurred in the case of dilutive financing transactions
All Firms
Financial products Sustainable Finance Asset management Journalists Investment management companies The Sustainable Finance Disclosure Regulation: the AMF proposes a targeted review to include minimum environmental criteria
Asset ManagerWealth ManagerBank
Sanctions & settlements Journalists The AMF Enforcement Committee fines three legal entities and eight individuals for insider dealing breaches and failure to maintain and update insider lists
The AMF Enforcement Committee imposed fines totaling over €3 million on three legal entities and eight individuals in its 30 January 2023 decision for insider dealing in Terreïs shares based on two pieces of inside information, and for Terreïs's failure to maintain and update its insider list. This case matters because it exemplifies AMF's rigorous enforcement of market abuse rules under the Market Abuse Regulation (MAR), highlighting indicators like atypical trading timing, order placement methods, and information transmission channels that trigger sanctions, serving as a deterrent and educational tool for compliance programs.
What Changed
This enforcement decision does not introduce new regulatory changes or requirements; it applies existing obligations under French market abuse rules aligned with EU MAR (Regulation (EU) No 596/2014). Key reaffirmed requirements include: prohibiting the use, disclosure, or recommendation of inside information for trading; maintaining and regularly updating insider lists with details of persons having access to inside information; and ensuring issuers like Terreïs promptly detect and prevent breaches through robust surveillance.
Suggested Considerations
- Review and strengthen insider list management: Issuers must ensure lists are complete, updated in real-time for changes in access to inside information, and accessible for AMF inspections; Terreïs's €350,000 fine underscores non-compliance risks.
- Enhance market abuse surveillance: Implement systems to flag atypical trading (e.g., urgency, timing, order methods) and investigate plausible information channels; train staff on MAR prohibitions against use, disclosure, or inducement.
- Conduct insider trading risk assessments: Map primary/secondary insiders, including family/partners, and enforce pre-approval for trades during closed periods; document justifications for all transactions to counter AMF indicators.
- Update compliance training and policies: Incorporate case-specific lessons, such as high-confidence bets on price movements, into annual programs for directors, employees, and advisors.
Key Dates
- AMF Enforcement Committee decision date, imposing fines for insider dealing and insider list failures
Compliance Impact
Urgency: Medium - This 2023 decision reinforces longstanding MAR rules without new mandates, but its detailed analysis of enforcement indicators demands immediate policy reviews to mitigate fines up to €1M+ per breach. It matters for firms handling listed securities, as AMF prioritizes educational enforcement via public decisions, increasing scrutiny on insider lists and trading surveillance amid ongoing cases (e.g., 2024-2025).
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
All Firms
Long term investment Equity Equity Savings Plan Retail investors Journalists Investment services providers Investment management companies Listed companies and issuers Over 1.5 million retail investors bought or sold shares in...
Asset ManagerBroker DealerWealth Manager
Sustainable Finance Periodic & ongoing disclosures Publication of the new directive on corporate sustainability reporting (CSRD)
Asset ManagerBankBroker Dealer
Artificial intelligence Financial disclosures & corporate financing Innovation Prospectus Artificial intelligence, towards new contributions for regulators
Asset ManagerBroker DealerFintech
Strategy Executive & other private individuals Fintech Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services providers Investment management companies Listed companies and...
Asset ManagerBroker DealerFintech Warning Warning Savings protection The AMF warns the public against certain platforms proposing investments in real estate as "royalties"
Asset ManagerWealth ManagerFintech
Sanctions & settlements Journalists Investment management companies The AMF Enforcement Committee fines a portfolio asset management company for breaches of its professional obligations
The AMF Enforcement Committee imposed a €150,000 fine on **Inocap Gestion**, a portfolio asset management company, for multiple operational and compliance failures between 2022 and the enforcement decision date. This case demonstrates the AMF's enforcement priorities around liquidity risk management, market abuse detection systems, and anti-money laundering (AML/CFT) procedures—critical control areas that asset managers must operationalize effectively to avoid substantial penalties.
What Changed
- The decision does not introduce new regulatory requirements but rather clarifies enforcement expectations for existing obligations:
- Liquidity Risk Management: Asset managers must establish procedures that are both adequate in design and operational in practice, not merely documented
- Market Abuse Detection Systems: Surveillance systems must specify conditions for participation in market surveys and establish clear consequences for non-compliance
- AML/CFT Procedures: Risk mapping and client onboarding procedures must be sufficiently detailed to identify and assess money laundering risks, including beneficial owner identification and...
- Compliance Function: The compliance and internal control officer must actively centralize and monitor information on market abuse across the organization
Suggested Considerations
- assessments across these areas:
- *Liquidity Risk Management: Review procedures for adequacy and operational effectiveness; ensure they address fund-specific liquidity profiles and stress scenarios
- *Market Abuse Detection: Audit surveillance systems to confirm they specify participation conditions in market surveys and document consequences for violations
- *AML/CFT Compliance: Enhance risk mapping to capture money laundering typologies; strengthen client onboarding procedures to verify beneficial owners and screen for PEPs
- *Compliance Monitoring: Establish centralized processes for the compliance officer to aggregate and review market abuse information across all business lines
Key Dates
- Enforcement Committee decision date against Inocap Gestion
- The decision addresses historical breaches; however, firms should immediately remediate similar deficiencies
Compliance Impact
Urgency: HIGH
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Asset ManagerWealth Manager
Europe & international Savings protection Marie-Anne Barbat-Layani to chair ESMA's Investor Protection Standing Committee
Asset ManagerWealth ManagerBank
Institutional AMF activity Executive & other private individuals Retail investors Fintech Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services providers ...
Asset ManagerWealth ManagerAll Firms
Warning Savings protection Forex and binary options Crypto-assets Warning The AMF and the ACPR warn the public against the activities of several entities offering in France investments in Forex and in crypto-assets derivatives without being authorized to do so
BankFintechCrypto Exchange
Long term investment Shares Collective investments Retail investors Journalists The AMF’s latest savings barometer finds that the French are a little less inclined to invest in the stock market
Asset ManagerWealth ManagerBroker Dealer
Sustainable Finance Periodic & ongoing disclosures Executive & other private individuals Journalists Listed companies and issuers The AMF publishes two analyses of the information provided by listed companies under Taxonomy reporting and concerning the effects of...
Asset ManagerBank
Appointment Institutional AMF activity Other professionals Executive & other private individuals Fintech Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services...
BankAsset ManagerWealth Manager
Markets Financial disclosures & corporate financing The Autorité des marchés financiers (AMF) has requested the resumption of listing of ORPEA’s securities today
Asset ManagerBroker DealerBank
Sustainable Finance Governance Financing the economy Other professionals Executive & other private individuals Fintech Market Infrastructures Professional investors Journalists Investment services providers ...
Asset ManagerBankBroker Dealer Markets Periodic & ongoing disclosures The AMF has requested the suspension of ORPEA's financial instruments
On October 24, 2022, France's Autorité des marchés financiers (AMF) suspended all financial instruments (shares, debt securities, and related instruments) issued by ORPEA S.A., a major European care homes operator, pending disclosure of material information under the European Market Abuse Regulation. This enforcement action reflects serious governance and disclosure failures at a publicly listed company facing allegations of operational malpractice and undisclosed financial difficulties.
What Changed
- The AMF's suspension order represents a temporary halt to all trading in ORPEA's financial instruments across regulated markets.
- Financial covenant breaches: The company faced potential acceleration of €3.3 billion in financing lines due to anticipated breaches of "R1" and "R2" financial covenants.
- Asset impairments: Anticipated write-downs at December 31, 2022, related to a stalled real estate disposal program.
- Debt restructuring needs: €4.3 billion in unsecured debt requiring conversion or restructuring.
Suggested Considerations
- *For ORPEA (and comparable listed companies):
- *Immediate disclosure obligations: Publish a Regulated Information Service (RIS) announcement under MAR Article 17 disclosing all material information regarding financial difficulties, covenant breaches, and restructuring plans before trading resumes.
- *Ongoing periodic updates: Provide quarterly updates on conciliation procedure progress, covenant amendment status, and asset disposal program execution.
- *Governance remediation: Establish or strengthen disclosure committees with clear protocols for identifying and escalating material information within 24-48 hours of discovery.
- *Creditor communication: Maintain transparent dialogue with financial creditors regarding covenant amendments and restructuring timelines.
Key Dates
- AMF requests suspension of ORPEA's financial instruments before market opening
- Trading resumes upon market opening following ORPEA's disclosure of conciliation procedure and financial restructuring plan
- Q3 2022 revenue announcement (after market close)
- ORPEA to present detailed transformation plan to market
- Anticipated asset impairment recognition date
Compliance Impact
Urgency: CRITICAL
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
All Firms
Institutional AMF activity Executive & other private individuals Fintech Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services providers Investment management companies ...
Asset ManagerWealth ManagerAll Firms
Long term investment Shares Executive & other private individuals Retail investors Fintech Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services providers ...
Asset ManagerWealth ManagerBroker Dealer
Financial disclosures & corporate financing Financial products Executive & other private individuals Professional investors Journalists Listed companies and issuers The AMF publishes a study on the share price performance of companies using dilutive...
Asset ManagerBroker DealerWealth Manager
Governance Europe & international The AMF encourages French participants to provide feedback to ESMA’s call for evidence on the implementation of the Shareholders Rights Directive (SRD 2)
The AMF publication urges French market participants to submit feedback to ESMA's call for evidence evaluating the implementation of the Shareholder Rights Directive II (SRD II), which aims to enhance long-term shareholder engagement, transparency in voting processes, and issuer-shareholder dialogue across the EU/EEA. This matters for compliance teams as it signals ongoing regulatory scrutiny of SRD II transposition and operational compliance, potentially leading to harmonized amendments that could require process updates in shareholder identification, voting transmission, and engagement disclosures. French firms' input can influence future EU rules, mitigating risks of non-compliance with evolving standards.
What Changed
This AMF notice itself introduces no new regulatory changes; it promotes participation in ESMA's review of SRD II (Directive (EU) 2017/828), implemented via national laws by June 2019 and effective from September 3, 2020. SRD II's core requirements include: shareholder identification without delay, electronic/machine-readable transmission of voting and meeting information along the intermediary chain, confirmation of vote recording/counting, transparency on institutional investor and asset manager engagement policies/strategies, and extended scope to EEA-listed shares.
Suggested Considerations
- Submit feedback to ESMA: French participants must review ESMA's call for evidence and provide input on SRD II implementation challenges, such as intermediary processes, data transmission, and cross-border voting (immediate action urged by AMF).
- Review current compliance: Audit internal systems for SRD II adherence, including electronic formats (e.g., seev.008 messages, MT 260SRD mandates), vote confirmations, and engagement policy disclosures.
- Enhance processes if needed: Align with Implementing Regulation (EU) 2018/1212 for shareholder ID requests, meeting notifications, and voting (e.g., VOTACCESS adaptations for French market).
- Monitor ESMA/EC outputs: Prepare for potential rule changes from the review, such as harmonized documentation or deadlines.
Key Dates
- EU Member States' transposition deadline for SRD II into national law (e.g., France via law of May 22, 2019)
- SRD II go-live date for operational requirements like shareholder identification and voting processes
- European Commission request to ESMA/EBA for SRD II input, contextualizing ESMA's ongoing review
Compliance Impact
Urgency: Medium - SRD II has been live since 2020, so core compliance is established, but ESMA's review could trigger targeted amendments (e.g., operational standardization), especially for French intermediaries handling cross-border flows. This matters for avoiding supervisory findings in ongoing AMF/ESMA exams, as non-participation in feedback risks unaddressed pain points becoming enforceable rules; proactive input now supports influence over final outcomes.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Asset ManagerBroker DealerBank
Markets Executive & other private individuals Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services providers Investment management companies Listed companies and issuers ...
Asset ManagerBroker Dealer
Asset management The AMF updates its doctrine to facilitate the adoption of liquidity management tools
Asset ManagerWealth ManagerBank
Warning Miscellaneous assets Savings protection Warning The AMF is warning the public against several companies proposing atypical investments without being authorised to do so
Asset ManagerWealth ManagerBroker Dealer
AMF activity AMF Chair: Proposal to appoint Marie-Anne Barbat-Layani
This AMF publication announces a proposal to appoint Marie-Anne Barbat-Layani as Chair of the AMF, France's financial markets authority responsible for investor protection, market supervision, and regulatory enforcement. It matters for compliance professionals because leadership changes at key regulators like the AMF can signal shifts in enforcement priorities, supervisory focus, or policy directions affecting investment firms, asset managers, and market participants across the EU. While not imposing immediate rules, it warrants monitoring for potential impacts on ongoing consultations and governance expectations.
What Changed
No specific regulatory changes or new requirements are outlined in this publication, as it solely concerns a leadership appointment proposal rather than substantive rule amendments. The AMF's standard process for such proposals involves board review and government ratification, but no alterations to the General Regulation, policies, or compliance obligations are proposed here.
Suggested Considerations
- binding appointment proposal without compliance obligations. Recommended steps include:
- Monitor AMF website (https://www.amf-france.org) for ratification confirmation and any inaugural statements on priorities.
- Review existing AMF relationships and prepare for potential shifts in supervisory engagement.
- Update internal governance logs noting key regulator personnel changes.
Compliance Impact
Urgency: Low – This is a procedural leadership announcement with no immediate regulatory or operational impacts. It matters for long-term strategic planning, as the new Chair could influence AMF's approach to MiFID II implementation, sustainability integration, or enforcement, but firms face no urgent adjustments today.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Asset ManagerBroker DealerBank Warning Savings protection Forex and binary options Crypto-assets Warning The AMF and the ACPR warn the public against the activities of several entities offering in France investments in Forex and in crypto-assets derivatives without being authorized to do so
BankCrypto ExchangeFintech
Equity Savings Plan Long term investment Savings protection Retail investors Journalists The AMF creates a working group on equity savings plans (PEAs)
Asset ManagerWealth ManagerBank
Short selling Markets The AMF urges market participants to notify it of any anomalies found in net short position notifications
Broker DealerCrypto Exchange
Supervision Journalists Investment services providers The AMF publishes a summary of its SPOT inspections on simple, transparent and standardised securitisation
Asset ManagerBankBroker Dealer
MIFID Sustainable Finance Asset management Sustainability requirements in the distribution of financial instruments: update on upcoming legislation and its implementation dates
Asset ManagerWealth ManagerBank
Investment services Savings protection Europe & international Retail investors Investment services providers The AMF informs the public of the partial suspension by the CySEC of VPR Safe Financial Group Limited’s authorisation to operate in France
The AMF publication notifies the public of CySEC's August 3, 2022, decision to partially suspend VPR Safe Financial Group Limited's (operating as Alvexo) authorization to provide investment services in France, prompted by AMF findings of regulatory violations including misleading marketing, inadequate client suitability assessments, and poor tied agent oversight. This cross-border enforcement highlights escalating EU supervisory cooperation under MiFID II, serving as a warning for firms using tied agents in France. It matters for compliance as it underscores risks of AMF referrals leading to home-state suspensions, with subsequent developments including suspension revocation and full license withdrawal by September 2025.
What Changed
- This is an enforcement action rather than new rules, imposing specific prohibitions on VPR Safe Financial Group Limited in France:
- Ban on accepting new French clients or entering business relationships with them.
- Prohibition on advertising or marketing investment services to current or potential French clients, directly or via tied agent France Safe Media.
- Restriction on receiving new deposits from existing French clients, except to cover initial margins for open positions upon explicit client request.
These stem from suspected breaches of Cyprus'...
Suggested Considerations
- For VPR/Alvexo (during suspension): Cease all new client onboarding, advertising, and general deposits in France; complete pending transactions and return client funds/instruments; remediate tied agent oversight, marketing compliance, and suitability processes within two months.
- Client protection: Existing French clients retain rights to close positions and withdraw funds without hindrance.
Key Dates
- Two-month deadline for VPR to remediate compliance issues (from suspension date)
- CySEC issues partial suspension decision based on AMF findings, effective immediately for French operations
- CySEC fully withdraws VPR's CIF authorization pursuant to the firm's renunciation
- CySEC publicly announces license withdrawal
August 22, 2022 (exact date unspecified); - CySEC revokes partial suspension after demonstrated compliance
Compliance Impact
Urgency: Low (as of January 2026). The 2022 suspension is historical, resolved via revocation and superseded by full license withdrawal in 2025, posing no ongoing restrictions. It matters as a precedent for AMF-CySEC coordination on retail misconduct (e.g., CFD marketing, tied agents), urging firms to prioritize MiFID II conduct rules to avoid similar escalations; prior €100,000 CySEC fine in 2021 adds pattern risk for repeat offenders.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Broker DealerFintech
AMF activity Appointment Journalists End of the term of office of the AMF chairman and interim chairmanship
BankAsset ManagerBroker Dealer
Market infrastructures Post-trading infrastructures EMIR Common procedures and methodologies on supervisory review and evaluation process of CCPs under Article 21 of EMIR: the AMF complies with ESMA guidelines
BankBroker DealerAll Firms
Asset management Savings protection Journalists The AMF is conducting a consultation on the end of life of private equity funds intended for retail investors
The AMF is conducting a consultation on regulatory reforms governing the end-of-life management of retail private equity funds (FCPRs, FCPIs, and FIPs), with the objective of improving compliance with liquidation deadlines and enhancing investor protection through better information disclosure and operational safeguards. This initiative addresses systemic issues where fund managers have historically failed to respect contractual lifespan commitments, creating liquidity risks and investor communication failures.
What Changed
The AMF has amended its General Regulation and policy framework to implement several substantive requirements:
Liquidation Compliance & Warnings
A new Article 422-120-14-1 requires management companies to include a warning in promotional materials if, over the ten years preceding fund authorization, the company failed to respect the lifespan of at least 50% of retail or professional private equity funds under its management.
Suggested Considerations
- *For All Retail Private Equity Fund Managers:
- *Audit historical compliance with fund lifespan commitments over the preceding ten years to determine if warning requirements under Article 422-120-14-1 apply
- *Update promotional materials to include required warnings if materiality thresholds are met (managing/having managed at least one other retail PE fund and at least three funds that reached end-of-life)
- *Implement bank details collection for all funds established after December 5, 2024, incorporating requirements into subscription forms per Instruction DOC-2011-22
- *Establish prior notification procedures for substantial changes to fund structure, investment strategy, or operations, with one-month advance notice to the AMF
Key Dates
- Revised ELTIF Regulation came into application
- Enactment of Attractiveness Law No. 2024-537 (establishing 15-year maximum lock-up period)
- AMF decision approving amendments to General Regulation
- Effective date for new Article 422-120-16 (bank details collection requirement for newly established funds)
- Publication in Official Journal of the French Republic
Compliance Impact
Urgency: HIGH
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Asset ManagerWealth Manager
Regulatory developments Europe & international Sustainable Finance Periodic & ongoing disclosures AMF's response to the International Sustainability Standards Board’s consultation on the exposure drafts on international sustainability disclosures
The Autorité des Marchés Financiers (AMF), France's financial markets regulator, issued a position paper on July 27, 2022, responding to the International Sustainability Standards Board's (ISSB) consultation on exposure drafts for international sustainability disclosure standards (IFRS S1 and S2). This matters for compliance professionals as it signals France's push for global-EU interoperability in ESG reporting, influencing how firms align ISSB "investor-focused" standards with Europe's double-materiality CSRD/ESRS framework to avoid dual reporting burdens. https://www.amf-france.org/en/news-publications/amfs-eu-positions/amf-response-issb-consultation-exposure-drafts-sustainability-disclosure-standards; https://www.amf-france.org/sites/institutionnel/files/private/2022-07/Position%20paper%20ISSB%20AMF%20-%20July%202022_0.pdf
What Changed
- This is not a new regulation but AMF's recommendations to ISSB, emphasizing:
- Interoperability with EU standards: AMF urges alignment between ISSB's financial materiality approach and EFRAG's double-materiality (impact + financial) ESRS, including jurisdictional working groups...
- Broad ESG coverage: Calls for sector-agnostic standards beyond climate (e.g., full ESG spectrum via collaboration with EFRAG/GRI).
- Phased implementation: Suggests gradual rollout of detailed requirements (e.g., Appendix B in S2) and an ISSB "Transition Resource Group" like IASB's for IFRS 9/15/17 to aid implementation.
- Double-materiality advocacy: Prefers standards addressing all stakeholders, not just investors.
No binding changes; ISSB issued final IFRS S1/S2 in June 2023.
Suggested Considerations
- Monitor and map standards: Conduct gap analyses between current disclosures, ESRS, and ISSB S1/S2, focusing on interoperability (e.g., climate metrics, Scope 3 GHG).
- Engage in transitions: Participate in potential ISSB Transition Resource Group or jurisdictional groups; prepare for phased ISSB implementation if adopted locally.
- Enhance reporting processes: Update materiality assessments for double-materiality, quantitative climate financial impacts, and ESG breadth; leverage AMF's 2025 study on listed firms for benchmarks.
- Stakeholder dialogue: Respond to ongoing consultations (e.g., EFRAG until Sep 2025) and track ISSB agenda priorities.
Compliance Impact
Urgency: Medium. This 2022 AMF response is historical but highly relevant amid 2025 EFRAG simplifications emphasizing ISSB interoperability, as EU firms juggle CSRD with global ISSB momentum (e.g., IFRS finals in 2023). Matters for avoiding reporting fragmentation, with risks of supervisory scrutiny on French listed firms; low immediate enforcement but builds toward mandatory convergence.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Asset ManagerBankAll Firms
Regulatory developments Europe & international Sustainable Finance Periodic & ongoing disclosures AMF's response to the EFRAG consultation on the draft European sustainability reporting standards
The AMF's position paper responds to EFRAG's 2022 public consultation on the first set of draft European Sustainability Reporting Standards (ESRS) under the CSRD, welcoming their ambition on ESG topics and double materiality while urging proportionality, international interoperability, materiality focus, and alignment with EU laws like SFDR. This matters for compliance professionals as it shapes final ESRS, influencing mandatory sustainability disclosures for EU firms and financial market participants from 2024 onward, with potential simplifications affecting reporting burdens. https://www.amf-france.org/en/news-publications/news/amfs-response-efrag-consultation-draft-european-sustainability-reporting-standards
What Changed
- This is a consultation response, not a final rule, but AMF highlights these priorities for ESRS development:
- International interoperability: Convergence with ISSB standards to avoid duplication and meet investor needs across jurisdictions.
- Proportionality in disclosures: Gradual implementation, prioritizing climate standards, balancing stakeholder needs with issuer costs, and ensuring SFDR coverage.
- Materiality focus: Enhanced guidance on materiality assessments, centering company-led analysis without presuming topics' materiality upfront.
- EU consistency: Avoid duplicating info from SFDR, Taxonomy, and other regs; rely on existing concepts.
Suggested Considerations
- Monitor ESRS evolution: Track EFRAG/EC updates on final standards, focusing on AMF priorities like materiality guidance and ISSB mapping.
- Enhance materiality processes: Develop/improve double materiality assessments, preparing guidance integration.
- Align reporting systems: Map ESRS to SFDR/Taxonomy data; test proportionality phased rollouts (e.g., climate first).
- Engage stakeholders: Participate in ongoing consultations (e.g., EFRAG connectivity); benchmark against ISSB for interoperability.
Key Dates
- AMF submits response to EFRAG consultation on draft ESRS. https://www.amf-france.org/sites/institutionnel/files/private/2022-07/AMF%20appendix%20to%20position%20paper%20on%20EFRAG%20consultation%20July%202022.pdf
- First CSRD application for FY 2024 reports (large public-interest entities). https://www.amf-france.org/sites/institutionnel/files/private/2022-07/AMF%20appendix%20to%20position%20paper%20on%20EFRAG%20consultation%20July%202022.pdf
- ESRS adoption by European Commission (first set covering SFDR needs). https://www.amf-france.org/sites/institutionnel/files/private/2022-07/AMF%20appendix%20to%20position%20paper%20on%20EFRAG%20consultation%20July%202022.pdf
- Potential application of simplified ESRS (per EC quick fix hints). https://www.gibsondunn.com/efrag-releases-draft-simplified-european-sustainability-reporting-standards-esrs/
2025); - EC Delegated Act on simplified ESRS, subject to 2-month EU Parliament/Council scrutiny. https://www.efrag.org/en/news-and-calendar/news/efrag-provides-its-technical-advice-on-draft-simplified-esrs-to-the-european-commission
Compliance Impact
Urgency: Medium - Historical (2022) input shapes binding ESRS already applying in 2024/2025, but ongoing simplifications (e.g., 2025 EC advice) offer relief on burdens; critical for FY2026+ prep amid interoperability push, yet not immediate mandates. Matters for reducing overload, ensuring SFDR compliance, and avoiding EU fines (up to 10M EUR under CSRD).
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Asset ManagerBankInsurance
Bids Financial disclosures & corporate financing The AMF reviews the key issues raised by the Veolia-Suez public offer
BankAsset ManagerBroker Dealer
Sanctions & settlements Journalists The AMF Enforcement Committee fines one natural person and five legal entities, including a management company, for failing to comply with several reporting obligations in relation to a concerted action carried out in the context of a takeover bid and, in the case of the...
The AMF Enforcement Committee imposed fines on one natural person and five legal entities, including an investment management company, for failing to comply with multiple reporting obligations related to a concerted action during a partial takeover bid.[User Query]. This enforcement action underscores the AMF's strict enforcement of transparency rules in takeover scenarios, serving as a critical reminder for market participants to adhere to disclosure timelines to avoid significant financial penalties and reputational damage.
What Changed
- This is not a regulatory change or new requirement but an enforcement decision highlighting existing obligations under French financial markets law, particularly those governing concerted actions...
- Timely disclosure of positions and intentions when parties act in concert, as per AMF regulations on major holdings and takeover bids (e.g., Article L.
- Reporting thresholds for share acquisitions or concerted behaviors that could influence control, typically triggered at 5% crossings or changes.
No new rules were introduced; the decision reiterates...
Suggested Considerations
- Review and enhance internal procedures for monitoring share positions, identifying concerted actions, and automating AMF filings.
- Train front-office and compliance teams on takeover bid disclosures, including documentation of coordination (e.g., emails, agreements).
- Implement pre-trade alerts for threshold breaches and conduct periodic audits of historical filings.
- For management companies: Ensure portfolio managers report potential concert with external parties promptly; update compliance manuals with case lessons.
Key Dates
- Declaration of crossing major holding thresholds or intent to continue acquisitions (AMF Form DOC-2005-01)
- Notification of concerted action agreements in takeover contexts
- Detailed position reports post-crossing
Compliance Impact
Urgency: High - This matters due to the AMF Enforcement Committee's pattern of fining reporting failures (e.g., €1.89M in July 2025 for late disclosures, €1.7M in June 2025 for shareholder breaches), signaling intensified scrutiny on M&A transparency amid volatile markets. Non-compliance risks fines up to €100M or 10% of turnover, plus bans, directly impacting investor trust and operations; firms should prioritize gap assessments immediately.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Asset ManagerAll Firms
Derivatives or structured products Journalists The AMF has published a study of the profile of participants and their positions in the Matif agricultural commodities derivatives market
Broker DealerAsset Manager
Risk and Trend Mapping Markets Europe & international Asset management Executive & other private individuals Journalists Investment services providers Investment management companies Listed companies and issuers The...
Asset ManagerBroker Dealer
Innovation AMF activity Journalists Investment services providers Investment management companies Listed companies and issuers The AMF continues its data strategy with the release of short selling data to the public
Asset ManagerBroker Dealer
Crypto-assets Innovation Market infrastructures on blockchain technology: publication of the European Pilot Regime regulation
Crypto ExchangeFintech
Institutional AMF activity Appointment Journalists Appointments to the Legal Affairs Directorate and Enforcement Assistance Directorate of the Autorité des Marchés Financiers
This AMF publication announces internal appointments to its **Legal Affairs Directorate** and **Enforcement Assistance Directorate**, signaling potential enhancements in legal oversight and enforcement capabilities within France's financial markets regulator. Compliance professionals should note this as it may indicate a renewed focus on rigorous enforcement of market rules, though it imposes no direct regulatory changes on firms.
What Changed
There are no regulatory changes, new requirements, or policy updates in this announcement. It solely details personnel appointments within AMF's internal structure, specifically leadership roles in directorates handling legal affairs (e.g., Maxence Delorme as head of Legal Affairs Directorate) and enforcement assistance (e.g., Amélie du Passage as head of Instruction and Enforcement Assistance Directorate). These directorates support AMF's core functions like investigations, inspections, and sanction proceedings, but the publication does not alter any rules applicable to regulated entities.
Suggested Considerations
- *No specific actions are required for regulated firms, as this does not introduce obligations. Recommended monitoring steps for proactive compliance:
- Review ongoing AMF interactions (e.g., inspections) for potential shifts in approach under new directorate leadership.
- Update internal AMF contact lists with confirmed governance details from https://www.amf-france.org/en/amf/our-organisation/our-governance.
- Track AMF news releases for enforcement trends at https://www.amf-france.org/en/news-publications/news-releases/amf-news-releases.
Key Dates
- Appointment of Sébastien Raspiller as AMF Secretary General
- Ministerial order partially renewing AMF Enforcement Committee
- Publication of Enforcement Committee appointments
- Composition published in Official Journal
Compliance Impact
Urgency: Low. This matters peripherally for firms anticipating AMF enforcement, as new leaders in Legal Affairs and Enforcement Assistance could signal stricter scrutiny or faster processing of cases, similar to past leadership transitions (e.g., Secretary General appointment in 2023). However, absent policy shifts, it does not demand immediate compliance adjustments; monitor for signals in AMF's 2026 priorities announced 14 January 2026.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Asset ManagerBroker DealerBank Financial disclosures & corporate financing The AMF ensures compliance with major holding reporting obligations
Asset ManagerBroker DealerBank
Asset management Assessing appropriateness and execution only in MiFID II: the AMF applies the ESMA guidelines
Asset ManagerBroker Dealer
Europe & international Sustainable Finance Asset management The AMF reiterates its call for a European regulation of ESG data, ratings, and related services
Asset ManagerWealth ManagerBank
Warning Savings protection Forex and binary options Warning The AMF and the ACPR warn the public against unauthorised Forex trading offers from Omega Pro Ltd
Broker DealerWealth ManagerFintech
Annual report Institutional Other professionals Executive & other private individuals Fintech Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services providers ...
Asset ManagerBroker DealerFintech
Sanctions & settlements Journalists The AMF Enforcement Committee fines a Dutch trading firm and three Dutch traders for price manipulation
The AMF Enforcement Committee fined a Dutch trading firm and three Dutch traders for price manipulation on French markets, demonstrating the regulator's cross-border enforcement reach against market abuse. This case underscores AMF's aggressive stance on manipulative trading practices, serving as a deterrent for international firms and individuals active in EU-linked markets. Compliance teams should note it as evidence of heightened scrutiny on trading desks handling correlated instruments.
What Changed
This is an enforcement action, not a regulatory change; it reinforces existing prohibitions under the Market Abuse Regulation (MAR, Regulation (EU) No 596/2014) against price manipulation, including fixing prices at abnormal or artificial levels through deceptive trades. It aligns with prior AMF decisions, such as the €20 million fine on Morgan Stanley for similar OAT/OLO manipulations via futures positioning (decision dated 4 December 2019).
Suggested Considerations
- Enhance surveillance: Implement real-time monitoring for manipulative patterns, such as aggressive positioning in futures to influence cash bonds or closing prices (e.g., lowering prices via late-session sales).
- Trader training: Mandatory annual programs on MAR prohibitions, emphasizing cross-instrument correlations and "artificial level" tests; document inconsistencies with desk strategies.
- Internal controls: Review and audit trading strategies for deception risks; ensure post-trade analysis flags abnormal volume/price impacts.
- Reporting: Strengthen breach reporting under AMF procedures (Articles 145-1 to 145-4); prepare for cross-border cooperation.
- Compliance reviews: Conduct gap analyses against AMF Enforcement Committee rationales in similar cases (e.g., EcoR1 IPO manipulation).
Compliance Impact
Urgency: High – This signals AMF's expanding cross-jurisdictional enforcement (Dutch firm/traders), with fines on firms and individuals, amid proposed powers enhancements (e.g., penalty payments, communication on probes). Firms face personal accountability risks and market reputation damage; non-EU entities cannot assume immunity if impacting French markets. Immediate surveillance upgrades are essential pre-30 June 2026 MAR-aligned rules.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Broker Dealer
Appointment AMF activity Other professionals Executive & other private individuals Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services providers Investment management...
Asset ManagerWealth ManagerBank
Market infrastructures Post-trading infrastructures Review of the central clearing framework in the EU: the AMF publishes a position paper
BankBroker DealerAsset Manager
Sanctions & settlements Journalists The AMF Enforcement Committee fines a financial investment advisor and its manager for breaches of their professional obligations
The AMF Enforcement Committee imposed significant sanctions on DCT (formerly Didier Maurin Finance) and its manager Didier Maurin for recommending unauthorized alternative investment funds to clients and obstructing regulatory investigations. This case exemplifies critical compliance failures in product authorization verification and client suitability assessment, with enforcement upheld by France's highest administrative court in September 2024.
What Changed
- This enforcement action clarifies several regulatory obligations for financial investment advisors:
- Product Authorization Verification: Financial advisors must verify that recommended investment products are authorized for marketing in France before advising clients, regardless of the product's...
- Client Interest Prioritization: Recommending unauthorized products is inherently contrary to client interests and constitutes a breach of the duty to act with competence, care, and diligence.
- Cooperation with Regulators: Advisors must provide documents and information requested during regulatory investigations; refusal constitutes a separate breach of diligence and loyalty obligations.
Suggested Considerations
- *Immediate compliance measures for financial investment advisors:
- *Product Authorization Audit: Conduct comprehensive review of all recommended products to confirm authorization for marketing in France; document authorization status for each product in client files.
- *Pre-Recommendation Due Diligence: Establish mandatory procedures requiring verification of product authorization before any client recommendation; implement checklist systems for compliance documentation.
- *Client Suitability Documentation: Maintain written suitability reports for all recommendations, including product features, risks, and alignment with client profiles and objectives.
- *Regulatory Cooperation Protocol: Establish procedures ensuring prompt, complete responses to AMF information requests; designate compliance officer responsible for regulatory liaison.
Key Dates
- AMF Enforcement Committee issued original decision imposing five-year ban and fines
- Conseil d'État suspended enforcement of fines pending appeal
- Conseil d'État dismissed appeal, upholding all sanctions and ordering payment of €1,500 each to AMF
Compliance Impact
Urgency: HIGH
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Asset ManagerWealth Manager
Supervision Fixed income Journalists Investment services providers The AMF publishes a summary of its SPOT inspections on post-trade transparency in the bond market
Broker DealerBank
Sanctions & settlements Journalists The AMF Enforcement Committee fines a biotech company for failing to disclose inside information as soon as possible, and one of its co-founders and one of its shareholders for unlawful disclosure or use of inside information
The AMF Enforcement Committee sanctioned a biotech company for delaying disclosure of inside information, and fined a co-founder and shareholder for unlawfully disclosing or using it, violating EU Market Abuse Regulation (MAR) obligations under Articles 7, 10, and 17. This case underscores the AMF's strict enforcement of timely public disclosure and insider handling, highlighting risks of personal liability for executives and shareholders in listed biotech firms. Compliance teams must prioritize robust information barrier procedures and insider list management to mitigate similar penalties.
What Changed
- This enforcement action does not introduce new regulations but reinforces existing MAR requirements transposed into AMF General Regulation (e.g., Article 315-1), including:
- Immediate public disclosure: Issuers must disclose inside information "as soon as possible" under MAR Article 17, unless three conditions for delay are met (legitimate interest, confidentiality...
- Prohibition on unlawful disclosure/use: Persons with inside information cannot disclose it except per MAR Article 10 (after informing compliance officer); investment firms must maintain "information...
- Insider list obligations: Companies must create, update, and notify insiders of their duties (e.g., no trading or dissemination), with accurate details; failure leads to penalties as seen in related...
Suggested Considerations
- Assess information promptly: Determine inside information status per MAR Article 7 (precise, price-significant) and disclose via approved channels (e.g., electronic dissemination per Article 221-3 AMF GR).
- Implement controls: Establish information barriers, restrict access, and notify affected persons of rules/penalties (AMF GR Articles 223-27, 223-30).
- Maintain insider lists: Create/update lists for each inside information item, ensure insiders acknowledge MAR duties (no use/dissemination), and monitor changes.
- Train personnel: Educate executives/shareholders on disclosure prohibitions and PDMR reporting.
- Archive disclosures: Post regulated info on company website immediately and ensure AMF/DILA transmission.
Key Dates
- Disclose inside information publicly, or immediately if confidentiality breached during delay
- Notify AMF (differepublication@amf-france.org) of any delayed inside information post-publication
- Managers/directors report securities transactions to issuer and AMF
- Custodians respond to Euroclear France/AMF requests for shareholder identity disclosures
Compliance Impact
Urgency: High - This demonstrates AMF's willingness to impose personal and corporate fines for disclosure failures, particularly in volatile sectors like biotech where trial data qualifies as inside information. Firms risk market disruption, reputational damage, and escalating penalties (e.g., hundreds of thousands of euros in similar 2023 cases); immediate review of insider protocols is essential given ongoing MAR enforcement trends.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
All Firms
Warning Savings protection Forex and binary options Crypto-assets Warning The AMF and the ACPR warn the public against the activities of several entities offering in France investments in Forex and in crypto-assets derivatives without being authorized to do so
BankCrypto ExchangeFintech
Warning Savings protection Warning The AMF warns the public against fraudulent offers to buy listed shares at preferential prices
Broker DealerWealth ManagerBank
Market infrastructures Order Retail investors Market Infrastructures Journalists AMF publishes an analysis of retail investor order execution on French stocks
Broker DealerWealth ManagerAsset Manager
MMF The AMF publishes a stock-take analysis of the market for short-term debt instruments in Europe
Asset ManagerBankBroker Dealer
Appointment AMF activity Other professionals Executive & other private individuals Fintech Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services providers ...
Asset ManagerBankFintech
Sanctions & settlements Executive & other private individuals Journalists Listed companies and issuers The AMF Enforcement Committee sanctions a media company and its director for making investment recommendations without mentioning conflicts of interest and for price manipulation
The AMF Enforcement Committee sanctioned a media company and its director for issuing investment recommendations without disclosing conflicts of interest and engaging in price manipulation, highlighting the regulator's strict enforcement against market abuse and transparency failures. This case underscores the AMF's focus on protecting investors from misleading practices by non-traditional actors like media outlets, with penalties serving as a deterrent amid rising digital fraud. Compliance teams must prioritize conflict disclosures and surveillance to avoid similar actions, as it reinforces ongoing AMF priorities in conduct and market integrity.
What Changed
- This enforcement decision does not introduce new regulations but reaffirms and clarifies existing requirements under AMF rules and EU Market Abuse Regulation (MAR):
- Mandatory conflict of interest disclosure: Investment recommendations must explicitly mention any conflicts, such as financial stakes or relationships influencing the advice, to ensure clear,...
- Prohibition on price manipulation: Practices artificially influencing security prices, including through coordinated recommendations, are strictly banned, with liability extending to directors.
These...
Suggested Considerations
- Conduct conflict of interest audits: Review all investment recommendations, publications, and marketing materials for undisclosed conflicts; implement mandatory disclosure templates.
- Enhance surveillance for market abuse: Deploy monitoring tools for price manipulation indicators, such as unusual trading post-recommendation, and train staff on MAR prohibitions.
- Update compliance policies: For media/financial firms, mandate pre-publication reviews of recommendations; directors must personally attest to compliance.
- Training programs: Roll out firm-wide training on professional obligations, including clear information provision and acting in client best interests, especially for journalists/influencers.
- Inducement reviews: If paying/receiving fees tied to recommendations, demonstrate they improve client service quality via audits and reporting.
Compliance Impact
Urgency: High - This matters due to the AMF's escalating enforcement (e.g., record 12 sanction decisions in 2024 affecting 60 entities, €26.5M fines), targeting non-authorized actors like media amid digital fraud surges (181 sites shut down in 2024). Media and advisory firms face director-level liability and bans, amplifying personal risk; immediate policy gaps could trigger investigations, especially with AMF's focus on investor protection and market integrity in 2025-2026.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
All FirmsBroker Dealer
Short selling Equity Financial Crisis Executive & other private individuals Market Infrastructures Post-trade Infrastructures Professional investors Journalists French and Dutch market authorities publish a joint analysis of the...
Asset ManagerBroker DealerWealth Manager
Sanctions & settlements Journalists The AMF to call for an amendment of the law on obstructing investigations and inspections
The AMF announced its intention to propose legislative amendments to the French Monetary and Financial Code following a January 28, 2022 Constitutional Council decision that found dual prosecution for obstructing AMF investigations and inspections unconstitutional. The amendment aims to eliminate the possibility of simultaneous administrative and criminal penalties for the same obstruction conduct, while preserving the AMF's enforcement authority.
What Changed
- The primary regulatory change addresses a constitutional violation regarding dual prosecution under the ne bis in idem principle:
- Current problem: The Monetary and Financial Code previously allowed both administrative sanctions by the AMF Enforcement Committee and criminal prosecution for identical obstruction conduct,...
- Proposed solution: Legislative amendments will eliminate the possibility of dual prosecution while maintaining the AMF's ability to sanction obstruction of investigations and inspections.
- Scope of obstruction conduct: The law covers refusal to allow access to documents, provide copies, communicate information, respond to summons, or grant access to professional premises during AMF...
Suggested Considerations
- *For compliance professionals and regulated entities:
- *Review cooperation policies: Ensure internal procedures for responding to AMF investigation and inspection requests comply with current legal requirements and anticipated amendments.
- *Monitor legislative developments: Track publication of proposed amendments in the French legislative process to understand final scope of changes.
- *Counsel on cooperation: Advise business units that obstruction remains sanctionable; the amendment eliminates dual penalties, not the underlying obligation to cooperate.
- *Document compliance: Maintain records demonstrating good-faith cooperation with AMF requests to support defense against obstruction allegations.
Key Dates
- Constitutional Council decision declaring dual prosecution unconstitutional
- Amendments appear to be in legislative proposal stage; no effective date yet announced
- AMF committed to proposing amendments "as soon as possible"
Compliance Impact
Urgency: MEDIUM
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Asset ManagerBroker DealerAll Firms
AMF activity Focus on inDECx: the new tool to be used when interacting with the AMF during an inspection or investigation
Asset ManagerBroker DealerCrypto Exchange
Europe & international Sustainable Finance Asset management The AMF invites providers, users and rated entities to respond to ESMA's Call for evidence on the ESG rating market in Europe
The AMF is urging French stakeholders—ESG rating providers, users, and rated entities—to respond to ESMA's 2022 Call for Evidence on the EU ESG rating market to inform European Commission efforts on improving transparency and reliability. This matters as it contributes to the foundational data driving the ESG Ratings Regulation (EU 2024/3005), which imposes authorization, disclosure, and conflict-of-interest rules on providers, affecting sustainable finance compliance across the EU. With the regulation applying from 2 July 2026, early engagement helps shape final rules amid ongoing ESMA consultations on technical standards.
What Changed
This AMF notice itself introduces no new regulatory changes; it promotes responses to ESMA's 2022 Call for Evidence, which gathered market insights to support the European Commission's July 2021 sustainable finance strategy. However, it highlights the push for a European framework on ESG ratings, including transparency on methodologies, conflict-of-interest management, internal controls, and dialogue with rated companies—elements now codified in the ESG Ratings Regulation effective 2 January 2025 (application from 2 July 2026).
Suggested Considerations
- For Users and Rated Entities: Although the 2022 Call for Evidence is closed, monitor ESMA's ongoing RTS consultations (closed 20 June 2025) and Commission feedback; assess internal ESG data reliance for SFDR/Taxonomy alignment and update policies for new disclosure requirements.
- All Affected Firms: Map ESG rating dependencies in investment processes, train compliance teams on upcoming rules, and engage in industry feedback to influence final RTS adoption expected post-Q4 2025.
- AMF Stakeholders: Although dated, the notice encouraged French market input; now pivot to compliance readiness for 2026 application.
Compliance Impact
Urgency: High – The 2022 Call for Evidence is historical, but it feeds into the ESG Ratings Regulation now in force (since 2 January 2025), with application looming on 2 July 2026—less than 6 months away as of January 2026. Firms face authorization risks, operational overhauls for conflicts/disclosures, and potential market disruptions if unprepared; non-compliance could halt EU operations or trigger greenwashing probes under SFDR, amplifying sustainable finance scrutiny.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
Asset ManagerBankInsurance
Financial disclosures & corporate financing Covid-19 Closing of the 2021 financial statements: the AMF publishes its recommendations and the results of its recent work examining financial statements
Asset ManagerBankBroker Dealer
Asset management Prospectus Journalists Investment services providers Investment management companies The AMF proposes measures to promote a wider adoption of liquidity management tools by fund managers
Asset Manager
Market infrastructures Benchmark Benchmarks: the AMF will apply ESMA Guidelines
Asset ManagerBankBroker Dealer
Market infrastructures Post-trading infrastructures Settlement fails reporting: the AMF complies with ESMA guidelines
BankBroker DealerAll Firms
Financial disclosures & corporate financing Executive & other private individuals Journalists Listed companies and issuers Takeover listed companies The AMF proposes targeted measures to make financial markets more attractive for companies
BankBroker DealerAsset Manager
Crypto-assets Innovation Market infrastructures New step forward in the adoption of the regulation on a Pilot Regime for market infrastructures based on the blockchain technology
FintechCrypto Exchange
Long term investment Retail investors Journalists More than one million new retail investors have entered equity markets in France over the last 3 years, according to the AMF's dashboard
Asset ManagerBroker DealerWealth Manager
Long term investment Shares Stimulating the diversification of long-term savings: the AMF proposes an educational approach to equity investment
Asset ManagerWealth ManagerBank
Sanctions & settlements Journalists The AMF Enforcement Committee fines an issuer's Chief Financial Officer for insider dealing
The AMF Enforcement Committee fined an issuer's Chief Financial Officer (CFO) for insider dealing, highlighting the regulator's aggressive enforcement against market abuse by senior executives. This case underscores the personal liability of insiders who trade on privileged information, reinforcing the need for robust internal controls in listed companies. Compliance teams must prioritize insider trading prevention to mitigate similar sanctions risks.
What Changed
This enforcement action does not introduce new regulatory changes but exemplifies ongoing application of existing Market Abuse Regulation (MAR) rules under EU Regulation 596/2014 and AMF General Regulations, including Articles 223-9 and 221-3 on inside information disclosure and trading bans. It aligns with AMF Position-Recommendation No 2016-08 on managing inside information, emphasizing black-out periods (e.g., 30 days before annual/interim results) and trading restrictions for Persons Discharging Managerial Responsibilities (PDMRs).
Suggested Considerations
- Implement or update insider trading policies with mandatory black-out periods (30 days pre-annual/interim results, 15 days pre-quarterly info), extending to all routine/occasional insiders per AMF recommendations.
- Maintain insider lists and notify affected persons of trading restrictions; train staff on MAR Article 17 (disclosure) and Article 19 (PDMR dealings).
- Strengthen monitoring of gifts, transactions in derivatives/index products, and whistleblowing mechanisms, as urged in AMF/AFA joint guidance.
- Ensure PDMR transaction reporting within 3 trading days via AMF portal.
- Conduct regular compliance inspections on insider networks and corruption risks, formalizing prohibitions in codes of ethics.
Key Dates
- EU Regulation 2024/2809 amending MAR entered into force
- Certain amendments in sample insider policies apply (e.g., Groupe Casino policy)
- AMF General Regulation updates effective
- PDMRs must report securities transactions to issuer and AMF
Compliance Impact
Urgency: High - This demonstrates AMF's focus on holding executives accountable, with fines signaling zero tolerance amid rising "insider networks" linked to organized crime, as noted in AMF's 2024 report and 2025 AMF/AFA warnings. Firms face heightened inspection risks, reputational damage, and personal sanctions; immediate policy reviews are essential pre-2026 MAR amendments to avoid enforcement.
AI-generated analysis. May contain errors or omissions — verify with the
original AMF source
before acting. Full disclaimer.
All Firms
Strategy Supervision Other professionals Executive & other private individuals Fintech Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services providers ...
Asset ManagerBroker DealerFintech CSDR Supervision Settlement discipline: supervisory approach on the implementation of the CSDR provisions
BankBroker DealerAsset Manager
Warning Savings protection Forex and binary options Crypto-assets Warning The AMF and the ACPR warn the public against the activities of several entities offering in France investments in Forex and in crypto-assets derivatives without being authorized to do so
BankFintechCrypto Exchange
MIFID Market Data: the AMF applies ESMA Guidelines
Asset ManagerBroker DealerBank
Supervision The AMF updates its investigation and inspection charters
BankAsset ManagerBroker Dealer
Sustainable Finance Annual report Disclosure Obligations Taxonomy Article 8: The AMF informs issuers about the phased application of reporting requirements
Asset ManagerBankAll Firms
Cooperation Derivatives or structured products Europe & international Markets Post-trading infrastructures The AMF and the ACPR sign two cooperation agreements with the SEC regarding the regime applicable to Security Based Swap Dealers (SBSD) in the U.S
Broker DealerBank
MMF The AMF publishes a study about potential explanatory variables for the record outflows that French MMFs faced in March 2020
Asset ManagerBankBroker Dealer
Financial analysis The AMF emphasises the importance of independence in financial analysis
Asset ManagerBroker DealerBank
Financial products Bids Shares Financial disclosures & corporate financing Markets The AMF publishes a study on the development of the SPAC market and its challenges
Asset ManagerBroker DealerBank Warning Savings protection Forex and binary options Crypto-assets Warning The AMF and the ACPR warn the public against the activities of several entities offering in France investments in Forex and in crypto-assets derivatives without being authorized to do so
BankCrypto ExchangeFintech
Warning Savings protection Miscellaneous assets Atypical products Warning The AMF is warning the public against several companies proposing atypical investments without being authorized to do so
Asset ManagerWealth ManagerBroker Dealer
Warning Savings protection Warning The AMF urges investors to exercise the greatest vigilance towards proposals to invest in containers
Asset ManagerWealth ManagerBroker Dealer
Warning Savings protection The AMF warns the public against ELG Capital Partners and its website www.elgcapitalpartners.fr
Asset ManagerWealth ManagerBroker Dealer
Warning Savings protection Crypto-assets Derivatives or structured products The AMF and the ACPR warn the public against the activities of several entities proposing in France forex investments and investment services in crypto-assets derivatives without being authorized to do so
BankFintechCrypto Exchange
Warning Savings protection The AMF is warning the public against several companies proposing atypical investments or offering binary options trading without being authorized to do so
Broker DealerFintechAll Firms
Warning Savings protection The AMF draws the public’s attention to pyramid structures proposing training courses in trading
Asset ManagerBroker DealerWealth Manager
Warning Savings protection Forex and binary options Warning The Autorité des Marchés Financiers (AMF) is warning the public against several companies proposing atypical investments or offering binary options trading without being authorized to do so
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Warning Warning Savings protection The Autorité des Marchés Financiers (AMF) warns the public against the activities of certain websites offering to sell shares of La Française des Jeux without authorisation
Asset ManagerBroker DealerWealth Manager
Warning Savings protection Warning The Autorité des marchés financiers (AMF) issues a public warning against the activities of unauthorised websites offering binary options trading
Broker DealerFintechAll Firms
Warning Savings protection Forex and binary options Warning The Autorité des marchés financiers (AMF) issues a public warning against the activities of unauthorized websites offering binary options trading
Broker DealerFintechCrypto Exchange
Warning Savings protection Warning The Autorité des marchés financiers (AMF) issues a public warning against the activities of unauthorized websites offering diamond investments
Asset ManagerWealth ManagerBroker Dealer
Warning Savings protection The Autorité des marchés financiers (AMF) warns the public against the company International Markets Live LTD (IMarketsLive)
Broker DealerWealth ManagerFintech
Warning Savings protection Forex and binary options Warning The Autorité des marchés financiers (AMF) issues a public warning against the activities of unauthorized websites offering binary options trading
Broker DealerFintechCrypto Exchange
Warning Savings protection Miscellaneous assets Warning The Autorité des marchés financiers (AMF) issues a public warning against the activities of unauthorized websites offering diamond investments
Asset ManagerWealth ManagerBroker Dealer
Warning Savings protection Forex and binary options Warning The Autorité des marchés financiers (AMF) issues a public warning against the activities of unauthorized websites offering binary options trading
Broker DealerFintechCrypto Exchange
Warning Savings protection The Autorité des marchés financiers (AMF) is publishing a list on its website of unauthorized diamond investments platforms
Asset ManagerWealth ManagerBroker Dealer
Warning Savings protection The Autorité des marchés financiers (AMF) warns the public against the activities of www.chs-capital.com engaging in unauthorized investment services
Asset ManagerWealth ManagerBroker Dealer
Warning Savings protection Forex and binary options Warning The Autorité des marchés financiers (AMF) issues a public warning against the activities of unauthorized websites offering binary options
Broker DealerFintechAll Firms
Warning Savings protection Warning The Autorité des marchés financiers (AMF) issues a public warning issues a public warning against the activity of unauthorized websites offering binary options trading
Broker DealerFintechAll Firms
Warning Savings protection Forex and binary options Warning The Autorité des Marchés Financiers (AMF) issues a public warning against the activities of unauthorized websites offering binary options trading
Broker DealerFintechCrypto Exchange
Warning Savings protection The Autorité des marchés financiers (AMF) issues a public warning concerning communication from BLUE STONE LTD and companies related to it with respect to diamond investment offers
Asset ManagerWealth ManagerBroker Dealer
Warning Savings protection The Autorité des Marchés Financiers (AMF) warns the public about the 'KEYSTONE FUND'
Asset ManagerWealth ManagerBroker Dealer
Warning Savings protection Forex and binary options Warning The Autorité des Marchés Financiers (AMF) issues a public warning against the activities of unauthorised websites offering binary options trading
Broker DealerFintechCrypto Exchange
Warning Savings protection Forex and binary options Warning The Autorité des Marchés Financiers (AMF) issues a public warning against the activities of unauthorised websites offering binary options trading
Broker DealerFintechCrypto Exchange
Warning Savings protection The Autorité des Marchés Financiers (AMF) advises the clients of the websites www.interactiveoption.com, www.interactive-option.com, www.hellobrokers.com, www.mtxplus.com and www.pegasecapital.com to contact Pegase Capital Ltd, the owner of these websites, as soon as possible
Broker DealerWealth ManagerFintech
Warning Savings protection The Autorité des Marchés Financiers (AMF) issues a general public warning about sites touting the benefits of an algorithm and linking to a trading platform, and a specific warning about Preditrend
Broker DealerWealth ManagerFintech
Warning Savings protection Forex and binary options Warning The Autorité des Marchés Financiers (AMF) issues a public warning against the activities of unauthorised websites offering binary options trading
Broker DealerFintechCrypto Exchange
Warning Savings protection The Autorité des Marchés Financiers (AMF) warns investors about binary options platforms copying the official information of duly regulated companies
Broker DealerCrypto Exchange
Warning Savings protection Forex and binary options Warning The Autorité des Marchés Financiers (AMF) issues a public warning against the activities of unauthorised websites offering binary options trading
Broker DealerFintechCrypto Exchange
Warning Savings protection The Autorité des Marchés Financiers (AMF) warns investors about GLOBAL METAL BROKER
Broker Dealer
Warning Savings protection Forex and binary options Warning The Autorité des Marchés Financiers (AMF) updates the list of unauthorised websites offering binary options trading
Broker DealerFintechCrypto Exchange
Warning Savings protection Forex and binary options Warning The Autorité des Marchés Financiers (AMF) updates the list of unauthorised websites offering binary options trading
Broker DealerCrypto ExchangeAll Firms
Warning Savings protection Forex and binary options Warning The Autorité des Marchés Financiers (AMF) updates the list of unauthorised websites offering binary options trading
Broker DealerFintechAll Firms
Warning Savings protection Warning The Autorité des Marchés Financiers (AMF) is warning the public against sites misusing its name and logo and redirecting to binary option trading platforms.
Broker DealerFintech
Warning Savings protection Forex and binary options Warning The Autorité des Marchés Financiers (AMF) updates the list of unauthorised websites offering binary options trading
Broker DealerFintechAll Firms
Warning Savings protection Forex and binary options Warning The Autorité des Marchés Financiers (AMF) updates the list of unauthorised websites offering binary options trading
Broker DealerFintechAll Firms
Warning Savings protection Forex and binary options Warning The Autorité des Marchés Financiers (AMF) updates the list of unauthorised websites offering binary options trading
Broker DealerFintechAll Firms
Warning Savings protection Warning The Autorité des Marchés Financiers (AMF) warns the public about the activities of individuals claiming to work for the AMF
BankBroker DealerWealth Manager
Warning Savings protection Forex and binary options Warning The Autorité des Marchés Financiers (AMF) updates the list of unauthorised websites offering binary options trading
Broker DealerFintechCrypto Exchange
Warning Savings protection Forex and binary options Warning The Autorité des Marchés Financiers (AMF) updates the list of unauthorised websites offering binary options trading
Broker DealerFintechAll Firms
Warning Savings protection Forex and binary options Warning The Autorité des Marchés Financiers (AMF) updates the list of unauthorised websites offering binary options trading
Broker DealerCrypto Exchange
Warning Savings protection Forex and binary options Warning The Autorité des Marchés Financiers (AMF) updates the list of unauthorised websites offering binary options trading
Broker DealerCrypto Exchange
Warning Savings protection The Autorité des Marchés Financiers (AMF) updates the list of unauthorised websites offering binary options trading
Broker DealerFintechAll Firms
Warning Savings protection The Autorité des Marchés Financiers (AMF) updates the list of unauthorised websites offering binary options trading
Broker DealerFintechAll Firms