Reporting & Disclosure regulatory updates from France.
Financial disclosures & corporate financing Periodic & ongoing disclosures Reporting ESEF Closing of the 2025 accounts: the AMF flags up points for vigilance and issues recommendations
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
Sanctions & settlements professional obligations Journalists Investment management companies Listed companies and issuers AMF Enforcement Committee fines the depositary CACEIS Bank for breaches of its professional obligations
The AMF Enforcement Committee fined CACEIS Bank €3.5 million and issued a warning on 17 December 2025 for breaches of its professional obligations as depositary for seven French-law UCITS funds managed by H2O AM LLP (later transferred to H2O AM Europe). This decision underscores the AMF's strict enforcement of depositary oversight duties, particularly in verifying fund managers' investment monitoring systems, asset valuations, and compliance with prospectus constraints like issuer limits and security ratings. It matters for compliance teams as it highlights personal accountability risks and potential fines for inadequate due diligence in fund depositary roles, signaling heightened scrutiny amid past H2O fund issues. #
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
Sanctions & settlements professional obligations Journalists Investment management companies The AMF Enforcement Committee fines an asset management company and its former director a total of €500,000
The AMF Enforcement Committee fined asset management company Novaxia Investissement €400,000 and its former director Joachim Azan €100,000 on 10 December 2025 for breaches of professional obligations, primarily due to an incomplete and non-operational investment/divestment procedure lacking traceability of compliance checks and formalized due diligence. This enforcement action underscores AMF's focus on robust operational procedures in asset management, serving as a deterrent and educational tool for ensuring honest, fair, and diligent business conduct. Compliance teams should prioritize procedure operationalization to avoid similar sanctions, as this fits a pattern of recent AMF fines targeting procedural deficiencies. #
Governance Annual report Executive & other private individuals Journalists Listed companies and issuers The AMF examines the transparency of executive succession plans as part of its 2025 Corporate Governance Report
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
Asset management Collective investments The Autorité des Marchés Financiers has amended its doctrine to clarify its expectations of ELTIFs
Shares ETF Fixed income Individual investors remain active on the markets in the 3rd quarter of 2025
Periodic & ongoing disclosures Sustainable Finance Corporate sustainability reporting: AMF draws listed companies' attention to ESMA's 2025 recommendations
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
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. #
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
Savings protection Warning Retail investors Journalists Listed companies and issuers AMF announces resumption of trading in Mexedia shares
Sanctions & settlements professional obligations Journalists Listed companies and issuers The AMF Enforcement Committee fines an asset management company and its two managers a total of €1.3 million
The AMF Enforcement Committee fined asset management company Altaroc Partners €600,000 and its senior managers Maurice Tchenio (€500,000) and Patrick de Giovanni (€200,000) a total of €1.3 million on 15 September 2025 for breaches of professional obligations, including non-operational investment procedures, inadequate AML/CFT due diligence, deficient marketing materials, and unproven benefits from fee retrocessions to distributors. This decision underscores the AMF's heightened scrutiny on operational controls and senior accountability in asset management, serving as a critical enforcement signal for firms to strengthen procedures amid a pattern of similar sanctions. #
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
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...
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.
Shares ETF Retail investor activity in equities at its highest since 2020
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
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...
Supervision Governance Sustainable Finance Journalists Investment management companies The AMF publishes a summary of its SPOT inspections on asset management companies' voting and engagement policies
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...
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
Annual report Savings protection Marketing Retail investors Journalists The ACPR and AMF Joint Unit for Insurance, Banking and Retail Investment has published its 2024 Annual Report
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. #
Marketing Long term investment Other professionals Retail investors Journalists The stock market investor journey: the AMF analyses the mobile applications of 14 institutions
Annual report Institutional Other professionals Executive & other private individuals Fintech Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services providers ...
Shares ETF Retail investor activity up again
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. #
Fees Shares Collective investments AMF Household Savings Newsletter: financial investment fees continue their downward trend
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
Cooperation Europe & international The AMF applies the joint guidelines issued by the European Supervisory Authorities to facilitate the exchange of information between National Competent Authorities
Asset management Individual investment mandate Fees: the AMF updates its doctrine following the announcement of the abolition of transaction fees in situations of discretionary management
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.
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
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
Employee savings scheme Retail investors Journalists Employee savings: employees and firms are genuinely satisfied, but there is still a great need for support and education
Artificial intelligence Markets Innovation The International Organization of Securities Commissions (IOSCO) publishes a report on artificial intelligence in financial markets
Employee savings scheme Employee savings: a high level of satisfaction but a persistent need for support
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. #
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
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
Asset management Publication of the 2023 asset management key figures report
Supervision Asset management Collective investments UCIT Other professionals Journalists Investment services providers Investment management companies The AMF publishes the findings of its thematic inspections of asset management...
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 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 management Collective investments End of life of private equity funds: the AMF amends its General Regulation and policy
Asset management Marketing Publication of the first study on the performance of unlisted financial asset funds aimed at non-professional clients
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. #
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...
Innovation Market infrastructures MIFID Pilot Regime: the AMF publishes an in-depth report on the implementation of the regulation
Long term investment Shares Collective investments AMF 2024 Barometer: French equity investment intentions remain high
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. #
Asset management The AMF updates its policy following its decision to comply with the ESMA guidelines on the names of ESG funds
Derivatives or structured products EMIR Refit: Update of the AMF website on notifications forms
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
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. #
Sustainable Finance Asset management The Autorité des Marchés Finances has decided to apply ESMA's Guidelines on funds' names
Sustainable Finance Periodic & ongoing disclosures Journalists Listed companies and issuers Faced with dense and complex information, the AMF is encouraging financial institutions to continue their efforts to improve the transparency of their Taxonomy reporting
Sustainable Finance Periodic & ongoing disclosures Journalists Listed companies and issuers The AMF publishes an educational report on listed companies' sustainability reporting
Financial disclosures & corporate financing Periodic & ongoing disclosures Regulatory developments The Listing Act is entering into force on December 4, 2024
Asset management Collective investments The AMF releases an updated stocktake of French funds equipped with liquidity management tools
Short selling Equity Stock market tumbles: still a rare phenomenon on the Paris market
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
Periodic & ongoing disclosures Sustainable Finance Publication of the first CSRD sustainability statements: AMF draws issuers’ attention to ESMA's 2024 recommendations
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...
Shares ETF Investment services In Q3 2024, for the first time, new ETF investors outnumbered new equity investors
Supervision Asset management MMF AIFMD Journalists Investment services providers Investment management companies The AMF publishes the findings of a new series of SPOT inspections on the quality of regulatory reporting data
Shares ETF The AMF analyses new investment practices: listed shares, ETFs and crowdfunding
Sustainable Finance Periodic & ongoing disclosures ESMA’s communications to support the implementation and supervision of corporate sustainability reporting
Sustainable Finance Periodic & ongoing disclosures Corporate Sustainability Reporting directive (CSRD): EFRAG and the European Commission publish implementation guidance and FAQs
The AMF publication announces implementation guidance and FAQs on the Corporate Sustainability Reporting Directive (CSRD) released by EFRAG and the European Commission, aimed at clarifying reporting standards under the European Sustainability Reporting Standards (ESRS). This matters for compliance professionals as it provides actionable tools to meet expanded sustainability disclosure requirements, ensuring audit-ready reporting amid phased rollouts and third-party assurance mandates. It supports harmonized EU-wide compliance for nearly 50,000 companies, enhancing data comparability and investor transparency. #
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).
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. #
AMF activity Institutional The AMF publishes its 2023 CSR Report
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. #
Shares ETF Collective investments Long term investment The activity of retail investors active in equities and ETFs increased further in Q2 2024
MIFID Fixed income The AMF proposes a methodology for calibrating the thresholds determining the transparency regime applicable to corporate bond transactions.
Asset management Notification forms for the cross-border exercise of the activities of passemanagement companies, and the marketing of UCITS and AIFs: the AMF updates its doctrine
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
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...
Institutional Europe & international Cooperation AMF Chair Marie-Anne Barbat-Layani meets with CSRC Vice Chairman, Fang Xinghai
Annual report Savings protection Marketing Retail investors Journalists The ACPR and AMF Joint Unit for Insurance, Banking and Retail Investment has published its 2023 Annual Report
Sustainable Finance Investment advice Long term investment Retail investors Journalists Mystery shopping visits to bank branches: the collection of client sustainability preferences remains fragmented
Mediation Annual report Retail investors Professional investors Journalists AMF Ombudsman publishes her 2023 Annual Report
Asset management ETF Active ETFs: the AMF publishes a recommendation on the transparency of portfolios
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
Financial products The AMF publishes a research paper on French funds’ costs
Asset management Sustainable Finance Article 29 of the Energy and Climate Law (29LEC): the French Treasury published FAQs in April 2024
The AMF publication highlights FAQs issued by the French Treasury in April 2024, clarifying key aspects of Article 29 of the Energy and Climate Law (29LEC) reporting obligations for French financial institutions on sustainability integration in investment activities. This matters for compliance teams as it addresses practical ambiguities in scope, consolidation, and EU interactions post-2023 reporting cycles, reducing interpretive risks amid expanding ESG mandates like SFDR. Firms must review these to ensure accurate 2024+ submissions via the Climate Transparency Hub (CTH). #
Annual report Institutional AMF activity Other professionals Executive & other private individuals Fintech Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment...
Markets Investment services Financing the economy Supervision ESMA's 20 recommendations for more efficient and attractive European markets
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
Financial disclosures & corporate financing Equity Journalists Listed companies and issuers Amendment to the AMF General Regulation makes "retail" tranche optional for initial public offerings
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
Fees Collective investments Shares ETF Less expensive investment funds for savers in 2023 according to the AMF's Household Savings Newsletter
Professional certification AMF activity Journalists The Autorité des Marchés Financiers announces the new composition of the Financial Skills Certification Board
Appointment AMF activity Journalists Pauline Briand joins the Autorité des Marchés Financiers (AMF) as Head of Communications
Asset management ROSA Extranet: changes to authorisation and declaration processes for collective investments
Sustainable Finance Financial products Asset management Europe & international Regulatory developments The AMF publishes, in a position paper, the key principles it believes should guide the SFDR review
Derivatives or structured products EMIR Refit: Update of the AMF website on notifications forms
Europe & international Periodic & ongoing disclosures The European single access point for financial and non-financial information on European entities (ESAP) enters its implementation phase
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
Periodic & ongoing disclosures Sustainable Finance Consequences from 2024 of the transposition of the CSRD for large listed companies
Innovation MIFID The AMF reminds investment firms of the rules for identifying retail investors when reporting transactions
AMF activity Institutional Journalists Astrid Milsan will act as Secretary General of the AMF until 15 April 2024
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
Strategy Supervision Institutional Other professionals Executive & other private individuals Fintech Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services...
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. #
Long term investment Collective investments Shares Retail investors Journalists Equity investment: intentions on the rise again, driven by young people
Asset management UCIT Collective investments The AMF updates its policy on disclosures by collective investment schemes incorporating non-financial methods
Governance Periodic & ongoing disclosures Journalists Listed companies and issuers AMF proposes enhanced investor information when evaluating boards of listed companies
Markets Institutional Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services providers Investment management companies Listed companies and issuers The AMF presents...
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. #
Asset management UCIT The AMF releases a research paper on French bond funds' flow-performance relationship
Sustainable Finance Periodic & ongoing disclosures Journalists Investment services providers Investment management companies Listed companies and issuers The AMF publishes a second educational report on taxonomy reporting by listed companies
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
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 management Loans originated by AIFs: the AMF amends its guidelines on reporting requirements
Supervision Asset management Compliance Journalists Investment management companies Regulatory reporting by asset management companies: the AMF calls for greater diligence
Fees Savings protection Other professionals Retail investors Journalists Investment services providers The AMF ensures that retail investors are properly informed on fees of financial products
Appointment Institutional AMF activity Other professionals Executive & other private individuals Retail investors Fintech Professional investors Journalists Investment services providers Investment management...
Asset management MIFID Financial services providers MiFID II product governance requirements: the AMF applies the updated ESMA guidelines
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. #
Investment services Investment service: amendment of the French definition of reception and transmission of orders
Fixed income Markets Financial services providers The AMF publishes a study on the margins applied by brokers in the French bond market
MiCA Crypto-assets Regulatory developments Digital assets: the AMF amends its General Regulation and its policy on DASP in light of enhanced registration and the MiCA Regulation
Collective investments Asset management The AMF updates its policy on the information to be provided by collective investment schemes incorporating non-financial approaches
Long term investment Equity Retail investors Journalists Close to 40% of new equity investors are under 35
Professional certification Sustainable Finance The AMF updates its instructions on AMF certification and the sustainable finance module
Innovation Savings protection AMF activity The AMF reinforces the visibility of its blacklists through Open Data
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 #
Risk and Trend Mapping Markets Europe & international Asset management Other professionals Market Infrastructures Journalists Investment services providers Investment management companies Listed companies and issuers ...
Annual report Savings protection Marketing Financial products Retail investors Journalists The ACPR and AMF Joint Unit for Insurance, Banking and Retail Investment publishes its 2022 annual report
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...
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. #
Periodic & ongoing disclosures Sustainable Finance The AMF supports issuers in implementing new sustainability reporting obligations
Financial services providers Asset management Marketing European Crowdfunding Services Providers: the AMF publishes a position on marketing communications
Investment advice MIFID Asset management MiFID II suitability assessment: the AMF applies the updated ESMA guidelines
Supervision Asset management Sustainable Finance Journalists Investment management companies The AMF publishes a summary on the internal processes that aim to ensure compliance with non-financial contractual commitments by asset management companies of ESG/SRI funds
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 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
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...
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
Long term investment Equity Savings Plan Retail investors Journalists Slight recovery of retail investor activity in the stock market
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
MMF Asset management Regulatory developments The AMF complies with the ESMA guidelines on updating stress test scenarios in accordance with Article 28 of the Money Market Fund Regulation for 2023
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. #
Sustainable Finance Asset management Sustainable Finance Disclosure Regulation: the AMF publishes a study on classifications and fossil fuel exposure in the French funds universe
Employee savings scheme Long term investment Collective investments Retail investors Professional investors Journalists Employee savings: a sharp increase in awareness and ownership of employee savings schemes; support for employees and company managers...
Long term investment Equity Retail investors Professional investors Journalists The AMF has produced the standard profile of active investors in 2022
Sustainable Finance Publication by the Climate and Sustainable Finance Commission: climate resolutions
Sustainable Finance Executive & other private individuals Journalists Listed companies and issuers Shareholder dialogue on environmental and climate issues
MIFID Supervision Retail investors Journalists Mystery shopping campaign to bank branches: progress made in the questioning to client, improvements needed in the information provided
AMF activity Asset management Contributions payable to the AMF: a new complaints form for a more effective follow-up
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
Asset management Extension of the preparation of a Key Information Document to all collective investments: the AMF updates its policy
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
Sustainable Finance Periodic & ongoing disclosures Taxonomy Article 8 reporting: publication of Frequently Asked Questions by the European Commission
Savings protection Marketing Marketing of financial products to ageing populations: publication of an independent academic research report on customer relations and sales processes
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...
Sustainable Finance Periodic & ongoing disclosures Publication of the new directive on corporate sustainability reporting (CSRD)
Artificial intelligence Financial disclosures & corporate financing Innovation Prospectus Artificial intelligence, towards new contributions for regulators
Strategy Executive & other private individuals Fintech Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services providers Investment management companies Listed companies and...
Sanctions & settlements Journalists Investment management companies The AMF Enforcement Committee fines the British company H2O AM LLP and two of its executives at the time of the facts for several breaches of their professional obligations
The AMF Enforcement Committee fined UK asset manager H2O AM LLP €75 million and its executives Bruno Crastes (€15 million, plus a 5-year ban) and Vincent Chailley (€3 million) for breaches in managing French UCITS funds, including ineligible Tennor Group investments, liquidity risks, valuation failures, and non-compliance with investment ratios and counterparty limits. This matters as it underscores AMF's strict enforcement on UCITS eligibility, risk management, and prospectus adherence, with cross-border implications confirmed by the Conseil d'État's dismissal of appeals on 13 June 2025. It signals heightened scrutiny on illiquid, unrated assets and "buy & sell back" transactions for EU asset managers. #
Institutional AMF activity Executive & other private individuals Retail investors Fintech Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services providers ...
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
Governance Sustainable Finance Executive & other private individuals Journalists Listed companies and issuers Social and environmental responsibility, the focus of the AMF's 2022 report on corporate governance and executive compensation of listed companies
Asset management AMF modifies its policy to facilitate the implementation by asset management companies of the Delegated Regulation of the SFDR
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...
Markets Financial disclosures & corporate financing The Autorité des marchés financiers (AMF) has requested the resumption of listing of ORPEA’s securities today
Sustainable Finance Governance Financing the economy Other professionals Executive & other private individuals Fintech Market Infrastructures Professional investors Journalists Investment services providers ...
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.
Institutional AMF activity Executive & other private individuals Fintech Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services providers Investment management companies ...
Long term investment Shares Executive & other private individuals Retail investors Fintech Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services providers ...
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 management The AMF updates its policy on management fees for collective investment undertakings (CIUs)
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. #
Markets Executive & other private individuals Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services providers Investment management companies Listed companies and issuers ...
Equity Savings Plan Long term investment Savings protection Retail investors Journalists The AMF creates a working group on equity savings plans (PEAs)
Short selling Markets The AMF urges market participants to notify it of any anomalies found in net short position notifications
Supervision Journalists Investment services providers The AMF publishes a summary of its SPOT inspections on simple, transparent and standardised securitisation
MIFID Sustainable Finance Asset management Sustainability requirements in the distribution of financial instruments: update on upcoming legislation and its implementation dates
MMF Asset management The AMF complies with the ESMA guidelines on updating stress test scenarios in accordance with Article 28 of the Money Market Fund Regulation
AMF activity Appointment Journalists End of the term of office of the AMF chairman and interim chairmanship
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.
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 #
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 #
Sanctions & settlements Compliance Journalists Investment services providers The AMF Enforcement Committee fines a depositary for breaches of its professional obligations
The AMF Enforcement Committee fined RBC Investor Services Bank France SA (RBC ISBF) €500,000 plus a warning on 20 July 2022 (published 08 January 2026) for breaches as a UCITS and AIF depositary, including 25 confirmed failures in tiered intervention procedures for investment ratio overruns and deficient monitoring of 14 questionable cash flows over 45 months. This decision underscores AMF's strict enforcement of depositary duties under French regulations implementing UCITS/AIFMD, emphasizing robust controls for ratio compliance, cash flow verification, and documentation. It matters for compliance teams as it provides precedent on what constitutes "irregular and deficient" oversight, potentially increasing scrutiny and fines for similar lapses in depositary functions. #
Bids Financial disclosures & corporate financing The AMF reviews the key issues raised by the Veolia-Suez public offer
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. #
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
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...
Supervision MIFID Journalists Investment services providers Investment management companies The AMF publishes a summary of its SPOT inspections on the theme of best execution in asset management companies
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
Financial disclosures & corporate financing The AMF ensures compliance with major holding reporting obligations
Annual report Savings protection Journalists Investment services providers Investment management companies Listed companies and issuers The ACPR and AMF Joint Unit for Insurance, Banking and Retail Investment publishes its 2021 annual report
Europe & international Sustainable Finance Asset management The AMF reiterates its call for a European regulation of ESG data, ratings, and related services
Supervision Asset management Journalists Investment services providers Investment management companies The AMF publishes a summary of its findings regarding the costs and fees of UCITS marketed to retail investors
Asset management The AMF updates its policy on funds with high fees
Annual report Institutional Other professionals Executive & other private individuals Fintech Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services providers ...
Appointment AMF activity Other professionals Executive & other private individuals Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services providers Investment management...
Mediation Annual report Retail investors Journalists The AMF Ombudsman publishes her 2021 Annual Report
Supervision Fixed income Journalists Investment services providers The AMF publishes a summary of its SPOT inspections on post-trade transparency in the bond market
Anti-money Laundering Asset management The AMF and TRACFIN sign a new cooperation protocol
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. #
Market infrastructures Order Retail investors Market Infrastructures Journalists AMF publishes an analysis of retail investor order execution on French stocks
MMF The AMF publishes a stock-take analysis of the market for short-term debt instruments in Europe
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...
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. #
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
Market infrastructures Benchmark Benchmarks: the AMF will apply ESMA Guidelines
Market infrastructures Post-trading infrastructures Settlement fails reporting: the AMF complies with ESMA guidelines
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
Asset management Update of the AMF's policy on funds that use Total Return Swaps and communicate about their consideration of non-financial criteria
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 management The AMF informs about the liquidation of the portfolio asset management company « Nestadio Capital »
Long term investment Shares Stimulating the diversification of long-term savings: the AMF proposes an educational approach to equity investment
Strategy Supervision Other professionals Executive & other private individuals Fintech Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services providers ...
Sustainable Finance Journalists Investment services providers Investment management companies Listed companies and issuers The ACPR and AMF publish their report on climate-related commitments of French financial institutions
CSDR Supervision Settlement discipline: supervisory approach on the implementation of the CSDR provisions
Asset management Prospectus The AMF and the Banque de France publish an update of the inventory of liquidity management tools in French funds
MIFID Market Data: the AMF applies ESMA Guidelines
Sustainable Finance Savings protection Collective investments Responsible finance: the AMF draws an overview of communications practices abroad
Supervision The AMF updates its investigation and inspection charters
Sustainable Finance Annual report Disclosure Obligations Taxonomy Article 8: The AMF informs issuers about the phased application of reporting requirements
Asset management Transposition of the directive on the cross-border distribution of collective investment undertakings: the AMF amends its General Regulation and its policy
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
Asset management MMF The AMF complies with the ESMA guidelines on updating stress test scenarios in accordance with Article 28 of the Money Market Fund Regulation
MMF The AMF publishes a study about potential explanatory variables for the record outflows that French MMFs faced in March 2020
Financial analysis The AMF emphasises the importance of independence in financial analysis
Financial products Bids Shares Financial disclosures & corporate financing Markets The AMF publishes a study on the development of the SPAC market and its challenges
Warning Savings protection The AMF urges retail investors to exercise the greatest vigilance towards certain activities proposed by Laurent Chenot
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
Warning Savings protection AMF warns investors about MTL Index
Warning Warning Financial disclosures & corporate financing The Autorité des Marchés Financiers (AMF) has issued a public warning against the activities of individuals impersonating the delegate of the AMF Ombudsman by making false referrals to FIN-NET, the European Commission body in charge of...