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
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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
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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.
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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 mod
What You Need To Do
- Monitor developments
- Review internal practices
- Enhance documentation
- Engage stakeholders
Key Dates
2024 - Working Group conducts analysis and drafts report on smart contract certification.
3 February 2025 - Report published for public consultation.
14 March 2025 - Industry responses submitted (e.g., GDF, Adan).
16 July 2025 - Summary of consultation responses published by ACPR and AMF.
Compliance Impact
Urgency: Medium โ 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.
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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 Marketing Long term investment Other professionals Retail investors Journalists The stock market investor journey: the AMF analyses the mobile applications of 14 institutions
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Asset ManagerBroker DealerFintech 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 โฌ6 billion to โฌ100 billion
Introduce greater proportionality based on project scale**, allowing smaller players simplified requirements
*Operatio
What You Need To Do
- *For Market Infrastructure Operators
- *Reassess Business Cases
- *Prepare Applications
- *Monitor Commission Decisions
- *Compliance Documentation
Key Dates
March 24, 2026 - ESMA report deadline to European Commission on Pilot Regime functioning and recommendations DEADLINE
June 30, 2026 - End of MiCA transitional period; full crypto-asset regime implementation
Q2 2026 - Expected European Commission report to Parliament and Council with recommendations on Pilot Regime extension, amendment, or permanent conversion
April 9, 2025 - AMF and Consob formal proposals submitted
Mid-2022 - Original DLT Pilot Regime legislation enacted
Compliance Impact
Urgency: HIGH
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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
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Artificial intelligence Markets Innovation The International Organization of Securities Commissions (IOSCO) publishes a report on artificial intelligence in financial markets
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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
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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.
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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 but preferred v
What You Need To Do
- Participate/Review
- Assess Smart Contracts
- Monitor Developments
- Engage Stakeholders
Key Dates
February 3, 2025 - Working Group report published and public consultation launched.
March 10, 2025 - Public consultation closed (per some reports; responses summarized afterward).
July 16, 2025 - ACPR/AMF published summary of consultation responses.
2025 (TBD) - Conclusions from consultation responses to be presented.
July 2026 - 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 obligat
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Shares ETF ETFs: strong growth for retail investors in 2024
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Europe & international Innovation Financial services providers Operational resilience โ The AMF applies the Joint Guidelines on the oversight cooperation and information exchange under the Digital Operational Resilience Act (DORA)
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Innovation Artificial intelligence AMF launches its "innovation workshops"
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Artificial intelligence Innovation Financial products Financial services providers Artificial intelligence: the AMF encourages market stakeholders to take part in two European Commission initiatives on issues specific to the financial sector
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Annual report Institutional AMF activity Other professionals Executive & other private individuals Fintech Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment...
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Europe & international Periodic & ongoing disclosures The European single access point for financial and non-financial information on European entities (ESAP) enters its implementation phase
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Strategy Supervision Institutional Other professionals Executive & other private individuals Fintech Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services...
Asset ManagerBroker DealerFintech Supervision Asset management Journalists Investment management companies The AMF publishes summary of third thematic inspection of asset management companies' cybersecurity systems
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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...
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MiCA Crypto-assets Innovation Markets in crypto-assets: publication of the MiCA regulation
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Crypto-assets Innovation Market infrastructures Post-trading infrastructures Market infrastuctures on blockchain technology: adaptation of the French securities laws
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Long term investment Equity Retail investors Journalists Close to 40% of new equity investors are under 35
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Warning Warning Savings protection Forex and binary options The AMF warns the public about fraudulent investment offers through trading robots
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Innovation Markets AI enthusiasts, the AMF challenges you
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Innovation Market infrastructures Post-trading infrastructures Market infrastructures on blockchain: Application of the EU DLT Pilot Regime from March 23rd
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Artificial intelligence Financial disclosures & corporate financing Innovation Prospectus Artificial intelligence, towards new contributions for regulators
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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 Innovation The AMF publishes its proposals for an open finance framework
The Autoritรฉ des Marchรฉs Financiers (AMF), France's financial markets authority, has published proposals for an **open finance framework** via a public consultation, extending open banking principles to broader financial data sharing for enhanced innovation and competition. This matters for compliance professionals as it signals upcoming regulatory requirements for secure data access, APIs, and customer consent mechanisms, aligning with EU trends toward open finance while prioritizing consumer protection and market resilience. Firms must engage early to shape the final rules and prepare systems for compliance.
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What Changed
The publication outlines AMF's proposals for an open finance framework, building on open banking (e.g., PSD2) to include investments, insurance, and asset management data. Key elements include:
Mandatory API-based data sharing for account information and payment initiation, extended to non-banking products like securities and insurance.
Enhanced customer consent and control mechanisms, with granular permissions, revocation rights, and strong authentication.
Security and liability standards align
What You Need To Do
- Review and respond to consultation
- Conduct gap analysis
- Update policies
- Engage stakeholders
- Test systems
Key Dates
January 14, 2026 - AMF publishes 2026 priorities, including open finance as part of innovation framework.
TBD (consultation period) - Public consultation on open finance proposals; firms should check AMF site for exact submission deadline (typically 1-3 months post-publication). DEADLINE
June 30, 2026 - End of MiCA transitional period, relevant for crypto/open finance intersections.
2026 (H2) - Expected finalization of AMF AI roadmap and tokenization consultation, influencing open finance APIs.
likely 2027 implementation phased over 12-24 months.
Compliance Impact
Urgency: High โ As a consultation, immediate engagement is critical to shape rules, but full implementation may not hit until 2027+. It matters due to alignment with AMF's 2026 priorities on innovation (AI, tokenization, MiCA) and resilience (DORA, cybersecurity), risking fines or supervisory action
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Warning Savings protection Warning The AMF calls for vigilance against fraudulent sites usurping its name
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Savings protection Cooperation Crypto-assets Fintech Journalists The AMF and the ARPP are stepping up their cooperation to promote clear and responsible advertising of financial products
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Crypto-assets Innovation Market infrastructures on blockchain technology: publication of the European Pilot Regime regulation
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Annual report Institutional Other professionals Executive & other private individuals Fintech Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services providers ...
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AMF activity Focus on inDECx: the new tool to be used when interacting with the AMF during an inspection or investigation
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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
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Strategy Supervision Other professionals Executive & other private individuals Fintech Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services providers ...
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