Warning Savings protection Miscellaneous assets Warning The AMF is warning the public against several companies proposing atypical investments without being authorised to do so
Asset ManagerWealth ManagerFintech
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, confidentiality ensured, no public misleading).
What You Need To Do
- Assess information promptly
- 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
3 trading days - Managers/PDMRs must report securities transactions to issuer and AMF if annual total exceeds €20,000. DEADLINE
10 business days - Custodians must respond to Euroclear France/AMF requests for shareholder identity on threshold crossings. DEADLINE
effective 2016 ) and AMF GR.
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.
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
Sanctions & settlements professional obligations Investment advice Other professionals Journalists AMF Enforcement Committee fines a financial investment advisor and its director for breach of professional obligations
The AMF Enforcement Committee imposed a five-year ban on financial investment advisor DCT (formerly Didier Maurin Finance) and its director Didier Maurin from practicing, plus fines of €150,000 on the firm and €200,000 on the director, for recommending unauthorized Samoan AIF investments to 64 clients, failing to manage conflicts of interest (e.g., no conflicts register), and breaching duties of competence, care, and diligence in clients' best interests. This matters as it reinforces AMF's strict enforcement on CIFs (Conseillers en Investissements Financiers) for product authorization checks, conflicts management, and client-centric obligations under MiFID II transposition in France, signaling heightened scrutiny on advisory integrity amid rising sanctions. The Conseil d'Etat upheld the decision on 9 September 2024, dismissing appeals and confirming sanctions.
What Changed
This is an enforcement decision, not a new regulation, but it clarifies and reinforces existing requirements for CIFs:
Product marketing authorization: CIFs must verify that recommended investments (e.g., AIFs) are authorized for sale in France before advising clients; recommending unauthorized products breaches professional obligations regardless of client outcomes.
Conflicts of interest management: CIFs must maintain an effective conflicts register, identify risks (e.g., personal benefits), and implement operational procedures; absence or failure constitutes a breach.
No aggravating factor...
What You Need To Do
- Immediate audit
- Conflicts policy enhancement
- Training and documentation
- Director accountability
Key Dates
11 April 2022 - AMF Enforcement Committee decision imposing bans and fines.
9 September 2024 - Conseil d'Etat judgment (no. 464877) dismissing appeals, upholding sanctions, and ordering €1,500 costs each to AMF.
Compliance Impact
Urgency: High - This upheld decision (post-2024 appeal) exemplifies AMF's pattern of escalating fines/bans on CIFs for conduct failures (e.g., €2.5M on Carat GP in 2025; €120K-€150K on Capexis upheld 2025), amid 2024-2025 enforcement wave on professional obligations. Matters for CIFs as it heightens personal liability for directors, risks business bans, and underscores client-best-interest primacy; non-EU product exposure amplifies fines in cross-border contexts.
Wealth ManagerAll Firms
Supervision Asset management Journalists Investment management companies The AMF publishes summary of third thematic inspection of asset management companies' cybersecurity systems
Asset Manager
Asset management UCIT Collective investments The AMF updates its policy on disclosures by collective investment schemes incorporating non-financial methods
Asset ManagerWealth ManagerAll Firms
Asset management Changes to CIU authorisation and declaration processes
Asset Manager
Asset management Requirements for investment committees and the affiliation of fund managers of asset management companies: the AMF updates its policy
Asset Manager
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.
What You Need To Do
- Conduct internal audits
- Enhance monitoring systems
- Train personnel
- Update policies
- Cooperate with regulators
Key Dates
Immediate - Report suspicious transactions (insider dealing or manipulation) to AMF without delay.
30 June 2026 - End of MiCA transitional period, with AMF focusing on crypto-asset market abuse alignment (indirect relevance via MAR enforcement).
30 June 2026 - AMF General Regulation updates effective, enhancing MAR-related reporting procedures (e.g., Title V on failings reporting).
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.
All Firms
Asset management UCIT The AMF releases a research paper on French bond funds' flow-performance relationship
Asset ManagerBankBroker Dealer
Warning Warning Savings protection Forex and binary options Crypto-assets The AMF and the Paris Public Prosecutor's Office urge retail investors to be extremely vigilant regarding Immediate Connect's fraudulent investment offer in crypto-assets
Crypto ExchangeAll Firms
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...
What You Need To Do
- Conduct gap analysis
- Enhance manager oversight
- Audit CFD marketing
- Training programs
- Cross-border review
Key Dates
10 November 2023 - AMF Enforcement Committee decision SAN-2023-15 imposing fines and bans.
14 November 2023 - French version of press release published.
16 June 2025 - 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.
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.
What You Need To Do
- Enhance surveillance
- Insider list management
- Training programs
- Policies and procedures
- Audit and testing
Key Dates
since 2016 ). Relevant historical dates from this and similar cases:
30 January 2023 Enforcement decision fining 10 parties for Terreïs acquisition insider dealing.
9 July 2021 Decision fining individuals for disclosing/using earnings inside information.
15 May 2024 Fine for using takeover bid information.
9 July 2025 Fines including professional bans for MND-related breaches.
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.
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
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
Asset Manager
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
Marketing Savings protection Retail investors Professional investors Journalists The ACPR and AMF encourage financial institutions to continue their efforts to take account of the vulnerability of ageing clients
BankWealth ManagerAll Firms
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
Asset management Pan-European Personal Pension Products: the AMF complies with EIOPA guidelines
Asset ManagerInsurance
Asset management Loans originated by AIFs: the AMF amends its guidelines on reporting requirements
Asset ManagerBank
Supervision Asset management Compliance Journalists Investment management companies Regulatory reporting by asset management companies: the AMF calls for greater diligence
Asset Manager
Cooperation AMF Chair Marie-Anne Barbat-Layani meets with ASIC Chair Joseph Longo
BankWealth ManagerAll Firms
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
Asset ManagerWealth ManagerBank
Appointment Institutional AMF activity Other professionals Executive & other private individuals Retail investors Fintech Professional investors Journalists Investment services providers Investment management...
Asset ManagerBankBroker Dealer Warning Warning Savings protection Miscellaneous assets The AMF is warning the public against several companies proposing atypical investments without being authorised to do so
Asset ManagerWealth ManagerFintech
Warning Warning Savings protection Forex and binary options 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
Broker DealerFintechCrypto Exchange
Asset management Investment advice Regime applicable to financial investment advisers: update of Position-Recommendation DOC-2006-23
Asset ManagerWealth Manager
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.
What You Need To Do
- Review and comment
- Gap analysis
- Enhance compliance
- Monitor cross-border
- Pilot participation
Key Dates
31 July 2025 - Cut-off date for assessing Participating Jurisdictions' regulatory frameworks in IOSCO's Thematic Review.
October 16, 2025 - Publication date of FSB and IOSCO reports assessing crypto-asset and stablecoin implementation, including DeFi elements.
2 February 2026 - IOSCO consultation comment deadline on related reports (e.g., FMIs’ management of general business risks). DEADLINE
6 February 2026 - CPMI-IOSCO consultation comment deadline on FMIs’ general business risks guidance, relevant to DeFi infrastructure. DEADLINE
starting 2026 .
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.
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.,...
What You Need To Do
- Review historical/current financial communications for liquidity/debt portrayals; ensure they explicitly address dependencies (e
- Enhance governance
- Audit trails
- Monitor appeals
Key Dates
March 8, 2018 - May 15, 2019 - Period of infringing communications (11 occasions, 14 media).
2016 - Prior AMF Deputy Secretary General warning to Rallye on financial communication quality, specifically liquidity risk presentation.
September 2023 (inferred from context) - AMF Enforcement Committee decision imposing fines.
September 18-19, 2023 - Rallye appeals the AMF decision.
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.
All Firms
Sanctions & settlements Journalists The AMF Enforcement Committee fines an asset management company and its directors for breaches of their professional obligations
The AMF Enforcement Committee fined asset management company M Capital Partners €200,000 and its directors Rudy Secco (€70,000) and Stéphanie Minissier (€35,000) on 31 December 2025 for breaches of professional obligations spanning August 2019 to December 2023, including unauthorized investment services, deficient investment processes, conflicts of interest failures, and inadequate AML/CFT systems. This decision underscores AMF's focus on operational robustness in asset managers, particularly those acting as tied agents, and holds senior managers personally accountable. It matters for compliance as it exemplifies enforcement trends targeting systemic deficiencies, with potential appeals signaling ongoing scrutiny.
What Changed
This is an enforcement action, not a regulatory change, but it reinforces existing AMF requirements under French Monetary and Financial Code for asset managers:
Operational procedures: Investment allocation processes must be precise, traceable, and compliant; failure to verify or document renders systems non-operational.
Scope of services: Asset managers (and tied agents) cannot provide unauthorized services like placing financial instruments without firm commitment, circumventing licensed activities.
Conflicts of interest: Robust identification, prevention, and management systems are...
What You Need To Do
- Immediate gap analysis
- Enhance AML/CFT
- Conflicts framework
- Senior manager attestation
- Marketing/retrocessions
Key Dates
31 December 2025 - AMF Enforcement Committee decision date imposing fines on M Capital Partners and directors.
August 2019 - December 2023 - Period of breaches investigated, covering investment services, processes, conflicts, and AML/CFT failures.
08 January 2026 - Public press release date.
Compliance Impact
Urgency: High - This reflects a pattern of 2025 AMF fines on asset managers for operational/AML failures (e.g., €1.3M on Altaroc Partners 15 Sep 2025; €400k on Eternam 9 Sep 2025), signaling intensified scrutiny post-AIFMD reviews. Matters due to personal liability for managers, appeal risks amplifying precedent, and applicability to hybrid models; non-compliance risks fines scaling to €1M+ and reputational damage.
Asset Manager
Sanctions & settlements professional obligations Journalists The AMF Enforcement Committee fines the Association Nationale des Conseillers Financiers-CIF for breaches of its professional obligations
The AMF Enforcement Committee fined the Association Nationale des Conseillers Financiers-CIF (ANACOFI-CIF), a professional association approved for investment advisors (CIFs), €250,000 with a warning, and its former president €20,000 with a warning, for breaching professional obligations in membership vetting, controls, archiving, and conflicts of interest management. This decision, dated September 5, 2023, underscores AMF's scrutiny of professional associations' gatekeeping and oversight roles in ensuring CIF compliance. It matters as it signals heightened enforcement against associations failing to uphold regulatory standards, potentially impacting CIF ecosystem integrity and prompting reviews of similar bodies.
What Changed
This is an enforcement action, not a new regulation, but it reinforces existing obligations under French Monetary and Financial Code (CMF) for approved professional associations like ANACOFI-CIF. Key breaches highlighted include:
Failure to verify quality of CIF membership application dossiers and non-compliance with internal adhesion procedures.
Non-respect of procedures for member controls, sanctions, and proper archiving of control dossiers.
Violation of internal rules on conflicts of interest management.
No new requirements were introduced; the case reiterates enforcement of CMF Articles...
What You Need To Do
- Review and strengthen internal procedures for CIF membership vetting, ensuring dossier quality checks align with approved protocols
- Implement robust systems for member controls, sanctions processes, and secure archiving of all dossiers per CMF L
- Update conflicts of interest policies and registers to fully comply with internal rules and CMF obligations, documenting all identifications
- Conduct gap analyses on governance, documentation, and AML/KYC for CIF activities, training staff on operationalizing procedures
- For CIF members
Key Dates
September 5, 2023 - AMF Sanctions Commission decision issued, imposing fines and warnings on ANACOFI-CIF (€250,000) and M. Patrick Galtier (€20,000).
Post-September 5, 2023 - Decision subject to potential recourse (appeal period not specified in public summaries, typically 1 month under AMF procedures).
June 2, 2023 - AMF Sanctions Commission hearing where €500,000 sanction was initially sought (reduced in final decision).
Compliance Impact
Urgency: Medium - This 2023 decision is not imminent but remains highly relevant given ongoing AMF focus on CIF compliance (e.g., 2025 sanctions for similar breaches like archiving and AML failures). It matters for preventing fines, bans, or reputational damage, as AMF targets systemic weaknesses in associations and CIFs, amplifying risks for non-compliant entities in a post-MiFID II enforcement environment.
Wealth ManagerAll Firms
Savings protection Cooperation Crypto-assets Retail investors Fintech Journalists The AMF and the ARPP launch the Responsible Influence Certificate in Finance
Asset ManagerFintechCrypto Exchange
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
Institutional AMF activity Journalists The AMF pays tribute to Jacques Delmas-Marsalet
BankWealth ManagerAsset Manager
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
Crypto ExchangeFintech
Asset management The Autorité des Marchés Financiers (AMF) announces withdrawal of the authorisation of the portfolio asset management company Quantology Capital Management as of 30 June 2023
Asset Manager
Collective investments Asset management The AMF updates its policy on the information to be provided by collective investment schemes incorporating non-financial approaches
Asset ManagerWealth Manager
Sanctions & settlements professional obligations Journalists Investment management companies The AMF Enforcement Committee fines an asset management company for breaches of its professional obligations
The AMF Enforcement Committee fined asset management company Altaroc Partners (formerly Amboise Partners SA) €600,000 and its senior managers Maurice Tchenio (€500,000) and Patrick de Giovanni (€200,000) on 15 September 2025 for multiple breaches of professional obligations, including lack of operational procedures for fund investments/divestments, inadequate AML/CFT due diligence, unproven benefits of fee retrocessions to distributors, and shortcomings in marketing materials. This decision underscores the AMF's strict enforcement on operational controls, governance, and client protection in asset management, serving as a critical warning for firms to ensure robust, documented procedures and senior manager accountability. It matters because it highlights personal liability for executives and reinforces AMF's educational role through sanction explanations, potentially increasing scrutiny on similar firms.
What Changed
This is an enforcement action, not a regulatory change; it reaffirms and clarifies existing obligations under French financial regulations for asset managers (sociétés de gestion de portefeuille). Key requirements emphasized include:
Implementing operational procedures for investment/divestment processes, including verification of lender authorizations.
Conducting systematic AML/CFT due diligence on fund assets and liabilities.
Proving that fee retrocessions to distributors enhance client service quality.
Ensuring marketing materials are accurate and compliant.
These align with ongoing AMF...
What You Need To Do
- Review and document operational procedures for fund investments/divestments, including lender authorization checks
- Enhance AML/CFT systems with systematic due diligence on fund assets/liabilities and risk mapping
- Audit fee retrocession arrangements to demonstrate tangible client service improvements (e
- Validate marketing materials for accuracy and completeness
- Conduct senior manager attestations on compliance oversight; implement training on personal liability
Key Dates
15 September 2025 - AMF Enforcement Committee decision issued, imposing fines on Altaroc Partners and managers.
16 September 2025 - French version of press release published.
Post-15 September 2025 - Appeal lodged by Altaroc Partners, Tchenio, and de Giovanni before the Conseil d’État against decision SAN-2025-09 (exact date not specified).
Compliance Impact
Urgency: High - This recent (2025) enforcement demonstrates AMF's willingness to impose multimillion-euro fines (€1.3M total) and hold executives personally accountable for systemic failures in core areas like operations, AML, and client disclosure. It matters for immediate risk as appeals are pending but do not suspend obligations; firms with similar setups face elevated audit risk, especially amid AMF's pattern of targeting asset managers (e.g., 5+ cases in 2024-2025).
Asset Manager
Crypto-assets Innovation Market infrastructures Post-trading infrastructures Market infrastuctures on blockchain technology: adaptation of the French securities laws
BankFintechCrypto Exchange
Anti-money Laundering Asset management Anti-money laundering and combating the financing of terrorism: the AMF applies the guidelines of the European Banking Authority
Asset ManagerBankWealth Manager
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
Crypto-assets Digital assets: the AMF amends its policy on DASPs to clarify the transition to "enhanced" DASP registration
Crypto ExchangeFintech
Professional certification Sustainable Finance The AMF updates its instructions on AMF certification and the sustainable finance module
Asset ManagerWealth ManagerAll Firms
Long term investment Sustainable Finance Collective investments Retail investors Journalists Sustainable investment: growing interest among French people, especially the youngest
Asset ManagerWealth ManagerAll Firms
Innovation Savings protection AMF activity The AMF reinforces the visibility of its blacklists through Open Data
Asset ManagerWealth ManagerBank
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 assessments and eliminating sector-specific standards. https://www.amf-france.org/en/news-publications/news/corporate-sustainability-reporting-amfs-response-efrags-consultation-simplification-european ; https://www.iss-corporate.com/resources/blog/eu-sustainability-rules-reset-what-the-2026-changes-mean/
Materiality Assessment: AMF opposes assessing impact materiality post-mitigation...
What You Need To Do
- 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
- Align with ESMA 2025 priorities (e
Key Dates
July 31, 2025 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
September 29, 2025 EFRAG consultation closes. https://www.amf-france.org/en/news-publications/news/corporate-sustainability-reporting-amfs-response-efrags-consultation-simplification-european
End of November 2025 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
2026 Financial Year (reports in 2027) 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
2027 (reports in 2028) Full mandatory application targeted. https://www.amf-france.org/en/news-publications/news/corporate-sustainability-reporting-amfs-response-efrags-consultation-simplification-european
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.
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
Warning Warning Savings protection Forex and binary options 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
Broker DealerFintechCrypto Exchange
Warning Warning Savings protection Miscellaneous assets The AMF warns the public against companies proposing atypical investments without being authorised to do so
Asset ManagerWealth ManagerFintech
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 .
What You Need To Do
- 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
- 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
30 December 2024 - MiCA mandatory licensing for CASPs; pre-registered PSANs enter 18-month transition .
30 June 2026 - End of PSAN transitional period; full MiCA authorization required, with AMF oversight on manipulation risks . DEADLINE
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.
Broker DealerCrypto ExchangeAll Firms
Supervision Asset management Journalists Investment management companies The AMF examines the systems for valuation of the less liquid assets of UCITS and AIFs
Asset ManagerWealth Manager
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
BankAsset ManagerInsurance
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
Warning Warning Savings protection Forex and binary options Crypto-assets The AMF warns the public about the fraudulent investment offers in Forex and crypto-assets by Immediate Connect
Crypto ExchangeFintech
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.
Requirement for clear, accurate, non-misleading information on costs and...
What You Need To Do
- 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
19 June 2023 - 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.
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.
What You Need To Do
- Submit feedback (past deadline)
- Monitor developments
- Conduct internal assessments
- Enhance compliance programs
- Engage stakeholders
Key Dates
June 19, 2023 - AMF publishes initial discussion paper on DeFi regulatory issues.
September 30, 2023 - Deadline for stakeholder contributions to the discussion paper. DEADLINE
July 10, 2024 - 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.
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
Asset management Employee savings funds: the AMF amends its policy on the simplified integration of liquidity management tools
Asset ManagerWealth Manager
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
Asset 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
Sanctions & settlements Asset management Journalists Investment management companies The AMF Enforcement Committee sanctions an asset management company and two of its managers for breaches of their professional obligations
The AMF Enforcement Committee sanctioned asset management company M Capital Partners and its managers Rudy Secco (€70,000 fine) and Stéphanie Minissier (€35,000 fine) with a total firm fine of €200,000 in its decision dated 31 December 2025, for multiple breaches of professional obligations spanning August 2019 to December 2023. This case underscores AMF's strict enforcement on operational compliance, scope of authorized activities, and AML/CFT systems in asset management, serving as a critical reminder for firms to ensure robust, traceable processes and manager accountability. It matters because it highlights personal liability for senior managers and recurring AMF focus on tied agents exceeding permitted services, potentially signaling increased scrutiny in 2026.
What Changed
This is an enforcement decision, not a new regulation, but it reinforces and clarifies existing requirements under French Monetary and Financial Code (e.g., Article L. 214-24-1) and AMF rules for asset managers:
Asset management companies (AMCs) acting as tied agents cannot provide placement of financial instruments without a firm commitment basis, as this exceeds the restrictive list of permitted investment services.
Investment allocation processes must be precise, operational, and traceable, with demonstrated compliance to investment procedures.
Firms must maintain effective systems for...
What You Need To Do
- Review and enhance tied agent activities to ensure no unauthorized investment services like non-firm commitment placements; map against permitted services list
- Audit investment allocation systems for precision, operationality, and traceability; implement verifiable verifications
- Strengthen AML/CFT frameworks
- Update conflicts of interest policies with clear identification, prevention, and management procedures
- Conduct senior manager attestations on personal oversight; perform gap analysis against this and similar cases (e
Key Dates
31 December 2025 - AMF Enforcement Committee decision date; fines imposed on M Capital Partners (€200,000), Rudy Secco (€70,000), and Stéphanie Minissier (€35,000).
August 2019 - December 2023 - Period of breaches investigated.
Compliance Impact
Urgency: High - This recent (Dec 2025) decision directly implicates senior accountability and operational failures in core AMC functions, with fines totaling €305,000 showing AMF's willingness to penalize both firms and individuals. It matters amid a pattern of similar sanctions (e.g., €200k on Eres in 2023 for procedures/investor info; warnings/fines on Inter Gestion in 2024 for AML), indicating heightened 2026 enforcement risk; non-compliant firms risk fines, reputational damage, and manager bans, especially if dually registered.
Asset Manager
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 Governance MiFID II remuneration requirements: the AMF applies the ESMA Guidelines
Asset Manager
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 fined portfolio asset management company M Capital Partners €200,000, and its directors Rudy Secco (€70,000) and Stéphanie Minissier (€35,000) on 31 December 2025, for multiple breaches spanning August 2019 to December 2023, including unauthorized placement of financial instruments as a tied agent, non-operational investment allocation processes, inadequate compliance with investment procedures, deficient conflicts of interest management, and non-operational AML/CFT systems. This decision underscores AMF's strict enforcement of operational compliance and scope limitations for asset managers, serving as a critical reminder for firms to ensure robust, traceable systems and director accountability. It matters because it highlights personal liability for managers and recurring AMF focus on AML/CFT and procedural deficiencies, potentially signaling increased scrutiny in 2026.
What Changed
This is an enforcement action, not a regulatory change introducing new rules. It reinforces existing obligations under French financial regulations (e.g., Monetary and Financial Code) for asset management companies (AMCs), particularly:
Strict limits on services: AMCs cannot provide placement of financial instruments without a firm commitment basis, even as tied agents; doing so circumvents authorized investment services.
Operational investment systems: Processes for allocating investments between funds must be precise, with full traceability of verifications.
Conflicts of interest: Firms...
What You Need To Do
- Audit dual roles
- Enhance investment processes
- Strengthen controls
- Director oversight
- Documentation
Key Dates
31 December 2025 - AMF Enforcement Committee decision date; fines imposed on M Capital Partners, Rudy Secco, and Stéphanie Minissier.
August 2019 - December 2023 - Period of breaches investigated.
Compliance Impact
Urgency: High - This recent (Dec 2025) decision aligns with a pattern of AMF fines on AMCs for AML/CFT, procedural, and operational failures (e.g., €200k on Eres Gestion in 2023 for rebates/investments; warnings/fines on Inter Gestion REIM in 2024 for AML). It matters due to director liability, escalating fines (up to €200k+), and AMF's educational role in clarifying regulations, risking similar actions for non-compliant firms in 2026 amid AIFMD 2.0 focus.
Asset Manager
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
Sanctions & settlements Asset management Compliance Anti-money Laundering Executive & other private individuals Investment management companies The AMF Enforcement Committee fines a portfolio asset management company and its manager for breaches of their...
The AMF Enforcement Committee fined portfolio asset management company M Capital Partners €200,000 and its managers Rudy Secco (€70,000) and Stéphanie Minissier (€35,000) on 31 December 2025 for multiple breaches of professional obligations from August 2019 to December 2023, including unauthorized investment services as a tied agent, non-operational investment allocation processes, deficient conflict-of-interest management, and inadequate AML/CFT systems. This decision underscores AMF's strict enforcement against operational failures in asset management, particularly for firms balancing portfolio management with tied agent roles, emphasizing personal accountability for managers. Compliance teams must review this for gaps in procedures, as it highlights how imprecise processes and poor traceability lead to substantial sanctions.
What Changed
This is an enforcement decision, not a new regulation, but it reinforces existing AMF requirements under French Monetary and Financial Code (e.g., Article L. 214-24-1) for asset managers:
Asset management companies (sociétés de gestion) are restricted to specific investment services; providing placement of financial instruments without firm commitment (as a tied agent) circumvents these limits and is prohibited.
Investment systems must be operational with precise allocation rules between funds; lack of traceability in verifications violates due diligence obligations.
Firms must maintain...
What You Need To Do
- Audit investment services scope to ensure no unauthorized placement activities, especially if acting as tied agents; cease and remediate any circumventions
- Enhance investment allocation processes with precise rules, full traceability of verifications, and demonstrable operationality
- Strengthen conflict-of-interest frameworks with identification, prevention, and management protocols, including documentation
- Overhaul AML/CFT systems for effective due diligence on clients, assets, and risks; conduct staff training and test operationality
- Review manager accountability
Key Dates
31 December 2025 - AMF Enforcement Committee decision date; fines imposed on M Capital Partners, Rudy Secco, and Stéphanie Minissier.
August 2019 - December 2023 - Period of breaches investigated, covering unauthorized services, investment process failures, conflicts, and AML/CFT deficiencies.
31 December 2025 (exact deadline unspecified; standard AMF appeals must be lodged promptly, typically within 1 month). DEADLINE
Asset Manager
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
MiCA Crypto-assets Innovation Crypto-asset markets: the MiCA regulation adopted by the European Parliament
Crypto ExchangeFintech
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
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
Asset Manager
Warning Warning Savings protection Forex and binary options 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
Broker DealerFintechCrypto Exchange
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 new document; this requires evolving MiFID 2 regulations as current MiFID 2 and PRIIPs rules are incompatible for such clarity.
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 comprehension.
No changes to fee calculation methodologies; focus is solely on...
What You Need To Do
- Monitor and Respond
- Internal Review
- Testing and Training
- 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).
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
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...
Asset ManagerWealth ManagerAll Firms
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.
What You Need To Do
- Enhance insider lists and training
- Implement/enforce black-out periods
- Strengthen policies on gifts/invitations and whistleblowing: Formalize in codes of ethics; monitor for corruption risks in information sharing
- Monitor and report transactions
- Conduct risk assessments
Key Dates
December 4, 2024 - EU Regulation 2024/2809 enters into force , amending MAR on inside information and disclosures.
June 5, 2026 - Certain amendments to insider trading policies apply (e.g., in Groupe Casino policy).
June 30, 2026 - AMF General Regulation updates take effect , covering prospectuses and admissions.
Within 3 trading days - 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.
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 Publication by the Climate and Sustainable Finance Commission: climate resolutions
Asset ManagerBankWealth Manager
Sustainable Finance Executive & other private individuals Journalists Listed companies and issuers Shareholder dialogue on environmental and climate issues
Asset ManagerBankBroker Dealer
MIFID Supervision Retail investors Journalists Mystery shopping campaign to bank branches: progress made in the questioning to client, improvements needed in the information provided
BankWealth Manager
Warning Warning Savings protection Forex and binary options The AMF warns the public about fraudulent investment offers through trading robots
Broker DealerWealth ManagerFintech
AMF activity Asset management Contributions payable to the AMF: a new complaints form for a more effective follow-up
Asset ManagerWealth Manager
Innovation Markets AI enthusiasts, the AMF challenges you
Asset ManagerWealth ManagerFintech
Innovation Market infrastructures Post-trading infrastructures Market infrastructures on blockchain: Application of the EU DLT Pilot Regime from March 23rd
FintechCrypto Exchange
Asset management Anti-money Laundering Anti-money laundering and combating the financing of terrorism: the AMF applies the guidelines of the European Banking Authority
Asset ManagerBankWealth Manager
Asset management Anti-money Laundering Money Laundering and Terrorist Financing: update of the COLB’s National Risk Assessment
Asset ManagerWealth Manager
Sanctions & settlements professional obligations Investment advice Other professionals Journalists The AMF Enforcement Committee fines a financial investment advisor for breaches of its professional obligations
The AMF Enforcement Committee fined financial investment advisor Capexis €120,000 on 15 February 2023 for breaches including receiving prohibited payments from client loan repayments and failing to disclose commissions from SCPI usufruct subscriptions, with the Conseil d'Etat later increasing the fine to €150,000 on 3 March 2025. This enforcement action underscores AMF's strict oversight of **financial investment advisors (Conseillers en Investissements Financiers - CIFs)** on professional obligations like payment restrictions and transparency. It matters for compliance as it highlights personal liability risks and the educational role of such decisions in clarifying regulations.
What Changed
This is an enforcement decision, not a new regulation, but it reinforces existing requirements under French financial regulations for CIFs:
Prohibition on non-remunerative payments: CIFs cannot receive payments beyond fees for advisory services, such as loan repayments from clients.
Commission disclosure: CIFs must inform clients of the nature, amount, or calculation method of any commissions received in connection with investment advice, e.g., from SCPI usufruct arrangements.
No aggravating factor for incomplete information on unauthorized marketing absent specific provisions, but core duty...
What You Need To Do
- Review payment structures
- Enhance disclosure policies
- Conduct gap analysis
- Training and monitoring
- Prepare for inspections
Key Dates
15 February 2023 - AMF Enforcement Committee decision imposing €120,000 fine on Capexis.
3 March 2025 - Conseil d'Etat judgment increasing fine to €150,000, overturning some findings, and ordering publication on AMF website.
Compliance Impact
Urgency: High - This matters due to escalating fines (e.g., €120k to €150k on appeal), permanent/temporary bans in parallel cases, and director liability up to €2m. Recent 2024-2025 enforcements signal AMF's intensified focus on CIF misconduct amid fund scandals, risking reputational damage and operational bans for non-compliant firms. Immediate policy reviews are essential to avoid similar outcomes.
Wealth ManagerAll Firms
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
Asset management Extension of the preparation of a Key Information Document to all collective investments: the AMF updates its policy
Asset ManagerWealth Manager
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
Sustainable Finance Periodic & ongoing disclosures Taxonomy Article 8 reporting: publication of Frequently Asked Questions by the European Commission
Asset ManagerWealth ManagerAll Firms
Savings protection Marketing Marketing of financial products to ageing populations: publication of an independent academic research report on customer relations and sales processes
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.
What You Need To Do
- Review and strengthen insider list management
- Enhance market abuse surveillance
- Conduct insider trading risk assessments
- Update compliance training and policies
Key Dates
30 January 2023 - 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).
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
Warning Warning Savings protection The AMF warns the public about calls from fraudsters claiming to help recover funds
BankWealth Manager
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 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.
What Changed
This is an enforcement decision, not new rules, but it reinforces existing UCITS requirements under French Monetary and Financial Code and AMF regulations:
UCITS investments must exclude illiquid, unrated securities outside prospectus scopes; liquidity risks must be properly assessed to ensure redemption capabilities.
Debt holdings per issuer capped at 10%; counterparty exposure (e.g., 5% limit) must include all relevant transactions like buy & sell backs.
Reliable valuation information required; risks of unwinding transactions at market value must be evaluated.
These align with parallel FCA...
What You Need To Do
- Review portfolios
- Enhance due diligence
- Strengthen governance
- Depositary checks
- Training/remediation
Key Dates
30 December 2022 - AMF Enforcement Committee decision SAN-2023-01 imposing fines and sanctions.
7 August 2023 - Conseil d'État rejects preliminary constitutionality question.
13 June 2025 - Conseil d'État dismisses appeals (n. 471548, 471744), upholding sanctions and ordering €3,000 costs to AMF.
June 2025 .
Compliance Impact
Urgency: High - Finalized enforcement (June 2025) with massive fines (€93M total) and bans demonstrates AMF's willingness to pursue personal/executive liability for UCITS breaches, especially cross-border. Matters for firms with illiquid strategies, as it amplifies post-2020 liquidity crisis lessons (e.g., H2O fund gates), risking similar sanctions amid rising AMF actions on depositaries and managers.
Asset ManagerAll Firms