Derivatives or structured products Marketing Retail investors Journalists Investment management companies The ACPR and AMF Joint Unit publishes its analysis on the distribution, fees and performance of structured products
Sanctions & settlements professional obligations Other professionals Journalists Investment management companies The AMF Enforcement Committee fines a financial investment advisor and its two directors for breaches of their professional obligations
AI Analysis
The AMF Enforcement Committee has sanctioned French financial investment advisor **Financière Fonds Privés** and its two senior managers for (i) carrying out unauthorised **non‑guaranteed placement** activity, (ii) misrepresenting adviser **independence** while receiving issuer remuneration, and (iii) failing to provide mandatory suitability and cost disclosures between January 2021 and October 2024.
This decision reinforces AMF expectations for French financial investment advisors (conseillers en investissements financiers – CIF) around strict limits of their regulatory status, independence disclosures, conflicts of interest management, and formalisation of investment advice.
What Changed
- Financial investment advisors must not conduct non‑guaranteed placement services (service de placement non garanti) such as actively seeking subscribers on behalf of issuers, unless they hold the...
Firms that present themselves as independent advisors must not receive remuneration (direct or indirect) from product issuers whose instruments they recommend, unless permitted under MiFID II/French...
When claiming independence, firms must provide accurate, clear and non‑misleading information on the nature of their independence, remuneration model, and any relationships with issuers or...
Financial investment advisors must issue a written suitability statement formalising the investment advice provided, setting out the client’s profile, the recommended products, and the reasons why...
Pre‑contractual documentation must include full information on costs, fees and remuneration, covering both the advised investment and any business introducer partners; omission of these disclosures...
Suggested Considerations
Review the firm’s regulatory status (CIF versus investment services provider) and ensure that any placement or capital‑raising activities are within authorised limits; discontinue or re‑authorise any non‑guaranteed placement services currently carried out under CIF status.
Conduct a comprehensive mapping of all services and activities (advisory, marketing, introductions, distribution) to confirm that none constitute regulated investment services (e.g., non‑guaranteed placement) without the requisite AMF/ACPR authorisation.
Inventory all remuneration flows from issuers and third parties, including commissions, retrocessions and fees, and assess whether they are compatible with any independence claims and MiFID II inducements rules; remove or re‑label “independent” branding where issuer remuneration is received.
Update client‑facing documentation (engagement letters, brochures, websites, emails) to provide clear, accurate and non‑misleading information on adviser independence, remuneration model, and any relationships with issuers or introducers.
Implement or enhance procedures to ensure a written suitability statement is produced and delivered to clients for each piece of investment advice, documenting client profile, recommended products and rationale; integrate this into advisory workflows and record‑keeping.
Key Dates
January 2021
- Start of the period during which Financière Fonds Privés is found to have committed unauthorised placement and advisory breaches
October 2024
- End of the factual period examined by the AMF Enforcement Committee for the identified breaches
TBD (post‑21 July 2026)
- Potential appeal phase before the Conseil d’État; the decision indicates that an appeal may be lodged, so firms should monitor for any subsequent case law impacting interpretation of CIF professional obligations
21 July 2026
- AMF Enforcement Committee decision imposing fines of €100,000 on Financière Fonds Privés, €70,000 on Pierre‑Michel Deléglise, and €40,000 on Thierry de Chambure, and attributing all breaches to the two senior managers
28 July 2026
- Public announcement of the decision via AMF news release
Compliance Impact
Non‑compliance with CIF professional obligations on authorised activities, independence, suitability documentation and cost disclosures can lead to six‑figure fines, potential bans from advisory activity, and direct personal sanctions on senior managers.
Sanctions & settlements professional obligations Journalists Investment management companies The AMF Enforcement Committee has fined an asset management company and two of its directors for breaches of their professional obligations and cleared two other directors
AI Analysis
The AMF found that Uzès Gestion failed in several core control areas: conflicts of interest identification, continuity of human resources, remuneration compliance, investor communication, AML/CFT reporting accuracy, marketing fairness, and valuation governance. The Committee also rejected one of the Board’s more serious allegations—failure to comply with authorisation conditions—because the impugned acts were isolated, limited, and tied to the group’s operating structure, not proof of a systematic breach.
What Changed
- The AMF’s decision reinforces that asset managers must maintain continuous compliance with their authorisation conditions, but isolated overreach by a person not listed as an executive officer was...
Firms must have procedures that identify and manage conflicts of interest, including conflicts arising from links with a parent company and from the overlapping functions of directors and financial...
Asset managers must ensure continuity of human resources and align remuneration practices for financial managers with the applicable regulations, the approved programme of activity, and internal...
Firms must disclose to investors management-fee retrocessions paid to distributors and must be able to justify any claimed enhancement of the service provided.
Information provided to investors and prospects must be clear, accurate, and not misleading, including in marketing materials.
Suggested Considerations
Review the firm’s authorisation file, governance map, and executive-officer appointments to confirm that actual decision-making powers match the AMF-approved organisational structure.
Update conflicts-of-interest procedures to capture conflicts arising from parent-company relationships, cross-directorships, and shared finance leadership roles.
Test whether staffing levels and succession arrangements ensure continuity of human resources for control functions and key operational roles.
Reassess remuneration arrangements for financial managers to verify consistency with the firm’s programme of activity, internal procedures, and regulatory requirements.
Verify that all distributor retrocessions are fully disclosed to investors and that any claim of enhanced service is documented with evidence.
Key Dates
20 July 2026
- The AMF Enforcement Committee adopted the sanction decision against Uzès Gestion and two directors
23 July 2026
- The AMF published the enforcement committee news release summarising the decision
Compliance Impact
The sanction is significant because it combines firm-level penalties with individual warnings and fines, signalling that the AMF will pursue both organisational failures and management accountability. For non-compliance, the likely consequences include monetary sanctions, reputational damage, supervisory scrutiny, and greater risk of follow-on remediation demands.
Asset management The Autorité des Marchés Financiers (AMF) is updating its doctrine in light of the recent revision of the European Benchmarks Regulation and the new regulatory framework for deposits with the Caisse des Dépôts et Consignations
Supervision Europe & international Markets Journalists Investment management companies Listed companies and issuers From design to delivery: The AFM and the AMF identify five enablers for effective EU-level market supervision
Long term investment Shares The AMF publishes its response to the European Commission’s consultation on the review of the Shareholder Rights Directive (SRD)
AI Analysis
The AMF has submitted its response to the European Commission’s consultation on the review of the Shareholder Rights Directive (SRD), calling for stronger EU‑level harmonisation of shareholder rights, clearer rules on general meeting formats, and measures to support long‑term shareholder engagement. For compliance teams at listed issuers, intermediaries and custodians, this signals probable future changes to SRD II implementation that will affect general meeting organisation, shareholder identification and cross‑border voting processes across the EU.
What Changed
* The AMF advocates removal of many existing “Member State options” in SRD in order to achieve greater harmonisation of shareholder rights and issuer–shareholder interactions across the EU, reducing...
The AMF reiterates that long‑term shareholder engagement should remain a core objective of the revised SRD and that the framework should explicitly facilitate ongoing dialogue between issuers and...
The AMF supports the development of hybrid general meetings with real‑time remote voting as a structural feature of EU listed company governance, in line with the digitalisation of the economy and...
The AMF considers “closed‑door” general meetings (with no in‑person or remote shareholder participation) to be incompatible with SRD objectives and proposes that such formats be prohibited in the...
The AMF proposes that “virtual‑only” general meetings should remain possible but be subject to tighter regulation at EU level, including a requirement to obtain shareholders’ approval on a regular...
Suggested Considerations
Monitor the European Commission’s SRD review process closely, including the forthcoming legislative proposal and any related impact assessments, as these will determine concrete new obligations on meeting formats, shareholder identification and intermediaries’ duties.
Map current practices for general meetings (physical, hybrid, virtual‑only) against the AMF’s positions and SRD II requirements, and assess the extent to which existing procedures depend on national options or flexibilities that may be removed in a revised SRD.
For intermediaries and custodians, assess existing cross‑border voting, information transmission and shareholder identification processes to identify areas of fragmentation or reliance on local practices that may be affected by EU‑level harmonisation.
Engage with industry associations and local regulators to provide practical feedback on operational challenges (e.g. complex custody chains, vote confirmation, cut‑off times) so that future SRD revisions reflect realistic implementation constraints.
Update internal regulatory change logs and risk assessments to flag the SRD review as an emerging structural change to shareholder‑rights processes, with potential impacts on IT systems, contracts with intermediaries, and investor communications.
Key Dates
2007
– Original Shareholder Rights Directive (SRD I) adopted, establishing a basic EU framework for shareholder rights in listed companies
2017
– Revised Shareholder Rights Directive (SRD II) adopted, introducing measures to promote long‑term engagement, improve governance transparency and regulate exercise of shareholder rights, particularly at general meetings
20 July 2026
– AMF publishes its response to the European Commission’s consultation on the SRD review, setting out its expectations and proposals on harmonisation, meeting formats and shareholder engagement
Compliance Impact
Non‑compliance risks are currently indirect but likely to become significant once the SRD review translates into binding EU law, with potential enforcement by national competent authorities on meeting formats, shareholder information flows and voting processes. Firms that rely heavily on flexible national options or minimalist SRD II implementation will face higher remediation and operational change costs if they delay preparation.
Marketing Disclosure Obligations MIFID Investment advice Mystery shopping visits to bank branches: the AMF calls on professionals to improve the quality of client questioning and the presentation of fees
Investing wisely Long term investment Equity Savings Plan Shares Periodic & ongoing disclosures The AMF publishes a study on the behaviour of retail investors in CAC 40 stocks in the age of social media
Financial disclosures & corporate financing The Autorité des Marchés Financiers (AMF) takes note of the Paris Cour of Appel’s ruling in the Vivendi SE case
Warning Savings protection Forex and binary options Retail investors Journalists The AMF and the ACPR warn the public against several entities offering in France investments in the unregulated foreign exchange market (Forex) and in crypto-assets derivatives without...
Anti-money Laundering Sanctions & settlements Supervision The Autorité des Marchés Financiers publishes a summary of its anti-money laundering and combating the financing of terrorism inspections
AI Analysis
The AMF has published a synthesis of 46 AML/CFT and Automatic Exchange of Information (AEI) inspections conducted between 01 January 2022 and 31 December 2025, which resulted in 16 sanctions, 16 settlements and 16 remedial follow‑up letters. The publication is explicitly positioned as part of the AMF’s 2026 supervisory priorities and its Impact 2027 strategy, and it clearly signals that AML/CFT and AEI failings in the French investment and advisory sector will continue to drive both enforcement and structural remediation.
What Changed
- The AMF has formalised and publicly communicated its enforcement findings and expectations on AML/CFT and AEI, turning past inspection outcomes into forward‑looking supervisory benchmarks for 2026...
AML/CFT frameworks must move from generic and incomplete documentation to precise, activity‑specific procedures that clearly reflect the firm’s business model, products, distribution channels and...
AML/CFT risk mapping must be personalised, complete, and demonstrably linked to the level and type of customer due diligence and ongoing monitoring applied; purely theoretical or non‑operational risk...
Firms must implement robust oversight and documented supervision of delegates, distributors, service providers and other third parties involved in KYC or onboarding, rather than relying on unverified...
Client, beneficial owner and source‑of‑funds information must be systematically collected, stored, updated and traceable, including clear identification and ongoing review of politically exposed...
Suggested Considerations
Review and comprehensively update AML/CFT written policies and procedures to ensure they are complete, precise and clearly adapted to the firm’s specific activities, products, distribution channels and client profiles.
Redesign AML/CFT risk mapping to be firm‑specific, cover all relevant money laundering and terrorist financing risks, and explicitly link identified risks to the intensity of customer due diligence and transaction monitoring measures applied.
Implement a formalised framework for the oversight of delegates, distributors, service providers and other third parties performing KYC or onboarding tasks, including documented due diligence, contractual obligations, and periodic testing of their AML/CFT controls.
Conduct a gap analysis of client and beneficial owner data collection, storage and updating processes to ensure full traceability of KYC information, including clear documentation of PEP identification and periodic review.
Enhance due diligence procedures for investment and divestment operations involving fund assets, including documented risk assessments and escalation paths for unusual or higher‑risk transactions.
Key Dates
01 January 2022
- Start of the period covered by the AMF’s AML/CFT and AEI inspections synthesis (inspections leading to follow‑up actions)
June 2024
- Creation of the European Anti‑Money Laundering and Countering the Financing of Terrorism Authority (AMLA), with a mandate over financial‑sector AML/CFT supervision and rulemaking
31 December 2025
- End of the review period for inspections and enforcement outcomes included in the synthesis
January 2026
- Transfer at EU level of AML/CFT mandates and functions to AMLA and start of its 2026‑2028 work programme, including completion of the Single Rulebook and supervisory convergence
09 February 2026
- AMLA launches public consultations on draft regulatory technical standards for AML/CFT supervision and data (RTS/ITS), foreshadowing future harmonised requirements
Compliance Impact
Non‑compliance with the AML/CFT and AEI obligations highlighted by the AMF carries a high risk of formal enforcement, including sanctions, settlements, public reputational damage and increased supervisory attention. Given AMLA’s emerging role and EU‑wide data sharing, persistent deficiencies may also lead to cross‑border supervisory escalation and greater scrutiny from other authorities and counterparties.
Warning Miscellaneous assets Savings protection Retail investors Journalists The AMF is warning the public against several entities proposing to invest in miscellaneous assets without being authorized to do so
Warning Savings protection Crypto-assets Retail investors Journalists Crypto-assets: the Autorité des Marchés Financiers warns the public about the activities of several unauthorized entities
MiCA Other professionals Fintech Journalists Crypto-assets: the end of the Pacte law and European MiCA Regulation transitional period establishes a new role for the AMF
Forex and binary options Savings protection ESMA Public statement: ESMA reminds firms of existing rules and obligations under binary option measures amid growing popularity of prediction markets globally
Risk and Trend Mapping Markets Fixed income Asset management Other professionals Professional investors Journalists Investment services providers Investment management companies Listed companies and issuers ...
MiCA Other professionals Journalists The AMF announces the withdrawal of AUTOMATA France SAS’s registration as a digital asset service provider effective from 30 June 2026
Sanctions & settlements professional obligations Journalists Investment services providers The AMF Enforcement Committee fines an investment services provider and its director a total of €850,000
MiCA Financial services providers Europe & international ESMA Public statement: ESMA calls on unauthorised crypto-asset service providers to wind down orderly, while also safeguarding clients’ interests, as MiCA transitional period ends
Stress-testing Markets Financial Crisis Other professionals Executive & other private individuals Professional investors Journalists Investment services providers Investment management companies The Banque de France,...
Long term investment Shares Artificial intelligence Retail investors Journalists Special edition of the AMF Barometer: while artificial intelligence is still not widely used in investment practices, it is winning over more young investors
Innovation Crypto-assets Artificial intelligence Cyber resilience: the AMF calls on financial market participants to strengthen their cybersecurity arrangements in response to rapidly evolving threats associated with artificial intelligence
Sanctions & settlements Journalists The AMF Enforcement Committee fines two individuals for insider dealing breaches
AI Analysis
The AMF Enforcement Committee has sanctioned two individuals, Ytane Mamou and Elie Houri, a total of €50,000 for insider dealing related to a takeover of a listed company, based on trading in July 2021. The decision confirms and illustrates how the AMF infers possession and use of inside information from circumstantial indicators (transmission channels, atypical trading, timing, and weak explanations), which has direct implications for how firms design surveillance, control personal account dealing, and train staff and related persons.
What Changed
- The decision reiterates and operationalises the definition of “inside information” under the EU Market Abuse Regulation (MAR, Regulation (EU) No 596/2014), confirming that information relating to a...
The Enforcement Committee shows that it will infer possession and use of inside information from a combination of factors (plausible transmission channels, atypical trading patterns, timing around...
The decision confirms that the use of inside information through trading on own account and on the account of closely related persons (spouse, parent) will be treated as separate instances of misuse...
The Committee explicitly treats recommendations to invest made on the basis of inside information as a distinct form of insider dealing, exposing the recommender to sanctions even if they do not...
The ruling reinforces that relatives and close associates (here, cousins) who act on such recommendations can be sanctioned for insider dealing, even when they are not employees or insiders of the...
Suggested Considerations
Review and update MAR market abuse policies to explicitly cover the prohibition on recommending or inducing others to trade on the basis of inside information, including for non-staff related persons.
Enhance insider dealing surveillance scenarios to capture atypical trading patterns before takeover or M&A announcements, including trading by retail clients and accounts linked to employees’ family members where identifiable.
Tighten procedures for the management of inside information during corporate transactions (takeovers, mergers, acquisitions), including clear designation of insiders, controlled information flows, and logging of who is aware of pending deals.
Strengthen controls around potential transmission channels for inside information, including guidance and monitoring for staff who may informally share information with relatives or friends, and explicitly prohibit such behaviour in codes of conduct.
Provide targeted MAR training to staff, senior management, and high‑risk functions (M&A, corporate finance, strategy, legal, finance) that uses this case as an example of how the AMF infers insider dealing and the consequences for both insiders and relatives.
Key Dates
July 2021
- Period during which Mr Ytane Mamou purchased shares in the listed company on his own account, for his wife, and for his father, and when Mr Houri acquired shares following his cousin’s recommendation, prior to takeover-related announcements
20 May 2026
- AMF Enforcement Committee decision SAN‑2026‑04 is adopted, finding insider dealing by Mr Mamou and Mr Houri and imposing fines of €30,000 and €20,000 respectively
22 May 2026
- AMF publishes the news release summarising the Enforcement Committee decision and sanctions; appeal against the decision remains possible from this date in accordance with French procedural rules
Compliance Impact
Failure to prevent, detect, and report insider dealing exposes firms and individuals to substantial administrative fines, reputational damage, and potential criminal consequences under French law. The AMF’s reliance on circumstantial evidence in this case raises the bar for firms’ surveillance, documentation, and staff training, since weak explanations and poor records can be interpreted against market participants.
MMF Asset management The AMF complies with ESMA’s guidelines on updating the stress scenario parameters provided for in Article 28 of the Money Market Funds Regulation for 2026
Collective investments Marketing Financial products Retail investors Journalists The AMF unveils its 2026-2028 financial education plan to boost women’s investment
Asset management The Autorité des Marchés Financiers (AMF) has approved the updated ‘Provisions’ of the AFG Code of Ethics for Third-Party Asset Management and extended these to all investment services providers
Supervision Marketing Financial products Investment services Savings protection Journalists Investment services providers In an increasingly digital investment landscape, the AMF stresses the importance of the quality of the information...
Warning Savings protection Warning Crypto-assets Crypto-assets: the Autorité des Marchés Financiers warns the public about the activities of several unauthorized entities
Warning Warning Savings protection Forex and binary options The AMF and the ACPR warn the public against several entities offering in France investments in the unregulated foreign exchange market (Forex) and in crypto-assets derivatives without being authorized to do so
Cooperation Europe & international Equity Journalists Listed companies and issuers AMF Québec, OSC and AMF France enter into an agreement to support cross-listing of securities in Canada and France
MAR Offence of obstructing an AMF investigation sentenced by the Paris Tribunal Correctionnel
AI Analysis
The Paris Tribunal Correctionnel on 9 April 2026 sentenced an individual to a six-month suspended prison term and €20,000 fine for obstructing an AMF house search during a market abuse investigation, plus €5,000 in AMF procedural costs and €1 in damages. This enforcement action underscores the criminal liability for impeding AMF investigations, reinforcing the regulator's authority and serving as a deterrent against non-cooperation. Compliance teams must prioritize training on full cooperation to avoid similar penalties, as maximum sanctions include up to two years' imprisonment and €300,000 fines under the Monetary and Financial Code.
What Changed
This is not a regulatory change but an enforcement precedent affirming existing rules under the Monetary and Financial Code (CMF), specifically Article L.642-2, which criminalizes obstruction of AMF inspections or investigations, including refusing access during authorized house searches. The ruling reiterates that even initial refusal of access constitutes obstruction, with courts upholding AMF operations via prior judicial authorization from the *Juge des Libertés et de la Détention*. It highlights dual administrative and criminal tracks, though a 2022 Constitutional Court decision (QPC no.
Suggested Considerations
Immediate training: Conduct firm-wide sessions on AMF inspection protocols, emphasizing mandatory cooperation, document access, and avoiding any delay or refusal (e.g., scripted responses for employee interactions).
Policy updates: Revise compliance manuals to explicitly prohibit obstruction, including scenarios like home searches for remote workers; designate 24/7 points of contact for AMF visits.
Mock drills: Simulate AMF searches at offices and residences to test response times and access protocols.
Legal readiness: Retain counsel experienced in CMF Article L.642-2 matters; pre-approve cooperation clauses in employee contracts.
- AMF investigators, with judicial police, conducted authorized house search; individual initially refused access
May 2024
- AMF filed report with Paris Public Prosecutor's Office
July 2024
- Paris *Cour d’Appel* upheld search authorization, finding sufficient presumption of market abuse; ordered €5,000 costs to AMF
September 2024
- AMF lodged formal complaint
May 2025
- Paris *Cour d’Appel* validated search and seizure operations; ordered additional €5,000 costs to AMF
Compliance Impact
Urgency: High – This recent (April 2026) criminal conviction demonstrates swift judicial support for AMF actions, with appeals consistently rejected, signaling zero tolerance for even minor obstructions. It elevates risks for individuals and firms in *MAR* probes, potentially leading to personal liability, reputational damage, and cascading sanctions; firms must act preemptively as investigations can stem from routine surveillance.
Sanctions & settlements professional obligations Other professionals Journalists The AMF Enforcement Committee fines a financial investment advisor and its directors for breaches of their professional obligations
AI Analysis
The AMF Enforcement Committee sanctioned financial investment advisor Kerdiz Finance et Conseil with a €300,000 fine and its directors Anthony Finck and Marc Peuvrier with €75,000 fines each, plus a 5-year ban on advisory activities, for multiple breaches of professional obligations from 2020-2023. This case underscores AMF's strict enforcement against unauthorized product marketing, conflict of interest mismanagement, product governance failures, and AML shortcomings, serving as a warning for advisors to prioritize client best interests and regulatory compliance. It matters because it highlights personal liability for directors and escalating penalties for systemic procedural lapses.
What Changed
This is an enforcement decision, not a new regulation, but it reinforces existing AMF requirements under French financial advisor rules (e.g., derived from MiFID II and AIFMD implementations):
Accurate representation: Advisors must not misrepresent authorization status or claim unapproved services like investment services provision.[Source URL:...
Conflict of interest management: Procedures must identify and mitigate risks from commercial/ownership ties (e.g., to Vivat Multitalent group), beyond mere shareholding disclosures.
Product governance: Collect and review product information to ensure investor protection; verify asset managers/depositaries for securities.
Marketing limits: Prohibit advising prohibited securities (e.g., Multitalent AG bonds without French authorization) or high-risk offers like Guyane Agricole exceeding initial contributions.
Suggested Considerations
Immediate review: Audit marketing materials, website, and client communications for accurate authorization claims; cease any unapproved representations.
Enhance procedures: Update conflict of interest policies to fully identify/mitigate risks from promoter ties; implement robust product governance collecting issuer details (e.g., asset managers, depositaries, marketing eligibility in France).
Product due diligence: For all recommended securities/offers, verify French marketing authorization (e.g., AMF registration, prospectus, AIFMD passport); document high-risk features like loss exceeding contributions.
AML/CFT strengthening: Ensure full compliance with due diligence and inspector cooperation; conduct gap analysis against AMF guidelines.
Training and governance: Train directors/staff on personal liability; test procedures via internal audits.
Key Dates
1 January 2020
28 June 2023; Period of breaches investigated
1 April 2026
Date of AMF Enforcement Committee decision imposing fines and 5-year ban
Compliance Impact
Urgency: High – This demonstrates AMF's pattern of heavy fines (€300k+ firm, €75k personal) and long bans (5 years) for procedural failures, with director accountability. It matters amid rising enforcement on unauthorized AIF/alternative product marketing (see related cases), risking similar sanctions for non-EU promotions; firms should prioritize audits now to preempt inspections.
Supervision Asset management Compliance Journalists Investment management companies The Autorité des Marchés Financiers publishes the findings of its SPOT inspections on asset management companies’ compliance and internal control systems
Markets Europe & international Cooperation FMSB signs Consultation Agreement with Autorité des Marchés Financiers
AI Analysis
The Autorité des Marchés Financiers (AMF) and Financial Markets Standards Board (FMSB) have signed a Consultation Agreement to enhance collaboration on developing guidance for wholesale Fixed Income, Currencies, and Commodities (FICC) markets, allowing AMF to provide expertise on FMSB drafts. This matters for compliance professionals as it signals regulatory endorsement of FMSB's non-binding standards, potentially elevating their influence on market conduct expectations in France and Europe, particularly as Paris grows as a trading hub. https://www.amf-france.org/en/news-publications/news/fmsb-signs-consultation-agreement-autorite-des-marches-financiers
What Changed
This is not a regulatory change imposing new rules but a bilateral Consultation Agreement outlining cooperation mechanisms. Key elements include: AMF input on FMSB's annual strategy refresh via discussions with FMSB Chair/CEO; annual high-level oral updates on FMSB strategy progress; operational updates on FMSB workplan/priorities; and AMF's ability to review and challenge draft FMSB guidance materials and publications for wholesale FICC markets. The agreement is non-binding, personal to the parties, and amendable only by mutual written consent, with no third-party rights.
Suggested Considerations
Review and monitor FMSB's 2026 Workplan for upcoming Standards/Statements, noting AMF-influenced drafts (e.g., via FMSB committees and buy-side forum). https://fmsb.com/wp-content/uploads/2026/01/FMSB-2026-Workplan_Final.pdf
Benchmark internal FICC practices against FMSB guidance, especially vulnerability areas like market structures or conduct.
Engage with FMSB membership or working groups if applicable, to align with emerging standards endorsed by AMF.
Track AMF/FMSB updates for Paris-specific FICC developments. https://fmsb.com/fmsbsignsconsultationagreementwithamf/
Key Dates
Ongoing from 2026
- Operational oral updates on FMSB workplan/priorities as needed. https://www.amf-france.org/sites/institutionnel/files/private/2026-03/fmsb-amf-accord-2026.pdf
30 March 2026
- Agreement signed and announced, marking effective date of collaboration (today's date). https://www.amf-france.org/en/news-publications/news/fmsb-signs-consultation-agreement-autorite-des-marches-financiers
Annually (starting 2026)
- FMSB provides high-level oral update to AMF on strategy progress
At least annually (starting 2026)
- FMSB Chair/CEO discusses strategy refresh with AMF for input
Compliance Impact
Urgency: Low - This agreement introduces no direct obligations, deadlines, or penalties; it fosters indirect influence via enhanced credibility of FMSB's voluntary standards in AMF-regulated markets. It matters for long-term conduct risk management in FICC, as firms ignoring FMSB guidance (now AMF-supported) may face heightened supervisory scrutiny, especially amid Paris's trading growth and AMF's 2026 priorities for resilient markets. https://zoominvest.fr/actualites/patrimoine/amf-des-priorites-2026-axees-sur-l-attractivite-l-innovation-et-la-securite-des-marches/iob24fnqfmfh258iwmxwwicy
Crypto-assets MiCA Crypto-assets: The AMF applies ESMA guidelines on the knowledge and competence of staff of crypto-asset service providers under MiCA
Warning Savings protection MAR Retail investors Professional investors Journalists AMF requests extension to the RAPID NUTRITION share suspension
AI Analysis
The AMF has requested Euronext to extend the trading suspension of RAPID NUTRITION shares until April 10, 2026, due to ongoing suspicions of "pump and dump" market abuse under Article L. 420-10 of the Monetary and Financial Code. This enforcement action underscores the AMF's proactive market surveillance and highlights risks of unauthorized investment recommendations, urging investors to report evidence. Compliance professionals should note this as a signal of heightened scrutiny on manipulative practices in small-cap stocks like those on Euronext Growth.
What Changed
This is not a new regulation but an enforcement extension; no broad regulatory changes are introduced. Key elements include:
Extension of trading suspension from March 13, 2026, to April 10, 2026, to allow continued AMF analysis of price manipulation indicators.
Reiterated definition and warning on pump and dump schemes, involving unauthorized promotions without disclosure of promoters' holdings, leading to artificial price inflation followed by dumps.
Invocation of MAR (Market Abuse Regulation) principles, aligned with EU standards, emphasizing orderly market operations and investor protection.
Suggested Considerations
Trading venues (e.g., Euronext): Implement and maintain suspension of RAPID NUTRITION shares until April 10, 2026, or AMF notice.
Firms under AMF jurisdiction: Review trading surveillance systems for pump-and-dump signals (e.g., aggressive social media/email pitches promising quick gains); ensure no facilitation of unauthorized recommendations.
Investors: Preserve all pitch documents (screenshots, emails, messages) and submit to AMF via Epargne Info Service platform or phone.
Compliance teams: Conduct immediate audits of client communications and holdings in similar volatile stocks; train staff on MAR obligations for disclosing positions in recommendations.
No new reporting deadlines, but proactive evidence submission is urged.
Key Dates
19 February 2026DEADLINE
- Initial trading suspension requested by AMF until 13 March 2026 due to pump-and-dump suspicions
13 March 2026
- End of initial suspension period; AMF requests extension
10 April 2026
- New end date for extended trading suspension, or until further notice
Compliance Impact
Urgency: High - This active enforcement on a live suspension (as of March 14, 2026, just post-initial period) signals AMF's aggressive stance on market abuse in retail-targeted small-caps, with potential for fines or further sanctions (e.g., prior AMF cases fined €850,000). Firms must act swiftly to mitigate exposure to similar schemes, as failure to detect/report could trigger secondary liability under MAR; impacts trading desks and surveillance functions directly.
Shares Asset management Post-trading infrastructures The AMF analyses the typology of participants on the French equity market over the past five years.
Supervision Sustainable Finance Marketing Journalists Investment services providers Investment management companies The AMF publishes the findings of its inspections on the consideration of client sustainability preferences
MAR Executive & other private individuals Journalists Listed companies and issuers The Casino case: the Paris Tribunal Correctionnel ruling marks the end of a market abuse case in which the AMF has been heavily involved
Warning Savings protection Retail investors Professional investors Journalists Listed companies and issuers The AMF has required the suspension of RAPID NUTRITION shares and calls on investors to be vigilant
AI Analysis
The AMF has mandated the suspension of trading in RAPID NUTRITION shares (Euronext Growth Paris: ALRPD) from February 19, 2026, until March 13, 2026, due to indicators of "pump and dump" market manipulation, urging investors to exercise extreme caution against unauthorized high-upside recommendations. This enforcement action highlights AMF's proactive surveillance of market abuse in small-cap listings and serves as a reminder for firms to enhance client protection measures against boiler room tactics. It matters for compliance as it underscores heightened scrutiny on retail investor-facing activities amid volatile stock surges, like RAPID NUTRITION's 437% rise since January 1, 2026.[AMF publication]
What Changed
This is not a new regulation but an enforcement action under existing French financial markets and market abuse rules (e.g., EU Market Abuse Regulation - MAR, transposed via AMF oversight).
Trading suspension on Euronext at AMF's request due to suspected "pump and dump" (boiler room) practices, involving unauthorized recommendations promising rapid gains without disclosing promoters'...
No formal rule changes; reinforces prohibitions on market manipulation (Article 12 MAR), unlawful investment recommendations (MiFID II Article 24), and failure to disclose conflicts.
AMF's call for evidence collection emphasizes ongoing investigations into aggressive sales pitches via emails, messaging, or screenshots.[AMF publication]
Suggested Considerations
Investors: Preserve all solicitation evidence (screenshots, emails, messages) and report via AMF's Epargne Info Service (online or +33(0)1 5345 6200, Mon-Fri 9am-12:30pm).
Trading venues (Euronext): Implement and maintain suspension until lifted.
Firms/brokers:
- Suspend trading in RAPID NUTRITION shares.
Review client communications for unauthorized advice; block/blocklist suspicious patterns.
Key Dates
19 February 2026
Trading suspension begins; (effective from this trading session)
13 March 2026
Scheduled end of suspension; (inclusive, or earlier if market conditions allow via new AMF notice)
Compliance Impact
Urgency: High - Immediate trading halt requires system updates today (Feb 19, 2026); ongoing AMF probe risks fines/sanctions under MAR for non-compliant surveillance or advice. Matters due to retail investor exposure in volatile Euronext Growth stocks, potential for follow-on enforcement (e.g., against unauthorized advisors), and signal of intensified AMF monitoring amid 437% surges, amplifying conduct risk for client-facing firms.[AMF publication]
Anti-money Laundering Asset management The AMF invites financial market participants to AMLA’s consultations on three draft AML/CFT implementing standards
AI Analysis
The AMF is urging financial market participants, especially in asset management and related sectors, to engage in AMLA's public consultations on three draft Regulatory Technical Standards (RTS) under the new EU AML/CFT package, covering customer due diligence (CDD), identification of business relationships/transactions, and enforcement measures. These RTS aim to provide harmonized, proportionate implementation guidance, significantly impacting CDD processes and supervisory consistency across the EU, with underlying rules applying from 10 July 2027.[Source URL: https://www.amf-france.org/en/news-publications/news/amf-invites-financial-market-participants-amlas-consultations-three-draft-amlcft-implementing#xts=607212&xtor=RSS-11&type=RSS]
What Changed
- CDD RTS: Builds on EBA's prior draft with AMLA refinements for legal clarity, proportionality, and risk adaptation; specifies information/sources for identity verification of natural persons/legal...
Business Relationships/Occasional/Linked Transactions RTS: Defines criteria under AMLR Article 19(9) to harmonize identification, ensuring consistent EU-wide application beyond basic...
Enforcement RTS (Pecuniary Sanctions/Administrative Measures): Under AMLD6 Article 53(10), standardizes supervisor assessment/categorization of breaches for proportionate, effective, dissuasive...
Suggested Considerations
Gap analysis and preparation: Assess current CDD/business identification/enforcement processes against drafts; identify changes for remote onboarding, PEPs, sectoral measures (e.g., asset manager Article 17 scenarios), and sanctions screening; set milestones for policy/system updates by July 2027.
Engage hearings: Attend 24 March 2026 public hearing for CDD/business RTS.
Monitor post-consultation: Track AMLA/EC adoption (expected Q1 2026 for some related RTS) and national implementations (e.g., CSSF data reporting).
Key Dates
9 February 2026
- Consultations opened by AMLA on three draft RTS.[Source URL: https://www.amf-france.org/en/news-publications/news/amf-invites-financial-market-participants-amlas-consultations-three-draft-amlcft-implementing#xts=607212&xtor=RSS-11&type=RSS]
9 March 2026
- Consultation closes on RTS for pecuniary sanctions/administrative measures
24 March 2026
- Online public hearing on CDD and business relationships RTS
8 May 2026
- Consultations close on CDD RTS and business relationships/linked transactions RTS.[Source URL: https://www.amf-france.org/en/news-publications/news/amf-invites-financial-market-participants-amlas-consultations-three-draft-amlcft-implementing#xts=607212&xtor=RSS-11&type=RSS]
10 July 2026
- AMLA submits final draft RTS to European Commission for adoption
Compliance Impact
Urgency: High - These RTS operationalize core AMLR/AMLD6 mandates with July 2027 applicability, demanding immediate consultation input to influence final rules and 18-month lead time for system/process overhauls (e.g., CDD verification sources, harmonized transaction linking). Failure to engage risks non-compliant frameworks amid AMLA's push for EU-wide consistency, elevated direct supervision risks, and stricter enforcement; asset managers face acute challenges from intermediary distribution rules.[Source URL:...
Supervision Asset management Journalists Investment management companies The Autorité des Marchés Financiers publishes the findings of its inspections of asset management companies' operational risk management
MiCA Investment services The AMF reminds Digital Asset Service Providers that the transitional period allowing them to continue providing crypto-asset services in France without MiCA authorisation ends on 1 July 2026
Institutional Regulatory developments Financing the economy Other professionals Journalists Listed companies and issuers The AMF awards its Marie-Josèphe-Vanel thesis prize in law to Vincent Ramonéda
Artificial intelligence Innovation Fintech Journalists Investment services providers Investment management companies Listed companies and issuers A study by the AMF finds widespread levels of adoption in artificial intelligence by French...
Sanctions & settlements MAR Compliance Journalists Investment services providers The AMF Enforcement Committee fines an investment services provider and its director a total of €850,000
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 The AMF Enforcement Committee fines an asset management company and its directors for breaches of their professional obligations
AI Analysis
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 non-operational investment systems, deficient AML/CFT procedures, inadequate conflict of interest management, and poor due diligence traceability. This decision underscores AMF's focus on operational robustness in asset management, with personal liability for senior managers, signaling heightened enforcement risk for similar firms. Compliance teams must prioritize reviewing internal procedures to avoid comparable sanctions, as appeals are possible but do not suspend obligations.
What Changed
This is an enforcement action, not a new regulation, but it reinforces existing AMF requirements under the French Monetary and Financial Code for asset managers to maintain operational procedures.
Imprecise investment allocation processes lacking traceability, rendering systems non-operational.
Failure to fulfill conflict of interest identification, prevention, and management obligations.
Deficient AML/CFT systems with inadequate due diligence on fund assets/liabilities.
These align with prior AMF expectations for "honest, fair, and professional" conduct with skill, care, and...
Suggested Considerations
Conduct immediate gap analysis of investment processes for operationality, traceability, and precision in allocation rules.
Enhance AML/CFT systems: Update risk mapping, procedures, and due diligence on fund assets/liabilities; ensure systematic application.
Review conflict of interest frameworks for identification, prevention, and management; document controls rigorously.
Senior managers: Demonstrate personal oversight via governance records to mitigate attribution of firm breaches.
Audit marketing materials, fee retrocessions, and valuation procedures (e.g., for real estate or experts) against AMF standards.
Key Dates
August 2019
December 2023; - Period of breaches investigated
31 December 2025
- AMF Enforcement Committee decision date imposing fines on M Capital Partners and directors
08 January 2026
- Public news release date for the decision
Compliance Impact
Urgency: High - This reflects a pattern of 2025-2026 AMF fines on asset managers for operational/AML failures (e.g., €1.3M on Altaroc 15 Sep 2025; €400k on Eternam 9 Sep 2025), indicating intensified scrutiny and personal accountability. Firms risk multimillion fines and reputational damage; immediate audits are essential pre-audit cycles, especially with appeals highlighting ongoing litigation risk.
Warning Forex and binary options Warning Savings protection The AMF and the ACPR warn the public against several entities offering in France investments in the unregulated foreign exchange market (Forex) and in crypto-assets derivatives without being authorized to do so