Markets Europe & international Cooperation FMSB signs Consultation Agreement with Autorité des Marchés Financiers
The Autorité des Marchés Financiers (AMF) and Financial Markets Standards Board (FMSB) have signed a Consultation Agreement to enhance collaboration on developing guidance for wholesale Fixed Income, Currencies, and Commodities (FICC) markets, allowing AMF to provide expertise on FMSB drafts. This matters for compliance professionals as it signals regulatory endorsement of FMSB's non-binding standards, potentially elevating their influence on market conduct expectations in France and Europe, particularly as Paris grows as a trading hub. https://www.amf-france.org/en/news-publications/news/fmsb-signs-consultation-agreement-autorite-des-marches-financiers
What Changed
This is not a regulatory change imposing new rules but a bilateral Consultation Agreement outlining cooperation mechanisms. Key elements include: AMF input on FMSB's annual strategy refresh via discussions with FMSB Chair/CEO; annual high-level oral updates on FMSB strategy progress; operational updates on FMSB workplan/priorities; and AMF's ability to review and challenge draft FMSB guidance materials and publications for wholesale FICC markets. The agreement is non-binding, personal to the parties, and amendable only by mutual written consent, with no third-party rights.
What You Need To Do
- Review and monitor FMSB's 2026 Workplan for upcoming Standards/Statements, noting AMF-influenced drafts (e
- 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
Key Dates
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.
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
Compliance Impact
Urgency: Low - This agreement introduces no direct obligations, deadlines, or penalties; it fosters indirect influence via enhanced credibility of FMSB's voluntary standards in AMF-regulated markets. It matters for long-term conduct risk management in FICC, as firms ignoring FMSB guidance (now AMF-supported) may face heightened supervisory scrutiny, especially amid Paris's trading growth and AMF's 2026 priorities for resilient markets. https://zoominvest.fr/actualites/patrimoine/amf-des-priorites-2026-axees-sur-l-attractivite-l-innovation-et-la-securite-des-marches/iob24fnqfmfh258iwmxwwicy
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Asset management Regulatory developments The AMF clarifies its doctrine on several aspects relating to asset management companies
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Long term investment Shares ETF Retail investors Journalists The stock market attracted a record number of retail investors in 2025
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Crypto-assets MiCA Crypto-assets: The AMF applies ESMA guidelines on the knowledge and competence of staff of crypto-asset service providers under MiCA
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Asset management Crowdfunding: the AMF reminds platforms of their complaint handling obligations
Asset ManagerBroker DealerWealth Manager Warning Savings protection MAR Retail investors Professional investors Journalists AMF requests extension to the RAPID NUTRITION share suspension
The AMF has requested Euronext to extend the trading suspension of RAPID NUTRITION shares until April 10, 2026, due to ongoing suspicions of "pump and dump" market abuse under Article L. 420-10 of the Monetary and Financial Code. This enforcement action underscores the AMF's proactive market surveillance and highlights risks of unauthorized investment recommendations, urging investors to report evidence. Compliance professionals should note this as a signal of heightened scrutiny on manipulative practices in small-cap stocks like those on Euronext Growth.
What Changed
This is not a new regulation but an enforcement extension; no broad regulatory changes are introduced. Key elements include:
Extension of trading suspension from March 13, 2026, to April 10, 2026, to allow continued AMF analysis of price manipulation indicators.
Reiterated definition and warning on pump and dump schemes, involving unauthorized promotions without disclosure of promoters' holdings, leading to artificial price inflation followed by dumps.
Invocation of MAR (Market Abuse Regulation) principles, aligned with EU standards, emphasizing orderly market operations and investor...
What You Need To Do
- Trading venues (e.g., Euronext)
- Firms under AMF jurisdiction
- Compliance teams
- No new reporting deadlines, but proactive evidence submission is urged
Key Dates
19 February 2026 - Initial trading suspension requested by AMF until 13 March 2026 due to pump-and-dump suspicions. DEADLINE
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.
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Shares Asset management Post-trading infrastructures The AMF analyses the typology of participants on the French equity market over the past five years.
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Collective investments Marketing Financial products Other professionals Executive & other private individuals Journalists Investment services providers Investment management companies Listed companies and issuers ...
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Appointment Institutional Sophia Bennani appointed AMF Director of Inspections
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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
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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
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Warning Savings protection Retail investors Professional investors Journalists Listed companies and issuers The AMF has required the suspension of RAPID NUTRITION shares and calls on investors to be vigilant
The AMF has mandated the suspension of trading in RAPID NUTRITION shares (Euronext Growth Paris: ALRPD) from February 19, 2026, until March 13, 2026, due to indicators of "pump and dump" market manipulation, urging investors to exercise extreme caution against unauthorized high-upside recommendations. This enforcement action highlights AMF's proactive surveillance of market abuse in small-cap listings and serves as a reminder for firms to enhance client protection measures against boiler room tactics. It matters for compliance as it underscores heightened scrutiny on retail investor-facing activities amid volatile stock surges, like RAPID NUTRITION's 437% rise since January 1, 2026.[AMF publication]
What Changed
This is not a new regulation but an enforcement action under existing French financial markets and market abuse rules (e.g., EU Market Abuse Regulation - MAR, transposed via AMF oversight). Key elements include:
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' holdings or sales.
No formal rule changes; reinforces prohibitions on market manipulation (Article 12 MAR), unlawful investment recommendations (MiFID II Article 24), and failure to disclose...
What You Need To Do
- Trading venues (Euronext)
- Firms/brokers
- Enhance surveillance for pump-and-dump indicators (e
- Review client communications for unauthorized advice; block/blocklist suspicious patterns
- Train staff on recognizing boiler room tactics and MAR breaches
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]
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Anti-money Laundering Asset management The AMF invites financial market participants to AMLA’s consultations on three draft AML/CFT implementing standards
The AMF is urging financial market participants, especially in asset management and related sectors, to engage in AMLA's public consultations on three draft Regulatory Technical Standards (RTS) under the new EU AML/CFT package, covering customer due diligence (CDD), identification of business relationships/transactions, and enforcement measures. These RTS aim to provide harmonized, proportionate implementation guidance, significantly impacting CDD processes and supervisory consistency across the EU, with underlying rules applying from 10 July 2027.[Source URL: https://www.amf-france.org/en/news-publications/news/amf-invites-financial-market-participants-amlas-consultations-three-draft-amlcft-implementing#xts=607212&xtor=RSS-11&type=RSS]
What Changed
CDD RTS: Builds on EBA's prior draft with AMLA refinements for legal clarity, proportionality, and risk adaptation; specifies information/sources for identity verification of natural persons/legal entities, remote onboarding measures, business relationship purpose/nature identification, politically exposed persons (PEPs) measures, sectoral measures (e.g., for asset managers under Article 17 where units/shares are distributed via intermediaries), enhanced due diligence additions, and sanctions checks.[Source URL:...
What You Need To Do
- Participate in consultations
- Gap analysis and preparation
- Engage hearings
- Monitor post-consultation
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]
24 March 2026 - Online public hearing on CDD and business relationships RTS.
9 March 2026 - Consultation closes on RTS for pecuniary sanctions/administrative measures.
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:...
Asset ManagerCrypto ExchangeAll Firms
Asset management The AMF announces that the withdrawal of the authorisation of the portfolio management company APICAP is effective
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Derivatives or structured products MIFID The AMF revises the position limits applicable to the salmon derivative contract listed on Euronext
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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
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Institutional Markets Journalists The AMF awards its 2025 prize for young researchers in economics to Alexandre Madelaine
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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
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Institutional Regulatory developments Financing the economy Other professionals Journalists Listed companies and issuers The AMF awards its Marie-Josèphe-Vanel thesis prize in law to Vincent Ramonéda
Asset ManagerBroker DealerBank
Derivatives or structured products Marketing MIFID The AMF publishes a working group study on structured products
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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
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Financial disclosures & corporate financing Periodic & ongoing disclosures Reporting ESEF Closing of the 2025 accounts: the AMF flags up points for vigilance and issues recommendations
BankBroker DealerAsset Manager Supervision Compliance Journalists Investment services providers The AMF publishes the findings of its inspections on the role and involvement of the compliance function at investment services providers
BankAsset ManagerBroker Dealer
Strategy Supervision Institutional Other professionals Retail investors Journalists Investment services providers Investment management companies Listed companies and issuers The AMF sets its priorities for 2026 for...
Asset ManagerBroker DealerBank 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
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. Key breaches highlighted include:
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...
What You Need To Do
- Conduct immediate gap analysis of investment processes for operationality, traceability, and precision in allocation rules
- Enhance AML/CFT systems
- Review conflict of interest frameworks for identification, prevention, and management; document controls rigorously
- Senior managers
- Audit marketing materials, fee retrocessions, and valuation procedures (e
Key Dates
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.
August 2019 - December 2023 - Period of breaches investigated.
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.
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Asset management AIFMD UCIT AIFM II: the AMF updates its doctrine to make introducing liquidity management tools easier for UCITS and AIFs
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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
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