The AMF publishes its proposals for an open finance framework
Executive Summary
The Autorité des Marchés Financiers (AMF), France's financial markets authority, has published proposals for an **open finance framework** via a public consultation, extending open banking principles to broader financial data sharing for enhanced innovation and competition. This matters for compliance professionals as it signals upcoming regulatory requirements for secure data access, APIs, and customer consent mechanisms, aligning with EU trends toward open finance while prioritizing consumer protection and market resilience. Firms must engage early to shape the final rules and prepare systems for compliance. #
What Changed
- The publication outlines AMF's proposals for an open finance framework, building on open banking (e.g., PSD2) to include investments, insurance, and asset management data. Key elements include:
- Mandatory API-based data sharing for account information and payment initiation, extended to non-banking products like securities and insurance.
- Enhanced customer consent and control mechanisms, with granular permissions, revocation rights, and strong authentication.
- Security and liability standards aligned with DORA (Digital Operational Resilience Act), including incident reporting and resilience testing.
- Governance structure with a centralized standards body, similar to open banking hubs in the UK or EU.
- Proportionality for smaller firms, but with supervisory convergence via ESMA for cross-border activities. These proposals emphasize innovation (e.g., AI and tokenization integration) while addressing risks like data breaches and fraud, as per AMF's 2
Suggested Considerations
- Review and respond to consultation: Submit feedback on proposals via AMF portal (https://www.amf-france.org/en/news-publications/news/amf-publishes-its-proposals-open-finance-framework) to influence final rules.
- Conduct gap analysis: Assess current APIs, data sharing capabilities, consent processes against proposed standards; integrate DORA compliance.
- Update policies: Revise customer onboarding, data protection (GDPR alignment), and TPP accreditation processes.
- Engage stakeholders: Participate in AMF's asset management tokenization consultation and AI use cases study for synergies.
- Test systems: Pilot secure APIs for investment/insurance data sharing; prepare for cybersecurity inspections.
- Train staff: On open finance obligations, focusing on senior managers' governance under AMF supervision.
Key Dates
Compliance Impact
Urgency: High – As a consultation, immediate engagement is critical to shape rules, but full implementation may not hit until 2027+. It matters due to alignment with AMF's 2026 priorities on innovation (AI, tokenization, MiCA) and resilience (DORA, cybersecurity), risking fines or supervisory actions for non-prepared firms amid EU harmonization push. Early movers gain competitive edge in data-driv
Who is Affected
References
AI-generated analysis. May contain errors or omissions — verify with the original AMF source before acting. Full disclaimer.
Summary
Innovation The AMF publishes its proposals for an open finance framework