General Regulation

Print

Duties & powers Regulation

The AMF sets rules

Published on May 27, 2013

The AMF is empowered to set the rules that apply to the participants and products falling within its jurisdiction, including financial markets, listed companies, financial intermediaries and collective investment products. As part of this, it prepares the AMF General Regulation and disseminates policy to help participants apply the rules.

AMF General Regulation: rules to be complied with

To ensure it properly fulfils its remit, the AMF publishes a General Regulation that sets rules and procedures to enforce legislation. The General Regulation is constantly amended to reflect the findings of working groups set up by the AMF, as well as domestic law and European directives. The AMF also plays an active part in many European and international initiatives aimed at ensuring better regulation of financial markets. Whenever an amendment is drafted, the General Regulation is put out to public consultation before being adopted by the Board and then submitted to the Minister for the Economy, who ratifies the change through an executive order published in the Official Journal of the French Republic. The amended General Regulation is then posted on the AMF website.

Seven books, each covering a different area

The AMF General Regulation comprises seven books, which detail the rules applicable to the AMF and to the participants and products that it regulates:

Seven books of the AMF General Regulation
Book      Title Area covered
Book I The Autorité des Marchés Financiers Ethical rules and remuneration arrangements for AMF members and experts and for inspections and investigations by the AMF.
Book II Issuers and financial disclosure Rules applicable to companies that are listed on the stock market or that issue bonds, along with their disclosure obligations.
Book III Service providers Rules applicable to investment services providers (particularly management companies and investment firms) and other providers (custody account keepers, depositories, clearers , financial investment advisers, direct marketers and financial analysts).
Book IV Collective investment products Rules applicable to investment funds: undertakings for collective investment in transferable securities (CISH) and other collective investment schemes (debt securitisation funds, securitisation schemes, real estate investment companies, forestry investment companies, real estate collective investment schemes – miscellaneous assets).
Book V Market infrastructures Rules applicable to regulated markets such as NYSE Euronext, market operators, such as Euronext Paris, multilateral trading facilities, such as Alternext, and market infrastructures, such as clearing houses and settlement systems.
Book VI Market abuse Rules applicable to insider dealing, price manipulation and dissemination of false information.
Book VII Regulated markets for emissions trading Provisions applicable to markets that admit CO2. emission allowances to trading.

AMF policy: a user guide to the rules

AMF policy includes instructions, positions, recommendations and other publications that define and detail the manner in which the laws and regulations for listed companies, investment products and financial market participants are applied in practice. This is the AMF’s way of transparently explaining how it interprets the financial regulations.
Before publishing a new policy document, the AMF consults with financial intermediaries, professional organisations, investor advocacy groups and other stakeholders before submitting the final document to its Board for approval.

(1) See definitions for custody account keepers, depositories, clearing and settlement in the AMF lexicon.

Page top

Legal information
Head of publications: Florence Gaubert, Executive Director of AMF Communication Directorate.
Contact: Communication Directorate – Autorité des marches financiers 17 place de la Bourse – 75082 Paris cedex 02