General Regulation

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Duties & powers Monitoring & supervision

The AMF supervises participants and products

Published on May 27, 2013

The AMF routinely monitors financial disclosures by listed companies as well as information about financial products supplied to investors. It ensures that financial intermediaries meet their professional obligations. And it supervises financial markets and participants.

Monitoring financial disclosures by listed companies

Throughout the year, the AMF checks the financial disclosures published by listed companies, making sure that the information disseminated to the public is complete, consistent and perfectly comprehensible.

  • Consequences of late publication of financial statements Irrespective of the reasons for late publication, the AMF publishes on its site the list of companies that fail to publish their financial statements on time. After sending reminders to these companies, the AMF may also petition the courts to issue injunctions to publish.

    The AMF monitors ongoing disclosures by ensuring that companies promptly disclose, through a press release, any material information that could have an impact on the share price, such as the signature of a contract, a strategic decision or an acquisition.
  • The AMF also monitors periodic disclosures by checking that listed companies comply with their obligation to publish half-yearly financial reports and quarterly revenues.

Monitoring compliance by financial intermediaries with their obligations

The AMF constantly monitors all the professionals authorised to provide investment services.

  • It verifies the information filed routinely or at its request and ensures that the services offered by financial intermediaries comply with the regulations
  • It monitors investment services providers (ISPs) and financial investment advisers (FIAs) to make sure they comply with the rules applicable to their business
  • It monitors direct marketers operating on behalf of management companies and may, if need be, warn the public if a product is directly marketed without the necessary authorisations.

Monitoring the information provided on authorised financial products

The AMF monitors authorised products, including investment funds, throughout their life. It ensures they are regulation-compliant and checks the quality of the information disseminated to investors through such documents as annual reports, newsletters and advertising literature. Particular attention is paid to the advertising literature of retail products.

Market supervision

The purpose of market supervision is to detect events or behaviour that could constitute market abuse (price manipulation, insider dealing, dissemination of false information) or any other breach of the regulations applicable to market participants, particularly the professional obligations of financial intermediaries. Supervision is also a way to gain better intelligence about professionals and to ensure strategic monitoring by analysing trends and the behaviour of participants based on recent data. In particular, the AMF uses supervision to identify changes in trading modes or the development of new markets or instruments.

The AMF oversees:

  • transactions in financial instruments traded on the Paris Stock Exchange, such as equities, bonds and derivatives,
  • professionals that operate on these markets, including credit institutions, investment firms, management companies, FIAs and direct marketers,
  • market infrastructures.

It monitors transactions and trade orders using IT tools that have been specially developed to detect market anomalies. Its experts analyse and assess any suspicious transactions.

The AMF also receives reports about anomalies from a variety of sources. Intermediaries, in particular, are required by law to report suspicious transactions to the regulator.

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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