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The financing of the French economy calls for attractive markets and an attractive financial centre. The AMF plays a decisive role in this attractiveness. What is its role? How does it contribute to market performance?
For the AMF, ensuring the attractiveness of markets means committing to offer efficient services to financial intermediaries and listed companies, while ensuring the smooth operation and integrity of these markets. This includes short processing times, simplified procedures, new interfaces for document exchange and communication.
For example, for a portfolio asset management company, the regulatory approval time frame is three months, which may be extended by a further three months. In practice, the average time frame for the approval process is a little over two months. The AMF does not charge management companies for the approval process. So when it is created, the management company has no financial contribution to make.
The AMF’s role is also to ensure a close relationship and dialogue with market participants, high-quality supervision and that its teams display a high degree of expertise.
With its team dedicated to Fintechs, innovation and competitiveness, the AMF supports project sponsors, proposes changes to regulations and strives to facilitate the development of innovative companies.
It identifies new financial models, techniques and technologies that may call into question the behaviour of clients and the existing practices of market participants, in order to assess the risks related to such behaviour and practices. Based on its observations, it proposes possible changes to the national, European and international regulatory framework.
Supporting the attractiveness of the financial market place also involves the development of partnership agreements with non-EU regulators that open up strategic markets for French market participants and facilitate access to the French market for foreign players. The AMF is therefore striving to facilitate the international development of companies and to make national and European regulations easier to understand for foreign players who wish to set up operations in France.
With Brexit, the PACTE law has introduced measures to strengthen the attractiveness of the French financial market place. For the AMF, welcoming foreign players who wish to relocate their business in Paris is a priority and contributes to the outreach of the French financial market place and its ability to be influential on the international scene. For example, the AMF recruits employees with international experience, systematically translates its documents into English and seeks to expand its international communication.