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10 December 2019

The AMF Board

The Board is the AMF’s main decision-making and prosecuting authority Chaired by Robert Ophèle since August 2017, it has 16 members drawn from a broad variety of backgrounds. This multidisciplinarity ensures that it has the technical and legal expertise needed to carry out its tasks.

Summary

    Role

    Adopt new regulations

    The tasks executed by the AMF are governed by a General Regulation. All amendments to the General Regulation are adopted by the Board and published in the Official Journal, after being ratified by decree by the Minister for the Economy. The Board approves AMF instructions, recommendations and positions – collectively referred to as AMF “policy” – which clarify how the General Regulation should be interpreted, along with the guidelines issued by the European Securities and Markets Authority (ESMA).

    Take individual decisions

    The Board examines the individual cases reviewed by AMF departments. These range from decisions on the compliance of takeover bids involving listed companies, authorisations for management companies (without which they cannot do business) or collective investment products (without which they cannot be marketed) and approvals for corporate finance transactions. Once it has conducted its review, the Board issues a decision on each case.

    Instigate injunction proceedings and take emergency measures

    The Board may issue cease-and-desist orders regarding practices contrary to law or regulation when such practices impair investors' rights or the proper functioning of the market.

    Examine inspection and investigation reports and open sanction proceedings or propose a settlement

    After reviewing inspection and investigation reports, the AMF Board decides whether to open sanction proceedings. If it does initiate proceedings, it serves a statement of objections to the person whose conduct is in question and sends the case to the Enforcement Committee for review. Under certain conditions, the Board may offer an out-of-court settlement to respondents and conclude an agreement.

    If the investigation or inspection report reveals criminal offences, the Board will forward the case to the Public Prosecutor. If the investigation reveals offences that may be qualified as market abuse, the Board must refer the case to the French financial prosecution service to set up a referral procedure.

    The Board delegates its powers to three commissions composed of six of its own members and chaired by the AMF Chairman, to take decisions pertaining to sanctions.

    Take decisions about the AMF’s operating procedures

    The Board adopts the AMF’s budget and approves the financial statements. It sets the rules of procedure, ethical rules for staff and the general terms of recruitment, employment and remuneration of AMF employees. 

    Members

    16 multidisciplinary members

    The Board comprises 16 members who come from different backgrounds: Council of State, the Court of Cassation, Court of Auditors, Banque de France, Accounting Standards Authority and professional members appointed by the Minister of Finance, after consulting representative organisations, for their financial and legal expertise as well as their experience. This multidisciplinarity gives the Board the technical and legal expertise needed to carry out its tasks. The appointment process and the length of Board members’ terms of office ensure independence.

    A Board chaired by the Chairman of the AMF 

    The Chairman of AMF is the Chairman of the Board. He or she has a casting vote in the event that Board votes are tied, is empowered to act on behalf of the AMF before any court or tribunal and may, after seeking the Board’s opinion, appeal against Enforcement Committee rulings.

    Board members: five-year term of office, renewable once 

    Board members other than the Banque de France representative and the Chairman of the Autorité des Normes Comptables (who are appointed by virtue of their position) serve a five-year term of office, renewable once.

    Documents stylo

    Board members, like members of the Enforcement Committee, are subject to common ethical rules.

    These include:

    • The performance of duties with dignity, probity and integrity, ensuring that any conflict of interest is prevented or immediately discontinued;
    • A ban on sitting or, as the case may be, taking part in a deliberation, verification or audit if the member has an interest or has had an interest during the three years preceding the deliberation, verification or audit;
    • Compliance with the secrecy of deliberations and being subject to professional secrecy;
    • The declaration of their assets and interests to the Haute Autorité pour la Transparence de la Vie Publique (HATVP) ;
    • The management of financial instruments held by members under conditions that preclude any right of supervision during the term of office;
    • The incompatibility of the exercise of the mandate of members with certain electoral mandates and professional functions
    • The HATVP's control of the compatibility of the new professional activities carried out at the end of the term of office with the duties of AMF members for a period of three years.

    Photos & CV

    Robert Ophèle, graduated from the ESSEC business school, joined the Banque de France in 1981 and spent three years in banking supervision before joining the Monetary Studies and Statistics Directorate as an economist, specialising in the interaction between financial market developments and monetary policy. Following a secondment to the Federal Reserve Bank of New York between 1990 and 1991, he returned to the Banque de France as Head of the Budget Division, and subsequently took up the position of Director of the Management Control and Budget Directorate. In this role, he represented the Banque de France on various Eurosystem committees.

    In July 2006, he was appointed Deputy Director General Economics and International Relations, with responsibility for monetary policy issues and for the Bank’s collaboration with universities. In June 2009 he was promoted to the position of Director General Operations, and took charge of market operations, the oversight of French payment systems, financial stability and customer banking services. While in this post, he actively participated in the work of various financial bodies (Chairman of the National SEPA Committee, Chairman of the Paris Robustesse group and of the Market Infrastructure group).

    The 6 January 2012, Robert Ophèle became Second Deputy Governor of the Banque de France, and was appointed by the Governor to represent him as Chairman of the Autorité de contrôle prudentiel et de résolution (French Prudential Supervision and Resolution Authority - ACPR). He became a member of the college of the Autorité des marchés financiers (French Financial Markets Authority - AMF) and of the Supervisory Board of the Caisse des Dépôts, and in January 2014, became a member of the Supervisory Board for the European Central Bank’s Single Supervisory Mechanism.

    Robert Ophèle is the AMF Chairman since August 2017.

    A graduate of the École Normale Supérieure (Rue d’Ulm), with an MPhil in Mathematics, holder of the agrégation qualification in Economics and Social Sciences and a graduate of the Institut d’Études Politiques (IEP) in Paris, Jean-Claude Hassan was posted to the French Council of State in 1981 after he graduated from Ecole Nationale d’Administration (ENA),  (Droits de l'Homme year group). In 1984, he was appointed technical advisor to the cabinet of the Minister for Social Affairs and National Solidarity. He joined Banque Stern in 1986, first as Deputy CEO and then as CEO until 1992. He was CEO of Banque Worms from 1992 to 1994 before moving back to the social section of the Conseil d'Etat.

    In 2000, he joined the office of the Minister for the Economy, Finance and Industry as special advisor for the euro. He has been a Councillor of State since 2005 (member of the litigation and public works sections). Jean-Claude Hassan was a member of the Enforcement Committee of the Autorité des Marchés Financiers from 2008 to 2013.

    He has been a Board member of the Autorité des Marchés Financiers since 2013.

    A graduate of the French National School for the Judiciary (ENM), Claude Nocquet worked in the central administration of the Ministry of Justice from 1973 to 1986. She was then appointed to the Paris Regional Court as First Examining Judge. In 1989, she became a Vice-President and in 1997, the First Vice-President of this court.

    Claude Nocquet was a Counsellor of the Court of Cassation from 2003 to 2015 and was the Chair of the Enforcement Committee of the Autorité des Marchés Financiers from 2011 to 2013. Since January 2015, she has been the President of the Committee of Investigation of the CJR, the special court that tries cases of ministerial misconduct.

    Claude Nocquet has been a member of the AMF board since February 2017.

    A graduate of Université Paris IX-Dauphine (post-graduate studies), a chartered accountant and holder of an EMBA from HEC, auditor at the Institute of Advanced Studies in National Defence (IHEDN – 58th national session), Jean de Gaulle began his career in auditing and accounting before becoming a partner in 1983 in the auditing firm Barbier Frinault & Associés, which was part of the Arthur Andersen international network. He was an MP for the Deux-Sèvres department from 1986 to 1993 and a member of the National Assembly’s Finance Committee. A Vice-President of the Poitou-Charentes regional council from 1992 to 1994, he was elected as MP for Paris from 1993 to 2006, and Vice-President of the National Assembly from 1995 to 1997. He was elected a city councillor in Paris in 1995 and became deputy Mayor from 1996 to 2001. Appointed by the procedure for outside appointments (tour extérieur) on 21 December 2006, Jean de Gaulle is a puisne judge at the French Court of Auditors. In 2013, he became division president, and then a Deputy Rapporteur-General of the Court of Auditors in 2016.

    At the same time, Jean de Gaulle was a full member of the High Council for Cultural philanthropy (1987-1989), the High Council for the Public Sector (1987-1990), High Council for Electricity and Gas (2002-2004), State Real Estate Council (2006), and vice-president of the supervisory board of a Paris-based venture capital firm (2009-2018).

    Jean de Gaulle has been a member of the AMF board since January 2019.

    A graduate of the Institut d’Etudes Politiques de Paris and holder of an MBA from INSEAD, he joined the Banque de France in 1986 first as a financial analyst at the Central Balance Sheet Office. Between 1993 and 2007, he held management positions in the Capital Markets Directorate and the Payment Systems and Market Infrastructure Directorate. He worked for a year on secondment as a representative of the Banque de France at the Federal Reserve Bank in New York.

    He later served as secretary of the G10 Committee on Payment and Settlement Systems before returning to Banque de France in mid-2008 as Deputy Director-General of Studies and International Relations. In 2011, he was appointed Deputy Director-General of the Directorate General of Financial Stability and Operations (DGSO), responsible for monetary strategy missions (implementation of monetary policy operations, management of foreign exchange reserves and investment services for central banks), financial stability (identification of risks and macro-prudential measures, management interbank exchange systems and monitoring of market infrastructure and means of payment) and services to the economy of the bank (banking services to the government).

    In 2012, he became Director-General of the DGSO. In this capacity he chairs the National Committee of Cashless Payments and represents Banque de France in European and international bodies dealing with prudential regulation of the banking sector, financial stability and monetary policy (Basel Committee on Banking Supervision, Committee on the Global Financial System, Euro Payments Council).

    In July 2017, he was appointed Deputy Governor of the Banque de France.

    Denis Beau has been a member of the AMF board since August 2017.

    A graduate of the Institut d’Etudes Politiques de Paris with postgraduate degrees in government and business law, a degree in literature and a chartered accountant, Patrick de Cambourg has worked with the Mazars group throughout his career. He entered as a junior, and went on to become a manager, and then a partner before becoming Chairman of Mazars in 1983. In 1995, he was appointed Chairman of the newly created council for the management of international partnerships, before becoming Chairman of the Supervisory Board in 2012. He has been Honorary Chairman of the Mazars group since the end of 2014.

    In March 2015, Patrick de Cambourg was appointed Chairman of the French Accounting Standards Authority (ANC). He is a member of the board of the European Financial Reporting Advisory Group (EFRAG). As Chairman of the ANC, he is also a member of the Board of the ACPR, and the Public Sector Accounting Standards Council (CNOCP) and member of the High Council of Financial Stability.

    Patrick de Cambourg has been a member of the AMF board since March 2015.

    With a first degree in law and a master’s degree in history, a graduate of the Institut d’Etudes Politiques de Bordeaux and the Ecole Nationale de l’Administration (1981), Patrick Suet began his career as a civil administrator for the Tax Legislation Department at the French Ministry of Finance. In 1986, he was technical advisor in charge of tax affairs in the offices of Alain Juppé, the Minister for the Budget and Edouard Balladur, Minister of Finance at the time. From 1988 to 1993, he became officer-in-charge and Deputy Director of the Tax

    Legislation Department of the Budget Ministry, and then from 1993 to 1995, Deputy Director and then Director of the office of Edouard Balladur, who had become Prime Minister. From 1995 to 1997, he was the Paymaster General of the Hauts-de-Seine department.

    In 1998, he joined the Elf Aquitaine group as advisor to Philippe Jaffré, before being appointed Administrative Director in 1999. From 2000 to 2015, he was successively Deputy General Counsel, General Counsel and member of the Executive Committee of Société Générale. He has been secretary of the Board of Directors of the bank group since September. Since 2009, he has been Chairman of the Board of Directors of Société Générale Bank & Trust in Luxembourg and director of Crédit du Nord since 2001.

    Patrick Suet also holds several institutional positions: he has been Chairman of the Tax Committee since 2001 and the Compliance and Money-Laundering Committee of the French Banking Federation since 2011.

    Patrick Suet has been a member of the AMF board since January 2019.

    A graduate of the Institut d'Études Politiques de Paris, Marie-Christine Caffet is a consumer mediator with the French Banking Federation since October 2018.

    She began her career in 1978 as project manager for the Industrial Redevelopment Commission of the Nord Pas de Calais region, and then moved on to the Delegation for Territorial Planning and Regional Action (DATAR) in 1981. In 1985, she became attorney-in-fact and then Assistant Director at Banque Sofinco in charge of direct customers. After three years as Assistant Director at Banque La Henin, in charge of the development of loans to retail customers, from 1990 to 1993, Marie-Christine Caffet joined the French cooperative bank, Confédération Nationale du Crédit Mutuel, where she took up several positions until her retirement in May 2016. These included the post of Director of Development and Director General of the Fédération du Crédit Mutuel Agricole et Rural as from 2007.

    During her professional career, Marie-Christine Caffet held several institutional positions, including Chair of the Consumer Policy Group of the European Group of Cooperative Banks from 2001 to 2012. She was a member of the Users Committee of the CNC as from 1993, and then a member of the French Financial Sector Advisory Committee (CCSF) from 2004 to 2016. She was also a member of the (National Council against Poverty and Social Exclusion from 2007 to 2010 and the Supervisory Board of the Deposit Guarantee Fund from 2012 to 2016. 

    Marie-Christine Caffet has been a member of the AMF board since January 2019.

    Associate Professor, Professor of Finance at PSL Université Paris-Dauphine, Delphine Lautier is a member of the Dauphine finance management research team (DRM-Finance - UMR CNRS 7088). She is also a member of the scientific steering committee of the “Finance and Sustainable Development’ chair, a member of the Finance for Energy Market Research Centre (FiME), co-leader of the Research Initiative “Modelling and Integration of Oilseed Markets” (MIMO) and an associate researcher at Ecole des Mines ParisTech.

    Her research projects focus on speculation in derivatives markets. At the theoretical level, she is interested in the development of equilibrium models to explain the relationships between the physical market and the commodities derivatives market. At the empirical level, she develops new methods, inspired by graph theory and statistical physics, and applies them to the analysis of systemic risk. Her research work is geared towards regulatory authorities, the financial sector and the commodities industry.

    Delphine Lautier has been a member of the AMF board since January 2019.

    A graduate of Université Paris II-Panthéon Assas and Paris IX-Dauphine and the French Society of Financial Analysts, Jacqueline Eli-Namer began her career as a financial analyst with Cheuvreux de Virieu in 1978. She became portfolio manager in 1981, and then Head of Asset Management from 1988 to 1994. Between 1994 and 2003, she took up the position of CEO and Chairman of Crédit Agricole Indosuez-Cheuvreux Gestion. Since 2004, Jacqueline Eli-Namer has chaired the Supervisory Board of Oudart SA and Chairman and CEO of Oudart Gestion.

    She is also a trustee of the French Association of Financial Companies and vice-president of the Private Management Club of the French asset management Association (AFG).

    Jacqueline Eli-Namer is also a member of the advisory board of the MSc 203 global market finance programme at Université de Paris Dauphine, which ensures that the syllabus is adapted to the qualification requirements of financial firms and market rules.

    Jacqueline Eli-Namer has been a member of the AMF board since January 2019.

    A graduate of ESSEC, member of the French Society of Financial Analysts (SFAF), Muriel Faure began her career as a financial analyst in 1982. From 1985 onwards, she worked as a fund manager for various financial operators such as ABN-AMRO, Fortis, BNP Paribas and Crédit Lyonnais. In 1994, she founded IT Asset Management, an asset management company specialising in the management of growth funds for the global IT technology industry.

    From 2012 to 2016, Ms. Faure managed FOURPOINTS (formerly IT Asset Management, after an acquisition operation).

    From 2009 to 2015, she was vice-president of the French Asset Management Association (AFG). She has been member of the AFG’s Strategic Committee since 2015 and has been in charge of the Research and Innovation Committee which became the Innovation Mission in 2018. 

    Muriel Faure has been a member of the AMF board since January 2017.

    A graduate of Université d’Orléans and the IGR-IAE graduate school of management in Rennes, Anne Gobert has been Head of Financing and Treasury with Ingenico Group since November 2015. She has also been a member of the Board of Directors of the French association of corporate treasurers (AFTE) since April 2016 and is the president of the development committee of the Master 2 Finance programme (corporate treasury course) of Université Paris I Panthéon-Sorbonne.

    Anne Gobert began her career in 1998 with Club Méditerranée in London. After several positions in Finance and Treasury at Club Méditerranée, in 2003, she joined Veolia Environnement as Head of Finance Projects before moving to bioMérieux as Group Treasurer. In September 2007, she was appointed head of Treasury and Financing at Club Méditerranée, and in 2014, VP Financing, Treasury and Credit Risk Management at Ipsen. In November 2015, she joined Ingenico.

    Anne Gobert has been a member of the AMF board since January 2019.

    Holder of an MPhil (DEA) in business law, a degree in economics and a masters in private law, alumni of the Institut d’Études Politiques de Paris (IEP) and a chartered accountant, Sophie Langlois began her career in 1980 with Ernst&Young before becoming the CFO of Banque de Marchés et d’Arbitrage until 1990. She was later appointed General Counsel of Credit Suisse First Boston (CSFB) until 1993 when she joined the SBC France group, where she was CFO of its French businesses and member of the Management Board. She held a similar position at Aurel from 1996 to 1999, before moving on to join the Instinet group as CEO France. Since 2006, Sophie Langlois has been Deputy CEO of Dexia Securities France.

    Sophie Langlois has been a member of the AMF board since June 2011.

    A graduate of École Normale Supérieure, with a PhD in Physical Sciences and an engineering degree from École des Mines, Helman le Pas de Sécheval, began his career in 1991 as a project manager in the financial engineering department of Banexi. From 1993 to 1997, he was deputy inspector-general of the Paris underground quarries and catacombs. In July 1997, he was appointed Deputy to the Head of the Department of Financial Operations and Information of the COB (now the AMF), becoming head of this department in 1998.  From November 2001 to December 2009, Helman le Pas de Sécheval was group Chief Financial Officer of Groupama, with responsibility for the group’s financing, investing, reinsurance and accounting divisions and oversight of the group’s financial subsidiaries as well as the EIG Groupama Systèmes d’Information. From January 2010 to December 2011, he was Managing Director of Groupama Centre-Atlantique. He has been General Counsel of the Veolia group since September 2012.

    Helman le Pas de Sécheval has been a member of the AMF board since March 2015.

    After graduating from the Institut d’Etudes Politiques de Paris and training as an economist (Diplôme d’Etudes Approfondies en économie), Thierry Philipponnat started a career in finance in 1985, holding successively the following positions: corporate banker at BFCE (Banque Française du Commerce Extérieur), options and convertible bonds trader for O’Connor & Associates, head of structured products at Exane, executive director in charge of equity derivatives for French-speaking Europe at UBS, deputy-head of equity financing structuring at BNP Paribas, and global head of equity derivatives of Euronext.liffe. As part of this last activity, he was a member of the executive committees of both Euronext (Paris) and LIFFE (London).

    In 2006, Thierry Philipponnat crossed into the NGO world, campaigning and lobbying on behalf of Amnesty International, with a particular emphasis on the impact of the financial sector on human rights. He was later elected as an Executive Board member of Amnesty International France.

    In 2011, he founded the European NGO Finance Watch in Brussels, which he managed as its first Secretary General until 2014. He is Head of Research and Advocacy at Finance Watch.

    Thierry Philipponnat is a member of the Board of the French Financial Markets Authority (Autorité des Marchés Financiers, AMF) and a member of the Sanctions Committee of the French Banks and Insurance Companies Supervisor (Autorité de Contrôle Prudentiel et de Résolution, ACPR). In July 2019, Thierry was appointed Chair of the AMF’s new Climate and Sustainable Finance Commission.

    A graduate of Ecole Polytechnique, HEC and Institut Français des Administrateurs (IFA/Sciences Po), Charles Keller began his career with the Total Group in 2005, as head of the optimisation department of a refinery. In 2010, he was seconded to the liquefaction plant of YemenLNG as head of the technical department. In 2014, he joined Total’s geosciences division to manage fuel tank assessment studies.

    At the same time, he was very involved in the company’s social dialogue from 2006 and employee savings from 2009. From 2013 to 2016, Charles Keller was a director on the Total SA board, representing employee shareholders, and a member of the audit and strategy committees.

    In 2018, he left Total and co-founded WE box, a company specialising in employee engagement. He is the CEO of this company.

    Charles Keller has been a member of the AMF board since January 2019.

    19 May 2020
    Our Governance Notre gouvernance
    10 December 2019
    Enforcement Committee La Commission des sanctions
    10 December 2019
    Consultative Commissions Les commissions consultatives