Merci de désactiver le bloqueurs de pub pour visualiser cette vidéo.
20 February 2024

The AMF Board

The Board is the AMF’s main decision-making and prosecuting authority 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.

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 Chair, 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 Chair of the AMF 

The Chair of AMF is the Chair 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 Chairmain 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

Marie-Anne Barbat-Layani

Marie-Anne Barbat-Layani

A graduate of the Paris Institut d’Études Politiques and the Ecole Nationale d’Administration, as well as an alumnus of the Master in Politics at New York University, Marie-Anne Barbat-Layani has served as a senior civil servant for close to 20 years. She began her career in 1993 at the French Treasury as Deputy to the Secretary General of the Club de Paris and later Deputy to the Head of the Energy, Mines and Telecoms Office of the State Investments Department.

In 1997, she joined  the French Permanent Representation to the European Union in Brussels as Financial Attaché in charge of competition, state aid and financial services. Three years later, she joined the cabinet of the Minister of the Economy, Finance and Industry as a technical advisor in charge of European Affairs.

From 2000 to 2007, she worked at  the Treasury, first as Head of the Office of Credit Institutions and Investment Firms and Secretary General of the National Euro Committee, in the Financial Sector Department. She was later appointed Deputy Director of Banks and General Interest Financing.

In 2007, Marie-Anne Barbat-Layani became Deputy CEO of the National Federation of the Crédit Agricole. In 2010, she joined the Office of the Prime Minister as Deputy Chief of Staff. From 2012 to 2014, she was an Inspector General of Finance and from 2014 to 2019, became Chief Executive Officer of the French Banking Federation and the Association of French Banks.

In 2019, she was appointed General Secretary of the Ministry of the Economy and Finance, where she also served as Senior Defence and Security Official.

On 26th October 2022, Marie-Anne Barbat-Layani was appointed Chair of the Autorité des Marchés Financiers.

Marie-Anne Barbat-Layani is Chevalier of the Légion d’Honneur and Officier of the Ordre National du Mérite.

Catherine Bergeal

Catherine Bergeal

Catherine Bergeal began her career as a magistrate at the Tribunal Administratif de Paris after graduating from the École Nationale d'Administration. She has held a number of positions in the social field, including Inspector General for Social Affairs, then Policy Officer for the General Secretariat of the Government for the Health and Employment Sector, before being appointed to the Conseil d’État in 1994.

She was Head of Legal Affairs at the Ministry of Defence from 2002 to 2007, then at the Ministry of Economics and Finance between 2007 and 2013. She returned to the Conseil d'État where, after taking on litigation duties, she held the role of Secretary General from 2014 to 2019, and later of Vice President of the Administration Section, before being appointed President of the Finance Section in 2021.

In parallel to her roles with the Conseil d'État, she was a member of the Haute Autorité pour la Transparence de la Vie Publique from 2013 to 2017, then of the Supervisory Board of the Caisse des Dépôts et Consignations from 2019 to 2023, and Vice President of the Cour de Discipline Budgétaire et Financière. She is currently President of the First Chamber of the Cour d’Appel Financière.

She has lectured in various fields, including legislative drafting and public economic law, as an associate professor at the Université Paris II.

Catherine Bergeal has been a member of the AMF Board since February 2024. 

femme

Claude Nocquet

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.

A member of the Criminal Chamber of the Court of Cassation from 2003 to 2015, Claude Nocquet was a member and then the Chair of the Enforcement Committee of the Autorité des Marchés Financiers from 2003 to 2013. From 2015 to 2018, she also chaired the Committee of Investigation of the Court of Justice of the French Republic (CJR). 

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

Arnaud Oseredczuk

Arnaud Oseredczuk

A graduate of Ecole des Mines de Paris and Institut d’Études Politiques de Paris, Arnaud Oseredczuk was appointed as an Auditor to the French Court of Auditors (Cour des Comptes) on graduating from Ecole Nationale d'Administration (ENA) in 2000, before becoming a Senior Auditor in 2003. He joined  the Autorité des Marchés Financiers in 2005, where he was successively Head of the Asset Management Regulation Division in the International Affairs Directorate, Head of the Supervision Department in the Market Investigation and Inspection Directorate and then Managing Director in charge the Asset Management and Markets Directorate.

He was appointed as Adviser on Financing the Economy and the Euro in the cabinet of President François Hollande from May 2012 to January 2014. After three years at the Court of Auditors, in 2017, he became General Administrator of the Musées d’Orsay et de l’Orangerie, where he stayed for three years.

Appointed by the First President of the Court of Auditors, Arnaud Oseredczuk joins the AMF Board on 29 December 2020.

denis

Denis Beau

Denis Beau was appointed Deputy Governor of the Banque de France on 1 August 2017, and was reappointed First Deputy Governor on 12 January 2024. 

In this capacity, he was appointed by the Governor of the Banque de France to represent him as Chairman of the Autorité de contrôle prudentiel et de résolution (ACPR) and, with effect from 17 January 2024, he was appointed Chairman of the Observatory for the Security of Payment Means. He is also a member of the Board of the AMF and of the Supervisory Board of the European Central Bank (ECB). Since 1 January 2023, Denis Beau has been Chair of the ECB's Budget Committee (BUCOM).

His tasks as Deputy Governor include in particular the Banque de France's micro-prudential activities, the cash industry, innovation, the Bank’s branch network activities and the internal management of the institution.

After graduationg from the Institut d'Études Politiques de Paris and receiving an MBA from INSEAD, he joined the Banque de France in 1986 as a financial analyst in the Corporate Balance Sheet Department.

Between 1993 and 2007, he held management positions in the Financial Markets Directorate and the Payments and Market Infrastructures Directorate. He was also seconded for a year as Banque de France representative at the Federal Reserve Bank of New York. 

He then served as Secretary of the Committee on Payment and Settlement Systems of the G10 central banks before returning to the Banque de France in mid-2008 as Deputy to take up the position of Deputy Director General of economics and International Relations. 

In 2011, he was appointed Deputy Director General of Financial Stability and Operations (DGSO), which carries out activities that contribute in particular to the Bank's monetary strategy and financial stability missions. 

Between 2012 and 2017, he was Director General of the DGSO. In this capacity, he chaired the National Cashless Payments Committee and represented the Banque de France on European and international fora 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 Retail Payments Board).

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

Robert Ophèle

Robert Ophèle

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) iand 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 was the AMF Chairman from August 2017 to July 2022.

Robert Ophèle is Chairman of the French Accounting Standard Authority since February 2023.

Jérôme Bascher

Jérôme Bascher

An engineering graduate from the École Nationale de la Statistique et de l'Analyse de l'Information, Jérôme Bascher joined the Institut National de la Statistique et des Études Économiques (INSEE) in 1996, as Consumer Price Index Sector Manager. 

In 1999, he was appointed to the Direction Générale du Trésor as an Advisor and later as Synthesis Manager for Public Finance Forecasting. He then served, on several occasions, as Advisor to three ministerial cabinets. From 2006 to 2007, he took on the role of Secretary General of Villa Médicis at the Académie de France in Rome. 

In 2008, Jerôme Bascher was appointed Head of the Office of the CEO at Adoma. In 2011, he joined the Caisse des Dépôts et Consignations (CDC), until 2023, first as Risk Analyst and subsequently as Head of the Risk and Internal Control Department. He later became a member of the Supervisory Board, a member of the Investment Committee and chaired the Audit and Risk Committee. 

In parallel, he held various institutional positions: from 2017 to 2023, he was Senator for the Oise department, Secretary of the Finance Commission and member of the Supervisory Board of the Fonds de Réserve pour les Retraites (French Pension Reserve Fund). He was also Vice-Chair of the Oise departmental council from 2015 to 2017. 

He is a member of  the Ordre National du Mérite and the Ordre des Arts et des Lettres. He is also an Aspen Institute laureate. 

Jérôme Bascher has been a member of the AMF Board since February 2024.

Corinne Dromer

Corinne Dromer

Former student of the Institut d'Études Politiques (IEP) in Aix-en-Provence, she began her career in 1982 as Technical Advisor responsible for parliamentary relations at the Office of the Deputy Minister for the Budget. Corinne Dromer is a certified company administrator IFA/SciencesPo.

Until 1997, she held various positions in the banking sector and in ministerial cabinets. In 1997, she moved to the Conseil des Marchés Financiers (CMF) as Secretary to the Board, before joining the Agence France Trésor (the French agency managing public debt and the treasury) in April 2004 as Head of Communications. 

Corinne Dromer joined the Banque de France in 2007 as Deputy Director and later Head of Communications.

From 2016 to 2023, Corinne Dromer chaired the Consultative Committee for the Financial Sector (CCSF) and the Board of Directors of the Médiation de l’Assurance (Insurance Mediator). 

She is also a member of the Légion d’Honneur and  the Ordre National du Mérite.

Corinne Dromer has been a member of the AMF Board since February 2024. 

Bernad Kuhn

Bernad Kuhn

With a PhD in Private Law and a postgraduate diploma in Management, Bernad Kuhn began his career at the Servier pharmaceutical laboratories, before joining Moët Hennessy in 1983 (which became LVMH Moët Hennessy Louis Vuitton in 1987) as Head of Legal Affairs. 

In 1991, he was appointed  Legal Director of the LVMH Group. Then, in 1999, as Secretary to the Board of Directors of LVMH Moët Hennessy Louis Vuitton. 

For more than 30 years, he has been closely involved in the Group's financial and development transaction, in implementing its governance and conducting major litigation. In particular, he oversaw the legal aspects of the LVMH Group's external growth operations, such as the merger with Louis Vuitton in 1987 and the acquisition of Guerlain in 1994. 

In parallel to these roles, he served as a member of the Board of Directors and Supervisory Board of several subsidiaries of the LVMH/Agache Group, in France and abroad. 

Bernard Kuhn has been a member of the AMF Board since February 2024. 

Olympe Dexant - de Bailliencourt

Olympe Dexant - de Bailliencourt

Having passed the “agrégation” (highly competitive and prestigious examination for teachers) for private law and criminal sciences, Olympe Dexant - de Bailliencourt is a university lecturer in private law and Co-Director of the Master's in Business Law at the Université de Franche-Comté. Her main areas of research are corporate law, business law, public offers and financial markets. Since May 2020, she has held the role of Scientific Co-Director of the Droit des Sociétés (Corporate Law) journal (LexisNexis) and is Joint Head of the monthly “listed companies” column in this journal. 

She is also currently “rapporteur” for the Paris Europlace working group on shareholder dialogue, and for the Club des Juristes commission on the responsibility of directors and managers in terms of sustainability and due diligence. 

Since 2023, she has been a member of the Retail Investor Consultative Commission at the Autorité des Marchés Financiers. 

Olympe Dexant-de Bailliencourt has been a member of the AMF Board since February 2024. 

Jean-Marc Eyssautier

Jean-Marc Eyssautier

As a graduate of the Institut d'Études Politiques in Paris and holder of a degree in English and Economics from the Sorbonne, Jean-Marc Eyssautier has spent most  of his career in the banking and finance industry. 

After starting out at the Banque de France, first in the network and then at head office, in 1997 he joined Sicovam/Euroclear France, the central securities depository, to manage the project to merge and optimise the securities settlement systems. He was subsequently appointed Commercial Director and then Deputy Managing Director. 

In 2001, he joined the Caisse des Dépôts et Consignations Group (CDC) as Head of Operations for the subsidiary dedicated to asset custody. As a member of the Management Board, he played an active role in the merger with the Crédit Agricole Group's securities business to form Crédit Agricole Corporate and Investment Bank (CACEIS) in 2005. At CACEIS, he was Managing Director of the bank in France, then Group Head of Risk and Compliance.

After 15 years with CACEIS, Jean-Marc Eyssautier took on the general management of a fintech that aims to explore the potential use of new technologies in the financial world. 

Since 2022, he has worked as an independent consultant, and in 2023 he became a member of the Market Infrastructure Board of the European Central Bank (ECB). 

Jean-Marc Eyssautier has been a member of the AMF Board since February 2024. 

muriel

Muriel Faure

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.

Nathalie Gay Guggenheim

Nathalie Gay Guggenheim

An alumni of the Institut d'Études Politiques in Paris and a graduate of University of Paris II Assas, she has extensive experience in regulatory affairs, and in European banking and finance law.

She began her career in the trading room of the Crédit Industriel et Commercial (CIC) in Paris, before becoming Policy Officer and later Head of Investment Management Company Supervision at the Commission des Opérations de Bourse (AMF) in 1994.

In 1999, she joined the  French Treasury as Assistant to the Head of the Financial Markets Office, before assuming the role of Chief Legal Officer at the Crédit Lyonnais Asset Management and Chief Compliance Officer at the Crédit Agricole Asset Management between 2001 and 2004. 

She then joined the HSBC Group, where she held a number of roles in finance and regulation. She was Director of Operations for HSBC France's markets business from 2012 to 2014, then headed the regulatory transformation of investment banking and capital markets in Europe until 2021. She was simultaneously Director of Sustainable Finance between 2019 and 2021. 

Since 2022, she has worked as an independent consultant.

Nathalie Gay Guggenheim has been a member of the AMF Board since February 2024. 

Jean-Baptiste Massignon

Jean-Baptiste Massignon

A graduate of the Institut d'Études Politiques in Paris and the École Nationale d'Administration, he began his career at the French Treasury in 1993 as Deputy Head of the Financial Markets Office for domestic financial regulations. He is also Deputy Government Commissioner to the Futures Market Council and the Stock Market Council. 

From 1997 to 1999, as Head of Finance, he helped set up the Réseau Ferré de France. He then co-managed an investment firm specialising in financing emerging technology undertakings. 

In 2001, he returned to the Treasury Department as General Secretary of the Inter-ministerial Committee for Industrial Restructuring (CIRI) and Deputy Director for the Financing and Competitiveness of Undertakings. In this capacity, he contributed to the creation of the Autorité des Marchés Financiers in 2003, to which he is Government Commissioner. 

He joined the Capgemini Group in 2006, initially as Head of Mergers and Acquisitions. After holding commercial roles, he became a member of the Executive Committee, Managing Director and Secretary to the Group Board of Directors from 2012 to 2019. After working on international partnerships and subsequently the integration of ALTRAN, he became Development Director at Capgemini Invent. 

Jean-Baptiste Massignon has been a member of the AMF Board since February 2024. 

Marie-Pierre Peillon

Marie-Pierre Peillon

Marie-Pierre Peillon joined Groupama AM in 1998, and has 25 years of experience in the asset management industry. 

Marie-Pierre started her career as a Financial Analyst at Concorde Finance in 1986. From 1989 to 1994, she worked at Veil & Cie as money markets operator, and then as analyst on financial products. In 1998, she joined Groupama AM as a Financial Analyst on both Credit and Equity. In 2001, she became Head of Financial Analysis, and in 2003, she was nominated Director of the Financial and Extra-Financial Analysis team. In 2012 she became Director of Research in Economic, Financial and Extra-Financial Analysis. In 2018, she is also in charge of the implementation of the ESG strategy.

Marie-Pierre was Chairwoman of the French Society of Financial analysis (SFAF) from 2010 to 2014. In 2015, Marie-Pierre is appointed President of the Sustainable Finance commission within the French Asset Management Association (“AFG”).

Marie-Pierre graduated from the University of Paris I Sorbonne with a Master’s degree in Economics and International Finance. She holds a PhD in Economics and is also a member of the SFAF.

Marie-Pierre Peillon has been a member of the AMF Board since February 2024.

Loïc Desmouceaux

Loïc Desmouceaux

A graduate of Kedge Business School and the Institut d'Études Politiques in Bordeaux, he joined the Vantiva Group in 1987, where he held a number of international management roles over the course of a career spanning more than 35 years. Since 2016, he has been Vice President for Sustainability Reporting and CSR Communications at Vantiva, of which he is also a board member.

As part of his long-standing commitment to employee share ownership, he served four successive terms as board member and censor of Vantiva SA, from 2003 to 2014, in the capacity of employee shareholder representative, and he chairs the Supervisory Boards of employee savings plan investment fund

Since 2017, he has been Chairman of the Fédération Française des Associations d'Actionnaires Salariés et Anciens Salariés (FAS), having been a general delegate from 2011 to 2017 and a member of the Federal Council since 2004. He also chairs the FAS Scientific Advisory Board.

In 2018, he was appointed member of the Conseil d'Orientation de la Participation, l'Intéressement, l'Épargne Salariale et l'Actionnariat Salarié (COPIESAS). He is involved in the preparatory work for the PACTE law on the sharing of value within undertakings. 

He has been a member of the National Commission for Collective Bargaining, Employment and Vocational Training since 2021. 

In 2020, he joined the AMF’s Retail Investor Consultative Commission. 

Loïc Desmouceaux has been a member of the AMF Board since February 2024.