The AMF is creating a dedicated welcome programme for management firms and FinTech companies based in the UK: AGILITY
The AMF is pursuing its commitment to making the Paris financial market more appealing by launching AGILITY, a programme devoted to guiding financial firms through the French authorisation process. It will provide a range of services, notably helping financial firms authorised in the UK set up in France. With 2WeekTicket pre-authorisation, they can begin the process of opening offices in France in just two weeks.
The Autorité des Marchés Financiers is gearing up to work with traditional and ground-breaking firms based in the UK looking to locate some or all of their business in continental Europe to gain access to the single market and the European passport.
The AGILITY outreach programme targets management firms and FinTech companies that fall under the AMF's jurisdiction. It has three main elements:
- The 2WeekTicket: management firms and FinTech companies can supply an authorisation from the Financial Conduct Authority and fill out a standardised form from the AMF to receive "pre-authorisation" in just two weeks. The notice will certify that the companies are believed to meet the conditions for receiving a definitive authorisation. It will allow them to get a head start on the work of opening new offices, such as searching for a suitable location. The authorisation giving access to the European passport will be issued two months later, provided of course that the applicant meets all of the requirements.
- Access to English-speaking "coaches" at the AMF: these coaches will help applicants understand the regulations and statutes that apply to their planned activities, starting with the pre-authorisation period and continuing through the six-month monitoring period following authorisation.
- Coordinated access to a single contact point at the AMF and ACPR for innovative companies offering services that fall under the jurisdiction of both regulators.
The AMF's approach to outreach and innovation is based on the idea that complying with the European regulatory framework will help firms win the confidence of retail investors and FinTech backers, and will lend credibility to their international development efforts. Where there are no European rules governing their business, they can follow the most relevant French framework, such as the AMF's regulations on crowdfunding, for example. With AGILITY, the AMF proposes to let firms work within its "Regulatory Soundbox", referring to sound rules giving access to European passports, which gives them a firm footing from which to innovate and oversight that is proportional to their activities.
The AMF has set up a page on its website devoted to the programme, and questions can be sent to the address 2WeekTicket [at] amf-france.org.
At the same time, the AMF and ACPR are releasing a joint statement communicating their shared procedures for financial institutions.
About the AMF
The AMF is an independent public authority responsible for ensuring that savings invested in financial products are protected, providing investors with adequate information and supervising the orderly operation of markets. Visit our website www.amf-france.org.
AMF Communication Directorate - Christèle Fradin - Tel : +33 (0)1 53 45 60 29 ou +33 (0)1 53 45 60 28
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Head of publications: The Executive Director of AMF Communication Directorate. Contact: Communication Directorate – Autorité des marches financiers 17 place de la Bourse – 75082 Paris cedex 02