AMF publishes its 2023 Annual Report

The publication of the 2023 Annual Report serves as an excellent opportunity to review the regulator's work and its contribution to the discussions taking place at the national, European and international level in relation to its six strategic priorities:

• Being a demanding regulator for a leading European financial centre:

In 2023, the AMF ensured that due information was provided to investors and that the markets functioned properly. It has used all the tools at its disposal to support players in implementing the regulations and to initiate proceedings into suspected regulatory breaches. Thus, the AMF opened 60 inspections, including 37 short, thematic, educational inspections (SPOT inspections), and 37 investigations. In 2023, according to provisional statistics from the International Organization of Securities Commissions (IOSCO), the AMF was in the top three authorities that made most use of international cooperation agreements in its investigations. This is all the more important given the growing power of international insider networks that we are witnessing. For its part, the Enforcement Committee handed down 17 decisions concerning 17 legal entities and 23 natural persons, resulting in financial penalties totalling almost 35 million euros. It also approved 10 administrative settlement agreements.

• Have a strong European and international action:

In 2023, the AMF was heavily involved in works to relaunch the Capital Markets Union, the conclusions of which were published this week by the European Securities and Markets Authority (ESMA). As part of this work, the AMF has in particular worked to promote the direct European supervision of the major pan-European financial players that are market infrastructures, but also of crypto-asset services providers, as well as for the revival of the securitisation market. At the international level, the AMF has been particularly involved in work on financial stability and non banking financial intermediation within IOSCO, such as that which led to the adoption of international standards for liquidity management by open-ended investment funds. Finally, in a position paper co-signed with its Austrian, Italian and Spanish counterparts, the AMF also set out its priorities with regard to the macroprudential treatment of risks in asset management.

• Protecting retail investors:

In 2023, the AMF was on all fronts: a glossary of fees to improve comparability, a study on gamification, and a study commissioned from the OECD to gain a better understanding of new investors. The latter study showed that half of these new investors have invested in crypto-assets, that they get more information from social media and that they tend to overestimate their financial knowledge. The AMF has been involved in work on financial influencers and, in partnership with the French advertising regulator, the Autorité de Régulation Professionnelle de la Publicité, has designed a dedicated training module. The AMF maintained its vigilance against financial scams, of which 15% of the French population (including 35% of the under-35s) claim to be victims, by updating its blacklists and obtaining blocking access to 127 illicit Internet addresses.

• Promoting more sustainable finance:

In 2023, the AMF prepared for the implementation of the European Green Deal, in particular the European Corporate Sustainability Reporting Directive (CSRD). It contributed to the European debate on the revision of the Sustainable Finance Disclosure Regulation (SFDR) by publishing a position paper in favour of introducing environmental criteria for financial products. In parallel, it has stepped up its support for stakeholders, publishing a guide to transition plans and a report on reporting by a panel of listed companies under the Taxonomy regulation.

• Supporting innovation:

In 2023, the AMF shared its initial thoughts on decentralised finance and participated in international and European work on the impact of artificial intelligence on financial stability and investor protection. At the same time, the AMF is preparing for the transition to the future framework for crypto-asset markets when the MiCA Regulation comes into force on 30 December 2024.

• Being an attractive and efficient regulator serving the public interest:

The social barometer conducted by the AMF in 2023 shows a high level of employee commitment (98%) and strong support (94%) for its strategic vision.
The AMF has redefined its performance indicators in line with its new strategic guidelines. In parallel, it has continued its efforts to control expenditure and improve its internal management. Its 2024 budget, which has just been adopted, is based on the principle of a strict balance between its expenditure and income.

At the beginning of 2024, the members of both the AMF Board and the Enforcement Committee were renewed. Ten new key figures were admitted to the Board composed of 16 members.

About the AMF
The AMF is an independent public authority responsible for ensuring that savings invested in financial products are protected and that investors are provided with adequate information. The AMF also supervises the orderly operations of markets.Visit our website https://www.amf-france.org/en