The AMF publishes its 2025 Annual Report

In 2025 and since the start of 2026, the AMF has focused its work on three priorities in particular: creating the conditions for an even more secure and resilient financial centre, promoting the development of European capital markets and the attractiveness of the Paris financial centre, and developing a framework conducive to innovative finance. The Chair of the AMF reiterated the AMF's mobilisation and commitment.

Creating the conditions for an even more secure and resilient financial centre

“Since the outbreak of the conflict in the Middle East, the financial markets have experienced several episodes of tension, but so far they have reacted in an orderly and resilient manner. However, uncertainties remain particularly acute and certain vulnerabilities, already identified in our 2025 risk map, are being borne out, including those linked to the development of private finance. We are also stepping up our efforts to the growing cyber risk associated with new AI models. In the next few days, we will be publishing a statement on cyber resilience and the measures we will implement over the coming months”, said Marie-Anne Barbat-Layani.

“In the context marked by a growing accessibility of stock market investing, the proliferation of financial scams and the rise of insider networks, protecting retail investors and the integrity of the markets form now, more than ever, the core of our work. We are fully committed to financial education. This fall, we will launch the third phase of our campaign aimed at new investors, centered on the message that "investing is not a game". We are also making women’s participation in investing a priority focus of our work in this aera.

In the face of financial uncertainty, the AMF needs new legal tools so that it can act more quickly and more forcefully. We call for the rapid adoption of the Labaronne bill", added Marie-Anne Barbat-Layani.

Promoting the development of European capital markets and the attractiveness of the Paris financial centre

"In a world where economic strength increasingly depends on the ability to mobilise abundant financial resources focused on strategic priorities, the deepening of the European capital markets has become an imperative. We fully support of the Savings and Investment Union project. The Paris financial centre must continue to play a leading role. To this end, the AMF is taking concrete action to enhance its attractiveness. In the area of asset management, for example, we are currently launching a consultation on the assets eligible for UCITS”, continued Marie-Anne Barbat-Layani, Chair of the AMF.

Developing a framework conducive to innovative finance

"Innovation is another central area of our work. 2026 will be a key year for the tokenisation of financial assets, opening up new perspectives in terms of financing and market liquidity. The AMF intends to help position the Paris financial centre at the forefront of this transformation. At the same time, as the end of the transitional period approaches, our staff are fully engaged in reviewing applications received under the European MiCA Regulation on crypto-asset markets", emphasised Marie-Anne Barbat-Layani.

In this complex environment, the AMF is working rigorously to make regulation a lever for confidence.This is the essence of its new tagline: ‘regulate finance, reinforce confidence.’

Trough this slogan, the Authority affirms its ambition and conveys its everyday work to serve the public interest. It embodies the stance and objectives of the AMF and its teams, who work relentlessly to ensure a financial sector that is ethical, resilient and competitive.

The AMF's 2025 Annual Report provides an opportunity to review its key initiatives and its contribution to discussions taking place at the national, European and international levels, in line with the six strategic orientations: a demanding regulator for a leading European financial centre, having a strong international action, protecting retail investors, promoting a more sustainable finance and supporting innovation and being an attractive, efficient authority serving the general interest.

The report also presents the AMF's activities over the past year regarding of listed companies' transactions and financial disclosures, investment services providers and savings products, market infrastructures, market surveillance and enforcement actions. The final chapter of the report is devoted to the AMF's financial statements.

AMF key figures for 2025

About the AMF
As an independent public authority, the Autorité des Marchés Financiers (AMF) protects savings invested in financial products, ensures that investors receive clear and reliable financial information, and maintains orderly financial markets. Through its engagement with European and international regulatory bodies, the AMF contributes to financial stability and effective regulation. The AMF develops and enforces regulatory standards, supervises market participants and market infrastructures, and takes action against misconduct and regulatory breaches. It also supports the transformation of the financial sector, particularly in the areas of innovation and sustainable finance. As an impact-driven regulator, the AMF acts in the public interest.

Regulate finance, reinforce confidence.

Visit our website: https://www.amf-france.org/en