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The AMF publishes its action and supervisory priorities for 2025
Marie-Anne Barbat-Layani, Chairwoman of the Autorité des Marchés Financiers (AMF), presented the AMF’s main priorities for the coming twelve months to the press.
These priorities reflect the AMF ‘IMPACT 2027’ strategic orientations for 2025.
“As we enter 2025, the risk of economic and financial decoupling between Europe and the United States is a cause of concern. This must be a wake-up call to maintain the mobilisation of the Paris marketplace, and to encourage Europe to develop its capital markets. The AMF will support the Savings and Investment Union project, with the priorities of more direct European supervision and a contribution to the European simplification effort”, Marie-Anne Barbat-Layani declared, as she presented her new year's greetings to the press.
13 priority actions covering Impact 2027’s six strategic areas
In line with its objective of being a demanding regulator, the AMF will continue to supervise on the basis of its risk analysis in 2025. For the coming year, it has defined a number of supervisory priorities (listed below) concerning asset management companies, intermediaries and market infrastructures, as well as professional advisors and marketing funds. On the basis of its proposals, the regulator hopes to obtain legislative changes that will enable it to improve the effectiveness of its enforcement activities.
In 2025, as in 2024, the attractiveness of the Paris marketplace and the Savings and Investment Union are two fundamental priorities for the AMF. At national and European level, the AMF will continue its efforts to make the Paris market more attractive. It shall support the development of funds investing in unlisted securities, with the aim of making these fund ranges easier to understand and more attractive. It will also launch a review of the status and operation of securitisation vehicles, to complement the work being done at European level on securitisation. It reaffirms its commitment not to “goldplate” European legislation.
At European level, the AMF will support the Savings and Investment Union project, focusing on securitisation, European supervision and simplification. In particular, it will advocate direct European supervision, starting with cross-border crypto-asset platforms. With regard to the distribution of savings products, it will promote the simplification of the client experience. More generally, it shall participate in European simplification efforts, particularly in the field of sustainable finance.
The AMF is heavily involved in international efforts to promote financial stability, in particular as regards the macro-prudential framework for non-bank financial institutions. It will promote the consolidated supervision of the major European asset managers, cross-sector stress testing and the introduction of liquidity management tools for investment funds.
In the area of investor protection, The AMF will focus its efforts on a rapidly changing investment landscape, with the emergence of new players and practices and a high risk of scams. The AMF will be vigilant to ensure that investment advice is appropriate and will continue its pedagogic and financial education initiative.
To promote more sustainable finance, the AMF will work pragmatically and understandingly with market participants to implement the Corporate Sustainability Reporting Directive (CSRD). It will also support the implementation of the European Green Bond Standard. At the same time, it will continue to work towards clarifying and simplifying the Financial Services Sustainability Disclosure Regulation (SFDR).
In terms of innovation, the AMF will continue to implement its MiCA transition plan. In order to support the tokenisation of financial assets, which could radically transform the markets by enabling the digitisation of financial securities, the AMF intends to make proposals to the co-legislators on the pilot scheme.
In terms of its organisation, the AMF will focus on efficiency, the effective use of resources and the development of the skills of its staff. The AMF will draw up a strategy on artificial intelligence by the end of the year. It will also improve the way it interacts with the financial community as part of its consultations, starting with the coordination of the European project to move to "t+1" for the settlement and delivery of securities traded on the markets, via a working group it will set up with the Banque de France and the French Treasury.
Supervisory priorities
Since 2018, the AMF has been publishing its supervisory priorities for the year. For 2025, it has identified the following thematic priorities for monitoring and inspection, which are closely linked to the priorities set by ESMA.
Concerning investment management companies:
- the organisation and resources dedicated to identifying, monitoring and managing operational risks;
- the compliance and internal control functions;
- the procedures and systems for recording telephone conversations that form part of the process of placing orders and dealing with clients;
- the valuation and transfer of assets between portfolios in the real estate and non-listed fields.
Concerning market intermediaries:
- the system for preventing and detecting market abuse;
- the recording of electronic communications;
- the quality of reporting data (MiFIR, EMIR, SFTR and CSRD).
Concerning financial advisors and disribution:
- the involvement of the compliance function in cross-functional processes relating to employee conduct, with a focus on remuneration practices and training actions;
- the communication to clients about products with low liquidity;
- the procedures for collecting information from non-professional clients and their possible consequences for determining investor profiles;
- the supervision of ‘marketing’ ecosystem participants: investment services providers (ISPs)/ISP tied agents;
- the supervision of financial investment advisers and their professional associations;
- crowdfunding service providers;
- online offering of complex or innovative products.
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
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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