02 December 2025 | Article | The AMF is updating its doctrine and practice in order to modernise and make the IPO process in France more attractive While maintaining a system that adresses investors' concerns, the AMF is offering greater flexibility for conducting of IPOs, drawing inspiration from foreign best practices.… 1.1. The financial centre prefers a tripartite prospectus, without … it contains information about the company, such as its financial statements, a presentation of its activities and … document containing information about the company (financial statements, activities, risk factors, etc.). The … |
02 December 2025 | Public statements | EU watchdog must be given more power to supervise capital markets Esma should be granted direct oversight of large cross-border entities such as asset managers and global crypto firmsOp-ed by Marie-Anne Barbat-Layani, Chair of the Autorité des Marchés Financiers (AMF), published in the Financial Times on 1 December 2025.… a key one. It is not easy, because historically it takes a financial crisis to reform the architecture of supervision, especially … Because the current system is largely sub-optimal. Where financial stability is concerned, it is never good to split … a key one. It is not easy, because historically it takes a financial crisis to reform the architecture of supervision, … |
03 March 2025 | Report / study | Study on the real estate crowdfunding market in France The AMF has published an analysis of performance and delays on the French real estate crowdfunding market, based on data collected from the 10 largest platforms in terms of inflows. This study presents an overview of the market through global indicators, such as a breakdown by sector and changes in outstanding amounts, as well as statistics on…… to 2022. However, in 2023, on account of the real estate crisis, rising interest rates and high inflation, project … of real estate traders, mainly on account of the major crisis in the real estate development sector. Contractual … liquidity risks and can be a sign of the deteriorating financial situation of projects. Collective insolvency and … |
26 February 2025 | In-depth | The Regulation on Digital Operational Resilience in the Financial Sector (DORA) The European Regulation on Digital operational resilience in the financial sector (DORA) establishes a common framework for managing risks related to information and communication technologies (ICT). It sets out rules on cyber security and IT risk management that apply to a wide range of financial entities.… The Regulation on Digital Operational Resilience in the Financial Sector (DORA) … 2022/2554 on digital operational resilience in the financial sector (Digital Operational Resilience Act, "DORA") … management, including cyber risks, for a large number of financial entities. The DORA regulation includes provisions … |
19 February 2025 | Spot Inspections | Summary of SPOT inspections on the monitoring of funds (UCITS, AIF) investment ratios, and of related compensation and claims An investment ratio is a limit that a portfolio asset management company (AMC) is obliged not to exceed when managing a fund, and to correct as quickly as possible if it is nevertheless exceeded. An investment ratio, which is set out in the rules or contractual documentation, must be complied with at all times. It may be financial or non-financial…… must be complied with at all times. It may be financial or non-financial in nature. Summary of SPOT inspections on the … must be complied with at all times. It may be financial or non-financial in nature. Summary of SPOT inspections on the … must be complied with at all times. It may be financial or non-financial in nature. Summary of SPOT … |
18 December 2024 | Policy | Position - Recommendation DOC-2012-19 - Programme of operations guide for asset management companies and self-managed collective investments This page is not translated in English at the moment… collective investments Annexes Marketing of complex financial instruments Application of business conduct rules … collective investments Annexes Marketing of complex financial instruments Application of business conduct rules … collective investments Annexes Marketing of complex financial instruments Application of business conduct rules … |
29 November 2024 | Report / study | Monitoring of the adoption of liquidity management tools by French funds In 2022 and 2023, the AMF conducted supervisory actions to encourage the adoption of gates and swing-pricing, particularly in open-ended funds aimed at retail investors. This study updates the estimate of liquidity management tools’ uptake following these initiatives.… the destabilising consequences of liquidity shocks on financial markets. The purpose of this study is to measure … treatment for unitholders. They can also contribute to financial stability by limiting runs and strategic … the outright suspension of redemptions in the event of a crisis, managers can implement for their collective … |
14 November 2024 | Report / study | Stock market drops: what are the characteristics, consequences, and possible causes of this phenomenon? While the CAC40 index is trading near its historical highs, certain stocks within the French index have experienced spectacular declines in recent months. Using transactions reporting, in this study, the AMF examined at both the potential consequences for stocks whose price has fallen sharply, and the possible causes of the phenomenon.… to previous years. More recently, certain half- yearly financial releases were also met with a very negative market … This may explain why negative news, such as disappointing financial results, were more severely punished by the market. … the notable exception of the early stages of the Covid-19 crisis in 2020. In the remainder of this document, the term … |
13 November 2024 | Report / study | Retail investor ETF activity The Autorité des Marchés Financiers (AMF) has noted the rise in trading of exchange-traded funds (ETFs) which aim to track the performance of an index, in its latest Active Retail Investor Dashboards. Its in-depth analysis of this trend and the concerned investors profile shows that younger investors are very much inclined to invest in ETFs.… Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No … of liquidity. The AMF's jurisdiction therefore extends to financial instruments whose underlier may be a foreign index, … but without having posted such growth since the COVID crisis. This sudden increase between 2023 and 2024 is partly … |
31 October 2024 | Public statements | Speech by Marie-Anne Barbat-Layani, AMF Chair – ACPR-AMF Fintech Forum, Monday, 14 October 2024 … Fintech Forum is set to be a highlight of the French financial innovation ecosystem. It falls within French … ACPR have been committed to supporting innovation in the financial sector. Innovation is one of the six key priorities … ensure that legislation is properly applied and support financial market participants, but also anticipate new … |
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