18 November 2025 | In-depth | The AIFM II Directive The AIFM II Directive modifies the rules applicable to UCITS and AIF management companies. This publication, which will be updated regularly, aims to raise awareness among management companies of the main developments provided for by the AIFM II Directive, which must be transposed by 16 April 2026, and which are likely to impact their activity… … amended and enriched several times in order to adapt the regulatory framework to market developments, at the same time as ensuring a high level of … ESMA will submit to the Commission by 16 April 2027 draft regulatory and implementing technical standards which shall … |
24 October 2025 | News | Corporate sustainability reporting: AMF draws listed companies' attention to ESMA's 2025 recommendations Each year, the European Securities and Markets Authority (ESMA) establishes common supervisory priorities at European level in the area of reporting, which constitute recommendations for listed companies in preparation for their annual financial reports. ESMA presents specific recommendations on the preparation of sustainability statements. … the particular context of 2025, linked to ongoing developments in the regulatory framework and the lack of transposition of the … priorities for sustainability reporting … Due to this regulatory context, ESMA has exceptionally reconducted two of … |
28 July 2025 | News | Isabelle Guezet and Julien Laroche appointed Deputy Directors of the Corporate Finance Division The Corporate Finance Division, headed by Astrid Milsan, Deputy Secretary General of the AMF, monitors the quality of the financial and non-financial information published by issuers, whether as part of their regulatory obligations or during financial operations. Its role has grown considerably in recent years, in particular as a result of two… … in charge of issues relating to attractiveness, as well as regulatory projects and ESMA-led discussions that fall within … information published by issuers, whether as part of their regulatory obligations or during financial operations. Its … in recent years, in particular as a result of two major developments: firstly, the rise of sustainable finance, which … |
30 June 2025 | Policy | Position DOC-2018-05 - Requirements under the european money fund regulation AMF Position DOC-2018-05 includes the ESMA guidelines for stress test scenarios on money market funds. … at least every year taking into account the latest market developments. Section 4.8 of the ESMA guidelines states that … for UCITS and AIFs. Incorporation within the AMF's regulatory practices This position, which incorporates the … for UCITS and AIFs. Incorporation within the AMF's regulatory practices These guidelines are available in the … |
17 June 2025 | Policy | Instruction DOC-2025-05 - Information deemed complete for the assessment of the application for authorisation as a crypto-asset service provider … as a crypto-asset service provider … Other professionals Regulatory developments Crypto-assets Policy … Textes de référence … … for authorisation as a crypto-asset service provider … Regulatory developments … Crypto-assets … |
25 April 2025 | Article | Consultative Commissions Comprising financial market participants, experts in management or market operation, representatives from professional associations or investor advocacy groups, the five AMF Consultative Commissions help inform the Board’s decisions on changes to regulations or AMF policy. … deliberations and help it formulate policy in the light of developments affecting products, market structures and the … consults the commissions on draft legislation and emerging regulatory issues. … Operating procedures governed by two … |
22 April 2025 | News | Fees: the AMF updates its doctrine following the announcement of the abolition of transaction fees in situations of discretionary management Following the announced an amendment to its General Regulation extending the ban on transaction fees to the service of portfolio management on behalf of third parties (discretionary management), the Autorité des Marchés Financiers (AMF) has updated its doctrine to clarify how this ban will be implemented. … it before the investment service is provided. The above developments apply to situations in which an ISP provides its … is for information purposes only 12/21 Application of regulatory provisions and AMF positions on entry and exit … to the fees received and that they go beyond strictly regulatory obligations. The AMF also considers that, if the … |
22 April 2025 | Policy | Position - Recommendation DOC-2013-10 - Inducements and fees received in connection with the distribution and discretionary management of financial instruments Position-Recommendation DOC-2013-10 clarifies the application of the regime governing inducements and fees received in connection with the distribution and discretionary management of financial instruments. … it before the investment service is provided. The above developments apply to situations in which an ISP provides its … these charges from the client's account. Application of regulatory provisions and AMF positions on entry and exit … to the fees received and that they go beyond strictly regulatory obligations. The AMF also considers that, if the … |
09 April 2025 | AMF news release | The French and Italian authorities make proposals for a more competitive “Pilot Regime” in Europe Since its entry into force in March 2023, the Pilot Regime has struggled to gain a foothold in the market, despite growing interest from market participants. In light of this, the French AMF and the Italian CONSOB are submitting proposals to the European Commission and the European co-legislators to create a more suitable regulatory framework to… … technology (the "Pilot Regime"), provides a framework of regulatory exemptions to encourage market infrastructures to … Regime more efficient in three areas: … A more flexible regulatory framework to encourage experimentation … The Pilot … to review such limits to more timely adapt to market developments. In addition, the list of eligible assets could … |
21 March 2025 | News | The International Organization of Securities Commissions (IOSCO) publishes a report on artificial intelligence in financial markets The International Organization of Securities Commissions (IOSCO) has published a report on the use cases, risks, and challenges arising from the use of artificial intelligence within capital markets. This document offers an in-depth analysis of the technology’s various applications of within the sector, identifying both the opportunities and… … and legislators in their reflections on the evolution of regulatory frameworks. Drawing on feedback from IOSCO members … others are establishing AI-specific governance frameworks. Regulatory responses to the use of AI in the financial sector … AMF’s strategy regarding the anticipation of technological developments, and to encourage a responsible development of … |
