31 March 2026 | Spot Inspections | Summary of SPOT inspections of the compliance and internal control functions within asset management companies The scope of this SPOT campaign encompassed the compliance and internal control functions in place within five asset management companies ("AMCs"). The campaign was part of an ESMA common supervisory action (CSA) for the 2025 financial year. It follows on from the SPOT campaign conducted in 2020 on the outsourcing of internal control. An… … IT risk management, cybersecurity, incident reporting and stress testing for IT systems. FCP An FCP (unit trust) is a … |
13 January 2026 | Annual Report | AMF Action and Supervisory Priorities for 2026 In this document, the AMF presents its action and supervision priorities for 2026. It also takes stock of the actions it carried out in 2025, the second full year of implementation of its strategic orientations adopted in 2023, Impact 2027. … framework, carry out digital operational resilience testing and manage “third party risk’ (IT service providers). … out advanced resilience tests (Threat-Led Penetration Testing - TLPT) and the timetable for carrying these out (the … Banque de France and the ACPR have launched a system-wide stress test (SWST) of the French banking, insurance and asset … |
15 October 2025 | Spot Inspections | Summary of SPOT inspections on governance and the role of senior management at asset management companies As announced in its supervisory priorities for 2024, the Autorité des Marchés Financiers (AMF) has conducted a SPOT (Operational and Thematic Supervision of Practices) inspection campaign on governance and the role of senior management at five asset management companies. … clear. Similarly, the procedure for conducting liquidity stress tests at AMC 2 did not refer to the policy and … |
03 October 2025 | AMF news release | The Banque de France, the ACPR and the AMF launch a first system-wide stress test on interconnections within the financial system The Banque de France, the Autorité de Contrôle Prudentiel et de Résolution (French Prudential Supervisory and Resolution Authority) and the Autorité des Marchés Financiers (AMF) are jointly launching a ‘system-wide’ exploratory stress test exercise with the main French financial institutions. This exercise is being conducted within a robust… … de France, the ACPR and the AMF launch a first system-wide stress test on interconnections within the financial system … between financial players in the development of stress within the financial system, particularly between the … Intermediation or "NBFI"). For example, significant stress was observed: On the liquidity in the European and … |
08 September 2025 | Conference | AMF - AEFR conference : technological frontiers in finance Technological frontiers in finance: a perspective on financial markets stability related to AI, quantum computing and cyber developments. … Modeling lab (LPSM), Scientific leader of the Chaire Stress-test, Risk management and Financial Steering, École … |
03 July 2025 | Report / study | 2025 Markets and Risks Outlook The AMF publishes its 2025 Markets and Risk Outlook, its annual description of trends and assessment of vulnerabilities and their impact on the financing of the economy, markets, investment funds and household savings. … and portfolios to US assets makes them vulnerable to stress on these markets. The development of crypto-asset … had indeed anticipated them. Unsurprisingly, the recent stress on the bond markets has worsened the price indicator, … in the summer in 2022. Later regularisation means less stress on the availability of collateral for market … |
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. … AMF Position DOC-2018-05 includes the ESMA guidelines for stress test scenarios on money market funds. … June 2017 on Money Market Funds Position Requirements for stress test scenarios under article 28 of the european money market fund regulation Requirements for stress test scenarios under article 28 of the european money … |
16 January 2025 | Annual Report | AMF Action and Supervisory Priorities for 2025 In this document, the AMF presents its action and supervision priorities for 2025. It also takes stock of the actions it carried out in 2024, the first full year of implementation of its strategic orientations adopted in 2023, Impact 2027. … can be effectively mobilised in the event of an episode of stress. Work in 2025 will build on these various initiatives. … de France and the ACPR, it will work on a system-wide stress test to test, using simulations, the resistance of French market participants as a whole to liquidity stress; Finally, it will take part in France's Financial … |
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. … to ensuring fair treatment of unitholders in times of stress, and thus helping to protect investors, these tools … incurred by the CIU and its investors, and perform regular stress tests to check the validity of the analysis that led … the recent incentive measures – can only be activated in stress situations (when redemptions exceed a certain … |
21 October 2024 | Form/Reporting | Management companies and other services providers - Management company authorisation & changes: Authorisation application forms - Forms & declarations … which should include: · a commitment to perform regular stress tests in normal or exceptional liquidity conditions; … of illiquid assets. As a reminder, the frequency of the stress tests must be adapted to the nature of each AIF, … regarding credit appraisal and the performance of regular stress tests on credit positions. SECTION 2.G – Valuation of … |
