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Financial services providers & Crowdfunding

The AMF committed to supporting Fintech, innovation and competitiveness

Published on May 2, 2019

With its dedicated Fintech, innovation and competitiveness division, the AMF supports innovative project holders, suggests regulatory changes and works to facilitate the development of innovative companies. With the French Prudential Supervision and Resolution Authority (ACPR), the AMF takes part in the development of a supportive ecosystem for the emergence of Fintech and leads an advisory and consultative body between professionals and institutions, the Fintech Forum.

A dedicated Fintech, innovation and competitiveness team

Understand and support innovation is a strategic priority of the AMF. The FinTech, Innovation and Competitiveness Division (DFIC) was created in June 2016. It is composed of six members and is headed by Domitille Dessertine. Its objectives are:

  • to work with financial stakeholders to analyse ongoing innovations in the investment services sector ;
  • to identify the issues of competitiveness and financial regulation ;
  • to assess the need to change the European regulation or the AMF doctrine.

FicTeam

From left to right : Domitille Dessertine, Alexandre Barrat, Adam Stolcz, Louis Charpentier, Corinne Nurit and Julien Nivot

The missions of the "Fintech, innovation and competitiveness" division (DFIC)

Support the development of “Fintechs”

One of the missions of the DFIC is to provide innovative firms with a contact point. The dedicated team supports their development during the pre-approval, the accreditation period and post-approval phases. 

Reflect on innovation trends and potential regulatory changes

The FIC division identify new models, new financial techniques and technologies that may call into question existing customer behaviours and stakeholder practices. Risk assessment associated with new practices is scrutinised by the division. Based on these findings, the division is also engaged in some reflection on possible changes to the national, European and international regulatory framework.

For example, the AMF has actively participated in the development of a national legal framework for the issuance of ICOs tokens and published a study analysing French ICOs projects in November 2018.

Work for the Paris market place competitiveness

The AMF is working to increase the capacity of companies under its supervision to develop their activities at the international level and to make national and European regulations more readable for foreign players who wish to settle in France.

In this regard, the AMF contributes actively to reflections on innovation within an ecosystem made up of institutional actors (ACPR, BdF, DGT, CNIL, ANSSI, French Parliament, European Parliament, European Commission, etc.) as well as local stakeholders (start-ups, innovative firms, industry associations, academics and researchers).

 

“A complete overhaul of our regulatory framework to accommodate innovations is by no means desirable. […] Nevertheless, we also believe that in the light of the swift pace of innovation, a regulatory status-quo might equally very well be prejudicial  […] we need an EU-wide digital strategy.”

Robert Ophèle, AMF Chairman, 26 February 2019, 3rd Annual Fintech Conference - Brussels

AMF / ACPR: a common approach to support Fintech firms

To support the Fintech, the AMF and the ACPR have adopted a common approach to coordinate their action on the reception and regulation of innovative projects.

Both receive innovative project holders, help them to better understand the financial regulation and advise them in the pre-approval phase on the legal framework that appear the most appropriate regarding their activities and during the project life in case of significant changes in their strategy.

An AMF/ACPR Fintech Forum to host a dialogue between stakeholders and institutions

The Fintech Forum is an advisory and dialogue forum between professionals and institutions. It meets several times a year to discuss regulatory and supervisory topics related to Fintech and innovation trends. The AMF co-leads this forum with the ACPR.

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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