General Regulation


Duties & powers Authorisations

The AMF authorises participants and products and regulates disclosures

Published on May 27, 2013

The Autorité des Marchés Financiers (AMF) approves the rules applicable to financial markets and market infrastructures, approves the corporate finance transactions of listed companies and authorises financial services professionals and the collective investment products under its supervision.

Markets and infrastructure

The AMF maintains orderly financial markets by:

  • approving the rules for regulated markets, including equity, bond, as well as markets such as Alternext that are considered to be unregulated but organised because they are covered by rules prepared by the market operator
  • approving the operating rules of market infrastructures, including clearing houses, settlement system operators and central securities depositories
  • issuing professional licences to the people within market infrastructures who are responsible for monitoring trading and supervising members and compliance.

Listed companies and other issuers

What does it mean if the AMF approves a document?The AMF grants approval when a document reviewed as part of a corporate finance transaction meets the "3C" rule, meaning that it is complete, comprehensible and provides consistent information. AMF approval certifies that a prospectus or circular contains the essential information that an investor must have in order to decide whether to participate in a transaction. It does not give any guarantees as to the merits of the transaction or the authenticity of the accounting or financial information presented.

The AMF checks the regulatory compliance of the disclosures that listed companies and securities issuers prepare during corporate finance transactions such as initial public offerings, rights issues and takeover bids. It makes sure that advertising messages linked to a corporate finance transaction are clearly identifiable and do not contain information that could mislead the public.

Financial services professionals

Protecting investors also means verifying the reliability of the financial professionals they deal with. Accordingly, after reviewing authorisation requests from professionals wishing to provide investment services, the AMF:

  • authorises investment management companies after examining the competence, fitness and properness of their executives and the resources they use to carry on their business
  • issues opinions or makes observations to the Autorité de Contrôle Prudentiel on the programmes of operations of investment services providers (ISPs) other than investment management companies
  • issues professional licences to compliance officers in charge of internal control at ISPs and investment management companies
  • authorises the professional organisations representing financial investment advisers (FIAs), which, among other things, make sure that their members comply with conduct of business rules.

Collective investment products

The AMF authorises the creation and marketing to investors of many different kinds of collective investment products.
> Collective investment schemes and investment funds, including:

  • Open-end funds
  • Closed-end funds
  • Venture capital funds
  • Innovation funds
  • Company savings schemes
  • Futures funds.

> Property investment vehicles:

  • Real estate investment trusts
  • Real estate collective investment funds.

> Securitisation vehicles:

  • Debt securitisation funds
  • Securitisation schemes.

> Schemes specialising in film production
> Schemes specialising in fisheries
> Schemes specialising in forestry development
> Miscellaneous assets.

Before approving these investment funds, the AMF examines the information contained in:

  • the prospectus, which details, among other things, the fund's operating procedures, expenses and the product specifications and specific risks
  • the Key Investor Information Document (KIID), which is provided for collective investment schemes marketed to the general public and which sets out clear, accurate and non-misleading information about the product in two or three pages.

The information made available to investors must allow them to take fully informed investment decisions.

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Legal information
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