Chair of France’s Autorité des Marchés Financiers (AMF) Outlines Regulator’s Priorities for 2025

Marie-Anne Barbat-Layani, Chairwoman of the Autorité des Marchés Financiers (AMF), outlined the regulator’s key priorities for the next twelve months.

These priorities align with the AMF’s strategic framework, “IMPACT 2027,” and reflect its objectives for 2025.

Marie-Anne Barbat-Layani said:

“As we step into 2025, the potential economic and financial divergence between Europe and the United States is a pressing concern. This should serve as a wake-up call to sustain the momentum of the Paris financial market and encourage Europe to strengthen its capital markets. The AMF is committed to supporting the Savings and Investment Union project, emphasizing enhanced European supervision and contributing to simplification efforts.”

13 Priority Actions Across Six Strategic Areas

Remaining steadfast in its role as a rigorous regulator, the AMF will continue its risk-based supervisory approach in 2025.

It has identified a range of priorities for the year, targeting asset management companies, market intermediaries, infrastructure, professional advisors, and fund marketing.

The regulator also plans to advocate legislative changes to enhance the effectiveness of its enforcement efforts.

The Paris financial market’s appeal and the advancement of the Savings and Investment Union remain pivotal priorities for the AMF.

At both the national and European levels, the regulator will focus on making the Paris marketplace more competitive.

It will back initiatives to develop funds that invest in unlisted securities, aiming to simplify these offerings and boost their attractiveness.

Additionally, the AMF plans to review the status and functioning of securitization vehicles to complement ongoing European efforts in this area.

It has reaffirmed its commitment to avoiding unnecessary additions to European legislation (“goldplating”).

At the European level, the AMF will support the Savings and Investment Union by advocating for improved securitization processes, streamlined European supervision, and overall simplification.

This includes promoting direct European oversight, beginning with cross-border crypto-asset platforms.

For savings products, it will work toward simplifying the client experience while contributing to broader European efforts in areas like sustainable finance.

The AMF will actively engage in international discussions to enhance financial stability, particularly regarding the macro-prudential framework for non-bank financial institutions.

This includes advocating for consolidated supervision of major European asset managers, conducting cross-sector stress testing, and introducing liquidity management tools for investment funds.

In the context of investor protection, the AMF will adapt to a rapidly evolving investment landscape characterized by new players, practices, and an increased risk of scams.

It will focus on ensuring that investment advice is suitable and will continue its efforts in financial education and awareness.

To promote sustainable finance, the AMF will work collaboratively with market participants to implement the Corporate Sustainability Reporting Directive (CSRD) and support the adoption of the European Green Bond Standard.

It also plans to simplify the Financial Services Sustainability Disclosure Regulation (SFDR) to make it more practical and transparent.

The AMF will continue its implementation of the MiCA transition plan to support the tokenization of financial assets, which could revolutionize markets by enabling the digitalization of securities.

It also intends to propose updates to the pilot scheme for tokenization to legislators.

On the organizational front, the AMF aims to enhance efficiency, optimize resource use, and develop its staff’s skills.

By year-end, it plans to release a strategy on artificial intelligence and improve its engagement with the financial community, starting with coordination of the European transition to a “T+1” settlement cycle for securities transactions in collaboration with the Banque de France and the French Treasury.

Since 2018, the AMF has annually outlined its supervisory focus areas. For 2025, its thematic priorities, aligned with those of the European Securities and Markets Authority (ESMA), include:

For Investment Management Companies:

  • Enhancing the identification, monitoring, and management of operational risks.
  • Strengthening compliance and internal control functions.
  • Improving procedures and systems for recording order-related phone conversations.
  • Refining valuation and asset transfer practices, particularly for real estate and unlisted assets.

For Market Intermediaries:

  • Bolstering market abuse prevention and detection systems.
  • Ensuring accurate recording of electronic communications.
  • Enhancing the quality of reporting data under MiFIR, EMIR, SFTR, and CSRD regulations.

For Financial Advisors and Distribution:

  • Strengthening compliance involvement in cross-functional processes, with a focus on remuneration and training.
  • Ensuring clear communication to clients about low-liquidity products.
  • Enhancing procedures for collecting client information to determine investor profiles.
  • Supervising participants in the “marketing ecosystem,” including investment service providers (ISPs), their tied agents, and crowdfunding platforms.
  • Monitoring the online offering of complex or innovative financial products.

As covered, the AMF is an independent public authority tasked with protecting savings invested in financial products and ensuring investors are adequately informed.

It also oversees the orderly operation of financial markets.



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