AMF Highlights Progress in 2023 & Determination for 2024 in Annual Report

The Autorité des Marchés Financiers (AMF), France's financial markets regulator, published its 2023 Annual Report this week, highlighting the progress made last year in line with its strategic priorities for 2023-2027 and its resolve to stay on track in 2024.

"2023 was a foundational year for the AMF," said Marie-Anne Barbat-Layani, Chair of the AMF. "We defined our strategic guidelines, demonstrating our commitment to our core missions of regulating markets, supporting sustainable finance and innovation, and protecting investors."

Key Achievements in 2023

The report details several notable achievements by the AMF in 2023:

·     Market Oversight: The AMF opened 60 inspections, including 37 targeted "SPOT" inspections, and37 investigations into potential regulatory breaches. Its Enforcement Committee imposed nearly €35 million in fines across 17 decisions.

·     European Integration: The AMF played a major role in plans to relaunch the European Capital MarketsUnion, pushing for direct EU supervision of major cross-border players like market infrastructures and crypto firms.

·     Investor Protection: Initiatives included a fee glossary, studies on new investor behavior and gamification risks, and efforts to monitor financial influencers and combat investment scams.

·     Sustainable Finance: The AMF prepared for new EU sustainability reporting rules and published guidance for companies on transition plans and taxonomy disclosures.

·     Innovation: The regulator examined decentralized finance and the impacts of AI while gearing up for the EU's Markets in Crypto-Assets (MiCA) regulation taking effect inDecember 2024.

2024 Priorities

Looking ahead, the AMF aims to maintain its role as a "demanding regulator" ensuring proper market functioning and investor protection. It will also continue its European and international coordination efforts on issues like financial stability.

The AMF's Board and Enforcement Committee were refreshed at the start of 2024, with 10 new Board members joining. The regulator remains focused on operational efficiency, adopting budget measures and performance metrics aligned with its 2023-2027 strategy.

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