AMF Unveils Supervisory Priorities for 2025: A Focus on Operational Risks, Market Integrity, & Technological Innovation

As 2025 approaches, the French Autorité des Marchés Financiers (AMF) is ready to set its sights on some critical areas of financial supervision. With a clear focus on navigating the evolving landscape of asset management, market infrastructures, and financial product marketing, the AMF is positioning itself to be a vigilant guardian of investor protection and market integrity. But this is more than just routine oversight – it’s about tackling specific risks and ensuring that firms, from asset managers to intermediaries, are keeping pace with changing regulations and increasing market complexity.

The AMF isn’t merely keeping watch, it’s actively shaping how professionals in France should be operating. The framework for supervision is strategic, with thematic priorities neatly categorizing its efforts into three key areas:

• Asset Management: Ensuring that risk management frameworks aren’t just on paper but actively protecting funds from operational and compliance risks.
• Intermediaries and Market Infrastructures: Keeping a close eye on those providing critical market services and ensuring transparency.
• Marketing and Investment Advice: This is where the AMF keeps a keen eye on how products are marketed to retail investors, ensuring that information is accurate and accessible.

But it’s not all about checking boxes. The AMF is looking to stir deeper reflection among professionals, prompting them to revisit their practices and consider where they might be falling short in their obligations.

Beyond Just Monitoring – The AMF’s Hands-On Approach

Monitoring isn’t a passive task for the AMF. The regulator is utilizing a variety of tools to ensure compliance and mitigate risks. Think of it as a toolbox full of methods to keep the financial ecosystem in check.

From routine inspections to targeted thematic investigations, the AMF leaves no stone unturned. The process includes everything from reviewing regular audit and compliance reports to tapping into information via whistle-blowers and monitoring tools. In fact, one of the more fascinating components of the AMF’s strategy is the use of SPOT inspections (Supervision des Pratiques Opérationnelle et Thématique), which zoom in on specific areas or practices within firms. These are often done in parallel, gathering insights across multiple players in a short timeframe, which can quickly lead to vital regulatory updates.

The AMF is also integrating findings into its communication strategy, offering insights back into the marketplace, with the goal of educating firms on what works and what doesn’t in real-world market conditions.

A Year of Targeted Inspections & New Challenges

In 2025, the AMF’s supervisory toolkit is set for some upgrades. Over 60 inspections are planned, with a split between regular inspections of major market players and thematic reviews focused on specific risks or market practices. These will not only focus on operational risk but also examine how asset management firms (AMCs) manage liability, cover their risks, and monitor their compliance.

Speaking of risk, one area that’s going to get a lot of attention in 2025 is operational risk. This is where the AMF will be closely scrutinizing how AMCs are identifying, managing, and mitigating potential losses from both internal and external sources. The goal? Making sure that AMCs have a rock-solid internal control system that addresses everything from legal risks to valuation procedures and everything in between.

Another focus area will be compliance functions. The AMF will be diving into how AMCs structure their compliance and internal control functions, particularly within their governance models. Expect deep dives into everything from compliance officer responsibilities to how these functions integrate into the firm’s decision-making process.

And as much as the AMF is taking a sharp look at firms from within, there’s also the external lens – market abuse prevention. In 2025, the AMF is continuing to push for enhanced market abuse detection systems, including those leveraging artificial intelligence. The key here will be strengthening systems to combat insider trading, particularly on a global scale.

The Rise of Technology & Transparency

It’s not all about the traditional methods of oversight. The AMF is also taking a step forward in its approach to technology and data-driven supervision. Expect increased scrutiny of communication recording, including the oversight of electronic communication across digital channels like WhatsApp, Teams, and others. It’s all part of ensuring that every conversation – particularly around financial advice and investments – is properly tracked and compliant.

When it comes to reporting data, the AMF isn’t taking any chances. With the implementation of new formats under EMIR Refit and the MiFIR review, firms will have to demonstrate clear and accurate reporting. The AMF will be using automated checks to ensure that the data submitted is both accurate and timely. Firms should expect more accountability in this space as regulators use this data to further protect retail investors and ensure transparency in financial markets.

On the European stage, the AMF is aligning its efforts with broader EU goals under the European Securities and Markets Authority (ESMA). Convergence is the name of the game, and while each country has its own regulatory landscape, the AMF is working within the EU framework to ensure that practices are harmonized across borders. Expect efforts to promote sustainable finance and technological innovation to be at the forefront, ensuring that the French market stays in lockstep with the EU’s wider strategy for a resilient and efficient financial sector.

A Regulator with Vision

The French AMF is setting an ambitious agenda for 2025, but it’s not just about enforcing rules. It’s about ensuring that the financial markets remain trustworthy, transparent, and resilient – especially in an environment that’s evolving rapidly due to new technologies and increasing global interconnectivity.

By keeping its eyes on the ground, the AMF is not only seeking to maintain stability in the markets but also helping financial professionals adapt to the realities of an increasingly complex regulatory environment. With a clear emphasis on risk management, compliance, and market integrity, the AMF is stepping into 2025 as a committed and proactive supervisor, shaping a safer, more secure marketplace for all.

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