The AMF has published its action plan and supervisory priorities for 2024

At the beginning of the year, the Chair of the Autorité des marchés financiers (AMF), Marie-Anne Barbat-Layani, presented the AMF's priorities for the current year, in line with the "Impact 2027″ strategic guidelines defined in 2023.

17 priority actions covering Impact 2027's six strategic priorities

• • At the national level, the AMF will contribute to work on the attractiveness of the Paris financial centre as part of the discussions announced by Bruno Le Maire, Minister of the Economy, Finance and Industrial and Digital Sovereignty. Furthermore, as the revised ELTIF regulation on long-term investment funds came into force on 10 January, the AMF is committed to strict application of the regulations, without over-transposition, to make Paris an attractive place for these funds. 

• • At European level, the AMF will be a driving force behind proposals to relaunch Capital Markets Union. In particular, it will support the mission entrusted by Bruno Le Maire to Christian Noyer, Honorary Governor of the Banque de France. 

Protecting retail investors is the AMF's top strategic priority. It will define a financial education strategy focusing on new investors, based on the analyses conducted in 2023 at its request by the Organisation for Economic Co-operation and Development (OECD) with the support of the European Commission. It will also extend its oversight of financial offerings to influence and social networks to ensure compliance with regulations. 

The AMF intends to lead an ambitious transformation in sustainable finance. In this area, 2024 will be synonymous with supporting companies in preparing their first sustainability reports under the reporting sustainability (Corporate Sustainability Reporting Directive or CSRD) by the end of the 2024 financial year. At the same time, the AMF will step up its supervisory activities. As part of a joint supervisory action coordinated by ESMA, it will examine, for example, how investors' sustainability preferences are taken into account in the customer journey. 

The AMF is a regulator open to innovation
In addition to identifying new challenges in terms of innovation and continuing work on artificial intelligence, particularly in terms of financial stability, the AMF will roll out a plan for the transition to the more stringent MiCA European authorisation for digital asset service providers (DASPs) and will contribute to discussions on the regulation of global platforms (MiCA2). 

An attractive authority serving the general interest
With the aim of being more accountable and improving its performance, the AMF will continue the overhaul of its activity and performance indicators begun in 2023, in line with its strategic objectives. 

Supervision priorities

Since 2018, the AMF has published its supervision priorities for the year. For 2024, it has selected the following thematic monitoring and control priorities:

Concerning management companies :

• • monitoring ratios, claims and compensation ;
  • the qualifications and level of knowledge of employees ; 
  • Sustainable finance: voting and shareholder engagement policies, which are playing an increasingly important role in the environmental, social and governance (ESG) strategies and communications of asset management companies;
  • governance and the role of management ;
  • valuation of property assets and in the unlisted segment.

Concerning intermediaries and market infrastructures :

• • the quality of reporting (under the Markets in Financial Instruments Regulation (MIFIR)) and transaction data from reporting on derivatives (EMIR) and securities financing transactions (SFTR) and CSDR ;
  • the involvement of the compliance function in cross-functional processes relating to employee conduct;
  • the market abuse system, with classic control actions on the prevention and detection system;
  • governance and control of outsourced activities.

Marketing and advisory services:

• • sustainability preferences in the customer journey;
  • innovative, cross-border digital offerings and/or those involving complex instruments;
  • automated investment advice to non-professional clients;
  • supervision of players in the "marketing" ecosystem: investment services providers (ISPs) / ISP tied agents;
  • costs and charges for discretionary management ;
  • supervision of financial investment advisers (FIAs).