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Institutional relations France

The AMF's institutional relations in France

Published on July 3, 2013

In France the AMF is in contact with leading public and private institutions and organisations, including Parliament, the Autorité de Contrôle Prudentiel, the Banque de France, the Autorité des Normes Comptables, the Commission de Régulation de l’Énergie, as well as professional organisations with ties to financial markets. It fosters dialogue with market professionals through consultations and events, and dialogues regularly with investor advocacy groups.

The AMF and Parliament

The AMF maintains close ties to both houses of Parliament (National Assembly and Senate), whose presidents each appoint one AMF Board member. Each year the AMF Chairman presents an annual report to the presidents of both houses. The AMF Chairman and Secretary General are key talking partners for elected representatives. Exchanges between the AMF and Parliament, notably during hearings before the standing committees of the two houses, offer a way to make lawmakers aware about financial regulation issues, promoting the development of financial regulation.

The AMF and the Banque de France

The AMF and the Banque de France have a long-standing history of cooperation, chiefly in three areas:

  • information sharing (reports, views from secondments of specialised teams or staff)
  • local cooperation (Banque de France branches are also the regional representatives of the AMF and can perform a number of financial regulation tasks)
  • collaboration in overseeing investment services providers and financial investment advisers.

In addition, a representative of the Banque de France appointed by the governor sits on the AMF Board.

The AMF and the Autorité de Contrôle Prudentiel et de Résolution (ACPR)

The ACPR, established in 2010, is an independent administrative authority attached to the Banque de France. It is responsible for authorising and supervising banks and insurers with a view to upholding customers' interests and maintaining the stability of the financial system.
Since April 2010 the AMF and ACPR have worked together through a Joint Unit to build up France's expertise in supervising approaches to marketing financial products. Among other things, the Joint Unit has set up a single point of contact for fielding customer queries via the Assurance Banque Épargne Info-Service website and a helpline.
The AMF and ACPR also collaborate within their respective areas of jurisdiction to coordinate the regulation and oversight of investment services providers. The AMF Chairman sits on the ACPR Board.

The AMF and the Autorité des Normes Comptables (ANC)

The Autorité des Normes Comptables (ANC) is responsible for setting French accounting rules and for taking positions on international rules. Through its seat on the ANC Board, the AMF participates actively in standard-setting. The ANC Chairman also sits on the AMF Board.

The ANC’s main tasks are to:

  • set general and industry-specific accounting rules for individuals and legal entities subject to legal accounting requirements in accordance with French GAAP
  • provide advice on legislative or regulatory provisions containing accounting measures
  • issue, on its own initiative or a request from the Minister for the Economy, advice and position statements pertaining to international accounting standard setting
  • supervise the coordination and amalgamation of theoretical and methodological work on accounting.

The AMF and the Haut Conseil du Commissariat aux Comptes (H3C)

The H3C is the national auditors’ oversight board. The Chairman of the AMF (or his/her representative) sits on the H3C Board.

The H3C’s main tasks are to:

  • oversee statutory auditors
  • monitor compliance with code of conduct rules, particularly in terms of auditor independence.

To carry out this assignment, the H3C is tasked with:

  • organising auditor inspections
  • issuing opinions on the industry’s code of ethics
  • issuing opinions on industry standards
  • identifying and promoting industry best practices
  • establishing and supervising the framework and guidelines for periodic inspections.

The two authorities have signed an agreement on a coordinated approach to inspections. In particular, the AMF provides assistance when H3C inspections involve companies that fall within its jurisdiction.

The AMF and the Commission de Régulation de l’Energie (CRE)

The CRE is an independent administrative authority in charge of ensuring orderly electricity and gas markets in France. In December 2010 the AMF and CRE signed a memorandum of understanding on sharing information, inspecting and supervising markets for trading greenhouse gas emission allowances, electricity, natural gas and their derivatives.
Accordingly, the AMF and the CRE share information and assist each other in discharging their inspection and oversight responsibilities. By pooling information and expertise, the two authorities work together to identify risk factors on these markets.

The AMF and professional organisations

The AMF is in regular contact with the main professional associations that have links to its regulatory tasks. As key talking partners for the AMF, these organisations provide expertise by responding to consultations. They also regularly play a part in the work done by AMF-led working groups.

The AMF and investor advocacy groups

The AMF maintains ongoing relations with the main groups representing the interests of savers and investors of all types, from minority investors and retail savers to institutional investors. It gathers their views on regulatory developments during the public consultations that it organises, through AMF-led working groups and via their representatives on the Retail Investors Consultative Commission.

The AMF and the Direction Générale de la Concurrence, de la Consommation et de la Répression des Fraudes (DGCCRF)

The AMF and the Directorate General for Competition, Consumers and Fraud Prevention (DGCCRF) work together to protect consumers of financial products and services. The two institutions deal jointly with consumer associations to alert them to the most common scams involving financial services. The AMF also regularly hosts DGCCRF staff during training days.

The AMF and the Autorité de Régulation Professionnelle de la Publicité (ARPP)

The AMF and the ARPP, France’s self-regulatory organisation for advertising, have pooled their expertise in regulating financial product advertising to enhance and spread best practices in the industry. Their collaboration is supporting the AMF’s work to promote fair and non-misleading advertising of financial products.

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