General Regulation

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Duties & powers Authorisations

The AMF authorises participants and products and regulates disclosures

Published on March 5, 2019

The Autorité des Marchés Financiers (AMF) approves the rules applicable to financial markets and market infrastructures, approves the corporate finance transactions of listed companies and authorises financial services professionals and the collective investment products under its supervision.

Markets and infrastructure

The AMF maintains orderly financial markets by:

  • approving the rules for regulated markets, including equity, bond, as well as markets such as Alternext that are considered to be unregulated but organised because they are covered by rules prepared by the market operator
  • approving the operating rules of market infrastructures, including clearing houses, settlement system operators and central securities depositories
  • issuing professional licences to the people within market infrastructures who are responsible for monitoring trading and supervising members and compliance.

Listed companies and other issuers

What does it mean if the AMF approves a document? The AMF grants approval when a document reviewed as part of a corporate finance transaction meets the "3C" rule, meaning that it is complete, comprehensible and provides consistent information. It does not imply that the AMF has verified the accounting and financial data set out herein or the appropriateness of the issue.

The AMF checks the regulatory compliance of the disclosures that listed companies and securities issuers prepare during corporate finance transactions such as initial public offerings, rights issues and takeover bids. It makes sure that advertising documents linked to a prospectus are clearly identifiable and do not contain information that could mislead the public.

Financial services professionals

Protecting investors also means verifying the reliability of the financial professionals they deal with. Accordingly, after reviewing authorisation requests from professionals wishing to provide investment services, the AMF:

  • authorises investment management companies after especially examining the competence, fitness and properness of their executives and the resources they use to carry on their business
  • approves the programme of operations of investment services providers (ISPs) other than asset management companies that are after authorised by the Autorité de contrôle prudentiel et de resolution (ACPR)
  • issues professional licences to compliance officers in charge of internal control at ISPs and investment management companies
  • authorises the professional organisations representing financial investment advisers (FIAs), which, among other things, make sure that their members comply with conduct of business rules.
  • in the absence of a professional association of crowdfunding advisers (CIPs) regulated by the AMF, examines the professional skills of natural persons with the power to manage or administer CIPs and their ability to comply with the rules of conduct and the rules of organization applicable to them.

Collective investment products

The AMF authorises the creation and marketing to investors of many different kinds of collective investment products.

Products subject to an authorization issued by the AMF

UCITS (Undertakings for Collective Investment in Transferable Securities)

UCITS shall refer either to:

  • Open-ended investment companies (sociétés d’investissement à capital variable, SICAV) or
  • Common funds (fonds communs de placement, FCP)

AIFs  including:

  • funds open to non-professional investors
    • retail investment funds (fonds d’investissement à vocation générale, FIVG), which shall refer either to FCP or SICAV
    • private equity funds :
      • retail private equity investment funds (fonds communs de placement à risque, FCPR)
      • innovation funds (fonds communs de placement immobilier, FCPI)
      • local investment funds (fonds d’investissement de proximité, FIP)
    • funds of alternative funds, which shall refer either to FCP or SICAV
    • real estate collective investment undertakings (organismes de placement immobilier, OPCI), which shall refer either to open-ended real estate investment companies (sociétés de placement à préponderance immobilière à capital variable, SPPICAV) or real estate investment funds (fonds de placement immobilier, FPI)
  • funds open to professional investors
    • professional investment funds (fonds professionnels à vocation générale, FPVG) , which shall refer either to FCP or SICAV
    • professional real estate collective investment undertakings (organismes professionnels de placement collectif immobilier, OPPCI), which shall refer to the same management as OPCI
  • employee investment undertakings
    • employee investment undertakings (fonds communs de placement d’entreprise, FCPE)
    • SICAVs for employee shareholders (sociétés d’investissement à capital variable d’actionnariat salarié, SICAVAS)

Before approving these investment funds, the AMF examines the information contained in:

  • the prospectus which details, among other things, the fund's operating procedures, expenses and the product specifications and specific risks.
  • the Key Investor Information Document (KIID), which is provided for collective investment schemes marketed to the general public and which sets out clear, accurate and non-misleading information about the product in two or three pages.

Products subject to an approval in case of public offerring

Real estate investment companies (sociétés civiles de placement immobilier, SCPI)

Securitisation vehicles (organismes de titrisation, OT) which shall refer either to securitisation common funds (fonds communs de titrisation) or securisation companies (société de titrisation)

Schemes specialising in film production (sociétés de financement de l’industrie cinématographique et de l’audiovisuel, SOFICA)

Schemes specialising in fisheries (sociétés pour le financement de la pêche artisanale, SOFIPECHE)

Forestry investment companies (sociétés d’épargne forestière, SEF)

Closed-end investment companies (société d’investissement à capital fixe, SICAF)

Products subjected to a prior registration to all advertising or direct marketing

Miscellaneous assets

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Legal information
Head of publications: The Executive Director of AMF Communication Directorate.
Contact: Communication Directorate – Autorité des marches financiers 17 place de la Bourse – 75082 Paris cedex 02