General Regulation

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Duties & powers Monitoring & supervision

The AMF supervises participants and products

Published on March 5, 2019

The AMF routinely monitors financial disclosures by listed companies as well as information about financial products supplied to investors. It ensures that financial intermediaries meet their professional obligations. And it supervises financial markets and participants.

Monitoring financial disclosures by listed companies

Throughout the year, the AMF checks the financial disclosures published by listed companies, making sure that the information disseminated to the public is complete, consistent and perfectly comprehensible.

  • Consequences of late publication of financial statements Irrespective of the reasons for late publication, the AMF publishes on its site the list of companies that fail to publish their financial statements on time. After sending reminders to these companies, the AMF may also petition the courts to issue injunctions to publish.

    The AMF monitors ongoing disclosures by ensuring that companies promptly disclose, through a press release, any material information that could have an impact on the share price, such as the signature of a contract, a strategic decision or an acquisition.
  • The AMF also monitors periodic disclosures by checking that listed companies comply with their obligation to publish half-yearly financial reports and quarterly revenues.

Monitoring compliance by financial intermediaries with their obligations

The AMF constantly monitors all the professionals authorised to provide investment services or to carry on collective management activites.

  • It verifies the information filed routinely or at its request and ensures that the services offered by financial intermediaries comply with the regulations
  • It monitors investment services providers (ISPs), including asset management companies, financial investment advisers (FIAs) and crowdfunding advisers (CIPs) to make sure they comply with the rules applicable to their business
  • It monitors direct marketers operating on behalf of for example asset management companies and may, if need be, warn the public if a product is directly marketed without the necessary authorisations.

Monitoring the information provided on authorised financial products

The AMF monitors authorised products (it is about some investment funds) throughout their life. It ensures they are regulation-compliant and checks the quality of the information disseminated to investors through such documents as annual reports, newsletters and advertising literature. Particular attention is paid to the advertising literature of retail products.

Market surveillance

The purpose of market surveillance is to detect events or behaviour that could constitute market abuse (price manipulation, insider dealing, dissemination of false information) or any other breach of the regulations applicable to market participants, particularly the professional obligations of financial intermediaries and transparency obligations applicable to all investors. Surveillance is also a way to gain better intelligence about market participants and to ensure strategic monitoring by analysing trends and behaviours based on recent data. In particular, the AMF uses Big Data to identify changes in trading modes or the development of new markets or instruments and associated risks.

The AMF oversees:

  • all transactions in financial instruments - equities, bonds, derivatives… - traded on the French markets (in particular Euronext Paris and Powernext), including when operations take place on other venues (outside France or over the counter, including on associated derivatives);
  • all transactions on “European” instruments carried out on the French territory.

The market surveillance monitors transactions and orders using IT systems developed in house to detect market anomalies. The AMF launched in 2017 its new market surveillance system, which is based on Big Data technologies and allows the AMF to quickly screen data representing large and varied trading volumes. Its IT and financial experts analyse and assess any suspicious transactions.

The AMF also receives reports about anomalies from a variety of sources. Intermediaries, in particular, are required by law to report suspicious transactions to the regulator.

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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