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Institutional relations Europe

The AMF's institutional relations in Europe

Published on October 17, 2019

The AMF plays an important role in European bodies. This role has grown in importance as financial markets have become increasingly global, creating the need to develop precise, consistent and harmonised international standards. The AMF’s contribution to the development of European market regulations forms an integral part of its remit, as defined by the French legislator.

European Securities and Markets Authority (ESMA)

ESMA was established by a Regulation of the European Parliament and Council dated 24 November 2010. Replacing the Committee of European Securities Regulators (CESR), ESMA comprises:

  • the market regulators of the Member States of the European Economic Area (EEA: European Union countries plus Iceland, Norway and Liechtenstein)
  • a European Commission representative
  • a representative of the European Banking Authority (EBA)
  • a representative of the European Insurance and Occupational Pensions Authority (EIOPA).

ESMA, EBA, EIOPA and the European Systemic Risk Board (ESRB) form part of the European System of Financial Supervision (ESFS) set up in the wake of the 2008 financial crisis.

Role of ESMA

ESMA is involved in setting common standards and practices in regulation and supervision. At the request of the European Commission or on its own initiative, ESMA issues opinions that provide the Commission with possible ways forward for regulation. ESMA helps to build shared interpretations on European legislation through its recommendations and guidelines for national regulators and financial market participants. Meanwhile, its binding technical standards supplement and clarify European directives and regulations.
ESMA participates in ensuring harmonised application of Community rules on financial markets, notably through peer reviews, which promote a shared supervisory culture and best practices. Besides, the Community Regulation of 24 November 2010 gave ESMA with the broad remit of investor protection. Accordingly, ESMA is responsible for monitoring the development of innovative financial solutions.

The AMF’s work within ESMA

The AMF collaborates actively in ESMA’s work, both by taking part in the meetings of the authority and its working groups and by chairing standing committees and working groups. For instance, the President of the AMF chairs ESMA’s Post-Trading Standing Committee, while the Secretary General chairs ESMA’s Corporate Finance Standing Committee. 

European Systemic Risk Board (ESRB)

The ESRB is an independent EU body. It is responsible for supervising the overall financial system (also known as “macroprudential supervision”), ensuring Europe’s financial stability and preventing financial crises.

It is also responsible for helping to ensure an orderly interior market and promote the economic growth of the financial sector.

The ESRB is chaired by the President of the European Central Bank (for an initial five-year term) and its members include, other than the AMF, the Vice President of the ECB, the presidents of ESMA, EBA and EIOPA, as well as a member from the European Commission.

Financial Dispute Resolution Network (FIN-NET)

Set up in 2001 by the European Commission, the Financial Dispute Resolution Network (FIN-NET) is a network designed to enable Member States of the European Economic Area (EU members plus Iceland, Norway and Liechtenstein) to cooperate on the out-of-court settlement of disputes in the financial services sector. FIN-NET has 55 members in 24 EEA countries. The AMF takes part through its ombudsman.

FIN-NET members cooperate to make it easier for consumers to gain access to out-of-court redress solutions in cross-border cases. In a dispute between a consumer in one Member State with a financial services provider from a different Member State, FIN-NET will put the consumer in touch with the body that is best placed to help and provide the information needed to settle the dispute.

FIN-NET is also a forum for discussion. Regular plenary meetings are attended by the AMF Ombudsman, who is receiving a growing number of requests to take part in studies and consultations, including European Commission consultations on collective redress and the point-of-sale questionnaire provided with financial products.

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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