Autorité des marchés financiers (France)

The Autorité des marchés financiers (AMF ) is the financial supervision in France. The AMF is an independent public authority responsible for the maintenance of orderly financial market, the assurance of investing in financial instruments and all other savings and investment products.

History

The AMF was founded with the Financial Stability Act of 1 August 2003. It originated from the merger of the Commission des opérations de bourse (COB ), the Conseil des marchés financiers (CMF ) and the Conseil de discipline de la gestion financièrement ( CDGFs ). The AMF is an independent public body with legal personality and financial autonomy. The defined tasks are:

  • Secure investments in financial instruments and in all other savings and investment vehicles
  • Ensuring that investors receive all essential information
  • Maintaining orderly financial market

The AMF also supports the regulation of financial markets at European and international level.

Tasks

The AMF has four types of tasks:

  • Regulation
  • Approval
  • Supervision
  • Enforcement

The competence of the AMF covers:

Corporate finance activities and information

The AMF regulated corporate finance activities and information of listed companies. Listed companies are obliged to regularly inform the public about their business, results and financial relations. The AMF oversees and monitors this information. This will ensure that investors are informed exactly accurate, fair and timely manner.

Control of Funds

The AMF authorizes the opening of open and closed-end funds. It checks the information in the simplified prospectuses, which must be made available to the customer before they invest in a product. In the case of complex products, such as structured funds, provides the AMF ensures that the specifics of the products and their effects are clearly described the investor.

Market and infrastructure

The AMF defines the principles of organization and operation of the market vendors such as the EUR Euronext Paris ( stock trading, fixed income securities and derivatives) and securities settlement systems and Central Securities as the euro Euroclear France. The AMF also approved the regulations of the clearing houses such as Clearnet.

Financial Services

The area of ​​expertise relates to financial services, credit institutions, investment companies, investment advisors, and direct marketers. The AMF defined rules of conduct and other requirements to specialists, which are authorized to provide investment services. The AMF approved investment companies and professional organizations representing investment advisors.

Enforcement

In order to enforce the duties, the AMF is empowered to conduct inspections and investigations. For violations of regulations or professional obligations of the enforcement committee may impose penalties or sanctions. In criminal cases, the findings will be forwarded to law enforcement.

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