The Autorité des marchés financiers (AMF; English: "Financial Markets Authority") is the securities commission in France. The AMF is an independent public body that is responsible for safeguarding investments in financial instruments and in all other savings and investments, as well as maintaining orderly financial markets.
Whereas it is governed under a national framework of accountability, the AMF increasingly implements policies set at the European Union level. It is a voting member of the Board of Supervisors of the European Securities and Markets Authority (ESMA). It is also a member of the European Systemic Risk Board (ESRB).
Background France's first securities commission, the (COB, ), was established in 1967 as part of the financial reform package promoted by Finance Minister Michel Debré. Its successive presidents included (1973-1974), (1974-1980), (1980-1984), Yves Le Portz (1984-1988), (1988-1989), (1989-1995), and finally Michel Prada (1995-2003).
In 2003, the COB merged with the (CMF, ) and the Conseil de Discipline de la Gestion Financière (CDGF, ) to form the AMF.
Overview The AMF was established by the Financial Security Act of 1 August 2003, as an independent public body with legal personality and financial autonomy, with the duty of: Safeguard investments in financial instruments and in all other savings and investment vehicles Ensure that investors receive material information Maintain orderly financial markets
It falls under the European regulatory umbrella of the Markets in Financial Instruments Directive (MiFID).
Substantial shareholdings Shareholders are required to notify their holdings to the AMF when their stake exceeds or falls below certain thresholds. According to the act of 26 July 2005, the lowest disclosure threshold is 5% (article l. 233-7 of the commercial code). Pursuant, the same article allows that companies can set additional notification thresholds in their articles of association. In July 2012, after Jacques Delmas-Marsalet took on the interim presidency of the AMF, the competent parliamentary committees gave the green light to the appointment of Gérard Rameix as head of the AMF, replacing Jean-Pierre Jouyet.AMF : feu vert du Parlement pour Rameix - Le Figaro, 25 juillet 2012 He was appointed Chairman of the AMF by a decree dated August 1. - Journal officiel, 3 août 2012
Leadership The successive chairs () of the AMF have been: Michel Prada (2003-2008) Jean-Pierre Jouyet (2008-2012) (2012-2017) (2017-2022) (since 2022)
The role of chief executive officer, referred to as Secretary-General (), has been held successively by: (2003-2009) Thierry Francq (2009-2012) Benoît de Juvigny (2012-2023) Sébastien Raspiller (since 2023)
See also Economy of France Securities Commission Autorité des marchés financiers (Quebec) Financial Markets Authority of the West African Monetary Union List of financial supervisory authorities by country
References
External links AMF WebSite