France's Financial Markets Authority (AMF) has published an overview of its governance arrangements, describing how decision-making, enforcement and day-to-day management are divided between the College, the Sanctions Commission, the AMF President and the Secretary General. The College is presented as the AMF’s main decision-making body, chaired by the AMF President and made up of 16 members appointed by public authorities. It adopts the AMF General Regulation, takes individual decisions such as authorisations and visas, reviews inspection and investigation reports, and decides whether to open sanction or injunction proceedings, while the power to impose sanctions sits with the separate 12-member Sanctions Commission, which has full decision-making autonomy. The AMF President, Marie-Anne Barbat-Layani, is appointed by decree for a five-year non-renewable term and acts as authorising officer for receipts and expenditure, represents the AMF in legal proceedings, and may appeal a Sanctions Commission decision after obtaining the College’s opinion; the Secretary General, Sébastien Raspiller, is responsible for coordinating the AMF’s teams, opening investigations and controls, authorising investigators and controllers, and negotiating and signing administrative settlement agreements. The overview also describes the Executive Committee (Comex) and Management Committee (Codir), internal audit, and the AMF’s advisory ecosystem, including five consultative commissions, a Climate and Sustainable Finance Commission created in July 2019, and a Scientific Council.
France Autorite des marches financiers 2025-03-26
France's Financial Markets Authority details governance framework for the College, Sanctions Commission and executive management
France's Financial Markets Authority (AMF) outlines its governance, detailing the roles of the College, Sanctions Commission, AMF President, and Secretary General. The College, led by the AMF President, is the main decision-making body, while the Sanctions Commission independently imposes sanctions. The overview also includes the Executive and Management Committees, internal audit, and advisory bodies like the Climate and Sustainable Finance Commission.