France's Financial Markets Authority (AMF) has published an updated inspection charter that incorporates its new CORE Risk Observation and Lessons campaigns for financial investment advisers and revises the framework to reflect changes in inspection practice and cooperation expectations. The charter is systematically provided to persons approached during an AMF inspection and explains how inspections are conducted, the possible follow-up, and the conduct expected from those involved. The revised text replaces previous large-scale desk-based inspections of financial investment advisers, which were carried out with Banque de France regional offices, with CORE campaigns launched simultaneously across several advisers and conducted entirely through document reviews. Those campaigns can later lead to on-site inspections. Other changes clarify that deliberately inaccurate information given to an inspection team breaches the duty of loyalty, allow inspected persons to describe remediation taken after receipt of the inspection report while identifying any documents that did not exist during the inspection, expand remote interview provisions to cover persons acting or having acted on behalf of the inspected entity, and state, following rulings by France's Constitutional Council and Council of State, that notification of the right to remain silent does not apply during AMF inspections conducted before a statement of objections is issued. For CORE cases that do not move to an on-site inspection, financial investment advisers will receive observation letters with an analysis grid. The AMF said lessons from CORE inspections are intended to be published in an annual synthesis.
France Autorite des marches financiers 2026-05-05
France's Financial Markets Authority updates inspection charter to add CORE campaigns and clarify cooperation duties
The French Financial Markets Authority has updated its inspection charter to add new CORE Risk Observation and Lessons campaigns for financial investment advisers and to reflect changes in inspection practices and cooperation expectations. The revised framework replaces large-scale desk-based inspections with simultaneous document-based CORE campaigns that may lead to on-site inspections, clarifies that deliberately inaccurate information breaches the duty of loyalty, expands remote interview provisions, and confirms that the right to remain silent does not apply during inspections before a statement of objections. For CORE cases without on-site follow-up, advisers will receive observation letters with an analysis grid, and the authority will publish annual syntheses of lessons learned.