France's Autorité des marchés financiers (AMF) published its 2025 action and supervision priorities, translating its “Impact 2027” strategy into 13 priority actions and a risk-based supervisory programme. The agenda keeps Paris market attractiveness and the EU Savings and Investment Union as core themes and includes a push for legislative changes intended to improve the effectiveness of the AMF’s enforcement action. On policy priorities, the AMF plans to support the development of funds investing in private markets, with an emphasis on improving the clarity and attractiveness of product ranges, and to start a review of the status and functioning of securitisation vehicles alongside EU work. At EU level, it will back priorities on securitisation, wider direct European supervision starting with cross-border crypto-asset platforms, and simplification, including in sustainable finance and in the customer journey for savings product distribution, while reiterating its intention not to “over-transpose” EU rules nationally. The AMF also points to international work on non-bank financial stability, where it intends to promote consolidated supervision of large European asset managers, cross-sector stress tests and liquidity management tools for investment funds. Other 2025 priorities include investor protection actions focused on investment advice suitability and fraud risk, pragmatic support for implementation of the Corporate Sustainability Reporting Directive and the European Green Bond Standard, continued advocacy for clarification and simplification of the Sustainable Finance Disclosure Regulation, and continued implementation of its transition plan towards the Markets in Crypto-Assets Regulation. The 2025 supervision programme, aligned with ESMA priorities, targets asset managers’ operational risk frameworks, compliance and internal controls, telephone recording processes for order-taking and client interactions, and valuation and asset transfers in real estate and private market portfolios. For intermediaries, the thematic focus includes market abuse prevention and detection, electronic communications recording and the quality of regulatory reporting data under MiFIR, EMIR, SFTR and CSDR. For advisers and distribution activities, the AMF will prioritise compliance checks of conduct-related processes including remuneration and training practices, client communications on illiquid products, collection and use of information from non-professional clients for investor profiling, and supervision of investment service providers and tied agents, financial investment advisers and their professional associations, crowdfunding service providers, and online offerings of complex or innovative products.

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