The French Financial Markets Authority (AMF) published its response to the European Commission’s consultation on the Savings and Investment Union, calling for a more integrated EU capital markets supervision model with a significantly enhanced role for the European Securities and Markets Authority (ESMA). The AMF frames supervisory fragmentation as a key obstacle to deeper market integration, citing divergent application of rules, supervisory weaknesses, added costs for firms, and uneven protection for investors and savers. A central proposal is for ESMA to ensure greater supervisory convergence and to take direct supervision of large cross-border entities, including pan-European market infrastructures, crypto-asset service providers operating at global scale, and large asset management groups. Proportionality would be preserved by keeping smaller, primarily domestic entities under national supervision via an ESMA-organised delegation model described as indirect supervision. The AMF also references a recent joint position paper with Austria’s Financial Market Authority (FMA) and Italy’s Companies and Exchange Commission (CONSOB) urging urgent ESMA supervision of major crypto-asset service providers, aligned with ESMA’s 2024 report “Building more effective and attractive capital markets in the EU”. To support this shift, the AMF proposes changes to ESMA’s governance, including a council of supervisory authorities focused on regulatory coherence, comprising the 27 heads of national competent authorities, alongside a smaller executive committee of independent qualified members responsible for operational supervisory decisions.
France Autorite des marches financiers 2025-09-17
French Financial Markets Authority urges expanded ESMA powers and governance reform to deliver the EU Savings and Investment Union
The French Financial Markets Authority (AMF) responded to the European Commission’s consultation on the Savings and Investment Union, advocating for a more integrated EU capital markets supervision model with an enhanced role for the European Securities and Markets Authority (ESMA). The AMF suggests ESMA ensure greater supervisory convergence and directly supervise large cross-border entities, while smaller entities remain under national supervision through an ESMA-organised delegation model. Proposed changes to ESMA’s governance include a council of supervisory authorities and a smaller executive committee for operational decisions.