The French Financial Markets Authority published its 2025 annual report, including a letter to the President of the Republic that sets its 2026 agenda around financial stability, European capital markets integration, Paris market competitiveness, and stronger investor protection and market integrity. The report frames those priorities against geopolitical uncertainty, cyber risk linked to new artificial intelligence models, elevated valuations, leverage, changes in market structure, and the growing links between private finance and the traditional financial system. On stability, the authority highlighted work already under way, including a first cross-sector stress test launched in summer 2025 with the Bank of France and the Prudential Supervision and Resolution Authority to assess bank and non-bank interactions under stress. On European market integration, it backs the savings and investment union and supports stronger direct supervisory powers for the European Securities and Markets Authority in line with the European Commission's December 2025 proposals. On competitiveness and innovation, it said it will continue to avoid gold-plating European Union rules, is promoting ambitious reform of the European framework for tokenization, and is implementing the Markets in Crypto-Assets framework with close attention to risk control. The report also places investor protection at the centre of the 2026 agenda. It cites survey data showing that 16% of French people and 32% of those under 35 report having been victims of financial scams, says it will propose a step change in the blocking of illegal online content in 2026, and calls for rapid adoption of remaining legislative provisions to strengthen its enforcement powers. It also flagged summer recommendations on tokenization from a joint market group with the Bank of France and the Treasury, and renewed its call for a multi-year increase in resources from 2027.

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