France's Autorité des marchés financiers (AMF) published a study on artificial intelligence use across French financial market participants, concluding that adoption is already high and that governance and data protection are the leading risk concerns that will shape its supervisory priorities. The AMF gathered responses from 100 entities across asset managers, investment service providers, crypto-asset service providers, crowdfunding providers, listed companies, audit firms and specialist law firms, as part of a pan-European survey initiated by the European Securities and Markets Authority in February 2025. Adoption is driven largely by generative AI, with 54% of respondents’ cited use cases already in production, mainly at large firms, and most respondents expecting AI investment to rise over the next two years. Most reported use cases are internal (83% of 106 detailed cases), focused on productivity tools, internal assistants and content extraction or generation, while client-facing uses remain limited (17% of cases) and only 1% relate to tools applied to the provision of investment services; for markets activity, examples include data and market analysis, compliance processes, transaction monitoring and market abuse detection. Use is mainly based on off-the-shelf solutions, with the AMF noting strong dependence on a small number of non-European providers; perceived benefits include cost reduction and improved internal processes, while key risks cited include governance and data protection and excessive reliance without sufficient human oversight, with 72% of surveyed entities reporting AI governance policies. The AMF said these findings will guide its supervisory priorities in the coming years, particularly on governance and risk controls, and it will monitor the evolution of client-facing uses given investor-protection considerations.

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