Developing financial markets, the establishment of an independent administrative authority responsible for overseeing all activities was needed in France. On 28 September 1967, the Commission des Operations de Bourse (COB) was created by ordinance. It was only a single supervisory authority without power to impose sanctions. Law of 2 August 1989 on security and transparency of financial markets and that of July 2, 1996 have strengthened his powers of investigation and administrative penalties and assigned the necessary powers for the approval of portfolio managers and control management companies to third parties.

For the sake of simplification and efficiency, the COB, the CMF (CMF) that he, régulait activity of market professionals, and the Discipline of Financial Management (CDGF) were merged into 2003 to give birth to the AMF (AMF).


As a regulator, the AMF determines the rules to be followed by professionals and issuers
As such, the AMF impulse reforms on the functioning of financial markets and in particular was responsible for the transposition of European directives on takeovers, transparency, MiFID …

The body of texts that govern the areas in which the AMF is responsible figure in the Monetary and Financial Code and, within it, all of the AMF General Regulation is concerned.

The AMF control over financial reporting and permits trading
The AMF control over financial reporting permanent, periodic and timely issued by listed companies.

It allows operations such as introductions and IPOs.

The AMF monitors the markets and transactions
It defines the principles of organization and operation, which must comply with the market operator Euronext, the settlement systems and central depository Euroclear France, clearing houses (Clearnet). It monitors the markets (the various market data it receives each day for this purpose).

The AMF supervises professional and collective investment products
It sets the rules of conduct to be observed by providers of investment services and authorized management companies.

Providers of investment services (PSI) are establishments (usually banks or asset management companies) are authorized to make investment services relating to financial products. When their main activity is an activity management for third parties (they give orders on behalf of their clients under a written order), they are only approved by the AMF. Otherwise, they are approved by the Committee of Credit Institutions and Investment Firms (CECEI) which is the Bank of France and, if they make management for third parties, the program of this activity is validated by AMF.

The AMF ensures that there is no market abuse. Power to control and sanction.
All professionals (business and personal) licensed to provide investment services, business market, settlement, compensation can be controlled by the AMF.

Moreover, the AMF monitors the functioning of the market itself and can initiate investigations into possible stock market offenses (misdemeanors or violations of insider price manipulation, false information …). According to the text that created them, crimes are an offense or breach: By law, insider trading, price manipulation or dissemination of false information is punishable by fines or prison sentences. Their definition is similar but slightly different from the corresponding shortcomings identified by the General Regulations of the AMF, which can be a financial penalty by the AMF.

If the panel believes the AMF, following an investigation report, that the facts appear to constitute an offense (criminal), it refers the case to prosecution, if the facts are, he says, a failure, the AMF notified of objections to the person (that is to say he sent a letter explaining that the facts found could be qualified under the provisions of the General Regulations) and send the case to Enforcement Committee, other organ of the AMF, separate from the college, whose sole mission is to study the cases of sanctions and rule over them. The Sanction Commission may impose sanctions subject to appeal before the State Council if they are professionals and the Court of Appeals in other cases.

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