Autorité des Marchés Financiers (France)

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Financial Markets Authority
Agency overview
Autorité des marchés financiers

Head office on place de la Bourse, Paris
Formed	1 August 2003
Jurisdiction	France
Headquarters	Paris, France
Agency executive	Marie-Anne Barbat-Layani [fr], Chairman
Website	http://www.amf-france.org

The Autorité des marchés financiers (AMF) (English: "Financial Markets Authority") is the securities commission in France. The AMF is an independent public body that is responsible for safeguarding investments in financial instruments and in all other savings and investments, as well as maintaining orderly financial markets.

Background

France's first securities commission, the Commission des Opérations de Bourse [fr] (COB, lit. 'Exchange Transactions Commission'), was established in 1967 as part of the financial reform package promoted by Finance Minister Michel Debré. Its successive presidents included André Postel-Vinay [fr] (1973-1974), Jean Donnedieu de Vabres [fr] (1974-1980), Bernard Tricot [fr] (1980-1984), Yves Le Portz (1984-1988), Jean Farge [fr] (1988-1989), Jean Saint-Geours [fr] (1989-1995), and finally Michel Prada (1995-2003).

In 2003, the COB merged with the Conseil des Marchés Financiers (CMF, lit. 'Financial Markets Council') and the Conseil de Discipline de la Gestion Financière (CDGF, lit. 'Council for Conduct in Asset Management') to form the AMF.

Overview

The AMF was established by the Financial Security Act of 1 August 2003, as an independent public body with legal personality and financial autonomy, with the duty of:

Safeguard investments in financial instruments and in all other savings and investment vehicles
Ensure that investors receive material information
Maintain orderly financial markets

It falls under the European regulatory umbrella of the Markets in Financial Instruments Directive (MiFID).

Substantial shareholdings

Shareholders are required to notify their holdings to the AMF when their stake exceeds or falls below certain thresholds. According to the act of 26 July 2005, the lowest disclosure threshold is 5% (article l. 233-7 of the commercial code). Pursuant, the same article allows that companies can set additional notification thresholds in their articles of association. In July 2012, after Jacques Delmas-Marsalet took on the interim presidency of the AMF, the competent parliamentary committees gave the green light to the appointment of Gérard Rameix as head of the AMF, replacing Jean-Pierre Jouyet. He was appointed Chairman of the AMF by a decree dated August 1.