February 2022 Regulatory Updates

Key dates

January 28, 2022

- Constitutional Council decision declaring dual prosecution unconstitutional

Current status (as of January 2026)

- Amendments appear to be in legislative proposal stage; no effective date yet announced

No specific implementation deadline stated Deadline

- AMF committed to proposing amendments "as soon as possible"

Suggested considerations

• *For compliance professionals and regulated entities:
• *Review cooperation policies: Ensure internal procedures for responding to AMF investigation and inspection requests comply with current legal requirements and anticipated amendments.
• *Monitor legislative developments: Track publication of proposed amendments in the French legislative process to understand final scope of changes.
• *Counsel on cooperation: Advise business units that obstruction remains sanctionable; the amendment eliminates dual penalties, not the underlying obligation to cooperate.
• *Document compliance: Maintain records demonstrating good-faith cooperation with AMF requests to support defense against obstruction allegations.

What changed

• The primary regulatory change addresses a constitutional violation regarding dual prosecution under the ne bis in idem principle:
• Current problem: The Monetary and Financial Code previously allowed both administrative sanctions by the AMF Enforcement Committee and criminal prosecution for identical obstruction conduct,...
• Proposed solution: Legislative amendments will eliminate the possibility of dual prosecution while maintaining the AMF's ability to sanction obstruction of investigations and inspections.
• Scope of obstruction conduct: The law covers refusal to allow access to documents, provide copies, communicate information, respond to summons, or grant access to professional premises during AMF...

Suggested considerations

• For Users and Rated Entities: Although the 2022 Call for Evidence is closed, monitor ESMA's ongoing RTS consultations (closed 20 June 2025) and Commission feedback; assess internal ESG data reliance for SFDR/Taxonomy alignment and update policies for new disclosure requirements.
• All Affected Firms: Map ESG rating dependencies in investment processes, train compliance teams on upcoming rules, and engage in industry feedback to influence final RTS adoption expected post-Q4 2025.
• AMF Stakeholders: Although dated, the notice encouraged French market input; now pivot to compliance readiness for 2026 application.

What changed

This AMF notice itself introduces no new regulatory changes; it promotes responses to ESMA's 2022 Call for Evidence, which gathered market insights to support the European Commission's July 2021 sustainable finance strategy. However, it highlights the push for a European framework on ESG ratings, including transparency on methodologies, conflict-of-interest management, internal controls, and dialogue with rated companies—elements now codified in the ESG Ratings Regulation effective 2 January 2025 (application from 2 July 2026).