AMF Consultations

Key dates

9 February 2026

- Consultations opened by AMLA on three draft RTS.[Source URL: https://www.amf-france.org/en/news-publications/news/amf-invites-financial-market-participants-amlas-consultations-three-draft-amlcft-implementing#xts=607212&xtor=RSS-11&type=RSS]

9 March 2026

- Consultation closes on RTS for pecuniary sanctions/administrative measures

24 March 2026

- Online public hearing on CDD and business relationships RTS

8 May 2026

- Consultations close on CDD RTS and business relationships/linked transactions RTS.[Source URL: https://www.amf-france.org/en/news-publications/news/amf-invites-financial-market-participants-amlas-consultations-three-draft-amlcft-implementing#xts=607212&xtor=RSS-11&type=RSS]

10 July 2026

- AMLA submits final draft RTS to European Commission for adoption

Suggested considerations

• Gap analysis and preparation: Assess current CDD/business identification/enforcement processes against drafts; identify changes for remote onboarding, PEPs, sectoral measures (e.g., asset manager Article 17 scenarios), and sanctions screening; set milestones for policy/system updates by July 2027.
• Engage hearings: Attend 24 March 2026 public hearing for CDD/business RTS.
• Monitor post-consultation: Track AMLA/EC adoption (expected Q1 2026 for some related RTS) and national implementations (e.g., CSSF data reporting).

What changed

• - CDD RTS: Builds on EBA's prior draft with AMLA refinements for legal clarity, proportionality, and risk adaptation; specifies information/sources for identity verification of natural persons/legal...
• Business Relationships/Occasional/Linked Transactions RTS: Defines criteria under AMLR Article 19(9) to harmonize identification, ensuring consistent EU-wide application beyond basic...
• Enforcement RTS (Pecuniary Sanctions/Administrative Measures): Under AMLD6 Article 53(10), standardizes supervisor assessment/categorization of breaches for proportionate, effective, dissuasive...

Key dates

March 6, 2025

EBA consultation launch; on draft RTS for AML/CFT standards (ongoing as of analysis)

January 1, 2026

EBA hands over AML/CFT mandates, tools (e.g., EuReCa database), and functions to AMLA; ; existing EBA guidelines remain until replaced

July 10, 2027 Deadline

New AMLD6/AMLR rules apply directly; , including CDD for new customers and start of phased compliance

2028

AMLA begins direct supervision; of selected high-risk entities

By July 2032 Deadline

Full CDD compliance; for existing customers (five-year transition from 2027)

Suggested considerations

• Participate in EBA consultation: Submit feedback on draft RTS via EBA channels, focusing on risk indicators, data frequency, and feasibility; AMF encourages French firms to act promptly.
• Conduct compliance gap analysis: Review current AML frameworks against proposed indicators (inherent risk, controls, residual risk); prioritize high-risk customers/products.
• Enhance systems: Invest in regtech for automated risk scoring, transaction monitoring, and data reporting to supervisors; update governance, policies, and CDD processes.
• Prepare for AMLA supervision: For cross-border firms, model group-wide risk profiles; develop remediation plans for breaches.
• Ongoing monitoring: Implement annual risk reviews and ad-hoc reassessments for business changes.

What changed

• The draft RTS propose harmonized methodologies for AML/CFT supervision, including:
• Risk Assessment of Obliged Entities (Article 40(2) AMLD6): A three-step process with indicators for inherent risk (customers, products/services, geography, distribution channels), control...
• Risk Assessment for Direct Supervision (Article 12(7) AMLAR): Two-stage selection for AMLA direct oversight of high-risk cross-border firms (operating in ≥6 Member States, meeting...
• CDD Updates: Risk-based approach for new customers from July 2027; five-year transition for existing customers, prioritizing high-risk.
• Pecuniary Sanctions RTS (Article 53(10) AMLD6): Structured classification of breaches, proportionate sanctions, and enforcement for serious/repeated/systematic infringements to ensure uniformity...

Key dates

2025 (TBD)

- Conclusions from consultation responses to be presented

February 3, 2025

- Working Group report published and public consultation launched

March 10, 2025

- Public consultation closed (per some reports; responses summarized afterward)

July 16, 2025

- ACPR/AMF published summary of consultation responses

July 2026

- DASP regime fully phased out under MiCA transitional period

Suggested considerations

• Participate/Review: DeFi/crypto firms should review the report and response summary; late participation may inform ongoing discussions (consultation closed).
• Assess Smart Contracts: Evaluate internal smart contracts against proposed standards (security, governance, compliance) and audit practices for voluntary adoption.
• Monitor Developments: Track ACPR/AMF updates and EU MiCA/DeFi harmonization; prepare for potential fast-track CASP licensing if using certified contracts.
• Engage Stakeholders: Join ACPR-AMF Fintech Forum dialogues; implement AML/CFT enhancements for smart contract risks, as AMF/ACPR assess ongoing compliance.

What changed

• No binding regulatory changes yet; this is exploratory work anticipating future regulation. The report proposes:
• Standards for security, governance, and compliance across execution environments.
• Audit frameworks including public authority, third-party auditors, or self-certification.
• Regulatory avenues from voluntary certification to obligations, with proportionate approaches. Consultation responses (summarized post-March 2025) confirmed support for technical standards and audits...

Key dates

June 2023

- AMF publishes initial Discussion Paper on DeFi regulatory challenges

July 2024

- AMF publishes summary of responses to DeFi Discussion Paper

December 30, 2024

- MiCA enters force for CASPs

June 30, 2026 Deadline

- End of MiCA transitional period for DASPs; full CASP licensing required

July 2027 Deadline

- EU AMLR ("single rulebook") comes into effect, standardizing crypto due diligence

Suggested considerations

• Monitor and engage: Participate in AMF's ongoing DeFi discussions and tokenization consultations for asset managers; no mandatory actions from this summary alone.
• MiCA compliance: DASPs must apply for CASP licenses or leverage exemptions (e.g., notify AMF with operational/AML details if regulated entities); ensure AML/CTF alignment with EBA/TFR "Travel Rule" extensions.
• Assess decentralization: DeFi protocols should evaluate if they qualify as "sufficiently decentralized" to evade DASP rules; traditional firms notify AMF before crypto services.
• Update policies: Incorporate AMF clarifications on DASP transitions (DOC-2019-23/24 updates) and prepare for 2026 priorities like DORA cybersecurity.

What changed

No immediate regulatory changes or new requirements are introduced; this is a non-binding summary of consultation feedback from July 2024, intended to inform future discussions rather than enact rules. It highlights stakeholder views on DeFi's challenges, such as decentralization's impact on traditional oversight, with the AMF planning continued ecosystem engagement to outline proportionate responses.

Key dates

31 July 2025

- Cut-off date for assessing Participating Jurisdictions' regulatory frameworks in IOSCO's Thematic Review

October 16, 2025

- Publication date of FSB and IOSCO reports assessing crypto-asset and stablecoin implementation, including DeFi elements

2 February 2026 Deadline

- IOSCO consultation comment deadline on related reports (e.g., FMIs’ management of general business risks)

6 February 2026 Deadline

- CPMI-IOSCO consultation comment deadline on FMIs’ general business risks guidance, relevant to DeFi infrastructure

Suggested considerations

• Review and comment: Submit feedback on IOSCO consultations by early February 2026 to influence final guidance on DeFi risks.
• Gap analysis: Assess current operations against IOSCO's 10 Assessed Recommendations (e.g., market integrity, investor protection, cross-border cooperation) and FSB frameworks, noting reforms underway.
• Enhance compliance: Implement AML mechanisms for DeFi (e.g., on-chain identity attestations), improve cybersecurity, business continuity, and enforcement powers for CASPs.
• Monitor cross-border: Leverage IOSCO MMoU for cooperation and prepare for global CASP supervision.
• Pilot participation: Explore EU DLT Pilot Regime or similar sandboxes for compliant DeFi activities.

What changed

No immediate binding regulatory changes are introduced, as this is a consultation report tied to IOSCO's 2023 DeFi Recommendations and a 2025 Thematic Review assessing implementation progress. Key focuses include enhanced regulatory cooperation (Recommendation 11), addressing gaps in enforcement for Crypto Asset Service Providers (CASPs), and applying CDA Policy Recommendations to DeFi for risks like financial stability, investor protection, and market integrity. Progress is noted in legal frameworks, but challenges persist in cross-border cooperation and enforcement beyond CASPs.

Key dates

July 31, 2025

EFRAG submits simplified ESRS draft for consultation. https://www.amf-france.org/en/news-publications/news/corporate-sustainability-reporting-amfs-response-efrags-consultation-simplification-european

September 29, 2025

EFRAG consultation closes. https://www.amf-france.org/en/news-publications/news/corporate-sustainability-reporting-amfs-response-efrags-consultation-simplification-european

End of November 2025

EFRAG presents technical advice to European Commission. https://www.amf-france.org/en/news-publications/news/corporate-sustainability-reporting-amfs-response-efrags-consultation-simplification-european

June 2026 Deadline

Potential ESRS adoption deadline. https://www.amf-france.org/en/news-publications/depth/csrd-sustainability-reporting

2026 Financial Year (reports in 2027)

Voluntary use of simplified standards possible if legislative timeline allows. https://www.amf-france.org/en/news-publications/news/corporate-sustainability-reporting-amfs-response-efrags-consultation-simplification-european ; https://www.amf-france.org/en/news-publications/depth/csrd-sustainability-reporting

Suggested considerations

• Review and refresh double materiality assessments using "gross" impacts, specifying risks/opportunities per topic.
• Retain "net-zero" definitions in climate plans if used; prepare quantitative climate financial effects data (Option 1).
• Evaluate "undue costs" reliefs for non-climate metrics, documenting with time-bound justifications.
• Monitor EFRAG/EC updates post-November 2025; test voluntary simplified ESRS in 2026 cycles.

What changed

• - Simplified ESRS Structure: EFRAG's draft reduces mandatory datapoints by 57-71% and ESRS length by 55%, focusing on materiality, fair presentation, and quantitative data while streamlining double...
• Materiality Assessment: AMF opposes assessing impact materiality post-mitigation (prefers "gross" approach for relevance and consistency) but supports specifying impacts, risks, or opportunities per...
• Climate Reporting: AMF regrets removal of "net-zero" target definition (requiring 90-95% gross GHG reduction trajectory) and seeks harmonization for financial actors; supports Option 1 for...
• Reporting Reliefs: Introduces "undue costs or efforts" exemptions (e.g., for metrics except Scope 3 GHG), with AMF recommending time-bound limits; further simplification proposed for social metrics...
• Interoperability: AMF stresses alignment with ISSB, accepting some EU-specific divergences for simplification.

Key dates

June 19, 2023

- AMF publishes initial discussion paper on DeFi regulatory issues

September 30, 2023 Deadline

- Deadline for stakeholder contributions to the discussion paper

July 10, 2024

- AMF publishes summary of responses to the discussion paper

Suggested considerations

• Submit feedback (past deadline): Stakeholders could contribute by September 30, 2023, to [email protected].
• Monitor developments: Track AMF/ACPR follow-ups, including smart contract certification discussions.
• Conduct internal assessments: Analyze DeFi exposures using IOSCO criteria—identify responsible persons, risks (operational, AML/CTF), interconnections with TradFi, and ensure disclosures/conflict management.
• Enhance compliance programs: Prepare for proportionate rules on governance, cybersecurity, solvency, transparency; align with "same risk, same regulation" for DeFi-like activities.
• Engage stakeholders: Participate in AMF ecosystem dialogues at French/EU/international levels.

What changed

• This is a discussion paper and consultation, not binding legislation, so no immediate regulatory changes or requirements are imposed. Key discussion points include:
• Defining DeFi based on decentralization criteria (e.g., automation, network architecture, governance, lack of single points of failure).
• Distinguishing permissioned vs. permissionless protocols and public vs. private blockchains.
• Regulatory approaches to smart contracts (e.g., certification, varying responsibilities), open-source code, and governance.
• Adopting IOSCO recommendations: identify responsible persons (developers, DAOs), enforce risk management, disclosures, conflict-of-interest mitigation, and applicable laws.

Suggested considerations

• Monitor and Respond: Review the proposed table and draft glossary (available in French); consider submitting feedback via FSCC or directly to European Commission consultations on Retail Investment Strategy.
• Internal Review: Assess current MiFID 2/PRIIPs fee disclosures for compatibility with the proposed format; prepare for potential regulatory evolution by mapping existing presentations to the new table.
• Testing and Training: Evaluate glossary integration into client communications; conduct internal consumer testing aligned with AMF tools if adopting early.
• No immediate obligations, as this is a non-binding proposal requiring EU law changes.

What changed

• - Alternative Fee Presentation Table: A proposed redesigned table for displaying costs associated with subscribing to financial instruments, emphasizing investor understanding rather than adding a...
• Glossary of Terms: A harmonized glossary defining key fee types, tested with non-professional investors using AMF consumer testing tools, to standardize terminology across professionals and aid...
• No changes to fee calculation methodologies; focus is solely on presentation and terminology.

Key dates

June 10, 2019 Deadline

- EU Member States' transposition deadline for SRD II into national law (e.g., France via law of May 22, 2019)

September 3, 2020

- SRD II go-live date for operational requirements like shareholder identification and voting processes

October 3, 2022

- European Commission request to ESMA/EBA for SRD II input, contextualizing ESMA's ongoing review

Suggested considerations

• Submit feedback to ESMA: French participants must review ESMA's call for evidence and provide input on SRD II implementation challenges, such as intermediary processes, data transmission, and cross-border voting (immediate action urged by AMF).
• Review current compliance: Audit internal systems for SRD II adherence, including electronic formats (e.g., seev.008 messages, MT 260SRD mandates), vote confirmations, and engagement policy disclosures.
• Enhance processes if needed: Align with Implementing Regulation (EU) 2018/1212 for shareholder ID requests, meeting notifications, and voting (e.g., VOTACCESS adaptations for French market).
• Monitor ESMA/EC outputs: Prepare for potential rule changes from the review, such as harmonized documentation or deadlines.

What changed

This AMF notice itself introduces no new regulatory changes; it promotes participation in ESMA's review of SRD II (Directive (EU) 2017/828), implemented via national laws by June 2019 and effective from September 3, 2020. SRD II's core requirements include: shareholder identification without delay, electronic/machine-readable transmission of voting and meeting information along the intermediary chain, confirmation of vote recording/counting, transparency on institutional investor and asset manager engagement policies/strategies, and extended scope to EEA-listed shares.

Key dates

January 10, 2024

- Revised ELTIF Regulation came into application

June 13, 2024

- Enactment of Attractiveness Law No. 2024-537 (establishing 15-year maximum lock-up period)

November 12, 2024

- AMF decision approving amendments to General Regulation

December 5, 2024

- Effective date for new Article 422-120-16 (bank details collection requirement for newly established funds)

December 5, 2024

- Publication in Official Journal of the French Republic

Suggested considerations

• *For All Retail Private Equity Fund Managers:
• *Audit historical compliance with fund lifespan commitments over the preceding ten years to determine if warning requirements under Article 422-120-14-1 apply
• *Update promotional materials to include required warnings if materiality thresholds are met (managing/having managed at least one other retail PE fund and at least three funds that reached end-of-life)
• *Implement bank details collection for all funds established after December 5, 2024, incorporating requirements into subscription forms per Instruction DOC-2011-22
• *Establish prior notification procedures for substantial changes to fund structure, investment strategy, or operations, with one-month advance notice to the AMF

What changed

The AMF has amended its General Regulation and policy framework to implement several substantive requirements: Liquidation Compliance & Warnings A new Article 422-120-14-1 requires management companies to include a warning in promotional materials if, over the ten years preceding fund authorization, the company failed to respect the lifespan of at least 50% of retail or professional private equity funds under its management.

Key dates

21 November 2024

- Application date for ESMA Guidelines on ESG fund names (new funds)

30 December 2024

- AMF ESG Doctrine updated to comply with ESMA Guidelines

21 May 2025

- Application date for ESMA Guidelines on ESG fund names (existing funds)

January 13, 2026

- Referenced date for public consultation on General Regulation changes (exact consultation close date not specified in available data)

30 June 2026

- General Regulation of the AMF enters into force, including sustainability risk integration

Suggested considerations

• Participate in consultation: Submit feedback on proposed sustainability integrations via AMF channels to influence final rules.
• Review and update policies: Conduct gap analysis against new sustainability risk requirements in General Regulation; integrate into governance, risk management, and investment processes ahead of 30 June 2026.
• Fund name compliance: For ESG-named funds, ensure 80% investments meet criteria, apply exclusions, and update marketing materials per AMF ESG Doctrine and ESMA Guidelines (immediate for new funds, by May 2025 for existing).
• Enhance reporting: Prepare double materiality assessments, digital xHTML filings for CSRD/ESRS, and SFDR-aligned disclosures; update client onboarding for sustainability preferences.
• Monitor EU developments: Track SFDR revisions, Taxonomy extensions, and ESMA digital taxonomy consultations.

What changed

• - Integration of sustainability risks: The updated General Regulation requires asset management companies to explicitly take sustainability risks into account when complying with existing...
• Alignment with EU sustainability frameworks: Builds on SFDR revisions by advocating for minimum environmental criteria in Article 8/9 products, simplification of rules, and support for CSRD...
• Anti-greenwashing measures: Complements recent AMF ESG Doctrine updates (effective 30 December 2024), enforcing ESMA Guidelines on fund names with ESG terms, such as 80% quantitative thresholds for...

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).