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Autorité des Marchés Financiers (France)

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Financial Markets Authority
Autorité des marchés financiers

Head office on place de la Bourse, Paris
Agency overview
Formed1 August 2003
HeadquartersFrance Paris, France
Agency executive

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.



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.



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:[2]

  • 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.[3] 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.[4] He was appointed Chairman of the AMF by a decree dated August 1.[5]



The successive chairs (French: Président) of the AMF have been:

See also



  1. ^ "Marie-Anne Barbat-Layani appointed Chair of the Autorité des Marchés Financiers". Retrieved 2024-01-29.
  2. ^ French AMF what we do
  3. ^ French reporting obligations relating to equity investments, archived from the original on 2012-11-29
  4. ^ AMF : feu vert du Parlement pour Rameix - Le Figaro, 25 juillet 2012
  5. ^ Décret du 1er août 2012 portant nomination du président de l'Autorité des marchés financiers - M. Rameix (Gérard) - Journal officiel, 3 août 2012