The interim review shows both the amount of work carried out over the last two years and the challenge it has represented for the divisions of the AMF.
The purpose of the publication of the AMF Strategic Plan in summer 2009, against a backdrop of financial crisis, was to get the institution into battle order for profound reform of the national and international financial regulation system. Since then, the meetings of the G20 and the European and national regulatory agenda have only gone to confirm the initial orientations of the plan and the pertinence of the three strategies adopted in it:
- enhance investment protection and bolster the confidence of individual investors;
- improve market supervision and the functioning of enforcement;
- contribute to efforts to increase the attractiveness and functioning of French markets.
Two years on, it seems useful to the Autorité des Marchés Financiers to conduct a first interim review of the action already taken and the first results, and to seek to outline the perspectives for the last two years of implementation of the plan.
The first two years of execution of the plan have been marked by intense activity not only of legislators (on the national and European levels and in the US), but also of standardisation organisations (IOSCO and the Financial Stability Board, for instance). In most cases, these reforms correspond to the lines defended by the AMF Strategic Plan, but most importantly they add to it, extend it and refine it. It is of vital importance, however, that the most important of these reforms are listed and examined to define the perspectives for execution of the Strategic Plan through to 2013.
The first category of reforms to be taken into account is institutional in nature: On the European level, there has been the creation of the European Systemic Risk Board (ESRB) and the European Securities and Markets Authority (ESMA); nationally, mention can be made of the creation of a Conseil de la Régulation Financière et du Risque Systémique (COREFRIS), the creation of the ACP, on the Board of which the AMF Chairman has a seat, the very substantial reform of the AMF enforcement procedure provided for by the Banking and Financial Regulation Act, and also the consolidation of the budget situation of the AMF allowed by the Finance Act for 2011.
The second category of reforms is of a technical nature: Supervision of non-UCITS investment funds (AIFM Directive), the issue of consultations on the regulation of OTC derivatives or functioning of the markets (EMIR and the revision of MiFID), or the determination of the G20 under the French presidency to tackle the regulation of shadow banking and commodities markets.
Press release
© AMF - Autorité des Marchés Financiers
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