Key Takeaways
- • The U.S. Securities and Exchange Commission and France's Autorité des Marchés Financiers (AMF) signed a supervisory memorandum of understanding on October 20, 2026, to facilitate consultation and information-sharing in overseeing investment advisers and investment service providers.
- • The MOU covers French credit institutions and investment firms that are, or have applied to become, SEC-registered security-based swap dealers or major security-based swap participants, according to background material reviewed for the report.
- • Provisions include consultation, information sharing, access to books and records, and coordinated on-site inspections.
- • The MOU is non-binding and does not supersede domestic law.
- • The announcement builds on earlier SEC-France and AMF-U.S. regulatory arrangements, including French substituted compliance arrangements approved by the SEC in July 2021 and an AMF-CFTC memorandum of understanding from October 2023.
Summary
The U.S. Securities and Exchange Commission and France's Autorité des Marchés Financiers said on October 20, 2026, that they had entered into a supervisory memorandum of understanding designed to facilitate consultation and information-sharing in the supervision of investment advisers and investment service providers, according to the SEC's announcement.
The announcement extends an existing framework of cross-border regulatory cooperation between the SEC and French authorities. The AMF and U.S. regulators have previously signed arrangements covering cross-border supervision and derivatives oversight, including SEC-approved French substituted compliance arrangements announced in July 2021 and an AMF-CFTC memorandum of understanding announced in October 2023.
Background material indicates the supervisory MOU is intended to cover French credit institutions and investment firms that are, or have applied to become, SEC-registered security-based swap dealers or major security-based swap participants. It provides for consultation, information sharing, access to books and records, and coordinated on-site inspections. The material also states the MOU does not create legally binding obligations and does not supersede domestic law.
The available source text does not include the full scope, implementation details, or effective date beyond the October 20, 2026 announcement. No market data was provided with the report.
The announcement extends an existing framework of cross-border regulatory cooperation between the SEC and French authorities. The AMF and U.S. regulators have previously signed arrangements covering cross-border supervision and derivatives oversight, including SEC-approved French substituted compliance arrangements announced in July 2021 and an AMF-CFTC memorandum of understanding announced in October 2023.
Background material indicates the supervisory MOU is intended to cover French credit institutions and investment firms that are, or have applied to become, SEC-registered security-based swap dealers or major security-based swap participants. It provides for consultation, information sharing, access to books and records, and coordinated on-site inspections. The material also states the MOU does not create legally binding obligations and does not supersede domestic law.
The available source text does not include the full scope, implementation details, or effective date beyond the October 20, 2026 announcement. No market data was provided with the report.
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