Washington D.C., Oct. 20, 2026 — The U.S. Securities and Exchange Commission (SEC) and the French Autorité des Marchés Financiers (AMF) announced today that they have officially entered into a landmark Memorandum of Understanding (MOU). This agreement is specifically designed to facilitate robust consultation and information-sharing in the supervision of certain investment advisers and investment companies regulated by the SEC, alongside investment service providers that are supervised by the AMF.
The establishment of this international regulatory framework represents a significant step forward in transatlantic financial cooperation. By creating clear pathways for communication between American and French regulatory bodies, the MOU sets a comprehensive foundation for consultation, cooperation, and the reciprocal exchange of information. This applies directly to investment service providers, investment advisers, and investment companies that operate simultaneously in the United States and in France and are overseen by either the SEC or the AMF.
Crucially, the practical implementation of this agreement immediately impacts market access and operational procedures. In particular, the MOU facilitates the SEC’s ongoing registration and supervision of AMF-supervised asset management companies that are wishing to conduct business in the United States as investment advisers. As a direct result of this newly minted arrangement, the SEC announced that it will immediately resume processing new and pending registration applications submitted by these AMF-supervised asset management companies, clearing a pathway that had previously encountered administrative and regulatory bottlenecks.
Regulatory leaders from both sides of the Atlantic emphasized the broader significance of the agreement for global financial markets, investor protection, and cross-border commercial opportunities.
"This MOU exemplifies the necessary spirit of cooperation in securities regulation to expand opportunity and ensure our global markets thrive in ways that are flexible, innovative, and protective of investors worldwide," said SEC Chairman Paul S. Atkins. In acknowledging the collaborative effort required to finalize the agreement, Chairman Atkins added, "I thank our French colleagues for their cross-border collaboration and cooperation."
The sentiment was strongly echoed by leadership in Paris, highlighting the mutual dedication to maintaining robust oversight while fostering a dynamic international capital market environment.
"আমরা welcome this MOU which marks a further step in strengthening cooperation between our two authorities and reflects our shared commitment to contribute to the development of our capital markets while safeguarding the integrity and resilience of the financial system and ensuring effective investor protection," said AMF Chair Marie-Anne Barbat-Layani.
The finalization of this agreement bridges key operational frameworks governing cross-border asset management. Historically, asset management firms seeking to expand their operational footprint across different regulatory jurisdictions often face complex compliance hurdles, dual oversight requirements, and intricate application processes. By establishing a formalized bilateral understanding, the SEC and the AMF have effectively streamlined the regulatory pathway for qualified French asset management entities looking to offer their expertise and services to clients within the United States market.
This cooperative arrangement also reinforces the supervisory capabilities of both agencies. In an increasingly interconnected global economy, financial regulators face the ongoing challenge of overseeing multi-jurisdictional entities whose activities span international borders. The framework established by the MOU ensures that the SEC and the AMF can effectively share relevant supervisory data, coordinate oversight activities where appropriate, and maintain heightened vigilance against potential market risks. This cooperative mechanism is intended to bolster confidence among institutional and retail investors alike, ensuring that firms operating across both the American and French markets adhere to the highest standards of regulatory compliance and fiduciary responsibility.
Furthermore, the resumption of registration processing by the SEC marks an important milestone for applicant firms that have awaited clarity on their U.S. market entry strategies. With the formalization of the MOU, these AMF-supervised entities now possess a predictable and structured regulatory environment through which their pending and future applications will be evaluated. This development is expected to inject renewed momentum into transatlantic financial services activity, allowing established European asset management firms to expand their global reach while providing American investors with access to a broader array of international investment products and specialized expertise.
As regulatory authorities continue to adapt to the evolving needs of the global financial architecture, agreements such as the SEC-AMF Memorandum of Understanding serve as essential tools for harmonizing international standards without compromising local regulatory mandates. The structured dialogue and information-sharing protocols codified in the agreement ensure that both the SEC and the AMF remain well-equipped to navigate the complexities of modern cross-border finance.
Last Reviewed or Updated: Oct. 20, 2026
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