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 entered into a formal Memorandum of Understanding (MOU) designed to facilitate consultation and information-sharing in the supervision of certain investment advisers and investment companies regulated by the SEC and investment service providers supervised by the AMF.
This significant bilateral agreement establishes a comprehensive framework for consultation, cooperation, and the exchange of information between the two regulatory bodies in connection with investment service providers, investment advisers, and investment companies that operate concurrently in the United States and in France and are overseen by either the SEC or the AMF.
Of immediate and practical significance to the financial sector, the MOU directly facilitates the SEC’s registration and ongoing supervision of AMF-supervised asset management companies wishing to conduct business in the United States as investment advisers. Following the finalization of this agreement, the SEC announced that it will immediately resume processing new and pending registration applications submitted by AMF-supervised asset management companies in light of this new cooperative arrangement.
The resumption of these applications marks an important development for cross-border financial operations between the United States and France, removing previous administrative bottlenecks and providing a clear regulatory pathway for European asset managers seeking to expand their operational footprints into American capital markets.
“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, highlighting the broader economic implications of the agreement. “I thank our French colleagues for their cross-border collaboration and cooperation.”
The partnership underscores the ongoing efforts by regulatory authorities to harmonize oversight frameworks amidst an increasingly globalized financial environment. As capital flows continue to transcend national borders with greater frequency and volume, securities regulators face the dual challenge of fostering market growth and innovation while simultaneously maintaining rigorous standards of investor protection and market integrity.
Echoing Chairman Atkins’ sentiments, leadership from the French regulatory authority emphasized the mutual benefits of the agreement and its alignment with broader European and international financial goals.
“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 establishment of this comprehensive cooperative framework addresses the intricate compliance and supervisory challenges that arise when financial institutions operate across multiple distinct legal and regulatory jurisdictions. By formalizing channels for communication and mutual assistance, the SEC and the AMF aim to reduce regulatory friction, enhance transparency, and ensure that cross-border entities are held to high standards of accountability.
For the U.S. regulatory landscape, the agreement provides the SEC with enhanced visibility into the activities of foreign-supervised entities operating within domestic markets, leveraging the supervisory work already conducted by the AMF in France. Conversely, French asset managers gain a streamlined and predictable process for securing the requisite U.S. registrations, enabling them to offer their investment advisory services to American clients within a clearly defined legal framework.
Market analysts and legal experts have frequently pointed out that robust international cooperation agreements are vital components of modern financial infrastructure. As regulatory regimes evolve, formal understandings like the one reached between the SEC and the AMF serve to bridge jurisdictional gaps, preventing regulatory arbitrage while simultaneously promoting healthy international competition among financial service providers.
The immediate resumption of processing registration applications for AMF-supervised asset management companies is expected to clear a backlog of pending proposals that have awaited regulatory clarity. This development will likely be welcomed by industry participants who have sought to bridge their European expertise with opportunities in the expansive U.S. asset management sector.
As the implementation of the MOU begins, both the SEC and the AMF are expected to establish operational protocols to govern the day-to-day exchange of information and supervisory cooperation. These internal mechanisms will ensure that the commitments outlined in the agreement are effectively translated into practical, ongoing oversight that benefits both regulatory institutions and the broader investing public.
Last Reviewed or Updated: Oct. 20, 2026
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