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 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 regulatory development marks a new phase of transatlantic cooperation between American and French financial watchdogs, establishing clear pathways for cross-border financial operations and oversight.
The newly established MOU creates a comprehensive framework for consultation, cooperation, and the exchange of information between the SEC and the AMF. This cooperative structure specifically connects 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. By bridging the regulatory gap between the two distinct jurisdictions, the agreement aims to streamline administrative processes while maintaining rigorous standards of oversight.
Crucially, the MOU facilitates the SEC’s registration and supervision of AMF-supervised asset management companies wishing to conduct business in the United States as investment advisers. As a direct result of this new framework, the SEC will process new and pending registration applications by AMF-supervised asset management companies in light of this arrangement. This procedural shift is expected to clear a backlog of applications and provide much-needed clarity for French asset managers seeking to expand their operations into the lucrative U.S. market, while ensuring that American regulators have reliable access to information from their French counterparts.
"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. "I thank our French colleagues for their cross-border collaboration and cooperation." Chairman Atkins’ remarks underscore the ongoing importance of international partnerships in maintaining the stability and adaptability of modern financial markets, particularly as investment firms increasingly operate across multiple continents and regulatory boundaries.
Echoing these sentiments, AMF Chair Marie-Anne Barbat-Layani highlighted the mutual benefits of the agreement for European firms and international capital markets. "We 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. Her statement emphasizes that while the agreement aims to foster economic growth and market expansion, it remains firmly anchored in the core regulatory mission of protecting investors and preserving the systemic integrity of both the French and American financial landscapes.
The formalization of this agreement builds upon a long history of bilateral and multilateral dialogues between U.S. and European securities regulators. In an increasingly globalized economy, institutional investors, asset managers, and retail participants alike benefit from harmonized or at least interoperable regulatory standards. When regulatory authorities can freely share supervisory information and consult on compliance matters, it reduces the risk of regulatory arbitrage, where firms might otherwise attempt to exploit discrepancies between different national jurisdictions. Furthermore, the ability of the SEC to rely on the robust supervision already provided by the AMF allows U.S. regulators to allocate their own supervisory resources more efficiently, focusing on entities that pose the highest risk to domestic markets.
For French asset management companies, the resumption of application processing by the SEC represents a major milestone. Many firms have faced prolonged waiting periods while navigating the complex intersection of U.S. federal securities laws and European regulatory frameworks. With the MOU now in effect, these companies have a clear, cooperative channel through which their registration applications can be evaluated. This framework provides reassurance that both the SEC and the AMF are working in tandem to address cross-border compliance questions, resolve supervisory inquiries, and ensure that firms meet the stringent fiduciary and operational standards required to operate in the United States.
As global financial markets continue to evolve in response to technological advancements, changing economic conditions, and shifting investor demands, regulatory frameworks must adapt accordingly. The agreement between the SEC and the AMF demonstrates how international regulatory bodies can forge practical solutions to facilitate cross-border business without compromising investor safety or market transparency. By establishing predictable mechanisms for information-sharing and ongoing supervision, the SEC and the AMF have laid a solid foundation for continued economic cooperation between the United States and France in the years ahead.
Last Reviewed or Updated: Oct. 20, 2026
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