The US Securities and Exchange Commission and the French Autorité des Marchés Financiers announced they have reached a Memorandum of Understanding to improve consultation and information-sharing on investment advisers, investment companies and related financial service providers operating across both nations.
The agreement establishes a formal framework for the two regulators to cooperate and exchange data about investment service providers, investment advisers and investment companies that work in the US and France under either authority's oversight. The arrangement is particularly designed to streamline the process by which French asset management companies supervised by the AMF can register and operate in the United States as investment advisers. The SEC said it will evaluate new and pending registration applications from AMF-supervised asset managers in light of this cooperation agreement.
Paul S. Atkins, SEC Chairman, said the arrangement demonstrates the kind of coordination needed in securities regulation. "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," he stated. "I thank our French colleagues for their cross-border collaboration and cooperation."
Marie-Anne Barbat-Layani, Chair of the AMF, said the agreement advances the working relationship between the two authorities. "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," she said.
For US investors, the agreement means that French-based asset managers entering the American market will operate under an established regulatory framework that involves information-sharing between US and French authorities.