SEC and France’s AMF Sign Supervisory MOU, Resume Adviser Applications
The SEC and France's AMF signed a supervisory MOU to share information and resume processing French asset managers' U.S. registration applications in 2026.
Summary
The SEC and France’s Autorité des Marchés Financiers announced supervisory MOU 2026-108 on Oct. 20, 2026, establishing consultation, cooperation and information sharing for certain SEC regulated investment advisers and investment companies and AMF supervised investment service providers operating in the United States and France.
The arrangement specifically supports SEC registration and supervision of AMF supervised asset management companies seeking to operate as U.S. investment advisers. The SEC will resume processing their new and pending registration applications under the framework. SEC Chairman Paul S. Atkins said the cooperation should expand market opportunities while protecting investors, while AMF Chair Marie-Anne Barbat-Layani cited capital market development, financial system integrity and resilience, and investor protection.
Positives
- New and pending SEC registration applications from AMF supervised asset management companies will be processed under the new arrangement.
- The MOU creates a comprehensive framework for consultation, cooperation and information exchange between the SEC and AMF.
- AMF supervised asset managers seeking U.S. investment adviser status gain a defined channel supporting SEC registration and supervision.
- The framework covers regulated firms operating in both the United States and France, strengthening oversight across the two markets.
Risks & concerns
- The MOU applies only to certain investment advisers, investment companies and investment service providers overseen by the SEC or AMF.
- The Oct. 20, 2026 release provides no timetable for processing new or pending registration applications.
- The SEC disclosed neither the number of affected applications nor the asset managers seeking registration.
- The MOU facilitates registration and supervision but does not itself approve any AMF supervised asset manager’s U.S. application.
