Robert Ophèle, chair of France’s financial regulator Autorité des marchés financiers (AMF) presented the regulator’s priorities for action and supervision for 2020.
Chief among those priorities is managing Brexit because that is when the United Kingdom is expected to leave the European Union. “Over and above the adaptation of the various third-country regimes to the specific case of the United Kingdom, Brexit must incite us to rethink our own financial regulations in order to make our financial system more efficient, better integrated and more attractive,” he said.
Digital technology was also mentioned: the competitiveness of European financial centres by supporting the construction of a European framework that is conducive to innovation and which at the same time maintains retail investor trust in investment offers by stepping up the fight against financial fraud.
At the same time, the AMF intends to continue its transformation in particular by the digitalization of its processes and the use of data. In 2020, reporting data on securities financing transactions (obligations under the SFTR Regulation) will thus be incorporated into ICY, the monitoring tool developed by the AMF.
After successful initial trials, the AMF will also be deploying a new tool for detecting fraudulent websites based on artificial intelligence: the fight against scams and more generally the protection of savings remains a major priority of the regulator.