AMF France Sets Out Work Priorities for 2023, Issues Other Updates
AMF France, the financial market regulator of France, has set out its supervisory priorities for 2023. The regulator also announced proposals for opening up financial data on investors, as part of the European Commission work on an open finance framework.
As part of the work priorities in 2023, AMF plans to continue to support financial players in implementing the new legislation, including the European Regulation on Markets in Crypto-assets (MiCA). It will review the first reports by listed companies on their economic activities that are considered environmentally sustainable and assist the financial market to prepare for implementation of the Corporate Sustainability Reporting Directive (CSRD). AMF will also advocate in favor of a clarification of texts to ensure their proper application and to better combat the risk of greenwashing. Moreover, AMF will continue to secure its enforcement policy and adapt its tools to keep pace with changes in behavior and technology. AMF will step up its use of data, while continuing to experiment with the possibilities offered by artificial intelligence technologies. With regard to supervisory priorities for investment management companies, AMF focuses on themes related to cybersecurity arrangements, application of Sustainable Finance Disclosure Regulation (SFDR), the quality of reporting data, and environmental, social and governance (ESG) reporting of benchmark administrators.
With respect to the openness of financial data, AMF proposes to offer financial data openness in a secure framework that upholds the fundamental principles and rights of data protection laid down by law. The regulatory framework for data openness should seek to facilitate competition in the provision of financial services on a level playing field for incumbent service providers and also provide a framework to secure the use of data stored by financial services providers, primarily to enhance the fight against fraud. AMF has identified potential use cases, including the creation of dashboards providing a consolidated and dynamic view of financial savings as well as the possibility of making the investor's complete profile and sustainability preferences available.
Keywords: Europe, France, Banking, Securities, ESG, Sustainable Finance, Open Finance, Regtech, Cryptoassets, MiCA, Greenwashing, CSRD, Artificial Intelligence, SFDR, Reporting, AMF France
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