SEC and France’s AMF Sign Supervisory Cooperation Agreement

The U.S. Securities and Exchange Commission (SEC) and France’s Autorité des Marchés Financiers (AMF) have signed a memorandum of understanding to coordinate supervision and exchange information about certain investment advisers, investment companies and investment service providers operating in the United States and France. The agreement establishes a framework for consultation and cooperation between the two regulators. The arrangement specifically supports the SEC’s registration and supervision of asset management companies supervised by the AMF that seek to operate in the United States as investment advisers. The SEC said it will process both new and pending registration applications from those firms in light of the agreement. SEC Chairman Paul S. Atkins said the memorandum reflects cross-border cooperation intended to expand opportunity while supporting innovation and investor protection. AMF Chair Marie-Anne Barbat-Layani said the agreement strengthens cooperation between the authorities and reflects a shared commitment to capital-market development, financial-system integrity and resilience, and effective investor protection.