pc
nid 91699
Apr 02, 2026
tojuri@vixio.com
France
Autorité des Marchés Financiers
financial services
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1774 charsFrance's Financial Markets Authority Publishes Findings of Compliance and Internal Control Inspections at Asset Management Companies
On March 31, 2026, the Autorité des Marchés Financiers (AMF) published the findings of its SPOT (Supervisory Programme for Ongoing Targeted) inspections examining the compliance and internal control functions within asset management companies (AMCs).
The inspection campaign focused on five AMCs and formed part of the European Securities and Markets Authority (ESMA) common supervisory action for the 2025 financial year. The campaign built on a previous SPOT inspection conducted in 2020, which had examined the outsourcing of internal control functions. Prior to the inspection phase, the AMF conducted an initial analysis phase using a questionnaire distributed to a broader population of 41 financial market participants to establish baseline data before inspecting the five selected AMCs.
The SPOT inspection programme is designed to assess compliance with regulatory requirements and the effectiveness of internal control systems across the asset management sector. By examining these functions, the AMF aims to identify potential gaps, risks, and areas for improvement in how AMCs manage regulatory compliance and maintain adequate internal controls. The findings from this campaign contribute to ESMA's coordinated supervisory approach across European member states and inform the AMF's ongoing supervision of the asset management industry.
The published summary of findings is available for download from the AMF website, providing market participants and stakeholders with insights into current compliance and control practices within the sector.
REFERENCES:
Autorité des Marchés Financiers. (2026, March 31). Summary of SPOT inspections of the compliance and internal control functions within asset management companies. Retrieved from AMF official website.
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2828 charsFrench Financial Markets Authority Publishes Summary of Thematic Review of the Compliance and Internal Control System within Asset Management Companies
On March 31, 2026, the French Financial Markets Authority (AMF) has published a summary of its Operational and Thematic Supervision of Practices (SPOT) inspection examining the compliance and internal control functions within asset management companies (AMCs).
The AMF inspected five AMCs with different profiles in terms of size, organisation and strategy, and the summary outlines the inspection findings, the good and poor practices observed, and the regulatory framework on which the AMF based the inspections.
The investigation focused on areas within the AMC’s compliance and internal control systems, including:
Organisation, and human and technical resources dedicated to the compliance and internal control function - the AMF observed that all of the AMCs inspected had identified these functions, which were usually entrusted to a chief compliance and internal control officer with direct access to senior management.
Control plans governing the conduct of internal control - the AMF found that there were varying levels of maturity, with some companies lacking a formalised plan that covered all material risks.
Follow-up on recommendations resulting from internal controls or external audits - the AMF found that these were sometimes only partially implemented.
Periodic control - the AMF expects AMCs with significant assets and complex activities under management and staff to set up an independent periodic control function.
Reporting to senior management - the AMF found that senior management at all inspected AMCs receive a report at least once a year providing an overview of the recommendations issued by the internal control function.
Quality of the regulatory data sent to the AMF - the AMF found shortcomings in the quality of the regulatory information recieved, particularly in annual disclosure sheets, despite senior managers of the inspected companies being involved in the process of validating these documents.
Among the good practices, the AMF identified:
Introducing a detailed training plan indicating the target audience and topics covered, which facilitates more effective monitoring of employee compliance skills.
Asking each operational team to update the risk map so that it accurately reflects the entity's risk areas.
ensuring that the Chief Compliance and Internal Control Officer participates, in decision-making bodies and management bodies, and that they are effectively present at the meetings of these bodies.
Conversely, the AMF identified poor practices, such as:
Not including the results of recent audits on the same topic when preparing a periodic control report.
Entrusting responsibility for a key internal procedure to an external employee.
Failing to include the rules and timetable for the intervention of the compliance team when a new project is created.