meta_id 3269649

On June 24, 2026, the Autorité des Marchés Financiers (AMF) introduced a new methodology for document-based inspections of financial investment advisors (FIAs). The new inspection framework, known as CORE (Campagne d'Observation des Risques et d'Enseignements, or Risks and Lessons Observation Campaign), strengthens the AMF's supervisory approach by combining risk-based targeting with alignment to the regulator's supervisory priorities. CORE inspections are document-based reviews conducted across a broad panel of supervised companies over multiple annual campaigns. The methodology enables the AMF to conduct targeted supervisory initiatives, including analyses of annual data, website reviews, and face-to-face meetings. Inspections that do not result in on-site visits conclude with observation letters and analysis grids sent to the inspected FIA and, where applicable, to the FIA's professional association. This approach supports market participants' compliance efforts and aligns professional associations' supervisory practices with those of the AMF. Between June and December 2025, the AMF Inspection Department conducted 15 CORE inspections across two campaigns. Key findings identified several areas requiring improvement. FIAs demonstrated inconsistent practices regarding the quality and clarity of cost and fee information provided to clients, with gaps in personalised cost statements and cumulative impact disclosure. Regarding sustainability preferences—a requirement introduced on January 1, 2023—73 percent of inspected FIAs included sustainability questions in their know-your-customer processes, though one-third failed to address all three regulatory areas: European taxonomy alignment, sustainable investments under the Sustainable Finance Disclosure Regulation (SFDR), and principal adverse impacts. Additionally, inspections revealed significant scope for improvement in anti-money laundering and counter-terrorism financing (AML/CFT) compliance, particularly in risk classification systems and client identity verification procedures. The AMF intends to publish annual summaries of lessons learned from CORE inspection campaigns.