AMF Sanctions Portfolio Management Company and Former Director €500,000
On 10 December 2025, the AMF Enforcement Committee fined Novaxia Investissement €400,000 and its former director Joachim Azan €100,000 for breaches of professional obligations, including inadequate investment procedures, conflicts of interest, lack of transparency on distributor fees, and failings in client categorisation and anti-money laundering. The decision is subject to appeal.
Related updates
AMF publish report on major DORA incidents reported in 2025
On 24 September 2026, the AMF published a report analysing major ICT incidents reported in 2025 under DORA. The report provides supervisory insights into operational disruptions affecting financial-sector entities and highlights practical lessons for ICT risk management, incident classification, notification and operational resilience. While it does not introduce new obligations or deadlines, it provides useful supervisory evidence for firms reviewing their DORA incident-management frameworks.
23 Sep 2026
AMF, ACPR and France FinTech Announce Sixth French FinTech Weeks
France FinTech, the ACPR and the AMF have announced the programme for the sixth edition of the French FinTech Weeks, to be held from 29 September to 16 October 2026 in Paris, Toulouse, Lyon, Nice and online. The initiative brings together fintech entrepreneurs, supervisors, law firms, universities and innovation hubs to foster dialogue, share best practices and support partnerships. The organisers highlight an ecosystem now comprising more than 1,200 companies, 55,000 jobs, 15 unicorns and two stock market listings.
21 Sep 2026
AMF Mediator clarifies the treatment of internal procedures for PEA accounts
On 15 September 2026, the AMF Mediator published a case concerning the treatment of dividends from unlisted securities held in a French PEA. The Mediator found that an investor’s failure to follow an internal procedure established by the account provider could not, by itself, justify closing the PEA where the applicable regulatory rules had not been breached. The case highlights the need for firms to distinguish internal operational procedures from regulatory requirements and ensure that internal processes do not create unjustified adverse consequences for clients. The publication does not introduce a new regulatory obligation.
15 Sep 2026