AMF Warns on AIF Classification of Bond-Issuing Investment Vehicles
The French AMF warns that investment vehicles issuing bonds may be classified as Alternative Investment Funds (AIFs) based on their economic characteristics, not the legal form of securities. Recent French Council of State and AMF Sanctions Commission decisions confirmed that marketing such vehicles to retail investors without prior AMF authorization is illegal. Financial investment advisers (CIFs) must ensure compliance, as they cannot reclassify retail clients as professionals.
Related updates
The AMF now publishes executive disclosures in French and English
AMF makes managers' transaction declarations available in French and English: The AMF will now publish managers' transactions declarations in both French and English, improving access to market transparency information for international investors and stakeholders.
28 Aug 2026
AMF Warns Investors of Fake News Articles Promoting Fraudulent Trading Platform BitKeltTrade
The French AMF has issued a public warning about a surge in fake news websites impersonating major French media outlets and public figures to promote an unlicensed trading platform, BitKeltTrade. The regulator has blacklisted bitkelttrade.com and several lookalike domains, and urges investors not to respond or share their contact details.
19 Aug 2026
AMF Publishes Updated Consolidated Recommendation on Corporate Governance and Executive Pay (DOC-2012-02)
The AMF has issued a revised and consolidated version of its DOC-2012-02 recommendation on corporate governance and executive remuneration for listed companies referring to the AFEP-MEDEF code. The update integrates doctrine from the AMF's 2024 and 2025 corporate governance reports, removes 45 items now reflected in the AFEP-MEDEF code or HCGE application guide, and harmonises presentation. The AMF clarifies that withdrawn elements remain applicable through the 'apply or explain' framework.
04 Aug 2026