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 The AMF clarifies that withdrawn elements remain applicable through the 'apply or explain' framework.
Related updates
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
AMF Mediator Publishes 2025 Annual Report: Complaints Up 37%
The AMF's mediator, Rémi Bouchez, presented the 2025 annual report of the AMF Mediation service, recording 3,010 cases received (up 37% on 2024) and 2,772 cases closed (up 41%). The upward trend continues in the first half of 2026, with 1,865 cases filed (+31%). PEA transfer difficulties remain the leading cause of disputes, ahead of employee savings, SCPI and crowdfunding.
10 Sep 2026
AMF publishes SPOT findings on asset managers' telephone recording practices
The AMF has published the summary of its SPOT thematic inspections on telephone conversation recording at five French asset management companies, covering the period from 1 January 2023 to 31 December 2025. The review confirms a structural decline in telephone order transmission, but warns that marginal use of the channel does not reduce non-compliance risk and highlights both sound and deficient market practices. It sets out supervisory expectations on recording policies, retention, access controls, staff awareness and periodic monitoring.
10 Sep 2026