Regulatory Issues > France

The AMF (Autorité des marchés financiers) in France has taken a number of steps supportive to independent research.

December 2004-July 2005: working group on independent investment research.

July 2005 publication of the working group’s report:

Rapport analyse financiere independante presente 27 juin
French Regulators Report On Independent Research - Our Summary (2005-06-27)

July-September 2005: public consultation on the report.

New regulation was draft by the AMF to authorise:

The unbundling of brokerage commissions;
The execution of Commission Sharing Arrangements (CSAs)

July-October 2006: public consultation on the AMF’s draft regulation

January 2007: the new draft regulation was approved by the AMF’s Board, consisting of (i) amendments to the AMF’s General Regulation and of (ii) an instruction by the AMF.

Q1 2007 the draft new regulation ratified by French Ministry of Finance

31 December 2007: the end of the soft commission arrangements in France.