On 20 October 2026, the US Securities and Exchange Commission (“SEC“) and France’s Autorité des Marchés Financiers (“AMF“) announced a new Memorandum of Understanding (“MOU”) aimed at strengthening regulatory cooperation and information-sharing in relation to certain investment advisers, investment companies and investment service providers operating across the United States and France.
The MOU establishes a framework for consultation, cooperation and the exchange of supervisory information between the two regulators. Importantly, it is intended to facilitate SEC registration and supervision of AMF-supervised asset management companies wishing to conduct business in the United States as investment advisers.
Key takeaway
The SEC has confirmed that, in light of the new arrangement, it will resume processing both new and pending registration applications from AMF-supervised asset management companies.
For French asset managers considering entering or expanding in the US market, as well as firms with registration applications already pending, this is therefore an important development to monitor.
For further details, see the SEC announcement.
Our team is available to discuss the implications of the MOU and what it may mean for firms considering US registration or operating across the French and US regulatory frameworks.
