SEC, French regulator reopen path for asset managers
By Staff Writer · Published 10/21/2026, 5:05:00 AM ET
A new supervisory agreement allows the SEC to resume processing registration applications from French asset managers while setting rules for regulatory information-sharing.
The U.S. Securities and Exchange Commission and France’s Autorité des Marchés Financiers agreed October 20 to share information and consult on the oversight of firms operating across the two countries’ markets.
The memorandum applies to a defined group of SEC-regulated advisers and funds and to service providers overseen by the AMF. It establishes a framework for consultation, cooperation and exchanges of supervisory information when firms operate in the United States and France.
The immediate operational change concerns French asset management companies supervised by the AMF that want to register as U.S. investment advisers. The SEC said it will process new and pending applications in light of the arrangement. The announcement did not identify applicants, set an approval timetable or guarantee that any application will be granted.
SEC Chair Paul Atkins and AMF Chair Marie-Anne Barbat-Layani described the agreement as a way to support cross-border market development while protecting investors and financial-system integrity. Those are the regulators’ stated objectives; the release does not report compliance-cost estimates or forecast how many firms will use the arrangement.
What it means
The agreement changes the supervisory channel, not the substantive outcome of an individual registration review. A French manager seeking U.S. business may now move through the SEC application process under a cooperation framework with its home regulator, while remaining subject to each authority’s rules and review.
For investors and clients, the practical benefit is that the two agencies have a formal route for consultation and information exchange about covered firms. What remains unresolved is how quickly pending cases will move and how broadly the agreement will affect market access; the SEC announcement supplies no volume or timing data.
Source
This State & Nation summary is based on U.S. Securities and Exchange Commission’s original release, dated 2026-10-20. The reporting and statistics above are attributed to that publication.