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France’s AMF sets out to attract UK firms with passport offer

The French financial regulator, the Autorité des Marchés Financiers (AMF), is attempting to attract UK financial services firms to set up in Paris and gain access to the single EU market.

The AMF says firms can start to open offices in just two weeks from starting the ‘Agility’ programme.

The regulator is touting the single European passport as an attraction, though makes no mention of the UK’s Brexit vote in its official announcement.

Agility targets management firms and fintech companies that fall under the AMF’s jurisdiction. The two-week starting process is one element and is known as the “2WeekTicket”. It means firms can supply an authorisation from the Financial Conduct Authority and fill out a standardised form from the AMF to receive “pre-authorisation” in two weeks.

Agility also offers access to English-speaking “coaches” at the AMF to help with understanding regulations.

“With Agility, the AMF proposes to let firms work within its ‘regulatory soundbox’, referring to sound rules giving access to European passports, which gives them a firm footing from which to innovate and oversight that is proportional to their activities,” said the AMF.

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