The US Securities and Exchange Commission and France’s Autorité des Marchés Financiers have signed a memorandum intended to improve consultation and information-sharing when supervising investment firms operating across the two countries.
The arrangement, announced on 20 October 2026, covers certain investment advisers and investment companies regulated by the SEC, alongside investment service providers supervised by the French authority.
What does the new memorandum do?
The memorandum establishes a framework for the regulators to consult, cooperate and exchange supervisory information. It is designed for firms whose operations or regulatory status connect the US and French markets.
Cross-border supervision can otherwise be slowed by differences in legal structures, terminology and access to records. A formal process gives each authority clearer channels for requesting information and understanding the other’s oversight.
Why does this matter for French asset managers?
The SEC said the arrangement will facilitate registration and supervision of asset-management companies overseen by the AMF that want to operate in the United States as investment advisers.
The US regulator will resume processing new and pending registration applications from those firms in light of the framework. That does not guarantee registration; applicants still have to meet relevant requirements and respond to the SEC’s review.
How could investors benefit?
International investment businesses may serve clients, manage funds or hold information in more than one jurisdiction. Regulators need enough visibility to identify operational weaknesses, conflicts and compliance problems even when activity crosses borders.
Better cooperation can reduce blind spots and duplicated requests. It may also help authorities respond more quickly when records or responsible personnel sit in the other country.
Does the agreement create new rules for funds?
The announcement describes a supervisory memorandum, not a new statute or a single merged rulebook. US and French firms remain subject to the laws and regulators that apply to their activities.
Memoranda of understanding typically explain how authorities will work together rather than replacing domestic regulation. Firms should therefore read the underlying text and obtain appropriate advice for their particular structure.
What information could be shared?
The SEC’s summary says the framework supports consultation, cooperation and exchange of information in connection with supervised firms. The exact handling of confidential information, permitted uses and safeguards is governed by the memorandum and applicable law.
Those details matter because effective supervision must coexist with protections for commercially sensitive material and personal data. A credible arrangement needs both useful access and disciplined controls.
What happens next?
The immediate practical change is renewed processing of relevant French asset managers’ SEC applications. Over time, the value of the agreement will be measured by how efficiently authorities coordinate examinations and resolve questions without lowering investor protections.
Businesses should not assume the memorandum removes compliance work. It is better understood as regulatory infrastructure that may make cross-border oversight more predictable.
Reporting basis
This article is based on the SEC’s 20 October 2026 announcement. Ferdiox has not inferred obligations beyond the published description; this article is not legal or investment advice.
Featured image: Matthew Henry via Unsplash.