ENINVESTMENT ADVISERS, FUNDS & CROSS-BORDER OVERSIGHT · OCTOBER 21, 2026
SEC and French AMF Expand Cross-Border Adviser Supervision
The SEC and France’s AMF signed a supervisory memorandum to support consultation and information-sharing for certain investment advisers, investment companies, and investment service providers operating across the two markets.
What the SEC and AMF announced
Source publication date: October 20, 2026. The U.S. Securities and Exchange Commission and France’s Autorité des Marchés Financiers announced a memorandum of understanding designed to facilitate consultation, cooperation, and information-sharing in the supervision of certain investment advisers, investment companies, and investment service providers operating in the United States and France. The announcement describes an oversight framework; it does not approve a specific adviser, fund, security, borrower, or investment.
- 01Information-sharing framework
- 02Registration processing resumes
- 03Investor diligence still applies
The arrangement supports cross-border supervisory work
The MOU is intended to help the regulators exchange information concerning entities they oversee across the two jurisdictions. The SEC said the arrangement facilitates its registration and supervision of AMF-supervised asset-management companies that seek to conduct business in the United States as investment advisers. Supervisory cooperation can improve regulatory visibility, but the press release does not remove applicable registration, disclosure, custody, marketing, fiduciary, tax, sanctions, privacy, or other legal requirements.
The SEC will resume processing affected applications
The SEC said it will process new and pending registration applications by AMF-supervised asset-management companies in light of the arrangement. Processing does not guarantee registration or a particular outcome, and registration is not the same as government approval of investment merit. Investors and counterparties should confirm current status in official records and read offering, advisory, custody, and governing documents for the specific product and relationship.
Practical borrower and investor takeaway
Map every adviser, manager, fund, special-purpose vehicle, custodian, administrator, lender, investor, and service provider by legal name and jurisdiction. Verify registration and disciplinary history where relevant; understand fees, liquidity gates, redemption rights, leverage, collateral, valuation, conflicts, reporting, currency, tax, and enforcement provisions. For a fund-level credit facility or portfolio-company financing, document borrowing authority, asset eligibility, cross-border cash movement, guarantees, and investor commitments with qualified advisers.
Investors and fund borrowers with U.S.–France exposure should verify each adviser, vehicle, jurisdiction, registration status, custody chain, governing documents, fees, liquidity, leverage, and reporting obligations rather than treating the supervisory MOU as an endorsement.
Discuss a financing need →This independent summary is based on the cited source and is provided for general educational purposes only. Terms and program requirements may change.