Recovery, innovation and sustainable finance at the heart of the discussions at the AMF 2021 international seminar for financial market authorities

On 26 March 2021, the Autorité des marchés financiers (AMF) closed the 11th edition of its international seminar. More than 380 representatives of some 50 financial market authorities, members of the International Organization of Securities Commissions (IOSCO), met by videoconference during several meetings spread over two weeks.

The AMF brought together these authorities in a 100% digital format from March 16 to 26, 2021 to share their views and thoughts on the role of regulators in financing the recovery, particularly in the context of the Capital Markets Union, and on innovation and sustainable finance initiatives.

The AMF also exchanged views with its counterparts on how it conducts its core missions and how it responds to equally pressing issues such as financial stability in asset management, the regulator's data strategy, and raising awareness among retail investors about scams.

Making every effort to finance the recovery and build stronger, innovative and competitive capital markets

In his opening speech, AMF Chairman Robert Ophèle called for measures to facilitate economic recovery. He stressed the importance for companies to reduce their dependence on debt and to have the ability to raise capital quickly on the markets. Long-term investment is also key and requires attention to the risk profile and investment horizon of individual investors. Financial education is also an important issue for savers.

Furthermore, it is imperative to push forward the implementation of the Capital Markets Union Plan and at the same time strengthen the EU27 financial ecosystem to improve its efficiency. Robert Ophèle welcomed the European initiatives in the field of innovation whose objective is to remove certain regulatory obstacles and create a single market for crypto-assets.

Accelerating the transition to sustainable finance

The AMF Chairman also considered it crucial to take into account not only the financial impact of climate change on a company's activities, but also the impact of the company on the environment (the concept of double materiality). In this context, the revision of the Non-Financial Reporting Directive and EFRAG's work on the standardization of non-financial reporting are essential and should not be delayed or watered down. Robert Ophèle called for the creation of a European regulatory framework for the provision of ESG data, ratings and related services. He also called for the prevention of greenwashing through regulation, including via the establishment of a strong European framework with, in particular, a European label for sustainable funds.

• Speech by Robert Ophèle, AMF Chairman - AMF 2021 International Seminar