The Autorité des Marchés Financiers (AMF), France’s financial markets regulator, has recently issued a series of critical updates aimed at safeguarding investors and ensuring the integrity of financial markets.
These updates address unauthorized investment schemes, unregulated financial activities, and the oversight of asset management companies, reflecting the AMF’s ongoing commitment to investor protection and market
On August 1, 2025, the AMF issued a public warning against several entities offering investments in miscellaneous goods without proper authorization.
These “atypical investments” include assets like wine, gold, livestock, and diamonds, which are often marketed as lucrative opportunities but carry significant risks due to their unregulated nature.
The AMF maintains a blacklist of unauthorized websites and entities, which has grown substantially since its inception in 2017, when it began targeting illegal diamond investment schemes.
Since January 1, 2024, the AMF has added seven new websites to this list, including four in the gold category, bringing the total to over 400 unauthorized internet addresses across various asset classes.
The AMF emphasizes that any offer to invest in miscellaneous assets must be registered with the regulator to be legally marketed in France.
A whitelist of registered offers is available on the AMF’s website, providing investors with a tool to verify legitimate opportunities.
The regulator advises the public to consult this list and the blacklist to avoid falling victim to scams.
These lists, while regularly updated, are not exhaustive, as new unauthorized actors emerge frequently.
In a joint effort with the Autorité de Contrôle Prudentiel et de Résolution (ACPR), the AMF issued a warning on July 29, 2025, targeting entities offering investments in the unregulated foreign exchange (Forex) market and crypto-asset derivatives without authorization.
Since the beginning of 2024, the regulators have identified 37 unauthorized websites in the Forex category and 37 in the crypto-asset derivatives category, highlighting the growing prevalence of fraudulent platforms.
The AMF and ACPR urge investors to verify the legitimacy of financial intermediaries using the register of authorized investment service providers or the list of financial investment advisors and crowdfunding intermediaries.
Unauthorized entities often fail to comply with basic investor protection rules, leaving clients vulnerable to significant financial losses.
The regulators’ blacklists, available on the AMF, ACPR, and ABEIS websites, serve as critical resources for investors to avoid unregulated platforms.
Earlier, the AMF issued a specific warning about unauthorized entities offering crypto-asset investments.
The regulator has noted a surge in fraudulent schemes, such as those promoted by Immediate Connect, which has drawn numerous investor complaints.
The AMF advises extreme caution, as these entities operate outside regulatory oversight, posing risks of fraud and financial loss.
Investors are encouraged to consult the AMF’s blacklist and verify providers’ authorization status to ensure compliance with French regulations.
In a separate development, the AMF published a summary of its SPOT inspections on June 18, 2025, focusing on the voting and engagement policies of asset management companies.
These inspections aim to ensure that firms adhere to proper governance practices, particularly in how they exercise voting rights and engage with issuers on behalf of investors.
The findings underscore the AMF’s commitment to promoting transparency and accountability in the asset management sector, reinforcing investor confidence in regulated financial products.
The AMF, in collaboration with the ACPR, continues to play a pivotal role in protecting investors from fraudulent and unregulated financial activities.
By maintaining and updating blacklists, issuing public warnings, and conducting rigorous inspections, the regulators are working to create a safer investment environment.
Investors are urged to exercise due diligence, verify the authorization of financial intermediaries, and consult official resources to avoid falling prey to scams.
As the financial landscape evolves, the AMF’s proactive measures remain essential in safeguarding savings and ensuring the orderly operation of markets.
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