French regulator launches program to draw UK asset managers and fintechs
The Autorité des Marchés Financiers (AMF) has launched a “welcome programme” called Agility that aims to guide financial companies through the French authorisation process.
It will provide a range of services, notably helping financial firms authorised in the UK set up in France.
AMF targets firms based in the UK looking to locate some or all of their business in continental Europe to gain access to the single market and the European passport, primarily assets managers and fintechs.
The program relies, among others, on the 2WeekTicket through which asset management firms and fintechs can supply an authorisation from the Financial Conduct Authority and fill out a standardised form from the AMF to receive “pre-authorisation” in just two weeks.
“The notice will certify that the companies are believed to meet the conditions for receiving a definitive authorisation.
“It will allow them to get a head start on the work of opening new offices, such as searching for a suitable location. The authorisation giving access to the European passport will be issued two months later, provided of course that the applicant meets all of the requirements,” AMF explained.
Coaches will be help applicants understand the regulations and statutes that apply to their planned activities, starting with the pre-authorisation period and continuing through the six-month monitoring period following authorisation, AMF specified.