The ACPR and AMF have issued joint guidance for financial advisers on incorporating clients’ sustainability preferences when recommending investment products, including equities, funds, and ETFs.

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The AMF said the initiative provides practical support for professionals in sustainable finance and strives to “meet the expectations of retail investors.”

Retail Sustainability Preferences Addressed in Guidance

Under MiFID II and the Insurance Distribution Directive, advisers are required to consider sustainability criteria alongside clients’ financial profiles, risk tolerance, and investment objectives.

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Authorities noted that advisory processes often fall short of regulatory standards, as many clients do not provide detailed sustainability preferences. To address this, advisers may use simplified questionnaires that align with rules and present predefined sustainability options clearly. They can also propose products that closely match revised client preferences if initial choices are unavailable.

The guidance aims to update advisory processes while ensuring that sustainability preferences are taken into account. It also encourages professionals to pursue training in sustainable finance.

France Approves First Blockchain-Based Stock Exchange

France’s financial regulator, the AMF, approved operating rules for LISE SA, the country’s first stock exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term built entirely on blockchain. The platform will let small and mid-sized companies list tokenized shares for direct retail investor trading under the EU Pilot Regime.

LISE combines trading and settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term on a single infrastructure, allowing real-time ownership recording on the blockchain. Retail participants must pass a knowledge test before trading.

The platform targets French SMEs with market capitalizations under €200 million and imposes a €6 billion total cap. Final authorization from French banking regulators is still pending.

AMF Increases Oversight Against Fraud

Alongside innovations like blockchain trading, the AMF continues strict enforcement against fraudulent activity. In 2024, investment scam victims lost an average of €29,500, with younger investors most affected.

Enforcement actions included €26.5 million in fines, 12 disciplinary measures, and the shutdown of 181 fraudulent websites.

The authority opened 56 investigations and handled over 13,000 consumer inquiries, noting that social media had become a key channel for scams and that high-profile schemes targeted retail investors through misleading promotions and unauthorized platforms.