AMF contributions – 2021 Finance Bill

Beginning in 2019 reforms to the system of dues paid to the AMF led to a substantial increase in the contributions applicable to some smaller firms. The AMAFI lobbied for the system to be rebalanced, and the 2021 Finance Bill currently being discussed includes several amendments.

The aim is to reduce the flat-rate dues payable by firms providing only investment advice and/or order reception/transmission services. While the amounts are set by decree, not by legislation, the explanatory notes accompanying the bill offer some clarification: the annual flat-rate contribution will decrease from €30,000 to €10,000 for ISPs authorised in France and for third-country branches, while for EU branches it will be cut from €20,000 to €7,500. To offset the resulting reduction in contributions paid to the AMF, adjustments will be made to the base and contribution rate for ISPs that deal on own account, whose capital base will be lowered from €12 billion to €1.5 billion and whose contribution rate, set by decree, will be 0.063 per thousand.

Article 21 also introduces dues for two new sets of participants, namely issuers of initial coin offerings and digital asset service providers. The amount for ICO issuers will be set by decree, while it will be €1,000 for registered DASPs and €5,000 annually for DASPs that apply for approval.