• France's AMF calls for a more ambitious EU savings and investment policy, diverging from current RIS proposals.
  • Key sticking points include inducements bans and value-for-money assessments as trilogue negotiations approach.
  • The Council of the EU has published comparison tables highlighting institutional differences ahead of crucial talks.

France Takes Stand Against EU Retail Investor Plan

France's financial regulator has positioned itself as a vocal critic of the European Union's Retail Investment Strategy (RIS), with the Autorité des Marchés Financiers (AMF) pushing for what it describes as a "more ambitious" approach to savings and investment policy. The move comes as EU institutions prepare for decisive trilogue negotiations on the controversial package.

"We need rapid and concrete progress in this area," an AMF spokesperson told reporters, though declined to specify what form this ambition should take. The regulator's stance puts France at odds with some of its European counterparts as the clock ticks toward implementation deadlines.

The Battle Over Inducements

At the heart of the dispute lies the proposed restrictions on inducements for execution-only services - a measure that appears increasingly unlikely to survive negotiations. Financial Services Commissioner Maria Luis Albuquerque has already signaled retreat on the issue, with both Parliament and Council aligned against a complete ban. "The inducements debate has become a political football," noted one Brussels-based lobbyist who asked not to be named due to the sensitivity of ongoing talks.

Value-for-money assessments have emerged as another flashpoint, with institutions divided on whether benchmarks should be made public. The Council favors transparency while Parliament argues for confidentiality - a technical disagreement that could have significant market consequences.

Road to Trilogue

With comparison tables now published by the Council, negotiators have a clearer picture of the institutional fault lines. The documents reveal substantial differences that will need bridging when talks begin in earnest next month. Meanwhile, simplification proposals on disclosures and suitability requirements are expected by late April, adding another layer of complexity to an already crowded agenda.

Market participants are watching closely. "This isn't just about investor protection - it's about shaping the future flow of European capital," said a Paris-based asset manager who requested anonymity. As France stakes out its position, the coming weeks will test whether the RIS can maintain its original ambitions or succumb to competing national interests.