Annual balance sheet there was little question yesterday

The calendar coincidences have led the new President of the authority of des marchés financiers (AMF), Jean-Pierre Jouyet, to present the annual report of the institution on the day of sentencing of the operator of the century, Bernard Madoff. Mass, estimated $ 65 billion fraud, that the latter has recognized to American justice brand footprint Jean-Pierre Jouyet mandate since his appointment in December 2008. The President of the AMF even recognise that the impact of this case in France had on him of the pedagogical virtues, transforming his first intuitions in beliefs. "The first mission of the MFA, has t - he repeated yesterday, must be first and still the protection of savings and investors." Annual balance sheet, there was little question yesterday. Jean-Pierre Jouyet however focused on the presentation of the strategic plan prepared at its request by the new Secretary General of the MFA, Thierry Francq, an entire plan turned to measures which contribute to the protection of individual investors.

This strategic plan, which will be soon submitted to consultation for implementation in the second half, provides for the creation of a Directorate of relations with investors in the financial markets authority. This direction will consolidate all the means available to the regulator to ensure its mission for individuals: treatment of the consultations, mediation, pedagogy. Its implementation will require adjustments to the organizational structure of the institution but no questioning of his organization which, in the opinion of Jean-Pierre Jouyet, is "in running order".

Governance and wages

New tools are also developed to better monitor and better control the chain marketing of financial products that fall within the jurisdiction of the financial markets authority: monitoring of commercial campaigns, dissemination of public alerts, gear ratios of the controls on the points of sale, or even realization of anonymous purchases. These actions, which will be coordinated with the Superintendency of insurance and mutual companies and the Banking Commission, should lead to an Observatory of savings products.

Jean-Pierre Jouyet said at the disposal of the authorities to take any new responsibility they would give the matter. "Whatever the organization selected, the control of the marketing of financial products can remain in the State", he assures.

To carry out their mission, the AMF agents can rely on an internal Committee risks to better identify the factors of disturbance of the markets in connection with the other regulators. AMF services are already three years mapping the risks to which the President Jean-Pierre Jouyet wish to give more visibility (read below). The idea is to incorporate transversally alert signals to anticipate, or even prevent risks, including those related to the fragmentation of markets. Because the application of the directive MIF (markets in financial instruments) has generated the appearance of many systems or alternative trading next to regulated markets platforms, making their monitoring by the regulator even more complex.

Finally, Jean-Pierre Jouyet don't forget the problems of governance and the sensitive issue of salaries for the leaders. The College will consider as soon as next week the detailed report on the implementation of the recommendations of the Afep and the Medef on the subject. A report which will lead to new proposals relating to the transparency of the remuneration of the patterns.