2024

United

when

<p>It’s not so easy to be flawless! Even when one carries the grandiose name of the Autorité des Marchés Financiers (AMF) and enjoys the status of the financial watchdog in France. Recently, the Court of Auditors pointed a finger at the AMF for budget management issues in 2023. The details are plenty!</p>
<h2 id="h-the-amf-in-the-red-poor-figures-for-the-financial-watchdog">The AMF in the red: poor figures for the financial watchdog</h2>
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <div class="entry-content-asset">
   <div class="social-embed-container">
    <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
     <p lang="fr" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;">Confrontée à une transformation majeure de son environnement, l’AMF gagnerait selon la Cour à finaliser la modernisation des outils informatiques et à allouer des moyens humains et financiers pour ces nouvelles missions.<br><br>Lire le rapport <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/rtU3Qt5N4z" rel="noopener noreferrer nofollow">https://t.co/rtU3Qt5N4z</a></p>— Cour des comptes (@Courdescomptes) <a href="https://twitter.com/Courdescomptes/status/1769674760470880570?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 18, 2024</a>
    </blockquote>
    <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
   </div>
  </div>
 </div>
</figure>
<p>The AMF, although being the French equivalent of the Securities and Exchange Commission (SEC) in the United States, cannot escape the scrutiny of the <strong>Court of Auditors, the police of the police</strong>, so to speak. The SEC itself is often reprimanded by institutions more powerful than it, such as lawmakers who order it to <a href="https://www.cointribune.com/en/us-senators-offensive-against-crypto-etfs-pressure-on-sec-to-halt-everything/" target="_blank" rel="noopener noreferrer nofollow">block any new form of exchange-traded funds or ETFs</a>.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<p>But let’s get back to the matter at hand or rather to the Autorité des Marchés Financiers: last Monday, the Court of Auditors published <a href="https://www.ccomptes.fr/fr/publications/lautorite-des-marches-financiers" target="_blank" rel="noopener noreferrer nofollow">an unflattering press release</a> on the matter. Here’s an overview of the public finance controller’s less than laudatory comments.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img decoding="async" width="802" height="464" src="https://www.cointribune.com/app/uploads/2024/03/Extrait-commentaire-AMF.png" alt="Damning report: AMF in turmoil over its financial misconduct, highlighted by the Court of Auditors." class="wp-image-679565" srcset="https://www.cointribune.com/app/uploads/2024/03/Extrait-commentaire-AMF.png 802w, https://www.cointribune.com/app/uploads/2024/03/Extrait-commentaire-AMF-300x174.png 300w, https://www.cointribune.com/app/uploads/2024/03/Extrait-commentaire-AMF-768x444.png 768w" sizes="(max-width: 802px) 100vw, 802px">
  <figcaption class="wp-element-caption">
   Excerpt from the Court of Auditors’ press release on the AMF’s financial management – Source: Court of Auditors
  </figcaption>
 </figure>
</div>
<p>In the world of finance, even the watchdogs can get lost in the meanders of numbers! Because <strong>since 2017</strong>, the AMF seems to have navigated through troubled financial waters, according to the Court of Auditors. Indeed, the report accuses the regulator of plunging into a <strong>critical situation</strong>, becoming even unsustainable by the end of 2022. The criticism abounds, notably on investments made without sufficient guarantees of available means. <strong>IT projects and renovations of premises</strong> have been singled out.</p>
<p>The numbers don’t lie: <strong>the AMF’s cash reserves plummeted </strong> from 58.5 million euros in 2017 to a mere 3 million euros in the 2023 budget. A financial nosedive that could have led the AMF straight to <strong>insolvency</strong>, had the State not decided to step in on time by increasing the resources made available to the agency between 2022 and 2024.</p>
<div class="affiliate-button"><span class="affiliate-button__link obfuscated-link" data-href="https://www.cointribune.com/newsletters/" data-target="_blank" data-rel="noreferrer noopener">Découvre notre newsletter gratuite</span> <span class="affiliate-button__disclaimer obfuscated-link" data-href="https://www.cointribune.com/en/sponsored-content/" data-target="_blank" data-rel="noreferrer noopener">Ce lien utilise un programme d’affiliation</span>
</div>
<p>A lesson to remember: even financial institutions that are supposed to watch over the market can sometimes find themselves swept up in the turmoil of figures and risky investments.</p>

AMF scandal: Shocking revelations in a damning financial report!

Table of Contents

Cointribune EN

Άλλα άρθρα που δημοσιεύτηκαν στις 19 Μαρ 2024

Melirik Coinrule, Platform Trading Bot Kripto Bertenaga AI

Shiba Inu Blockchain Shibarium's Meme Coin DAMN Leads Board With 22% Single Day Gains, Active Acc...

Base Surpasses 1 Million Active Addresses, Emerges as Leading Ethereum Layer 2

LBank and SLERF: A Partnership of Resilience and Recovery in the Cryptocurrency World

Outlier Ventures and peaq Launch DePIN Base Camp Accelerator

Why Polkadot May Fall Under $10, Capital Floods into Eos and Quant Rival

Join our free newsletter for daily crypto updates!