The U.S. Securities and Exchange Commission (SEC) announced on October 20, 2026, that it has entered into a new Memorandum of Understanding (MOU) with France’s Autorité des Marchés Financiers (AMF), establishing a framework for regulatory cooperation and information sharing.

Importantly, the SEC confirmed that it will process new and pending registration applications from AMF-supervised asset management companies seeking to conduct business in the United States as investment advisers. The announcement provides a meaningful opportunity for covered French firms whose SEC investment adviser registration plans have been complicated by cross-border information-access concerns. SEC Press Release No. 2026-108.

The development follows the SEC’s resumption of registration processing for Swiss-based investment advisers and indications of a similar shift in practice involving Israel-based applicants. These developments suggest a willingness to address cross-border information-access concerns on a jurisdiction-by-jurisdiction basis.

Why Have Foreign Investment Advisers Encountered SEC Registration Difficulties?

Under Section 204 of the Investment Advisers Act of 1940, SEC-registered investment advisers generally must maintain required books and records and make them available for SEC examination.

For investment advisers located outside the United States, these obligations can present challenges when foreign laws restrict disclosure of information to foreign governmental authorities. Restrictions involving personal data, confidentiality, and regulatory access can complicate a firm’s ability to satisfy the SEC’s supervisory and examination requirements.

Cross-border information-access concerns have complicated SEC registration for advisers in certain jurisdictions. The SEC’s announcements concerning France and Switzerland reflect the importance of ensuring that the agency can obtain the information necessary to supervise and examine registered firms.

For affected firms, these concerns have created uncertainty about their ability to establish or expand investment advisory operations serving U.S. clients.

What Does the SEC–AMF Agreement Do?

According to the SEC, the MOU establishes a framework for consultation, cooperation, and information sharing concerning certain investment advisers, investment companies, and investment service providers operating in the United States and France.

The announcement expressly confirms that the SEC will process new and pending registration applications from AMF-supervised asset management companies in light of the arrangement. Its significance is therefore more than a general commitment to regulatory cooperation: it provides an expressly recognized basis for considering applications from the covered firms. The AMF has also published the agreement on its website.

Processing an application is not the same as granting registration. The MOU does not guarantee approval of any particular applicant or provide a blanket exemption from the Investment Advisers Act.

Which French Firms May Benefit?

The SEC’s announcement specifically references AMF-supervised asset management companies wishing to conduct business in the United States as investment advisers.

A French firm should therefore confirm that it falls within the category contemplated by the arrangement. Merely maintaining an office in France or holding another type of French financial-services authorization should not be assumed to qualify a firm for the announced processing arrangement.

The MOU does not itself grant SEC registration or eliminate applicable application requirements. However, an investment adviser whose principal office and place of business is outside the United States generally may register with the SEC without satisfying the minimum assets-under-management thresholds ordinarily applicable to U.S.-based advisers. The SEC’s Form ADV General Instructions recognize a principal office and place of business outside the United States as a basis for SEC-registration eligibility.

A French firm should evaluate its registration obligations, any available exemption, its principal office and place of business, and the requirements applicable to its proposed U.S. advisory activities. A U.S.-based affiliate should evaluate its own registration eligibility separately.

Does the Agreement Resolve All Data-Protection Issues?

The MOU establishes a regulatory cooperation framework that supports information sharing and supervision of covered firms. That is important because SEC registration carries continuing recordkeeping and examination obligations.

Nevertheless, investment adviser firms should not interpret the announcement as eliminating the GDPR or all other applicable French and EU data-protection requirements. Before proceeding, a firm should confirm how applicable data-protection, confidentiality, and professional-secrecy obligations interact with SEC requests for records and information.

Coordination with French and U.S. legal counsel and compliance professionals may be necessary to determine how the firm can comply with both sets of obligations. The relevant analysis should address the firm’s actual activities, records, and proposed information-transfer procedures—not simply the existence of the MOU.

What About Advisers in Other Countries?

On June 10, 2025, the SEC announced that it would resume processing registration applications from Swiss-based investment advisers following discussions with the Swiss Financial Market Supervisory Authority (FINMA). Those discussions addressed access to books and records, including personal data, and the SEC’s ability to conduct on-site examinations in Switzerland. SEC Press Release No. 2025-83.

There have also been indications of a shift in registration practice involving Israel-based applicants. Individual registration approvals, however, should not be treated as equivalent to a publicly announced, jurisdiction-wide processing arrangement.

Together, these developments suggest a willingness to address cross-border supervisory-access concerns through engagement with foreign regulators and other legally supportable approaches.

The French arrangement does not automatically resolve registration issues for investment advisers elsewhere in the European Union. Investment adviser firms in other EU member states should not assume that the announcement extends to them. A common GDPR framework does not establish that every jurisdiction has the same domestic laws, supervisory structures, or regulatory cooperation arrangements.

The French agreement may offer a model for further regulatory cooperation, but investment adviser applicants elsewhere should evaluate the circumstances applicable to their own jurisdiction.

What Should French Investment Adviser Firms Do Now?

A French asset management company considering SEC registration should:

Confirm its French regulatory status. Determine whether it is supervised by the AMF and falls within the scope of the announced arrangement.
Evaluate U.S. registration requirements. Review its principal office and place of business, proposed U.S. advisory activities, available exemptions, and applicable registration requirements. Do not assume that the AUM thresholds ordinarily applicable to U.S.-based advisers govern a France-headquartered applicant.
Assess its U.S. compliance obligations. Identify the requirements applicable to its business, including written compliance policies and procedures, books and records, conflicts of interest, marketing practices, and required disclosures.
Establish workable information-access procedures. Confirm that it can respond to SEC examination and information requests while satisfying applicable French and EU obligations.
Prepare the required application materials. These generally include Form ADV Part 1A, Form ADV Part 2A, and applicable schedules and disclosures filed through the Investment Adviser Registration Depository (IARD), together with any other required submissions.
Plan for ongoing obligations. Address periodic regulatory filings, compliance reviews, SEC examinations, and other applicable requirements following registration.

Investment adviser firms in France that previously postponed SEC registration because of cross-border information-access concerns should reassess whether an application is now viable.

Significant Progress for Covered French Firms

The October 20, 2026 announcement represents significant progress for AMF-supervised French asset management companies seeking SEC registration. It addresses an important obstacle to application processing while preserving the SEC’s ability to obtain information needed for supervision and examinations.

For covered firms, the practical next step is to confirm the arrangement’s applicability and assess readiness to meet U.S. registration and ongoing compliance obligations. The opportunity is meaningful, but successful registration still requires a complete application and a workable cross-border compliance framework.

Additional Resources

Disclaimer and Disclosure

This regulatory alert is a summary which is general in nature and offered only for educational purposes. There is no warranty associated with this regulatory alert. It should not be considered as a comprehensive review or analysis of this development. There are certain requirements and exceptions outlined in the rule which are not covered in this regulatory alert. There may be additional obligations and nuances not covered here. Each investment adviser firm is unique, and specific guidance may be required to address your firm’s circumstances. This communication is not intended to constitute compliance consulting advice or apply to any particular investment adviser firm’s specific situation without further analysis. This regulatory alert is not a safe harbor or a legal opinion. Merely reading this regulatory alert does not create an engagement with RIA Compliance Consultants, Inc. The reader should study the actual guidance, rule or enforcement action in detail and consult with his or her legal counsel and compliance professionals. This information in this regulatory alert may become out of date.

SEC Opens Path for French Investment Advisers to Register in the United States

October 21, 2026

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