# France ACPR & AMF Licensing: Entreprise d’Investissement

> Master France’s Twin-Peaks authorization for Entreprises d’Investissement (EI) vs Sociétés de Gestion de Portefeuille (SGP) across ACPR and AMF.

Canonical: https://eurofirmledger.com/bulletins/france-acpr-amf-dual-licensing-entreprise-investissement-audit
Last updated: 2026-11-14T20:55:06.818Z

**Publication:** Euro Firm Ledger
**Category:** Bafin Wplg Amf Consob Cnmv Supervision
**Published:** 2026-11-13T23:35:25.915Z
**Author:** Lukas Lindqvist, CEFA (Certified European Financial Analyst (EFFAS/CEFA, Frankfurt & Zurich))
**Reviewer:** Not recorded

## Answer-first summary

France bifurcates MiFID II licensing across two authorities: ACPR authorizes Entreprises d’Investissement (EI) after mandatory AMF conduct approval, whereas AMF alone licenses Sociétés de Gestion de Portefeuille (SGP).

## Key takeaways

- France splits MiFID II licensing by core business: ACPR charters Entreprises d’Investissement (EI) after binding AMF Programme d’Activité approval, while AMF alone charters Sociétés de Gestion de Portefeuille (SGP).
- Every French EI and SGP must appoint at least two resident Dirigeants Effectifs, certify market/sales staff via the AMF Exam within 6 months, and qualify a carded RCSI or RCCI compliance head.
- French Entreprises d’Investissement enrolled in the FGDR offer non-professional clients EUR 70,000 securities protection—3.5x the harmonized EUR 20,000 EU ICSD minimum.
- Purely domestic French financial advisers registered as CIFs via ORIAS enjoy lighter PII insurance rules without IFR capital, but hold zero cross-border EEA passporting rights.

## Related financial entities

- **Digital Operational Resilience Act (Regulation EU 2022/2554)** (EU-DORA) — license: Uniform European regulation consolidating and upgrading cybersecurity and ICT risk management requirements across all regulated financial entities in the EU.
- **French Monetary and Financial Code (AMF / ACPR)** (AMF-ACPR) — license: Dual regulatory system where the ACPR oversees prudential authorization and solvency while the AMF approves business plans and monitors market conduct.
- **MiFID II Cross-Border Passporting Framework** (MIFID2-PASS) — license: Harmonized European framework allowing authorized investment firms to provide investment services across all EU member states and EEA countries.

## Analysis

Establishing a regulated securities or digital-asset hub in Paris requires navigating Continental Europe's quintessential **Twin-Peaks bifurcation** inside **Book V, Title III of the *Code monétaire et financier* (COMOFI)**: unlike Germany or Cyprus where one lead agency grants every MiFID charter, France splits authorization cleanly between **Entreprises d'Investissement (EI)**—licensed by the Banque de France's **[Autorité de Contrôle Prudentiel et de Résolution (ACPR)](/competent-authorities/autorit-de-contr-le-prudentiel-et-de-r-solution-france-166)** after binding Programme of Operations sign-off from the **[Autorité des Marchés Financiers (AMF)](/competent-authorities/amf)**—and **Sociétés de Gestion de Portefeuille (SGP)**, which are licensed **exclusively by the AMF** whenever collective or discretionary **A(4) portfolio management** is their core activity!

Within our [national conduct interventions guide](/bulletins/bafin-wpig-amf-sapin-2-cnmv-consob-conduct-interventions-2026) and the [national supervision hub](/topics/bafin-wplg-amf-consob-cnmv-supervision), global trading houses, fintechs (like [Coinhouse](/firms/coinhouse)), and institutional peers of *BNP Paribas* and *Société Générale* rely on the joint **[AMF-ACPR French regulatory framework](/passports/amf-acpr-french-framework)** and the ACPR-AMF FinTech Innovation Pole (*Pôle FinTech*) to choose the right statutory vehicle.

## Structural Comparison: French EI vs SGP vs CIF Domestic Advisor

Choosing the wrong French legal charter wastes 6+ months of filing preparation because French law separates **pure asset managers (SGP)** from **brokers, MTFs, custodians, and dealers (EI)**—while maintaining a popular domestic non-passportable retail advisor status (**CIF, *Conseiller en Investissements Financiers***):

| French Legal Charter | Licensing & Prudential Lead | Permitted MiFID II / Fund Activities | Capital & Compensation Scheme |
| :--- | :--- | :--- | :--- |
| **Entreprise d'Investissement (EI)** (Art. L. 532-1 COMOFI) | **ACPR** (charter + IFR/IFD capital) + **AMF** (binding *Programme d'Activité* approval) | A1 RTO, A2 Execution, **A3 Dealing**, A5 Advice, A6/A7 Placement, **A8/A9 MTF/OTF**, **B1 Custody (*teneur de compte-conservateur*)** | [IFD Art. 9](/bulletins/ifd-article-9-permanent-minimum-capital-75k-150k-750k-tiers) (**EUR 75k / 150k / 750k**) + **FGDR EUR 70,000** securities & cash cover! |
| **Société de Gestion de Portefeuille (SGP)** (Art. L. 532-9 COMOFI) | **AMF Exclusively** (single-window prudential + conduct oversight!) | **A4 Discretionary Portfolio Management** (mandates) + UCITS / AIFM collective fund management + A5 Advice | EUR 125k (funds) or **EUR 75,000** (pure MiFID mandates) + 0.02% AUM / 25% FOR |
| **Prestataire de Services sur Crypto-Actifs (PSCA / ex-PSAN)** | **AMF** (MiCA Art. 62 CASP charter after ACPR AML/custody review) | MiCA crypto custody, fiat-to-crypto exchange, order execution & crypto advice (e.g., [Coinhouse](/firms/coinhouse)) | MiCA Art. 67 (**EUR 50k / 125k / 150k** or 25% FOR) |
| **Conseiller en Investissements Financiers (CIF)** (Art. L. 541-1) | Registered via ORIAS + AMF-accredited association (ANACOFI-CIF, CNCIF) | Pure domestic A5 investment advice + A1 RTO on funds **inside France ONLY** (MiFID Art. 3 exemption) | Professional Indemnity Insurance (EUR 400k/800k); **ZERO EEA Passport!** |

![Dual-track authorization workflow for a French Entreprise d’Investissement across ACPR Autorisations portal and AMF Programme d’Activité review](/api/figure?type=flow&title=French%20Entreprise%20d%E2%80%99Investissement%20%28EI%29%20Twin-Peaks%20Pipeline&subtitle=Sequential%20and%20parallel%20coordination%20between%20ACPR%20%2827-29%20rue%20de%20la%20Victoire%29%20and%20AMF%20%28Place%20de%20la%20Bourse%29&steps=1.%20FinTech%20Pre-Filing%3A%3AJoint%20ACPR-AMF%20orientation%20on%20EI%20vs%20SGP%20charter%20scope%7C2.%20ACPR%20Dossier%20Upload%3A%3ASubmit%20governance%2C%20UBOs%2C%20IFR%2FIFD%203-yr%20capital%20%26%20AML%2FLCB-FT%7C3.%20AMF%20Referral%20%28Art.%20L.532-3%29%3A%3AACPR%20transmits%20Programme%20d%E2%80%99Activit%C3%A9%20to%20AMF%20for%20binding%20vote%7C4.%20Coll%C3%A8ge%20ACPR%20Grant%3A%3ACharter%20issued%20within%206%20mos%3B%20enroll%20in%20FGDR%20EUR%2070k%20scheme&metrics=STATUTORY%20SLA%3A%3A6%20Months%20Max%3A%3AArt.%20R.%20532-4%20COMOFI%20complete%20file%7CDIRIGEANTS%20EFFECTIFS%3A%3A%3E%3D%202%20Executives%3A%3AArt.%20L.%20532-2%2C%204%C2%B0%20four-eyes%20rule%7CFGDR%20SECURITIES%20CAP%3A%3AEUR%2070%2C000%3A%3A3.5x%20higher%20than%20EUR%2020k%20EU%20floor!%7CRCSI%20CERTIFICATION%3A%3AAMF%20Exam%20%2B%20Card%3A%3AMandatory%20professional%20carte%20RCSI)

## Mandatory AMF Professional Exam & *Carte Professionnelle RCSI*

Paris enforces rigorous individual examination gates inside every EI and SGP:
1. **Two *Dirigeants Effectifs* (Art. L. 532-2, 4° COMOFI)**: Effective direction of the business must be determined by at least two fit-and-proper executives holding genuine decision-making authority in France (strictly rejecting nominal figureheads under [ESMA substance rules](/bulletins/esma-article-31-supervisory-convergence-booking-model-substance)).
2. **AMF General Certification Exam (*Examen AMF*)**: Within 6 months of hire, all salespersons, traders, portfolio managers, financial analysts, and compliance officers must pass the standardized 120-question AMF regulatory and ethics examination.
3. **Compliance Officer Professional Card (*Carte RCSI / RCCI*)**: The head of Investment Services Compliance (*Responsable de la Conformité pour les Services d'Investissement*, **RCSI** inside an EI; **RCCI** inside an SGP) must pass a dedicated **oral and written suitability jury at the AMF** to obtain a personal professional license card!

## France's Competitive Advantage: EUR 70,000 FGDR Protection & *Teneur de Compte* Prestige

While Paris supervision is demanding, an ACPR-chartered *Entreprise d'Investissement* authorized for **B(1) *tenue de compte-conservation*** (custody) carries one of Europe's strongest institutional trust badges: automatic participation in the **Fonds de Garantie des Dépôts et de Résolution (FGDR)** *garantie des titres*, protecting non-professional investors up to **EUR 70,000 on securities AND up to EUR 70,000 on associated cash accounts**—**3.5 times higher** than the EUR 20,000 EdW/ICF ceiling in Germany or Cyprus ([ICSD cross-border comparison](/bulletins/dgsd-icsd-home-state-compensation-disclosure-passported-firms))!

## Modeling Dual ACPR + AMF Contributions & FGDR Ex-Ante Levies

CFOs budgeting a Paris Class 2 *Entreprise d'Investissement* must model three separate statutory levies payable to ACPR (Contribution pour frais de contrôle), AMF (Contribution annuelle des PSI under Art. L. 621-5-3 COMOFI), and FGDR:

```formula
Annual_Paris_EI_Statutory_Supervision_And_FGDR_Cost (C_reg_FR_EUR) =
 Contribution_ACPR_Frais_De_Controle(max(OwnFunds_Req, Base_Min_Tier))
 + Contribution_AMF_PSI(Fixed_Per_Service_Seat_Fee + Custody_And_Dealing_AddOn)
 + Cotisation_FGDR_Garantie_Des_Titres(Covered_Retail_Securities_And_Cash * Risk_Score_Multiplier)
 + TRACFIN_LCB_FT_And_Statutory_Commissaire_Aux_Comptes_Audit

Worked Paris Class 2 Multi-Asset Broker & Custodian Budget (D_OwnFunds = EUR 2,200,000; EUR 180M Retail Custody):
 ACPR Annual Supervisory Contribution = EUR 18,500
 AMF Fixed Per-Service Authorization Levy (A1, A2, A3, B1) = EUR 24,000
 FGDR Annual Risk-Weighted Ex-Ante Titres & Cash Assessment = EUR 38,500
 Statutory Commissaire aux Comptes (CAC) Audit + Annual RCSI Control Report = EUR 65,000
 Total Annual External Regulatory & Audit Stack (C_reg_FR_EUR) = EUR 146,000 / year
```

![Comparison of regulatory capital, licensing lead authority, and investor compensation across French EI, SGP, PSCA/MiCA, and domestic CIF vehicles](/api/figure?type=bars&title=French%20Regulatory%20Vehicle%20Comparison%3A%20EI%20vs%20SGP%20vs%20CIF&subtitle=Matching%20Paris%20business%20models%20to%20the%20optimal%20ACPR%20or%20AMF%20authorization%20track&steps=EI%20%28ACPR%20%2B%20AMF%29%3A%3AEUR%2075k-750k%20PMR%3B%20full%20dealing%2Fcustody%20%2B%20EUR%2070k%20FGDR%7CSGP%20%28AMF%20Single%29%3A%3AEUR%2075k%2F125k%20PMR%3B%20discretionary%20PM%20%2B%20UCITS%2FAIF%20funds%7CPSCA%20%2F%20MiCA%20%28AMF%29%3A%3AEUR%2050k-150k%3B%2027-state%20EU%20crypto%20passport%20%28ex-PSAN%29%7CDomestic%20CIF%20%28ORIAS%29%3A%3APII%20insurance%20only%3B%20French%20advisory%20with%200%20EEA%20passport&metrics=FGDR%20TITRES%20COVER%3A%3AEUR%2070%2C000%3A%3APlus%20EUR%2070k%20cash%20if%20EI%20holds%20cash%7CAMF%20STAFF%20EXAM%3A%3A6-Mo%20Window%3A%3A120-question%20mandatory%20exam%7CAML%20FIU%20PORTAL%3A%3ATRACFIN%20ERMES%3A%3AMandatory%20LCB-FT%20STR%20gateway%7CONGOING%20REPORTS%3A%3AOneGate%20%2B%20GECO%3A%3AACPR%20XBRL%20%2B%20AMF%20RCSI%20annual)

## Split Ongoing Inspection Powers: ACPR *Contrôle sur Place* vs AMF *Enquêtes*

Once operational, a Paris *Entreprise d'Investissement* files quarterly prudential XBRL returns (COREP IF) and annual LCB-FT AML questionnaires (QLB) through **Banque de France / ACPR's OneGate portal**, while filing annual RCSI compliance reports, best-execution summaries, and client-asset safeguarding attestations via **AMF's ROSA extranet**. Should an inspection uncover client-conduct or market-abuse breaches, the **AMF Enforcement Committee (*Commission des sanctions*)** can levy administrative penalties up to **EUR 100 million or 10% of annual turnover** under Article L. 621-15 COMOFI!

## Frequently asked questions

### If a Paris firm wants BOTH discretionary portfolio management (A4) AND own-account dealing (A3), is it an EI or an SGP?

An Entreprise d’Investissement (EI) under ACPR + AMF! Under Article L. 532-9 COMOFI, an SGP is restricted to portfolio management (and ancillary advice/RTO) and CANNOT deal on own account (A3) or underwrite; conversely, a full EI CAN hold A(4) portfolio management alongside A(1)-A(3) and B(1) custody!

### Must English-speaking London or New York executives relocating to a Paris EI submit ACPR/AMF filings in French?

Following Brexit, ACPR and AMF modernized their welcome procedures to accept English supporting annexes, international corporate documents, and English pre-filing FinTech meetings, while core statutory forms and retail French client disclosures remain in French.

### What is the maximum sanction power of the AMF Commission des sanctions compared to standard EU EUR 5M floors?

France gold-plated MiFID II Article 70 substantially: under Article L. 621-15 III of the Code monétaire et financier, the AMF Enforcement Committee can impose fines up to EUR 100 million or 10% of total annual consolidated turnover (or 10x illicit profits realized)!

### How did France’s DASP/PSAN crypto regime transition into MiCA for Paris digital-asset firms?

Under France’s DDADUE Law adapting COMOFI to MiCA, firms registered or licensed with the AMF as PSANs (like Coinhouse) received an orderly transitional grandfathering window (until 30 June 2026) to obtain full MiCA Article 62 PSCA/CASP authorization from the AMF.


## Source URLs

- https://acpr.banque-france.fr/en/authorisation/banking-and-financial-sector-procedures/investment-firms
- https://www.amf-france.org/en/professionals/investment-services-providers
- https://www.garantiedesdepots.fr/en/i-am-protected-fgdr/securities-guarantee-investor-compensation
- https://www.legifrance.gouv.fr/codes/texte_lc/LEGITEXT000006072026

## Citation

- APA: Lukas Lindqvist, CEFA. (2026). France ACPR & AMF Twin-Peaks Licensing: Entreprise d’Investissement (EI) vs SGP Rules. Euro Firm Ledger. https://eurofirmledger.com/bulletins/france-acpr-amf-dual-licensing-entreprise-investissement-audit
- Canonical article: [France ACPR & AMF Twin-Peaks Licensing: Entreprise d’Investissement (EI) vs SGP Rules](https://eurofirmledger.com/bulletins/france-acpr-amf-dual-licensing-entreprise-investissement-audit)
- Site research index: [Euro Firm Ledger](https://eurofirmledger.com/llms-full.txt)