The US Securities and Exchange Commission will resume processing registration applications from French asset managers supervised by the AMF, following a supervisory agreement announced on 20 October. The decision covers both new and pending applications, reopening a practical route towards serving the US market as an investment adviser.[1]
The memorandum of understanding establishes arrangements for consultation, cooperation and information exchange between the two authorities. Its broader scope includes certain investment-service providers, investment advisers and investment companies operating in France and the United States. The registration announcement specifically concerns AMF-supervised asset-management companies seeking US investment-adviser business.[1]
That cooperation supplies the supervisory framework for processing applications. The SEC has not named applicants, quantified the pending queue or given a timetable for clearing it.[1]
The individual filing process still matters
Under the SEC's registration guidance, advisers submit their applications electronically through the Investment Adviser Registration Depository, or IARD. A firm establishes an account and files Form ADV, including the relevant Part 1 information and Part 2 material. The latter gives clients and prospective clients information about the advisory business and is subject to delivery and updating requirements.[2]
The guidance describes a general 45-day period after receipt of Form ADV for the SEC to declare registration effective. Applicants can check their status through IARD and receive an order when registration becomes effective. That general process should be distinguished from a promise about the speed of this particular group of applications.[2]
For firms with US expansion plans, the agreement moves the project back into a process with identifiable milestones: the completed application, regulatory review and effective registration. Business planning can now be tied to those individual outcomes.[1][2]
Sources & further reading
- SEC and AMF Announce Supervisory MOU To Enhance Cooperation for Investment Advisers and Investment Service Providers US Securities and Exchange Commission · 20 Oct 2026 · Accessed 20 Oct 2026
- Electronic Filing for Investment Advisers on IARD: How To Register With the SEC as an Investment Adviser and How to File Reports with the SEC as an Exempt Reporting Adviser US Securities and Exchange Commission · Accessed 20 Oct 2026