Prudential authority
ACPR for banking, finance, payments, e-money, insurance and the prudential files allocated by French financial law.
Jurisdiction dossier
France financial permissions and regulator dossier
France uses a split prudential and markets architecture. The Autorité de contrôle prudentiel et de résolution (ACPR) handles banking, financing companies, payments, e-money, insurance and specified investment-firm files, with the ECB deciding bank authorisations in the Single Supervisory Mechanism. The Autorité des marchés financiers (AMF) licenses portfolio-management companies, supervises investment markets and funds, authorises crowdfunding providers and handles MiCA CASP applications. ORIAS records intermediaries but is not their prudential regulator. This dossier maps the perimeter as of July 2026.
Route facts
France regulatory map
Markets authority
AMF for portfolio-management companies, funds and markets, crowdfunding, investment conduct and MiCA CASPs.
Banking decision
The ECB decides French credit-institution authorisations and qualifying holdings within the SSM, working with the ACPR.
Intermediary register
ORIAS registration identifies eligible banking, payment, insurance and finance intermediaries; it is not a bank, PI, EMI or insurer licence.
Capital basis
CRR, payment, e-money, investment-firm, manager, insurance, pension and MiCA calculations differ by route and activity.
Review date
Last reviewed against official ACPR, AMF, ORIAS and ECB material on 11 July 2026.
Read the split first
The ACPR and AMF grant different operating statuses
France has no general fintech licence. A credit institution is authorised to take deposits and conduct the banking operations within its status. A financing company may provide authorised credit without accepting public deposits. A payment institution and an electronic money institution use separate PSD2 and e-money routes, and a limited exemption does not become a full permission. Investment services require the appropriate investment-firm status, while collective portfolio management is normally assigned to an AMF-authorised portfolio-management company. Fund product approval or notification never replaces the manager's authorisation.
Registration must also be described precisely. ORIAS registration is required for specified intermediaries in banking transactions and payment services, insurance and financial investment advice, but it does not authorise the principal regulated balance- sheet activity. France's former DASP registrations and optional authorisation under the PACTE framework did not provide a MiCA passport. Their transition ended on 30 June 2026; current crypto-asset services require MiCA authorisation or an eligible Article 60 notification. A pending file, company registration or ORIAS entry is never a substitute.
Permission matrix
France licence, authorisation and registration families
| Permission family | Regulator and instrument | Activities and exclusions | Entry and capital basis |
|---|---|---|---|
| Permission family Credit institutions and specialised banks | Regulator and instrument ECB authorisation with ACPR assessment under the SSM and French Monetary and Financial Code | Activities and exclusions Deposit taking, lending and the banking or investment services available under the approved status; no non-bank credit or payment status permits public deposits | Entry and capital basis Eligible French legal form, central administration, qualifying holders, fit-and-proper management, programme, governance and CRR capital, liquidity and recovery evidence |
| Permission family Financing companies, leasing and factoring | Regulator and instrument ACPR authorisation as société de financement or other applicable credit-sector status | Activities and exclusions Grant professional credit, leasing, factoring, guarantees or specialised finance within the approved corporate purpose; accepting deposits remains reserved to credit institutions | Entry and capital basis French head office, transparent controllers, management, credit governance, funding, prudential resources, risk classification, consumer treatment and AML/CFT controls |
| Permission family Payment institution | Regulator and instrument ACPR authorisation under the Monetary and Financial Code and PSD2 implementation | Activities and exclusions Approved account, execution, card, acquiring, remittance, initiation or information services; payment status does not itself permit e-money issuance or deposits | Entry and capital basis Initial and ongoing own funds vary by services and volume; safeguarding, Banque de France security opinion, governance, agents, outsourcing and AML/CFT apply |
| Permission family Electronic money institution and limited routes | Regulator and instrument ACPR EMI authorisation or applicable limited exemption under French e-money law | Activities and exclusions Issue and redeem e-money and provide approved payment services; a limited exemption has restricted legal effect and is not a full EMI authorisation | Entry and capital basis EMI initial and ongoing own funds, safeguarding, redemption, governance and distributor oversight apply; exemption eligibility and limits must be maintained |
| Permission family Currency exchange and money-changing | Regulator and instrument ACPR authorisation or registration perimeter for manual money changers and any overlapping payment service | Activities and exclusions Cash currency exchange within the recognised status; remittance, payment accounts, e-money, investment dealing and deposit taking require their own permissions | Entry and capital basis Professional standing, management, premises or operating arrangements and AML/CFT controls follow the exact money-changing route and public register |
| Permission family Investment firm and market operator | Regulator and instrument ACPR authorisation with AMF involvement, or AMF market permission, under MiFID II and French law | Activities and exclusions Reception and transmission, execution, dealing, portfolio management, advice, underwriting, placement, custody and venue operation only where individually granted | Entry and capital basis French head office, qualifying holders, suitable managers, AMF-approved programme where applicable, prudential class, client-asset and conduct systems |
| Permission family Portfolio-management company | Regulator and instrument AMF authorisation as société de gestion de portefeuille under UCITS or AIFMD implementation | Activities and exclusions Manage collective portfolios and any approved mandates or ancillary services; authorisation scope is recorded by programme and does not extend to deposit taking or own-account banking | Entry and capital basis French substance, senior management, compliance and risk, delegation oversight, initial capital and additional own funds or professional cover depend on activity and assets |
| Permission family UCITS, AIFs and fund functionaries | Regulator and instrument AMF product authorisation, approval, declaration or marketing procedure under the fund regime | Activities and exclusions Establish and market the applicable collective investment product; manager, depositary, administrator and distributor functions remain separately regulated where triggered | Entry and capital basis Product form, investor category, prospectus, manager, depositary, valuation, risk limits, minimum assets and reporting follow the specific fund family |
| Permission family Insurance, reinsurance and occupational retirement | Regulator and instrument ACPR authorisation under the Insurance Code, mutual and provident codes, Solvency II and FRPS framework | Activities and exclusions Underwrite authorised life, non-life or reinsurance classes or operate the approved occupational retirement vehicle; status does not cover unrelated investment or banking activity | Entry and capital basis Qualifying holders, fit-and-proper board and key functions, governance, actuarial framework, technical provisions, minimum and solvency capital or pension funding |
| Permission family Insurance, banking and payment intermediaries | Regulator and instrument ORIAS registration in the applicable intermediary category, with ACPR or AMF supervision depending on activity | Activities and exclusions Intermediate, advise or distribute within the registered category and principal mandates; registration never permits underwriting, deposit taking, lending on own account or e-money issuance | Entry and capital basis Professional competence, good repute, professional indemnity or financial guarantee, mandates, local establishment and conduct obligations depend on category |
| Permission family Crowdfunding service provider | Regulator and instrument AMF authorisation under Regulation (EU) 2020/1503 | Activities and exclusions Operate an investment- or lending-based ECSPR platform; it is not a bank, unrestricted lender, deposit taker or regulated securities exchange | Entry and capital basis Prudential safeguards, governance, conflicts, investor protection, credit assessment where used, complaints, default handling and continuity |
| Permission family Crypto-asset service provider | Regulator and instrument AMF Article 63 MiCA authorisation or Article 60 notification for an eligible financial entity | Activities and exclusions Approved custody, platform, exchange, execution, placing, order, advice, portfolio-management or transfer services; the former DASP status is no current substitute | Entry and capital basis EU registered office and effective management, suitable owners and managers, MiCA safeguards, custody, complaints, conduct, ICT, conflicts and AML/CFT |
| Permission family Fiduciary, company and trust administration | Regulator and instrument No general ACPR or AMF trust-company licence; regulated status arises only where a reserved financial, legal or professional activity is performed | Activities and exclusions Company formation, registered-office and ordinary administration do not confer payment, investment or custody authority; trust-like or asset functions must be classified individually | Entry and capital basis Confirm professional eligibility, local establishment, AML/CFT obligations and whether investment, custody, fund, legal or accounting reservations are triggered |
| Permission family Gambling and betting | Regulator and instrument Autorité nationale des jeux approval or authorisation under French gambling law, separate from ACPR and AMF financial permissions | Activities and exclusions Offer only the gambling or betting activities allowed by the ANJ regime; a gambling approval does not permit payment services, e-money, investment or deposit taking | Entry and capital basis Ownership, integrity, technical systems, player protection, AML/CFT, game rules and financial-security requirements follow the separate ANJ route |
Entry test
Central administration, governance and financial resources
The applicant must use the legal form accepted for the status and demonstrate a real French head office and central administration where required. ACPR and AMF files disclose the full ownership chain, qualifying holders, source of funds, directors and responsible officers. Management, compliance, MLRO, risk, finance, audit, information security and other key functions must match the scale and risk of the programme. Outsourcing may be used within the applicable rules, but the authorised firm retains oversight and accountability.
Financial resources follow the route: CRR for banks, finance-company rules for non-bank credit, PSD2 or e-money calculations for PI and EMI, the investment-firm prudential class, manager capital and additional own funds, Solvency II for insurers, and MiCA safeguards for CASPs. Client funds and instruments require the applicable safeguarding, segregation, reconciliation and custody. Fees and published decision periods must be read from the current ACPR, AMF, ORIAS or ANJ material for that exact application.
Application path
A France authorisation, stage by stage
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Map the activities and authority split
Identify deposit taking, credit, payments, e-money, investment, management, custody, insurance, crypto and intermediary functions and record the ACPR, AMF, ECB, ORIAS or ANJ status triggered.
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Use the correct pre-filing process
ACPR and AMF publish route-specific authorisation portals and guidance. Confirm legal form, ownership, programme, responsible officers, capital method and any joint-authority review.
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Build the operating evidence
Prepare business plan, forecasts, suitability files, governance, AML/CFT, safeguarding or client assets, product governance, outsourcing, DORA and ICT, complaints, continuity and wind-down evidence.
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Complete substantive review
Answer completeness and technical questions, interviews and programme amendments. ORIAS registration or product approval must be sequenced where it is separate from the principal permission.
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Satisfy conditions before launch
Complete capital, appointments, systems, agreements, reporting and register publication before regulated operations. Cross-border activity begins only after valid notification.
After authorisation
Ongoing supervision and change in control
French institutions maintain capital or solvency, governance, AML/CFT, audit, regulatory returns, client-asset or safeguarding controls, complaints, product and conduct duties, outsourcing, incident reporting and DORA resilience. Funds maintain product, valuation, depositary and investor-reporting requirements. Intermediaries keep their ORIAS category, competence, cover and mandates current. A new service, branch, critical outsourcing or product can require prior approval, variation or notification.
A buyer acquires the shares of the regulated company, not a detachable licence. Proposed acquisitions and changes in qualifying holdings follow the ACPR, AMF or ECB process allocated to the entity, and intermediary control changes may also affect ORIAS evidence and principal arrangements. Diligence should cover the exact grant, programme, capital headroom, client assets, complaints, inspections, regulator correspondence, outsourcing and remediation. The competent authority assesses the incoming holder, and no adviser can guarantee approval.
Territorial reach
EU reach requires the correct French home permission
A fully authorised French bank, PI, EMI, investment firm, manager, insurer or CASP may use the EU or EEA procedure provided by its governing legislation after the required notification. Only the authorised services and products travel through that mechanism. ORIAS registration, a national finance or money-changing status, a payment exclusion, a fund product approval and ANJ gambling status do not become a general financial passport. Host-state conduct, consumer, distribution and general-good rules remain relevant. Third-country business needs separate analysis.
Verify it yourself
Primary France sources
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ACPR authorisation portal and registers
acpr.banque-france.fr publishes banking, finance, payment, e-money, investment-firm, insurance and retirement authorisation procedures and official registers.
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AMF professional portal and GECO database
amf-france.org publishes investment-firm, portfolio-manager, fund, crowdfunding, market and MiCA procedures plus authorised-company and product records.
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AMF MiCA material
The AMF CASP pages list the ten MiCA services and state the 30 June 2026 end of the French DASP transition.
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ORIAS register
orias.fr records the precise intermediary categories and status; it must be read with the principal permission and mandate rather than described as prudential authorisation.
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ECB and ANJ sources
ECB Banking Supervision controls SSM bank decisions, while anj.fr publishes the separate French gambling-authority perimeter and operator records.
01 Is ORIAS registration a financial licence?
No. It records a person in a defined intermediary category after the applicable evidence is provided. It does not authorise deposit taking, lending on own account, underwriting, e-money issuance or investment dealing as principal.
02 Is a financing company a bank?
No. It may conduct the credit activities within its ACPR status but may not accept public deposits. The funding model, prudential requirements and permitted operations must be read from its exact authorisation.
03 Can a French DASP registration still support crypto services?
Not as a current alternative to MiCA. The French transition ended on 30 June 2026. Current CASP services require an Article 63 authorisation or an eligible Article 60 notification shown in the official register.
04 Does an AMF fund approval license the manager?
No. The product and the management company have separate statuses. Portfolio and risk management must be performed by an authorised manager, and depositary, administration and distribution functions must use eligible providers.
05 Can an authorised French company be acquired?
Shares may be acquired subject to the applicable qualifying-holding procedure. The licence remains with the company, incoming controllers and funding are assessed, and the exact permission and supervisory history require diligence.
Reviewed by the SKY7 advisory team. Last reviewed: 11 July 2026. This dossier is general information, not legal, regulatory, tax, investment or financial advice. It describes the French framework as of July 2026. Verify the current ACPR, AMF, ORIAS, ECB and ANJ rules, registers, licence conditions and fee schedules before relying on a route. No regulator outcome is promised.
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Build the France permission map first
Send the services, customers, flow of funds, custody model, products, target markets and ownership chain. SKY7 will separate ACPR, AMF, ECB, ORIAS and specialist requirements before a filing or acquisition decision. Fees are on request.