The Autorité des marchés financiers has undergone a waltz of departures since January

Is there a bleeding of talent at the Autorité des marchés financiers (AMF)? Since the beginning of the year, several recognized experts in their field have left the Place de la Bourse, the seat of the regulator in Paris, to embark on a new adventure. Especially the women. Lastly, Anne Maréchal, Director of Legal Affairs, points to the Finascope.fr website. Enarque, a former attorney – she was a partner of the American firm DLA Piper from 2009 to 2013 – she took up the post of the regulator nine years ago. She handled the litigation and worked on the Place de Paris works. Among the hottest cases she had to handle, the Veolia-Suez affair, when the MFA had to arbitrate between the two enemy brothers. According to our information, Anne Maréchal will join a French law firm.

ethics officer

Before her, her assistant, Stéphanie Cabossioras, had left the regulator in March. A controversial departure also in Place de Paris. She joined Binance, an AMF-registered cryptocurrency platform as a digital asset service provider (PSAN) last May, as legal director. Former magistrate of the Court of Auditors, Stéphanie Cabossioras participated in the development of new rules for cryptocurrency players and answered legal questions from professionals. The ethics officer of the MFA felt that her new position did not place her in a situation of conflict of interest.

Around the same time, Julie Ansidei, Head of Sustainable Finance at MFA, joined Wealth Manager BlackRock as Head of Sustainable Investments. Florence Prioret, director of the “issuers” division excluding insurance banks, and MFA for twenty-seven years has also left. At the end of 2021, Domitille Dessertine, head of fintech at AMF, joined Euronext Paris.

Nearly 10% of the workforce left

In 2021, nearly 10% of the workforce left the ship, according to the MFA’s recently released annual report. This rate was only 7.75% the year before. The men are gone too, according to Finascope.fr: Julien Nivot, who a few weeks ago became Ledger’s head of legal affairs, and Louis Charpentier, an analyst at DeFi & Crypto Financial Products at Coinhouse since September.

Why so many departures? “If the job is interesting, the salaries are not very high compared to the private sector, and the increases are not large enough,” explains a stock exchange lawyer. “Besides, the market is currently extremely buoyant. And not just in cryptocurrencies. The reconciliation operations are important, the law firms are recruiting, “he adds. The transfer of the teams from one of the two buildings on Place de la Bourse, to which the flex office is added, would also create tensions.

These departures also come when Robert Ophèle, president of MFA, ends his five-year term this summer. In July 2017, 44 people applied to replace Gérard Rameix. Anne Maréchal was one of them. Other candidates had surprised. Like that of Nicolas Miguet, the head of the press who repeatedly tried to run for presidential elections … And, above all, who was condemned three times by the sanctions commission of the MFA for not informing his readers of the existence of conflicts of interest.

This year, hiring doesn’t necessarily happen as openly as it did five years ago. Such an appointment could be made by the Minister of Economy, as was the case before.

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