Article 325-38 of the General Regulation requires professional associations to ensure the continuing professional development of their members. This includes selecting or organizing training programs to keep their knowledge current.

ANACOFI-CIF is the largest association with approximately 2,750 member firms since its approval in 2006. It thus exceeds other associations such as the CNCGP, which has over 3,000 members but they are independent financial advisors.

The AMF Sanctions Committee decision of September 5, 2023 illustrates the importance of the disciplinary role of associations. ANACOFI-CIF was sanctioned for failures in its oversight obligations, demonstrating the serious consequences of shortcomings in this mission.

Article L.541-4 of the Code monetaire et financier requires every financial investment advisor to be a member of one and only one AMF-approved professional association. This membership is an essential condition for practicing the profession.

The disciplinary role of associations requires an adversarial procedure involving the disciplinary board and the sanctions committee. This ensures that members have the opportunity to defend themselves before any sanction is imposed.

Article 325-38 of the General Regulation requires financial investment advisors to complete at least seven hours of continuing professional development per year to keep their knowledge current.

Professional associations have distinct missions that can be grouped into two main categories: member oversight and supervision, and continuing professional development. For example, on-site inspections fall under oversight and supervision, while selecting training programs falls under continuing professional development.

The independence of professional associations from financial product manufacturers is a fundamental criterion for their approval. This ensures the impartiality and integrity of their oversight and training missions.