Article 314-2 of the AMF General Regulation authorises professional associations, notably the AFG (Association Française de la Gestion financière), to develop codes of conduct. These codes become binding standards once approved by the regulator. The AFG is specifically mentioned as responsible for asset management.

The loi Sapin 2, adopted in December 2016, requires large companies to implement programmes that include corruption risk mapping, a code of conduct, whistleblowing mechanisms, and due diligence procedures on third parties. This law aims to strengthen transparency and the fight against corruption.

According to the loi Sapin 2, an ethics programme must include a corruption risk mapping, a code of conduct, whistleblowing mechanisms, and due diligence procedures on third parties. These elements are essential for preventing and managing ethical and regulatory risks within companies.

The two cardinal principles underpinning French financial ethics are the primacy of the client's interest and market integrity. These principles are fundamental and guide the development of codes of conduct and specific obligations for each profession within financial institutions.

The internal code of conduct must be formalised in writing and accessible to all staff. This ensures that all employees are informed of ethical obligations and the procedures to follow, which is essential for the effective implementation of ethical standards.

Whistleblowing mechanisms include reporting channels for regulatory breaches, while monitoring tools comprise aggregated risk indicators and exception reports. The loi Sapin 2 requires large companies to implement programmes that include whistleblowing mechanisms, while risk assessment requires appropriate monitoring tools.

The RCCI (Responsable de la Conformité et du Contrôle Interne) performs second-level controls on process compliance, adherence to investment constraints, personal transactions, the code of conduct, and the prevention of market abuse. The RCCI must hold an AMF professional card issued after training and examination.

Article 25 of MiFID II requires that staff providing investment advice possess verified knowledge and competence. This implies that continuing professional development is mandatory to keep these competences up to date. The compliance function must therefore deploy regular training covering internal policies and applicable regulations.