• Fight against abusive telephone canvassing: the reform is adopted
• Cnil fines data broker €900,000
• DORA: AMF adopts European guidelines for major ICT incidents
• AMF alert: cybercriminals impersonate AMF to distribute malware
• Remote subscription: right of renunciation extended in the absence of a durable medium
• The European Insurance and Occupational Pensions Authority (EIOPA) has issued a warning about the lack of clarity in natural catastrophe cover in home insurance policies.
• Banque de France publishes its 2024 annual report
• Earnings on popular and middle-class savings: parliamentary report warns of low returns

Fight against abusive telephone canvassing: the reform is adopted

May 21, 2025

Adopted on May 21, 2025the reform to prevent fraudulent use of public funds marks a turning point in the regulation of telephone canvassing. Set out in a draft law put forward by Thomas Cazenave, a member of the French National Assembly, it has benefited from a broad consensus and a fast-track procedure in Parliament.

From August 2026, consumers will only be able to be contacted by telephone after they have given their explicit, free and revocable consent - a system known as " opt-in* ", which replaces the current " opt-out " system. Exceptions are made for ongoing contractual relationships, but the framework is considerably more protective for users. Penalties have been stepped up, with offenders liable to fines of up to 500,000 euros and five years' imprisonment, or even 20% of a company's annual sales in the event of a repeat offence.

As a reminder, a bill to ban telephone canvassing was tabled in the Senate on September 30, 2024. Amended by the National Assembly on March 06, 2025, it is currently undergoing its second reading in the upper house. It remains to be seen what will become of this text, which is now in competition with similar provisions already adopted as part of the reform against state aid fraud.

*According to the CNILOpt-in means obtaining the consent of the recipient of the advertising: if they haven't said "yes", it's "no". Before sending electronic advertising by e-mail, SMS, MMS, automatic call machines, phone calls or faxes, you need to obtain the recipient's consent.

Data broker fined €900,000 for canvassing prospects without their consent and passing on their details to partners without any legal basis.

May 21, 2025

On May 15, 2025, the CNIL imposed a fine of 900,000 euros to a data broker for carrying out commercial prospecting campaigns by SMS and e-mail without the valid consent of the persons concerned.

The company was using data acquired from data brokers, collected via misleading online forms, and passing it on to its customers without a proper legal basis. In addition to the fine, the company was ordered to cease these practices, with a penalty of 10,000 euros per day of delay after 9 months.

DORA: AMF adopts European guidelines on reporting major IT incidents

May 19, 2025

The AMF has announced its alignment with the guidelines drawn up by European supervisory authorities on the DORA regulation, which provides a framework for the digital resilience of financial entities.

In this context, and in line with European guidelines, the AMF may require precise estimates of the costs and losses caused by major IT-related incidents.

The aim of this harmonization is to better measure the financial impact of these events, and to strengthen supervision on a European scale.

AMF alert: cybercriminals impersonate AMF to distribute malware

May 19, 2025

The Autorité des marchés financiers (" AMF ") alerts professionals about a wave of fraudulent e-mails impersonating the AMF. Two separate campaigns, involving fake official messages and invitations to fictitious training courses, are designed to entice victims to download a malicious program enabling them to take control of their system.

The AMF calls for vigilance, recommends that you do not click on the links contained in these messages, and invites you to report any suspicious attempts. The case has been referred to the public prosecutor.

Remote subscription: right of renunciation extended in the absence of a durable medium

May 20, 2025

The Médiation de l'assurance specifies that in the case of electronic subscriptions, the policyholder retains his or her right to cancel until he or she has received the contractual documents on a durable medium.

In a recent case, a policyholder obtained the cancellation of two contracts and the reimbursement of contributions, as the broker had failed to prove that the documents had been transmitted under the correct conditions. The use of a simple SMS link to an unsecured site does not meet legal requirements.

The European Insurance and Occupational Pensions Authority warns about the lack of clarity of natural catastrophe cover in home insurance contracts

May 10, 2025

The European Insurance and Occupational Pensions Authority ("EIOPA") points to persistent shortcomings in the clarity of information provided to policyholders on natural catastrophe coverage in home insurance contracts.

While some companies present good practices in their information documents (IPIDs), others use vague language or omit important exclusions, misleading consumers. EIOPA calls on insurers to improve the readability and accuracy of their documents to avoid " the illusion of being insured ".

Publication of the Banque de France 2024 annual report

May 10, 2025

In this reportthe Governor of the Banque de France announces that he has virtually won the battle against inflation, which will be down to 1.8% by the end of 2024, compared with 7.3% at the start of 2023. GDP growth in France is forecast at 1.1% in 2024.

At the same time, the Autorité de Contrôle Prudentiel et de Résolution has strengthened the stability of the financial system by maintaining rigorous supervision and raising awareness of climate and digital risks in the insurance sector.

The institution has also stepped up its action in favor of individuals (increase in overindebtedness cases, widespread use of the EDUCFI passport) and businesses (climate indicators, support for VSE-SMEs and start-ups).

Earnings on popular and middle-class savings: parliamentary report warns of low returns

May 10, 2025

The French National Assembly's Finance Committee has tabled an information report denouncing the loss of purchasing power of working-class and middle-class savers, victims of currency erosion.

Despite record savings, particularly on Livret A passbook savings accounts and life insurance policies, yields remain well below inflation, resulting in an estimated loss of 300 billion euros between 2021 and 2023.

MPs Jean-Philippe Tanguy and François Jolivet point to insufficient information for savers, and put forward 19 recommendations for reforming and better protecting these savings.

Very good week.