Regulatory
Banking and financial regulation is constantly evolving with the emergence of new market participants, products and technologies. Crypto-assets, on-chain and agentic finance, tokenisation and artificial intelligence are giving rise to new regulatory challenges.
The Regulatory department at d&a partners advises financial institutions, fintechs and technology companies on the regulatory qualification, structuring and deployment of their activities and financial products, with particular expertise in business models driven by technological innovation.
Our practice notably covers crypto-asset regulation (MiCA), investment services (MiFID II), on-chain finance and DeFi, the tokenisation of financial assets, stablecoins, the distribution of financial products and new applications of artificial intelligence in financial services.
The firm also advises more broadly on banking regulation, payment services and asset management, drawing where necessary on the complementary expertise of its various teams.
Authorisations and market access
The Regulatory department assists clients with obtaining, extending and amending their regulatory authorisations and statuses, including as:
- crypto-asset service providers (CASPs);
- investment firms;
- financial investment advisers (CIFs) and other financial intermediaries;
- payment institutions (PIs) and electronic money institutions (EMIs);
- portfolio management companies;
- payment service provider (PSP) agents, electronic money distributors, tied agents and banking and payment services intermediaries (IOBSPs);
- crowdfunding service providers (CSPs).
The firm has extensive experience in crypto-asset regulation, having assisted several dozen market participants with their registration as digital asset service providers (DASPs) under the former French regime. It now advises French and international market participants on MiCA compliance and CASP authorisations, as well as on the interaction of their activities with MiFID II and other regulatory frameworks applicable to financial services.
The department also assists clients in their dealings with supervisory authorities and other competent bodies (AMF, ACPR, ESMA, ECB, ORIAS), particularly in connection with changes to their activities, extensions of authorisations, changes in governance or shareholding, the launch of new products and transactions involving regulated entities.
The department also has expertise in Financial Institutions Group (FIG) matters and advises on the regulatory aspects of mergers and acquisitions, investments and reorganisations involving regulated entities, including authorisation and notification procedures relating to changes in shareholding.
New financial products and innovative business models
A significant part of our practice involves advising companies developing new financial products or business models whose regulatory qualification is not immediately clear.
We advise from the product design stage onwards, seeking to understand how the product operates, identify the applicable regulatory frameworks and assist clients in defining an appropriate legal and regulatory architecture.
Our experience notably covers:
- crypto-assets and services regulated under MiCA;
- the tokenisation of financial instruments and other assets;
- stablecoins;
- DeFi protocols (lending and borrowing) and on-chain infrastructure;
- derivatives and other financial products based on crypto-assets;
- new models for the advice and distribution of financial products, particularly for financial investment advisers (CIFs) and wealth management firms;
- the use of artificial intelligence and the emergence of agentic finance, particularly where automated systems are involved in the advice, selection, distribution or execution of financial products and services.
Where several regulatory frameworks may apply to the same product, the department analyses how they interact and assists clients in defining a regulatory approach tailored to their business model.
The firm also assists with the preparation and negotiation of documentation required for the launch of these products (white papers, contractual documentation, T&Cs and disclosures), as well as with the implementation of the required internal policies and procedures.
Regulatory Compliance
The Regulatory department assists regulated entities with their ongoing regulatory obligations, particularly in relation to governance, internal controls, outsourcing, distribution, client documentation and anti-money laundering and counter-terrorist financing (AML/CFT).
The department also conducts regulatory audits and advises clients as their activities evolve, from the launch of new products to significant changes in their organisation.
The department also advises on the regulatory aspects of acquisitions, investments and disposals involving regulated financial entities.
Gambling, JONUM and prediction markets
The Regulatory department also has significant expertise in gambling regulation and advises participants in the gaming industry and emerging digital business models.
Its practice notably covers French Web3 games involving monetisable digital objects (JONUM), models combining gaming and crypto-assets, and prediction markets, particularly in relation to regulatory qualification and structuring.
Ranked as a Leading Law Firm (Band 1) – Blockchain – Leaders Leagues 2026
