France has placed itself in a complicated situation which has been criticised many times following its decision to anticipate the enforcement of the MIF Directive provisions and by exercising the national option pursuant to article 3 of the Directive by which it has elaborated the status of financial investment advisers ("FIA").

The desire to protect investors, which was the basis for the introduction of the FIAs status in the Statute on Financial Security ("loi de sécurité financière") dated August 1, 2003 did not suffice to properly draw the boundaries of this new profession. Consequently FIAs' activities are not clearly defined. Indeed, a single status is intended to govern many different activities such as assets management advice which is mainly provided to individuals as well as advice regarding mergers and acquisitions and company transfers (le "conseil en haut de bilan").
The enforcement of the MIF Directive tightens this uneasy feeling by adding the status of investment companies providing investment advice, which is now included in the list of investment services.