Market Abuse / Surveillance in France

Key dates

July 2021

- Period during which Mr Ytane Mamou purchased shares in the listed company on his own account, for his wife, and for his father, and when Mr Houri acquired shares following his cousin’s recommendation, prior to takeover-related announcements

20 May 2026

- AMF Enforcement Committee decision SAN‑2026‑04 is adopted, finding insider dealing by Mr Mamou and Mr Houri and imposing fines of €30,000 and €20,000 respectively

22 May 2026

- AMF publishes the news release summarising the Enforcement Committee decision and sanctions; appeal against the decision remains possible from this date in accordance with French procedural rules

Suggested considerations

• Review and update MAR market abuse policies to explicitly cover the prohibition on recommending or inducing others to trade on the basis of inside information, including for non-staff related persons.
• Enhance insider dealing surveillance scenarios to capture atypical trading patterns before takeover or M&A announcements, including trading by retail clients and accounts linked to employees’ family members where identifiable.
• Tighten procedures for the management of inside information during corporate transactions (takeovers, mergers, acquisitions), including clear designation of insiders, controlled information flows, and logging of who is aware of pending deals.
• Strengthen controls around potential transmission channels for inside information, including guidance and monitoring for staff who may informally share information with relatives or friends, and explicitly prohibit such behaviour in codes of conduct.
• Provide targeted MAR training to staff, senior management, and high‑risk functions (M&A, corporate finance, strategy, legal, finance) that uses this case as an example of how the AMF infers insider dealing and the consequences for both insiders and relatives.

What changed

• - The decision reiterates and operationalises the definition of “inside information” under the EU Market Abuse Regulation (MAR, Regulation (EU) No 596/2014), confirming that information relating to a...
• The Enforcement Committee shows that it will infer possession and use of inside information from a combination of factors (plausible transmission channels, atypical trading patterns, timing around...
• The decision confirms that the use of inside information through trading on own account and on the account of closely related persons (spouse, parent) will be treated as separate instances of misuse...
• The Committee explicitly treats recommendations to invest made on the basis of inside information as a distinct form of insider dealing, exposing the recommender to sanctions even if they do not...
• The ruling reinforces that relatives and close associates (here, cousins) who act on such recommendations can be sanctioned for insider dealing, even when they are not employees or insiders of the...

Key dates

July 2023

- AMF investigators, with judicial police, conducted authorized house search; individual initially refused access

May 2024

- AMF filed report with Paris Public Prosecutor's Office

July 2024

- Paris *Cour d’Appel* upheld search authorization, finding sufficient presumption of market abuse; ordered €5,000 costs to AMF

September 2024

- AMF lodged formal complaint

May 2025

- Paris *Cour d’Appel* validated search and seizure operations; ordered additional €5,000 costs to AMF

Suggested considerations

• Immediate training: Conduct firm-wide sessions on AMF inspection protocols, emphasizing mandatory cooperation, document access, and avoiding any delay or refusal (e.g., scripted responses for employee interactions).
• Policy updates: Revise compliance manuals to explicitly prohibit obstruction, including scenarios like home searches for remote workers; designate 24/7 points of contact for AMF visits.
• Mock drills: Simulate AMF searches at offices and residences to test response times and access protocols.
• Legal readiness: Retain counsel experienced in CMF Article L.642-2 matters; pre-approve cooperation clauses in employee contracts.
• Reporting: Enhance internal surveillance to detect potential market abuse early, reducing investigation risks.

What changed

This is not a regulatory change but an enforcement precedent affirming existing rules under the Monetary and Financial Code (CMF), specifically Article L.642-2, which criminalizes obstruction of AMF inspections or investigations, including refusing access during authorized house searches. The ruling reiterates that even initial refusal of access constitutes obstruction, with courts upholding AMF operations via prior judicial authorization from the *Juge des Libertés et de la Détention*. It highlights dual administrative and criminal tracks, though a 2022 Constitutional Court decision (QPC no.

Key dates

19 February 2026 Deadline

- Initial trading suspension requested by AMF until 13 March 2026 due to pump-and-dump suspicions

13 March 2026

- End of initial suspension period; AMF requests extension

10 April 2026

- New end date for extended trading suspension, or until further notice

Suggested considerations

• Trading venues (e.g., Euronext): Implement and maintain suspension of RAPID NUTRITION shares until April 10, 2026, or AMF notice.
• Firms under AMF jurisdiction: Review trading surveillance systems for pump-and-dump signals (e.g., aggressive social media/email pitches promising quick gains); ensure no facilitation of unauthorized recommendations.
• Investors: Preserve all pitch documents (screenshots, emails, messages) and submit to AMF via Epargne Info Service platform or phone.
• Compliance teams: Conduct immediate audits of client communications and holdings in similar volatile stocks; train staff on MAR obligations for disclosing positions in recommendations.
• No new reporting deadlines, but proactive evidence submission is urged.

What changed

• This is not a new regulation but an enforcement extension; no broad regulatory changes are introduced. Key elements include:
• Extension of trading suspension from March 13, 2026, to April 10, 2026, to allow continued AMF analysis of price manipulation indicators.
• Reiterated definition and warning on pump and dump schemes, involving unauthorized promotions without disclosure of promoters' holdings, leading to artificial price inflation followed by dumps.
• Invocation of MAR (Market Abuse Regulation) principles, aligned with EU standards, emphasizing orderly market operations and investor protection.

Key dates

19 February 2026

Trading suspension begins; (effective from this trading session)

13 March 2026

Scheduled end of suspension; (inclusive, or earlier if market conditions allow via new AMF notice)

Suggested considerations

• Investors: Preserve all solicitation evidence (screenshots, emails, messages) and report via AMF's Epargne Info Service (online or +33(0)1 5345 6200, Mon-Fri 9am-12:30pm).
• Trading venues (Euronext): Implement and maintain suspension until lifted.
• Firms/brokers: - Suspend trading in RAPID NUTRITION shares.
• Enhance surveillance for pump-and-dump indicators (e.g., unusual volume/price spikes, correlated recommendations).
• Review client communications for unauthorized advice; block/blocklist suspicious patterns.

What changed

• This is not a new regulation but an enforcement action under existing French financial markets and market abuse rules (e.g., EU Market Abuse Regulation - MAR, transposed via AMF oversight).
• Trading suspension on Euronext at AMF's request due to suspected "pump and dump" (boiler room) practices, involving unauthorized recommendations promising rapid gains without disclosing promoters'...
• No formal rule changes; reinforces prohibitions on market manipulation (Article 12 MAR), unlawful investment recommendations (MiFID II Article 24), and failure to disclose conflicts.
• AMF's call for evidence collection emphasizes ongoing investigations into aggressive sales pitches via emails, messaging, or screenshots.[AMF publication]

Key dates

16 October 2025

- ESMA publishes second consolidated Annual Sanctions Report for 2024 data

What changed

This is not a new regulation but a retrospective report documenting 2024 enforcement trends; no direct regulatory changes are introduced. Key observations include a significant rise in total fine amounts to over €100 million (from €71 million in 2023) despite stable sanction volumes (975 vs. 976), with MAR (377 sanctions, €45.5 million) and MiFID II/MiFIR (294 sanctions, €44.5 million) dominating. Notable shifts: increased settlement usage (94 agreements for €21.9 million, 22% of total), with AMF at 18% of its penalties via settlements (vs.

Key dates

11 September 2025

- Trading suspension in MEXEDIA shares effective at end of session

12 September 2025

- AMF press release published (French version)

30 September 2025

- Scheduled end of suspension period (inclusive)

1 October 2025

- Resumption of trading confirmed; pre-suspension orders purged

Suggested considerations

• Trading venues (e.g., Euronext): Immediately implement and maintain suspensions upon AMF request; purge affected orders.
• Investment firms and brokers: Screen for and block client orders in suspended securities; monitor for pump-and-dump indicators in communications.
• Advisory firms: Cease unauthorized investment recommendations promising strong upside; disclose positions if providing advice.
• All surveilled firms: Enhance transaction surveillance for manipulation signals (e.g., unusual volume/price spikes); report suspicions to AMF.
• Investors and firms assisting them: Retain evidence of suspicious pitches (screenshots, emails) and submit to AMF via Epargne Info Service (https://www.amf-france.org/en/request-information or +33(0)1 53 45 62 00).

What changed

• This is an enforcement action rather than new regulatory changes; no legislative or rule amendments are introduced. Key elements include:
• AMF's invocation of financial markets and market abuse regulations to mandate trading suspension via Euronext.
• Explicit warning on pump and dump tactics, defined as unauthorized promotions inflating share prices for insider sales, leading to investor losses.
• Follow-up resumption of trading on 1 October 2025 after suspension ended, with continued vigilance calls.

Key dates

10 June 2025

- AMF Enforcement Committee decision issued, imposing fines

Post

10 June 2025; - Appeal window opened; European TopSoho lodged appeal before Paris Court of Appeal

Suggested considerations

• Shareholders: Implement automated threshold monitoring systems; file timely declarations (immediately upon crossing, with six-month plans) via AMF portal. Document all share transfers, including indirect control via trusts/companies.
• Issuers: Secure pre-publication access to financial releases (e.g., website password protection); conduct pre-release audits. Train IR teams on confidentiality protocols.
• All firms: Review governance for personal attribution risks; audit recent disclosures for misleading statements. Enhance MAR compliance training, focusing on complex ownership structures.
• Immediate: If involved in similar transactions (2016-2021 period referenced), self-assess and remediate reporting gaps.

What changed

• This is an enforcement decision, not a regulatory change introducing new rules; it reinforces existing obligations under French financial markets law and MAR:
• Shareholder reporting thresholds: Mandatory notification to AMF and issuers for crossing above or below capital/voting rights thresholds, plus six-month plans.
• Prohibition on false/misleading information: Press releases denying control over entities when factual arrangements prove otherwise qualify as market manipulation.
• Inside information confidentiality: Issuers must prevent premature public access to sensitive releases, even unintentionally. No new requirements were enacted; the decision clarifies application to...

Key dates

Within 4 Deadline

6 weeks of triggering event; - Danae Group must file draft takeover bid (practice standard; exact trigger date not specified in publication)

10 trading days from offer period start Deadline

- AMF reviews draft for compliance and issues visa (extendable if appraiser or works council involved, min. 5 trading days post-target reply)

Pre

offer period (post-announcement); - Strict trading rules apply; offeror may acquire shares until opening, with restrictions

Offer period

- From AMF filing notice to results publication; minimum success threshold 50% (waivable by AMF)

Suggested considerations

• File draft takeover bid immediately: Submit to AMF with price details (highest 12-month price, cash only), intent on squeeze-out, and supporting documents.
• Appoint independent appraiser: Mandatory if squeeze-out planned; fairness statement required.
• Inform AMF and publish: Disclose filing; adhere to trading restrictions during pre-offer/offer periods.
• Prepare target response: Entreprendre to file draft reply document, potentially involving works council.
• Monitor thresholds: Ongoing vigilance for 30% voting rights or 1% 12-month crossings by any party.

What changed

No new regulatory changes are introduced; this is an enforcement decision applying existing AMF rules on mandatory takeover bids under the General Regulation (RGAMF), particularly Articles 234-2 et seq. Key requirements include: filing a draft offer with the AMF for compliance review within 10 trading days; mandatory cash offers at the highest price paid by the offeror (alone or in concert) in the prior 12 months; adherence to principles of free play of bids, equal treatment, transparency, market integrity, fairness, and competition.

Key dates

December 4, 2024

EU Regulation 2024/2809 enters force; , amending MAR on inside information and disclosures

June 5, 2026

Certain amendments to insider trading policies (e.g., Groupe Casino policy) apply; ; others immediate from February 2025

June 30, 2026

AMF General Regulation updates effective; , covering certifications for financial instruments and prospectuses

Within 3 trading days Deadline

PDMRs must report securities transactions; to issuer and AMF

Suggested considerations

• Update insider policies: Incorporate AMF-recommended black-out periods (30/15 days), definitions of inside information, and restrictions on index products/derivatives.
• Enhance training and awareness: Train PDMRs, insiders, and staff on MAR prohibitions; formalize in codes of ethics per AMF-AFA joint call (July 9, 2025).
• Strengthen surveillance: Implement transaction monitoring, insider lists (per MAR Article 8), whistleblowing mechanisms, and controls on gifts/invitations.
• Report promptly: PDMRs submit transactions via AMF portal; issuers disclose inside information immediately.
• Conduct audits: Review compliance functions for disciplinary oversight and breach detection, aligning with AMF inspection findings.

What changed

This is an enforcement action, not a regulatory change; it reaffirms existing MAR requirements under Articles 7 (inside information definition), 8 (insider lists), 14 (insider dealing prohibition), 17 (public disclosure), and 19 (PDMR trading restrictions, including 30-day black-out periods before financial results). No new rules are introduced, but it highlights AMF's reliance on firms for detection via internal policies, whistleblowing, and gift/invitation controls, as echoed in recent AMF-AFA guidance.

Suggested considerations

• Enhance insider list maintenance and training to preempt failures, as fined in parallel cases.
• Document transaction rationales proactively (e.g., investment theses independent of inside info) to counter "atypical nature" arguments.
• Conduct regular MAR compliance audits, focusing on disclosure channels and trade timing surveillance.
• Review internal policies against AMF Enforcement Committee precedents, ensuring defenses emphasize alternative explanations for trades.

What changed

No new regulatory changes or requirements are introduced; this is an enforcement decision, not a rulemaking. It clarifies application of existing Market Abuse Regulation (MAR) rules under AMF jurisdiction, emphasizing that sanctions require concrete proof beyond timing, atypical trades, or plausible disclosure channels—such as unconvincing explanations alone are insufficient for liability. The ruling aligns with prior cases where the Committee has cleared parties when evidence falls short, as seen in decisions fining some but exonerating others based on similar factors.

Suggested considerations

• Enhance surveillance: Implement real-time monitoring for spoofing, layering, wash trades, or coordinated orders creating artificial liquidity/pressure; calibrate alerts for atypical volumes or cancellations.
• Training: Conduct annual sessions on MAR price manipulation indicators, emphasizing individual liability even in group schemes.
• Policies: Update trading manuals to require pre-trade risk checks, order cancellation limits, and documentation of trading intent; mandate reporting of suspicious patterns to compliance/MLRO.
• Audits: Review historical trades for FOAT, equities, or warrants; self-report if issues found to mitigate fines.
• Governance: Senior managers certify no manipulation tolerance; integrate into MiFID II best execution and transaction reporting.

What changed

This is an enforcement decision, not a regulatory change; it reaffirms existing prohibitions under the French Monetary and Financial Code (Article L. 433-1-2) and EU Market Abuse Regulation (MAR, Regulation (EU) No 596/2014) against price manipulation, including fixing prices at artificial levels, disseminating false/misleading signals on supply/demand, or using deceptive orders. No new requirements are introduced, but it signals AMF's interpretation of manipulation in coordinated individual actions, consistent with prior cases.

Key dates

10 April 2019

- FDA request for additional study deemed inside information; not disclosed until 30 August 2019

28 October 2020

- FDA 'non-agreement' on clinical study design deemed inside information; never publicly disclosed

20 January 2025

- AMF Enforcement Committee decision imposing fines (SAN-2025-01)

23 July 2025

- Paris Court of Appeal dismissed David Horn Solomon's stay of execution application (n°25/05331)

Post

20 January 2025; - Appeal lodged by Pharnext, Cohen, and Solomon to Paris Court of Appeal (ongoing)

Suggested considerations

• Review inside information policies: Ensure protocols flag regulatory feedback (e.g., FDA requests) as inside information and mandate immediate public disclosure via official channels.
• Audit communications: Screen press releases, shareholder letters for optimistic language on approvals; implement pre-issuance legal/compliance sign-off.
• Director training: Conduct MAR-specific training on personal liability for disclosure failures; document decision trails.
• Monitor appeals: Track Paris Court of Appeal outcomes, as upheld fines could set precedents for biotech disclosures.
• wide actions mandated beyond general MAR compliance, but proactive gap analysis recommended.

What changed

• This is not a regulatory change but an enforcement decision applying existing obligations under the Market Abuse Regulation (MAR), specifically:
• Article 17 MAR: Requirement to disclose inside information as soon as possible (breached by Pharnext's delays from 10 April 2019 and non-disclosure from 28 October 2020).
• Article 12(1)(c) MAR: Prohibition on disseminating false or misleading information that could affect market prices, via press releases and shareholder letters overstating FDA progress. No new rules...

Key dates

October 10

16, 2019; - Five trading sessions during which manipulative "marking the close" sales occurred on Euronext Paris

2019 (exact dates unspecified)

- Instances of failing to report exceeding/falling below 5% ownership thresholds in Innate Pharma

13 December 2024

- AMF Enforcement Committee decision date imposing fines

16 December 2024

- French version of press release published

Suggested considerations

• Implement pre-trade surveillance for "marking the close" patterns, especially around issuer events like IPOs where Euronext closes influence external pricing.
• Enhance 5% threshold monitoring with automated alerts and timely filings (4 trading days post-threshold).
• Conduct senior manager training on personal liability under MAR for manipulative orders benefiting the firm (e.g., lower ADS subscription as largest subscriber).
• Review cross-border trading policies for French-listed assets, including jurisdiction assessments for non-EU funds.
• Perform gap analysis on order timing controls to flag end-of-day volume spikes.

What changed

This is an enforcement decision, not a regulatory change; it reinforces existing MAR prohibitions on price manipulation (Article 12), specifically "fixing the price at an abnormal or artificial level" through timed sales at market close to influence linked ADS pricing on Nasdaq. It also highlights ongoing scrutiny of reporting obligations under Article L. 233-7 of the French Commercial Code for crossing 5% thresholds in listed companies.

Key dates

11 December 2024

- AMF Enforcement Committee decision issued, imposing fines

Post

11 December 2024; - Appeals lodged by European High Growth Opportunities Manco SA, Alpha Blue Ocean Inc., Auplata Mining Group AMG, RSM Paris SAS, Stéphane Marie, and Pierre Vannineuse before the Paris Court of Appeal (exact filing date not specified)

Suggested considerations

• Review disclosure practices: Audit press releases and financial statements for complete disclosure of financing terms, especially dilutive clauses (e.g., earn-outs, conversion mechanics in ODIRNANEs/BSAs); include in going concern assessments.
• Enhance auditor coordination: Ensure statutory auditors verify all material risks before issuing unqualified opinions; document diligence on issuer disclosures.
• Strengthen trading controls: For funds/managers, implement pre-trade checks on share sales against retention/volume commitments; monitor portfolio compliance with public undertakings.
• Training and policies: Update internal policies, conduct staff training on market abuse (MAR-equivalent rules), and perform gap analyses against this case; simulate disclosure scenarios.
• Monitor appeals: Track Paris Court of Appeal proceedings for potential precedent shifts (https://www.amf-france.org/en/news-publications/news-releases/enforcement-committee-news-releases/amf-enforcement-committee-imposes-fines-totalling-eu4150000-four-legal-entities-and-three-natural).

What changed

This is an enforcement action, not a regulatory change; it reinforces existing obligations under AMF rules prohibiting false/misleading information (e.g., omitting key clauses in financing agreements like ODIRNANEs with BSAs, failing to disclose earn-outs or include them in going concern analyses) and price manipulation (e.g., breaching share retention and daily sales volume limits).

Key dates

25 July 2024

- AMF Enforcement Committee decision issuing fines

9 January 2025

- Paris Court of Appeal dismisses appeals by CEO Abensur, CFO Fraenckel, and ALA Financière as inadmissible (case n° 24/16188)

March

April 2020; - Violation period (interview on 20 March 2020; share sales and unreported transactions)

Suggested considerations

• Implement pre-approval for executive media interactions: Require scripts/press releases issued simultaneously with interviews to avoid selective disclosure.
• Enhance insider lists and trading controls: Block trading during closed periods or on inside info; mandate pre-clearance for PDMRs/holdings.
• Automate transaction reporting: Ensure PDMRs register for real-time broker confirmations and file AMF reports within 3 business days; train on personal accountability.
• Conduct MAR training refreshers: Focus on inside info identification (e.g., product launch timelines) and COVID-era precedents.
• Audit past disclosures: Review 2020-2021 communications for similar selective leaks.

What changed

• This is an enforcement decision, not a regulatory change; it applies existing requirements under EU MAR (Regulation (EU) No 596/2014, transposed in France) and AMF rules:
• Selective disclosure: Issuers must ensure "full and effective" public dissemination of inside information via press releases before any selective sharing (e.g., interviews); partial disclosure to a...
• Insider trading: Prohibits trading (including selling) by insiders possessing inside information, such as unreleased plans to sell treasury shares, which could impact share price.
• Reporting obligations: Directors and holding companies must report transactions in issuer shares to AMF within 3 business days under Article 19 MAR; repeated failures (citing broker delays) were...

Key dates

30 June 2026

- End of MiCA transitional period; AMF to fully enforce crypto-asset market abuse under MAR-equivalent rules

30 June 2026

- AMF General Regulation updates effective, enhancing MAR reporting procedures (e.g., Articles 145-1 to 145-4)

Suggested considerations

• Implement or strengthen disclosure controls to ensure all public information is accurate and non-misleading, with pre-approval for promotional materials submitted to AMF.
• Enhance insider lists and training for directors on MAR prohibitions, including trading blackouts before announcements.
• Deploy surveillance systems to detect market manipulation signals, with compliance officers mandated to report suspicious transactions to AMF.
• Conduct due diligence attestations for prospectuses/public offers, confirming no material omissions.
• Review governance for personal liability, including cooperation incentives in investigations per proposed AMF powers.

What changed

This is an enforcement decision rather than new legislation, so there are no direct regulatory changes. It reinforces existing obligations under Book VI of the AMF General Regulation on market abuse, including insider dealing and market manipulation, aligned with Regulation (EU) No 596/2014 (MAR). Key principles upheld include prohibitions on disseminating false/misleading information that impacts security prices and trading on inside information, with no novel requirements but heightened emphasis on director accountability.

Key dates

5 June 2026

Certain amendments in sample insider policies apply (e.g., enhanced disclosures)

Within 3 trading days Deadline

PDMRs must report securities transactions to issuer and AMF

30 calendar days prior to annual/interim results publication

Statutory blackout period for PDMRs

15 calendar days prior to quarterly financial info publication

Recommended blackout for insiders per AMF guidance

Suggested considerations

• Review and update insider trading policies to align with AMF Position-Recommendation No. 2016-08, including clear inside information definitions, blackout notifications, and extensions to all insiders.
• Implement or strengthen training on MAR prohibitions, insider network risks, and whistleblowing mechanisms, especially for those handling M&A, results announcements, or advisor roles.
• Monitor and log gifts, donations, transactions in derivatives/index products, and PDMR dealings; notify insiders of blackouts via Insider Trading Committee.
• Enhance surveillance for coordinated trading patterns pre-announcements (e.g., takeover bids, results).
• For listed firms: Submit periodic/ongoing disclosures outside transactions via AMF portal and ensure compliance function oversees disciplinary measures.

What changed

This is an enforcement decision, not a regulatory amendment, so there are no new rules or requirements introduced. It reaffirms existing obligations under MAR Articles 7 (prohibition of insider dealing), 8 (unlawful disclosure of inside information), 10 (public disclosure of inside information), 14 (abuse of inside information), 17 (fair presentation and disclosure), and 19 (PDMR transactions), as well as AMF General Regulations Articles 223-9 and 221-3.

Key dates

Immediate

- Appointment takes effect upon announcement, with no disclosed transition period

Suggested considerations

• Review backgrounds of key AMF personnel, including Valérie Michel-Amsellem, for insights into enforcement trends (e.g., via AMF governance pages: https://www.amf-france.org/en/amf/our-organisation/our-governance).
• Enhance internal monitoring of AMF sanction releases (https://www.amf-france.org/en/news-publications/news-releases/enforcement-committee-news-releases) to track patterns under new leadership.
• Conduct gap analyses on compliance programs for high-risk areas like market abuse, given the Committee's sanction powers up to €100 million or 10x profits.

What changed

There are no substantive regulatory changes, new requirements, or amendments to the AMF General Regulation outlined in this announcement. The publication solely details an internal governance appointment within the AMF's structure, where the Enforcement Committee maintains its established autonomy for sanction decisions, separate from the AMF Board. This aligns with prior affirmations of the Committee's independence, as upheld in ECHR rulings on its impartiality.

Key dates

13 February 2024

- Ministerial order appointing new and reappointed members

20 February 2024

- Publication of the ministerial order

27 February 2024

- Composition published in the Official Journal

28 February 2024

- First meeting; election of Valérie Michel-Amsellem as Chair and Jean-Claude Hassan as second section Chair

Suggested considerations

• Amsellem's prior roles in economic regulation and Court of Cassation) to anticipate enforcement trends; update internal AMF monitoring dashboards with new committee details; assess ongoing investigations or settlements for potential impact from refreshed perspectives.

What changed

There are no new regulatory requirements or substantive changes to laws; this is an administrative renewal of the Enforcement Committee's membership. Key developments include: new members Jean-Claude Hassan (Vice-President of the Council of State appointee, also chairs second section), Xavier Samuel (Court of Cassation appointee), Sophie Langlois and Aurélien Soustre (Ministerial appointees); reappointments of Anne Le Lorier and Ute Meyenberg.

Key dates

3 trading days Deadline

- Managers/PDMRs must report securities transactions to issuer and AMF if annual total exceeds €20,000

10 business days Deadline

- Custodians must respond to Euroclear France/AMF requests for shareholder identity on threshold crossings

Suggested considerations

• Implement/maintain information barriers per Article 315-1 AMF GR: Identify inside info holders, physically separate entities, prohibit unauthorized disclosure (notify compliance officer for exceptions), and log cross-entity assistance.
• Assess information promptly: Disclose inside info "as soon as possible" or delay only if all three MAR conditions met; notify AMF post-delay.
• Declare major shareholdings immediately upon threshold crossing to issuer/AMF; ensure custodians comply with identity disclosure requests.
• Use professional information providers for dissemination to ensure wide, secure EU reach; archive on company website.
• Train executives on insider lists, transaction reporting (within 3 days if >€20k/year), and penalties (up to €100m fines, criminal sanctions).

What changed

• This is not a regulatory change but an enforcement decision reinforcing existing obligations under MAR and AMF General Regulation:
• Inside information disclosure: Issuers must publicly disclose inside information "as soon as possible" per Article 17 MAR, unless specific delay conditions are met (legitimate interest,...
• Major shareholdings disclosure: Persons crossing legal or statutory thresholds in listed companies must declare to the issuer and AMF promptly, based on Article L.
• Supporting rules include Article 315-1 AMF GR mandating "information barriers" (walls) for investment firms to control inside information circulation, prohibiting unauthorized disclosure except under...

Key dates

30 June 2026

- End of MiCA transitional period, with AMF focusing on crypto-asset market abuse alignment (indirect relevance via MAR enforcement)

30 June 2026

- AMF General Regulation updates effective, enhancing MAR-related reporting procedures (e.g., Title V on failings reporting)

Immediate

- Report suspicious transactions (insider dealing or manipulation) to AMF without delay

Suggested considerations

• Conduct internal audits: Review past and current communications, trading patterns, and disclosures for manipulation risks or unreported positions.
• Enhance monitoring systems: Implement surveillance for market abuse, including automated tools for detecting unusual trading or information dissemination.
• Train personnel: Educate directors, compliance teams, and traders on MAR prohibitions and reporting thresholds; report suspicions via AMF forms.
• Update policies: Ensure prompt filing of threshold declarations (e.g., within 4 trading days for >5% holdings) and consistency with prospectus rules.
• Cooperate with regulators: Prepare for AMF investigations, leveraging potential penalty reductions for early cooperation as per emerging powers.

What changed

This is an enforcement decision rather than new regulatory changes, reinforcing existing requirements under MAR (Regulation (EU) No 596/2014), transposed into AMF's General Regulation (Book VI on market abuse). It highlights prohibitions on market manipulation (e.g., disseminating false or misleading information or engaging in fictitious transactions to influence prices) and mandatory reporting of shareholdings crossing 5% thresholds or changes therein for listed issuers.

Suggested considerations

• Enhance surveillance: Implement real-time transaction monitoring for atypical patterns (e.g., timing near announcements, high conviction trades), using tools to flag urgency or unusual order methods.
• Insider list management: Issuers must diligently maintain/update lists under Article 18 MAR, with PDMR disclosures within 3 business days of transactions.
• Training programs: Mandatory annual training on MAR definitions (inside information as precise, non-public data likely to significantly affect prices), disclosure prohibitions, and whistleblower reporting.
• Policies and procedures: Update insider trading policies to cover inducement/recommendation chains (e.g., family/partner risks); conduct pre-clearance for PDMR trades.
• Audit and testing: Perform annual compliance audits on insider handling, with remediation for gaps; prepare for AMF investigations by documenting justifications for suspicious trades.

What changed

This is an enforcement decision, not a regulatory change; it reaffirms existing requirements under EU MAR (Regulation (EU) No 596/2014), transposed into French law via the French Monetary and Financial Code. Key principles upheld include: (i) prohibition on using inside information for trading (Article 14 MAR), (ii) assessing breaches via indicators like transaction timing, atypical volume, order placement methods, and implausible justifications, and (iii) liability for both primary insiders and those receiving information through plausible channels.

Key dates

31 July 2025

- Cut-off date for assessing Participating Jurisdictions' regulatory frameworks in IOSCO's Thematic Review

October 16, 2025

- Publication date of FSB and IOSCO reports assessing crypto-asset and stablecoin implementation, including DeFi elements

2 February 2026 Deadline

- IOSCO consultation comment deadline on related reports (e.g., FMIs’ management of general business risks)

6 February 2026 Deadline

- CPMI-IOSCO consultation comment deadline on FMIs’ general business risks guidance, relevant to DeFi infrastructure

Suggested considerations

• Review and comment: Submit feedback on IOSCO consultations by early February 2026 to influence final guidance on DeFi risks.
• Gap analysis: Assess current operations against IOSCO's 10 Assessed Recommendations (e.g., market integrity, investor protection, cross-border cooperation) and FSB frameworks, noting reforms underway.
• Enhance compliance: Implement AML mechanisms for DeFi (e.g., on-chain identity attestations), improve cybersecurity, business continuity, and enforcement powers for CASPs.
• Monitor cross-border: Leverage IOSCO MMoU for cooperation and prepare for global CASP supervision.
• Pilot participation: Explore EU DLT Pilot Regime or similar sandboxes for compliant DeFi activities.

What changed

No immediate binding regulatory changes are introduced, as this is a consultation report tied to IOSCO's 2023 DeFi Recommendations and a 2025 Thematic Review assessing implementation progress. Key focuses include enhanced regulatory cooperation (Recommendation 11), addressing gaps in enforcement for Crypto Asset Service Providers (CASPs), and applying CDA Policy Recommendations to DeFi for risks like financial stability, investor protection, and market integrity. Progress is noted in legal frameworks, but challenges persist in cross-border cooperation and enforcement beyond CASPs.

Key dates

September 18

19, 2023; - Rallye appeals the AMF decision

2016

- Prior AMF Deputy Secretary General warning to Rallye on financial communication quality, specifically liquidity risk presentation

March 8, 2018

May 15, 2019; - Period of infringing communications (11 occasions, 14 media)

September 2023

(inferred from context) - AMF Enforcement Committee decision imposing fines

Suggested considerations

• Review historical/current financial communications for liquidity/debt portrayals; ensure they explicitly address dependencies (e.g., on subsidiary performance) and avoid unqualified positives like "solid liquidity" amid volatility.
• Enhance governance: Implement pre-approval processes for CEO/issuer statements on material risks; document awareness of true risk profiles.
• Training: Senior managers regime-style programs on MAR personal liability for misleading info, emphasizing repetition risks.
• Audit trails: Maintain evidence of internal deliberations on disclosures to defend against "knew or should have known" findings.
• Monitor appeals: Track Rallye's challenge, as outcomes may clarify MAR scope (e.g., https://www.marketscreener.com/insider/FRANCK-HATTAB-A1NUTV/ for updates).

What changed

This is an enforcement decision, not a regulatory change; it reinforces existing MAR requirements prohibiting dissemination of false or misleading information likely to artificially affect financial instrument prices. Key interpretations include: (i) describing liquidity as "solid" or "very solid" despite dependency on volatile subsidiary (Casino) shares and hidden risks (e.g., €400-600M liquidity shortfall, concealed loans) constitutes manipulation; (ii) issuers are strictly responsible for communications by representatives like CEOs; (iii) repetition across multiple media (e.g.,...

Key dates

30 December 2024

- MiCA mandatory licensing for CASPs; pre-registered PSANs enter 18-month transition

30 June 2026 Deadline

- End of PSAN transitional period; full MiCA authorization required, with AMF oversight on manipulation risks

Suggested considerations

• Enhance market abuse surveillance systems to detect coordinated trading, unusual volume spikes, and social media-driven hype in small-cap/illiquid assets.
• Implement staff training on recognizing pump-and-dump indicators, such as group chats luring investors with upside promises .
• Review client communications policies to block manipulative promotions; report suspicions under MAR Article L.634-1 procedures .
• For crypto firms, align with "enhanced" DASP registration and MiCA AML/CFT compliance to preempt manipulation sanctions .
• Conduct internal audits of trading patterns and escalate to AMF if risks identified.

What changed

This is an enforcement decision rather than new legislation, reinforcing existing prohibitions under Regulation (EU) No 596/2014 (MAR) against market manipulation, including pump-and-dump tactics like false information dissemination and artificial price inflation . No novel regulatory requirements are introduced, but it exemplifies AMF's collaboration with courts for criminal sanctions, potentially increasing deterrence through public naming and fines. Related AMF General Regulation updates effective 30/06/2026 integrate MAR references and strengthen reporting of failings .

Key dates

December 4, 2024

EU Regulation 2024/2809 enters into force; , amending MAR on inside information and disclosures

June 5, 2026

Certain amendments to insider trading policies apply; (e.g., in Groupe Casino policy)

June 30, 2026

AMF General Regulation updates take effect; , covering prospectuses and admissions

Within 3 trading days Deadline

PDMRs must report transactions; to issuer and AMF

Suggested considerations

• Enhance insider lists and training: Maintain updated lists of permanent/occasional insiders; train on MAR Article 7/17 prohibitions, including risks of "insider networks" linked to organized crime.
• Implement/enforce black-out periods: Prohibit trading 30 days before annual/interim results and 15 days before quarterly info for executives and insiders; notify via Insider Trading Committee.
• Strengthen policies on gifts/invitations and whistleblowing: Formalize in codes of ethics; monitor for corruption risks in information sharing.
• Monitor and report transactions: PDMRs and related persons report within 3 days; firms oversee compliance function role in breaches.
• Conduct risk assessments: For consolidation teams' access to inside info; integrate AMF/AFA joint vigilance calls.

What changed

This is an enforcement decision, not a regulatory change, but it aligns with ongoing Market Abuse Regulation (MAR) requirements under EU rules transposed in France, including Article 17 prohibitions on insider dealing. No new requirements are introduced; it exemplifies application of existing rules like black-out periods (30 days before annual/interim results, 15 days for quarterly) and trading bans for insiders, as recommended by AMF Position-Recommendation No 2016-08.

Key dates

30 January 2023

- AMF Enforcement Committee decision date, imposing fines for insider dealing and insider list failures

Suggested considerations

• Review and strengthen insider list management: Issuers must ensure lists are complete, updated in real-time for changes in access to inside information, and accessible for AMF inspections; Terreïs's €350,000 fine underscores non-compliance risks.
• Enhance market abuse surveillance: Implement systems to flag atypical trading (e.g., urgency, timing, order methods) and investigate plausible information channels; train staff on MAR prohibitions against use, disclosure, or inducement.
• Conduct insider trading risk assessments: Map primary/secondary insiders, including family/partners, and enforce pre-approval for trades during closed periods; document justifications for all transactions to counter AMF indicators.
• Update compliance training and policies: Incorporate case-specific lessons, such as high-confidence bets on price movements, into annual programs for directors, employees, and advisors.

What changed

This enforcement decision does not introduce new regulatory changes or requirements; it applies existing obligations under French market abuse rules aligned with EU MAR (Regulation (EU) No 596/2014). Key reaffirmed requirements include: prohibiting the use, disclosure, or recommendation of inside information for trading; maintaining and regularly updating insider lists with details of persons having access to inside information; and ensuring issuers like Terreïs promptly detect and prevent breaches through robust surveillance.

Key dates

21 December 2022

- Enforcement Committee decision date against Inocap Gestion

No specific implementation deadline stated Deadline

- The decision addresses historical breaches; however, firms should immediately remediate similar deficiencies

Suggested considerations

• assessments across these areas:
• *Liquidity Risk Management: Review procedures for adequacy and operational effectiveness; ensure they address fund-specific liquidity profiles and stress scenarios
• *Market Abuse Detection: Audit surveillance systems to confirm they specify participation conditions in market surveys and document consequences for violations
• *AML/CFT Compliance: Enhance risk mapping to capture money laundering typologies; strengthen client onboarding procedures to verify beneficial owners and screen for PEPs
• *Compliance Monitoring: Establish centralized processes for the compliance officer to aggregate and review market abuse information across all business lines

What changed

• The decision does not introduce new regulatory requirements but rather clarifies enforcement expectations for existing obligations:
• Liquidity Risk Management: Asset managers must establish procedures that are both adequate in design and operational in practice, not merely documented
• Market Abuse Detection Systems: Surveillance systems must specify conditions for participation in market surveys and establish clear consequences for non-compliance
• AML/CFT Procedures: Risk mapping and client onboarding procedures must be sufficiently detailed to identify and assess money laundering risks, including beneficial owner identification and...
• Compliance Function: The compliance and internal control officer must actively centralize and monitor information on market abuse across the organization

Key dates

October 24, 2022

- AMF requests suspension of ORPEA's financial instruments before market opening

October 26, 2022

- Trading resumes upon market opening following ORPEA's disclosure of conciliation procedure and financial restructuring plan

November 8, 2022

- Q3 2022 revenue announcement (after market close)

November 15, 2022

- ORPEA to present detailed transformation plan to market

December 31, 2022

- Anticipated asset impairment recognition date

Suggested considerations

• *For ORPEA (and comparable listed companies):
• *Immediate disclosure obligations: Publish a Regulated Information Service (RIS) announcement under MAR Article 17 disclosing all material information regarding financial difficulties, covenant breaches, and restructuring plans before trading resumes.
• *Ongoing periodic updates: Provide quarterly updates on conciliation procedure progress, covenant amendment status, and asset disposal program execution.
• *Governance remediation: Establish or strengthen disclosure committees with clear protocols for identifying and escalating material information within 24-48 hours of discovery.
• *Creditor communication: Maintain transparent dialogue with financial creditors regarding covenant amendments and restructuring timelines.

What changed

• The AMF's suspension order represents a temporary halt to all trading in ORPEA's financial instruments across regulated markets.
• Financial covenant breaches: The company faced potential acceleration of €3.3 billion in financing lines due to anticipated breaches of "R1" and "R2" financial covenants.
• Asset impairments: Anticipated write-downs at December 31, 2022, related to a stalled real estate disposal program.
• Debt restructuring needs: €4.3 billion in unsecured debt requiring conversion or restructuring.

Key dates

Within 4 trading days

- Declaration of crossing major holding thresholds or intent to continue acquisitions (AMF Form DOC-2005-01)

Immediate (same day)

- Notification of concerted action agreements in takeover contexts

Within 10 trading days

- Detailed position reports post-crossing

Suggested considerations

• Review and enhance internal procedures for monitoring share positions, identifying concerted actions, and automating AMF filings.
• Train front-office and compliance teams on takeover bid disclosures, including documentation of coordination (e.g., emails, agreements).
• Implement pre-trade alerts for threshold breaches and conduct periodic audits of historical filings.
• For management companies: Ensure portfolio managers report potential concert with external parties promptly; update compliance manuals with case lessons.

What changed

• This is not a regulatory change or new requirement but an enforcement decision highlighting existing obligations under French financial markets law, particularly those governing concerted actions...
• Timely disclosure of positions and intentions when parties act in concert, as per AMF regulations on major holdings and takeover bids (e.g., Article L.
• Reporting thresholds for share acquisitions or concerted behaviors that could influence control, typically triggered at 5% crossings or changes. No new rules were introduced; the decision reiterates...

Key dates

16 October 2023

- Appointment of Sébastien Raspiller as AMF Secretary General

13 February 2024

- Ministerial order partially renewing AMF Enforcement Committee

20 February 2024

- Publication of Enforcement Committee appointments

27 February 2024

- Composition published in Official Journal

Suggested considerations

• *No specific actions are required for regulated firms, as this does not introduce obligations. Recommended monitoring steps for proactive compliance:
• Review ongoing AMF interactions (e.g., inspections) for potential shifts in approach under new directorate leadership.
• Update internal AMF contact lists with confirmed governance details from https://www.amf-france.org/en/amf/our-organisation/our-governance.
• Track AMF news releases for enforcement trends at https://www.amf-france.org/en/news-publications/news-releases/amf-news-releases.

What changed

There are no regulatory changes, new requirements, or policy updates in this announcement. It solely details personnel appointments within AMF's internal structure, specifically leadership roles in directorates handling legal affairs (e.g., Maxence Delorme as head of Legal Affairs Directorate) and enforcement assistance (e.g., Amélie du Passage as head of Instruction and Enforcement Assistance Directorate). These directorates support AMF's core functions like investigations, inspections, and sanction proceedings, but the publication does not alter any rules applicable to regulated entities.

Suggested considerations

• Enhance surveillance: Implement real-time monitoring for manipulative patterns, such as aggressive positioning in futures to influence cash bonds or closing prices (e.g., lowering prices via late-session sales).
• Trader training: Mandatory annual programs on MAR prohibitions, emphasizing cross-instrument correlations and "artificial level" tests; document inconsistencies with desk strategies.
• Internal controls: Review and audit trading strategies for deception risks; ensure post-trade analysis flags abnormal volume/price impacts.
• Reporting: Strengthen breach reporting under AMF procedures (Articles 145-1 to 145-4); prepare for cross-border cooperation.
• Compliance reviews: Conduct gap analyses against AMF Enforcement Committee rationales in similar cases (e.g., EcoR1 IPO manipulation).

What changed

This is an enforcement action, not a regulatory change; it reinforces existing prohibitions under the Market Abuse Regulation (MAR, Regulation (EU) No 596/2014) against price manipulation, including fixing prices at abnormal or artificial levels through deceptive trades. It aligns with prior AMF decisions, such as the €20 million fine on Morgan Stanley for similar OAT/OLO manipulations via futures positioning (decision dated 4 December 2019).

Key dates

As soon as possible

- Disclose inside information publicly, or immediately if confidentiality breached during delay

Immediately after publication

- Notify AMF (differepublication@amf-france.org) of any delayed inside information post-publication

Within 3 trading days

- Managers/directors report securities transactions to issuer and AMF

Within 10 business days

- Custodians respond to Euroclear France/AMF requests for shareholder identity disclosures

Suggested considerations

• Assess information promptly: Determine inside information status per MAR Article 7 (precise, price-significant) and disclose via approved channels (e.g., electronic dissemination per Article 221-3 AMF GR).
• Implement controls: Establish information barriers, restrict access, and notify affected persons of rules/penalties (AMF GR Articles 223-27, 223-30).
• Maintain insider lists: Create/update lists for each inside information item, ensure insiders acknowledge MAR duties (no use/dissemination), and monitor changes.
• Train personnel: Educate executives/shareholders on disclosure prohibitions and PDMR reporting.
• Archive disclosures: Post regulated info on company website immediately and ensure AMF/DILA transmission.

What changed

• This enforcement action does not introduce new regulations but reinforces existing MAR requirements transposed into AMF General Regulation (e.g., Article 315-1), including:
• Immediate public disclosure: Issuers must disclose inside information "as soon as possible" under MAR Article 17, unless three conditions for delay are met (legitimate interest, confidentiality...
• Prohibition on unlawful disclosure/use: Persons with inside information cannot disclose it except per MAR Article 10 (after informing compliance officer); investment firms must maintain "information...
• Insider list obligations: Companies must create, update, and notify insiders of their duties (e.g., no trading or dissemination), with accurate details; failure leads to penalties as seen in related...

Suggested considerations

• Conduct conflict of interest audits: Review all investment recommendations, publications, and marketing materials for undisclosed conflicts; implement mandatory disclosure templates.
• Enhance surveillance for market abuse: Deploy monitoring tools for price manipulation indicators, such as unusual trading post-recommendation, and train staff on MAR prohibitions.
• Update compliance policies: For media/financial firms, mandate pre-publication reviews of recommendations; directors must personally attest to compliance.
• Training programs: Roll out firm-wide training on professional obligations, including clear information provision and acting in client best interests, especially for journalists/influencers.
• Inducement reviews: If paying/receiving fees tied to recommendations, demonstrate they improve client service quality via audits and reporting.

What changed

• This enforcement decision does not introduce new regulations but reaffirms and clarifies existing requirements under AMF rules and EU Market Abuse Regulation (MAR):
• Mandatory conflict of interest disclosure: Investment recommendations must explicitly mention any conflicts, such as financial stakes or relationships influencing the advice, to ensure clear,...
• Prohibition on price manipulation: Practices artificially influencing security prices, including through coordinated recommendations, are strictly banned, with liability extending to directors. These...

Key dates

January 28, 2022

- Constitutional Council decision declaring dual prosecution unconstitutional

Current status (as of January 2026)

- Amendments appear to be in legislative proposal stage; no effective date yet announced

No specific implementation deadline stated Deadline

- AMF committed to proposing amendments "as soon as possible"

Suggested considerations

• *For compliance professionals and regulated entities:
• *Review cooperation policies: Ensure internal procedures for responding to AMF investigation and inspection requests comply with current legal requirements and anticipated amendments.
• *Monitor legislative developments: Track publication of proposed amendments in the French legislative process to understand final scope of changes.
• *Counsel on cooperation: Advise business units that obstruction remains sanctionable; the amendment eliminates dual penalties, not the underlying obligation to cooperate.
• *Document compliance: Maintain records demonstrating good-faith cooperation with AMF requests to support defense against obstruction allegations.

What changed

• The primary regulatory change addresses a constitutional violation regarding dual prosecution under the ne bis in idem principle:
• Current problem: The Monetary and Financial Code previously allowed both administrative sanctions by the AMF Enforcement Committee and criminal prosecution for identical obstruction conduct,...
• Proposed solution: Legislative amendments will eliminate the possibility of dual prosecution while maintaining the AMF's ability to sanction obstruction of investigations and inspections.
• Scope of obstruction conduct: The law covers refusal to allow access to documents, provide copies, communicate information, respond to summons, or grant access to professional premises during AMF...