Sanctions & settlements MAR Compliance Journalists Investment services providers The AMF Enforcement Committee fines an investment services provider and its director a total of €850,000
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Financial disclosures & corporate financing Journalists Listed companies and issuers The Autorité des Marchés Financiers takes note of the Cour de Cassation ruling in the Vivendi SE case
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Shares ETF Fixed income Individual investors remain active on the markets in the 3rd quarter of 2025
Asset ManagerBroker DealerWealth Manager
Europe & international Sanctions & settlements Publication of the annual ESMA Report on Sanctions and Measures for 2024: AMF imposes the highest amounts in Europe
The ESMA Annual Report on Sanctions and Measures for 2024, published on 16 October 2025, aggregates enforcement data from EEA national competent authorities (NCAs), highlighting that the French AMF imposed the highest total sanctions at €29.4 million—nearly a third of the EEA's €100 million aggregate—primarily under MAR and MiFID II. This matters for compliance professionals as it signals intensified enforcement focus on market abuse and investor protection across Europe, with France leading in both fine amounts and settlement usage, underscoring a trend toward higher penalties and agile resolution mechanisms.
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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 AM
Key Dates
16 October 2025 - ESMA publishes second consolidated Annual Sanctions Report for 2024 data.
covering 2024 activities.
Compliance Impact
Urgency: medium – This report reinforces existing rules without new requirements, but signals escalating financial penalties (up 40% YoY) and settlement trends, pressuring firms to prioritize MAR/MiFID compliance to avoid outsized AMF-style fines, especially in France or cross-EEA operations. Matter
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Savings protection Warning Other professionals Executive & other private individuals Retail investors Professional investors Journalists Investment management companies Listed companies and issuers The AMF has...
The AMF enforced a trading suspension on MEXEDIA S.p.A. shares on Euronext from 11 September 2025 to 30 September 2025 due to indicators of **pump and dump** market abuse, urging investors to exercise extreme caution against unauthorized high-upside recommendations. This enforcement action underscores the AMF's proactive market surveillance and highlights ongoing risks of manipulative practices in listed equities, serving as a reminder for firms to bolster internal controls against such schemes. Compliance teams should note this as a signal of heightened regulatory scrutiny on price manipulation, potentially informing future enforcement trends.
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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 call
What You Need To Do
- Trading venues (e.g., Euronext)
- Investment firms and brokers
- Advisory firms
- All surveilled firms
- Investors and firms assisting them
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.
Compliance Impact
Urgency: Medium - This is a resolved, case-specific enforcement (suspension lifted 1 October 2025), not imposing new firm-wide rules, reducing immediate action needs as of January 2026. It matters for market abuse surveillance programs, signaling AMF's focus on pump-and-dump in equities, which could
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Financial disclosures & corporate financing Public offer Prospectus Executive & other private individuals Professional investors Journalists Listed companies and issuers The AMF announces new measures to facilitate access to listing
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Warning Savings protection Warning Forex and binary options The AMF and the ACPR warn the public against the activities of several entities offering in France investments in the unregulated foreign exchange market (Forex) and in crypto-assets derivatives without being authorized to do so
BankFintechCrypto Exchange
Savings protection Warning Retail investors Journalists Listed companies and issuers AMF announces resumption of trading in Mexedia shares
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Warning Savings protection Warning The AMF warns the public about group chats providing tips on shares
Asset ManagerWealth ManagerBroker Dealer
Warning Savings protection Warning Forex and binary options The AMF and the ACPR warn the public against the activities of several entities offering in France investments in the unregulated foreign exchange market (Forex) and in crypto-assets derivatives without being authorized to do so
BankFintechCrypto Exchange
Shares ETF Retail investor activity in equities at its highest since 2020
Asset ManagerBroker DealerWealth Manager
MAR Financial disclosures & corporate financing Shares The AMF and the AFA call for vigilance of the risk of private corruption by criminal networks of natural persons with access to inside information
BankAsset ManagerBroker Dealer
Sanctions & settlements MAR professional obligations Investment advice Other professionals Journalists Listed companies and issuers The AMF Enforcement Committee fines eight individuals and two legal entities a total of €1,890,000 for late...
All Firms
Long term investment Equity Retail investors Journalists Investment services providers Investment management companies Listed companies and issuers French retail investor stock market activity: the AMF analyses changes in behaviour between...
Asset ManagerWealth ManagerBroker Dealer
Sanctions & settlements MAR Journalists Listed companies and issuers The AMF Enforcement Committee fines an issuer €20,000 and its shareholders a total of €1.7 million
The AMF Enforcement Committee imposed fines totaling €1.72 million on 10 June 2025 against SMCP (an issuer) and its major shareholders European TopSoho, Dynamic Treasure Group, and Ms. Chenran Qiu for breaches including failure to report threshold crossings in shareholdings, disseminating false or misleading information constituting market manipulation, and SMCP's lapse in maintaining inside information confidentiality. This decision underscores AMF's rigorous enforcement of **Market Abuse Regulation (MAR)** obligations on issuers and shareholders, serving as a deterrent against opaque share transactions and premature disclosures that undermine market integrity. Compliance teams should prioritize robust monitoring of ownership changes and information controls to avoid similar sanctions, which can reach seven figures for individuals and entities.
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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 informatio
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.
Compliance Impact
Urgency: Medium - Matters due to substantial fines (€1.72M total, including €1M personal), personal liability for controllers, and appeal pending, signaling ongoing risk. Not critical as it's backward-looking enforcement (events 2016-2021), but elevates priority for listed firms handling ownership c
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Shares ETF Retail investor activity up again
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Financial disclosures & corporate financing Journalists Listed companies and issuers The AMF orders DANAE GROUP to file a draft takeover bid for ENTREPRENDRE shares
The AMF has ordered Danae Group to file a draft takeover bid for shares in Entreprendre, enforcing mandatory public offer rules triggered by a shareholding threshold crossing. This matters for compliance professionals as it exemplifies AMF's strict oversight of takeover regulations, ensuring market integrity, equal treatment of shareholders, and timely disclosures in listed company transactions. It underscores the risks of non-compliance, potentially leading to enforcement actions.
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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, marke
What You Need To Do
- File draft takeover bid immediately
- Appoint independent appraiser
- Inform AMF and publish
- Prepare target response
- Monitor thresholds
Key Dates
Within 4-6 weeks of triggering event - Danae Group must file draft takeover bid (practice standard; exact trigger date not specified in publication). DEADLINE
10 trading days from offer period start - AMF reviews draft for compliance and issues visa (extendable if appraiser or works council involved, min. 5 trading days post-target reply). DEADLINE
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).
Compliance Impact
Urgency: High - Immediate filing obligation for Danae Group risks escalation to sanctions if ignored; for others, it signals AMF's proactive enforcement, heightening scrutiny on share acquisitions in listed firms. Matters due to potential market disruption, shareholder protection mandates, and prece
All Firms
Sanctions & settlements Executive & other private individuals Journalists The AMF Enforcement Committee fines three individuals and one legal entity a total of €700,000 for insider dealing breaches
The AMF Enforcement Committee imposed fines totaling €700,000 on three individuals and one legal entity for insider dealing violations, demonstrating the regulator's ongoing commitment to enforcing Market Abuse Regulation (MAR) prohibitions on trading with inside information. This case underscores the AMF's aggressive pursuit of insider networks and coordinated breaches, serving as a stark reminder for firms to bolster insider trading surveillance and training programs. Compliance teams should use it to reinforce policies amid rising detections of organized insider activities.
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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
What You Need To Do
- Update insider policies
- Enhance training and awareness
- Strengthen surveillance
- Report promptly
- Conduct audits
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 - PDMRs must report securities transactions to issuer and AMF.
Compliance Impact
Urgency: High – This enforcement signals intensified AMF focus on insider networks, with fines demonstrating willingness to penalize both individuals (€700,000 total) and entities amid a "worrying trend" of organized crime infiltration. Firms face elevated inspection risks, especially post-AMF-AFA v
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Marketing Derivatives or structured products Executive & other private individuals Journalists Listed companies and issuers The AMF and ACPR Joint Unit publishes its analysis of the French structured product market
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Artificial intelligence Markets Innovation The International Organization of Securities Commissions (IOSCO) publishes a report on artificial intelligence in financial markets
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Sanctions & settlements Journalists Listed companies and issuers The AMF Enforcement Committee clears three individuals and one legal entity for insider dealing breaches
The AMF Enforcement Committee dismissed insider dealing charges against three individuals and one legal entity, determining insufficient evidence of inside information use or disclosure. This decision underscores the Committee's rigorous evidentiary standards in market abuse cases, offering reassurance to compliance teams that weak indicia alone do not trigger sanctions, while reinforcing the need for robust defenses in investigations. It matters because it provides interpretive guidance on proving insider dealing, potentially reducing overreach in enforcement but heightening focus on documentation and transaction rationales.
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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 se
What You Need To Do
- Enhance insider list maintenance and training to preempt failures, as fined in parallel cases
- Document transaction rationales proactively (e
- 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
Compliance Impact
Urgency: Medium—not critical as no new rules or fines imposed, but matters for firms under AMF scrutiny or with high insider dealing risk, as it illustrates acquittal thresholds (e.g., insufficient indicators like timing alone). Heightened relevance amid ongoing AMF enforcement wave on market abuse,
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Sanctions & settlements Journalists The AMF Enforcement Committee fines three individuals a total of €590,000 for price manipulation
The AMF Enforcement Committee fined three individuals a total of €590,000 for engaging in price manipulation on French markets, highlighting the regulator's aggressive stance against market abuse. This enforcement action underscores the risks of coordinated trading schemes that distort supply, demand, or prices, serving as a deterrent for market participants. Compliance teams should note it as evidence of heightened AMF scrutiny on manipulative behaviors, even absent full case details.
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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 act
Key Dates
11 December 2024 AMF decision fining entities €4.15M for false info and price manipulation.
24 January 2024 AMF decision fining seven for price manipulation (€400k-€2M); appeals filed, partial stay granted 10 July 2024.
19 July 2024 AMF fines Parrot and directors €420k total for manipulation.
13 December 2024 AMF fines US fund €10M for IPO-related manipulation.
15 September 2025 AMF fines asset managers €1.3M total (future-dated relative to publication patterns).
Compliance Impact
Urgency: High - Matters due to escalating fines (e.g., €590k here, up to €10M in ) and personal liability for individuals, amid AMF's pattern of 2024-2025 actions targeting manipulation across assets. Non-compliance risks reputational damage, trading bans, and appeals (e.g., ongoing in ); firms must
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Sanctions & settlements professional obligations Journalists Listed companies and issuers The AMF Enforcement Committee fines Pharnext and its former directors a total of €800,000
The AMF Enforcement Committee fined Pharnext €500,000 and its former directors Daniel Cohen (€200,000) and David Horn Solomon (€100,000) on 20 January 2025 for failing to disclose inside information promptly and disseminating false or misleading information about FDA interactions for a drug candidate. This enforcement action reinforces AMF's strict stance on market abuse rules under EU MAR, highlighting personal liability for directors in listed biotech firms where investor expectations around product approvals are high. Compliance teams should note it as a reminder of timely disclosure obligations, especially amid appeals filed by the parties.
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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.
What You Need To Do
- Review inside information policies
- Audit communications
- Director training
- Monitor appeals
- wide actions mandated beyond general MAR compliance, but proactive gap analysis recommended
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).
Compliance Impact
Urgency: Medium – This is a specific enforcement (not a new rule), but it signals heightened AMF scrutiny on biotech disclosures amid investor sensitivity to approval news; delays in similar cases could trigger investigations/fines up to 15% of turnover or €15M. Matters for listed firms with pipelin
All Firms
Innovation Market infrastructures MIFID Pilot Regime: the AMF publishes an in-depth report on the implementation of the regulation
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Sanctions & settlements MAR Other professionals Executive & other private individuals Listed companies and issuers The AMF Enforcement Committee fines a US investment fund and its director a total of €10 million for price manipulation during an initial public offering...
The AMF Enforcement Committee fined US-based investment fund EcoR1 Capital €7 million and its director Oleg Nodelman €3 million (total €10 million) on 13 December 2024 for price manipulation via "marking the close" trades on Euronext Paris during Innate Pharma's 2019 Nasdaq IPO, plus reporting failures on 5% ownership thresholds. This case demonstrates AMF's extraterritorial reach over foreign actors impacting French markets and underscores personal liability for executives in market abuse violations under MAR.
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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.
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What You Need To Do
- 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
- 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
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.
Compliance Impact
Urgency: Medium - Matters due to AMF's aggressive fines (€10M total) and personal accountability for a US fund/director, signaling heightened cross-border enforcement on Euronext trades. Firms should prioritize surveillance upgrades now, as appeals are possible but do not suspend implications; low i
Hedge FundAsset Manager
Warning Savings protection Warning Forex and binary options The AMF warns the public about the fraudulent Forex investment offering on the LIVAXXEN trading platform
Broker DealerWealth ManagerFintech
Sanctions & settlements Disclosure Obligations Journalists Listed companies and issuers The AMF Enforcement Committee imposes fines totalling €4,150,000 on four legal entities and three natural persons for disseminating false or misleading information, and price manipulation
The AMF Enforcement Committee imposed fines totaling €4,150,000 on December 11, 2024, against Auplata (an issuer), its former CEO Didier Tamagno, statutory auditors RSM Paris and Stéphane Marie (€50,000-€300,000 range), and fund entities European High Growth Opportunities Manco SA, Alpha Blue Ocean Inc., and director Pierre Vannineuse (€1,000,000-€1,500,000 range) for disseminating false or misleading information in press releases and financial statements, plus share price manipulation via unauthorized sales. This decision underscores the AMF's rigorous enforcement of market abuse rules under French financial regulations, serving as a critical reminder for issuers, auditors, and investment managers to ensure transparent disclosure of financing terms and compliance with share disposal commitments, with appeals already lodged at the Paris Court of Appeal.
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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). No new requirements were introduced, but the decision clarifies interpretive application: auditors face liability
What You Need To Do
- Review disclosure practices
- Enhance auditor coordination
- Strengthen trading controls
- Training and policies
- Monitor appeals
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).
Compliance Impact
Urgency: High - Matters due to substantial fines (up to €1.5M per entity), personal liability for executives/auditors, and broad applicability to disclosure/manipulation risks in equity financings; recent timing (2024 decision, ongoing appeals) signals AMF's active enforcement focus, prompting immed
Asset ManagerAll Firms
Short selling Equity Stock market tumbles: still a rare phenomenon on the Paris market
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ETF Equity MIFID Executive & other private individuals Professional investors Journalists Listed companies and issuers ETFs win over newcomers as they invest into the stock market
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Shares ETF Investment services In Q3 2024, for the first time, new ETF investors outnumbered new equity investors
Asset ManagerWealth ManagerBroker Dealer
Shares ETF The AMF analyses new investment practices: listed shares, ETFs and crowdfunding
Asset ManagerBroker DealerFintech
Sanctions & settlements Disclosure Obligations Journalists AMF Enforcement Committee fines Biosynex, its CEO and several of its directors a total of €930,000
The AMF Enforcement Committee fined Biosynex and four directors (plus their holding companies) a total of €930,000 on 25 July 2024 for breaches including selective disclosure of inside information via a CEO interview, insider trading by selling shares on non-public knowledge of a treasury share sale, and failures to report share transactions to the AMF. This matters as it reinforces AMF's strict enforcement of MAR (Market Abuse Regulation) rules on information dissemination, insider dealing, and PDMR reporting, serving as a precedent for listed companies and executives during high-volatility periods like COVID-19. Appeals by some parties were dismissed as inadmissible by the Paris Court of Appeal on 9 January 2025.
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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 "restricted audience" (like journalists) without prior release violates this.
Insider trading: Prohibits trading (including selling
What You Need To Do
- 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
- Automate transaction reporting
- Conduct MAR training refreshers
- Audit past disclosures
Key Dates
25 July 2024 - AMF Enforcement Committee decision issuing fines.
March-April 2020 - Violation period (interview on 20 March 2020; share sales and unreported transactions).
9 January 2025 - Paris Court of Appeal dismisses appeals by CEO Abensur, CFO Fraenckel, and ALA Financière as inadmissible (case n° 24/16188).
Compliance Impact
Urgency: Medium - Not a new rule but a high-profile enforcement (€930k total: Biosynex €50k; CEO/holding €460k; others €70k-€230k each) highlighting personal liability for executives, with appeals failing. Matters for listed firms as it stresses "full/effective" dissemination and rejects operational
All Firms
Sanctions & settlements Disclosure Obligations Professional investors The AMF Enforcement Committee fines an issuer and two of its former directors at the time of the facts for market manipulation by disseminating false or misleading information. It also fined one of the directors for insider...
The AMF Enforcement Committee imposed fines on an issuer and two former directors for market manipulation via dissemination of false or misleading information, with an additional fine on one director for insider trading violations. This enforcement action underscores the AMF's rigorous enforcement of market abuse rules under the Market Abuse Regulation (MAR), serving as a stark reminder of personal and corporate liability for disclosure failures and privileged information misuse. Compliance teams must prioritize robust controls to mitigate similar risks, as such violations erode market integrity and investor trust.
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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 emphas
What You Need To Do
- 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
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).
Compliance Impact
Urgency: High - This demonstrates AMF's aggressive stance on market abuse amid rising "insider networks" and organized crime threats, with fines signaling personal risk for directors. It matters because enforcement is intensifying (e.g., web scraping for investigations, expanded sanctions like 10-ye
All Firms
Regulatory developments Post-trading infrastructures Market infrastructures Cooperation Journalists AMF and Banque de France call for a well-anticipated move to T+1 Settlement Cycle
BankBroker DealerAsset Manager
Shares ETF Collective investments Long term investment The activity of retail investors active in equities and ETFs increased further in Q2 2024
Asset ManagerBroker DealerWealth Manager
MIFID Fixed income The AMF proposes a methodology for calibrating the thresholds determining the transparency regime applicable to corporate bond transactions.
BankBroker Dealer
Markets Investment services Financing the economy Supervision ESMA's 20 recommendations for more efficient and attractive European markets
Asset ManagerBroker DealerWealth Manager
Sanctions & settlements Journalists AMF Enforcement Committee fines one individual and clears two others for insider dealing breaches
The AMF Enforcement Committee sanctioned one individual with a fine for insider dealing violations while acquitting two others in a case involving breaches of market abuse rules under the Market Abuse Regulation (MAR). This decision underscores the AMF's rigorous enforcement of insider trading prohibitions, emphasizing evidence-based liability determinations and serving as a reminder for firms to strengthen insider monitoring and training programs. It matters because it highlights the risks of coordinated insider networks and the importance of robust compliance frameworks to mitigate personal and corporate exposure.
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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 takeaways include strict trading rest
What You Need To Do
- Review and update insider trading policies to align with AMF Position-Recommendation No
- 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
- For listed firms
Key Dates
Within 3 trading days PDMRs must report securities transactions to issuer and AMF. DEADLINE
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.
5 June 2026 Certain amendments in sample insider policies apply (e.g., enhanced disclosures).
Compliance Impact
Urgency: Medium. This reinforces longstanding MAR rules without new mandates, but the acquittal of two individuals signals AMF's focus on provable evidence, reducing overreach risks while heightening scrutiny on networks. It matters amid rising organized crime threats (AMF 2024 report), prompting im
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Long term investment Equity ETF Retail investors Professional investors Journalists Dashboard of retail investors active on the stock market: sharp increase in retail ETF activity in Q1 2024
Asset ManagerBroker DealerWealth Manager
Appointment Sanctions & settlements Journalists Valérie Michel-Amsellem becomes Chair of the AMF Enforcement Committee
This AMF publication announces the appointment of Valérie Michel-Amsellem as the new Chair of the AMF Enforcement Committee, the independent body responsible for imposing sanctions in financial market violations. It matters for compliance professionals because leadership changes in enforcement can signal shifts in sanctioning priorities, rigor, or focus areas, potentially influencing how firms approach risk management and remediation. While no immediate policy changes are introduced, monitoring the new Chair's tenure is essential given the Committee's role in upholding market integrity.
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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.
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What You Need To Do
- Review backgrounds of key AMF personnel, including Valérie Michel-Amsellem, for insights into enforcement trends (e
- Enhance internal monitoring of AMF sanction releases (https://www
- 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
Key Dates
Immediate - Appointment takes effect upon announcement, with no disclosed transition period.
2026 , Enforcement Committee sanction against an asset management company, indicating ongoing enforcement operations.
Compliance Impact
Urgency: Low - This personnel change does not impose new obligations or alter existing rules, posing minimal immediate risk. It matters indirectly for long-term strategy, as the Chair could steer enforcement toward stricter penalties or novel interpretations of obligations (e.g., as analyzed in hist
Asset ManagerBroker DealerBank Appointment Sanctions & settlements Journalists Appointements to the AMF Enforcement Committee
This AMF publication announces the partial renewal of the Enforcement Committee, including four new appointments, two reappointments, and the subsequent election of Valérie Michel-Amsellem as Chair on 28 February 2024. It matters for compliance professionals as changes in committee composition can influence enforcement priorities, sanction severity, and interpretations of financial regulations under AMF jurisdiction.
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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. The committee maintains its structure of 12 independ
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.
Compliance Impact
Urgency: low - This personnel change poses minimal immediate risk but signals potential evolution in enforcement tone under new leadership experienced in sanctions and regulation (e.g., Michel-Amsellem's appellate background). It matters longer-term for firms in protracted AMF proceedings, as commit
Asset ManagerBroker DealerBank Sanctions & settlements Journalists The AMF Enforcement Committee clears twelve individuals for insider dealing breaches
All Firms
Sanctions & settlements Disclosure Obligations Journalists Listed companies and issuers The AMF Enforcement Committee fines seven people, four for price manipulation and three for failing to comply with reporting obligations
Broker DealerWealth Manager
Markets MAR Corporate action Shares Market manipulation identified and reported by the AMF sanctioned by the Paris Tribunal Correctionnel
All Firms
Sanctions & settlements Disclosure Obligations Journalists Listed companies and issuers The AMF Enforcement Committee fines a former manager of a listed company for failing to disclose inside information as soon as possible and for failing to disclose major shareholdings
The AMF Enforcement Committee imposed a fine on a former manager of a listed company for two violations: failing to disclose inside information to the public as soon as possible under Article 17 of the EU Market Abuse Regulation (MAR), and failing to disclose major shareholdings as required by French regulations. This enforcement action underscores the AMF's strict enforcement of market abuse rules, emphasizing personal accountability for executives in ensuring timely transparency to prevent insider trading risks and maintain market integrity. Compliance teams should review it as a reminder of heightened scrutiny on disclosure delays and threshold crossings.
#
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, confidentiality ensured, no public misleading). Delays require post-publication notification to AMF at differepublication@amf-france.org.
Major shareholdings disclosure: Persons cross
What You Need To Do
- Assess information promptly
- 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)
Key Dates
3 trading days - Managers/PDMRs must report securities transactions to issuer and AMF if annual total exceeds €20,000. DEADLINE
10 business days - Custodians must respond to Euroclear France/AMF requests for shareholder identity on threshold crossings. DEADLINE
effective 2016 ) and AMF GR.
Compliance Impact
Urgency: High - This matters due to personal fines on managers, signaling AMF's aggressive enforcement of MAR since 2016, with rebuttable presumptions against executives for insider misconduct unless proven otherwise. Firms face reputational risk, investigations, and cascading liabilities (e.g., €10
All Firms
Sanctions & settlements Journalists Listed companies and issuers The AMF Enforcement Committee fines Visiomed and its former directors, Éric Sebban and Olivier Hua, for market manipulation. It also fines Negma Group Ltd for breach of its reporting obligations
The AMF Enforcement Committee imposed fines on Visiomed and its former directors Éric Sebban and Olivier Hua for market manipulation, and on Negma Group Ltd for failing to meet reporting obligations. This enforcement action underscores the AMF's rigorous enforcement of market abuse rules under EU Regulation 596/2014 (MAR), serving as a critical reminder for listed companies, directors, and major shareholders to prioritize compliance with manipulation prohibitions and threshold crossing disclosures. It matters because it demonstrates personal liability for executives and ongoing scrutiny of disclosure failures, potentially influencing enforcement trends in 2026 amid strengthened AMF 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. No novel rules are intr
What You Need To Do
- Conduct internal audits
- Enhance monitoring systems
- Train personnel
- Update policies
- Cooperate with regulators
Key Dates
Immediate - Report suspicious transactions (insider dealing or manipulation) to AMF without delay.
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).
Compliance Impact
Urgency: High - This action signals intensified personal accountability for executives in market manipulation cases, amid AMF's 2026 focus on market integrity and new tools like expanded data access and injunctions with penalty payments. Firms must act swiftly to fortify controls, as non-compliance
All Firms
Sanctions & settlements Journalists The AMF Enforcement Committee fines two individuals for insider dealing breaches
The AMF Enforcement Committee fined two individuals for insider dealing breaches, highlighting the regulator's focus on prohibiting the use of non-public, price-sensitive information in securities transactions. This enforcement action underscores the AMF's rigorous application of market abuse rules under the Market Abuse Regulation (MAR), serving as a deterrent and educational tool for market participants. Compliance teams should note it as evidence of ongoing scrutiny, with fines reflecting the severity of breaches involving direct trading on inside information.
#
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
What You Need To Do
- Enhance surveillance
- Insider list management
- Training programs
- Policies and procedures
- Audit and testing
Key Dates
since 2016 ). Relevant historical dates from this and similar cases:
30 January 2023 Enforcement decision fining 10 parties for Terreïs acquisition insider dealing.
9 July 2021 Decision fining individuals for disclosing/using earnings inside information.
15 May 2024 Fine for using takeover bid information.
9 July 2025 Fines including professional bans for MND-related breaches.
Compliance Impact
Urgency: High – While not a rule change, the AMF's frequent enforcement (multiple 2023-2026 cases with fines up to €1M) signals intensified focus on insider dealing amid M&A and earnings seasons, risking reputational damage, personal liability, and business bans. Firms must prioritize surveillance u
Broker DealerAll Firms
Long term investment Risk and Trend Mapping Retail investors Professional investors Journalists Investment management companies Listed companies and issuers Gamification tends to increase investment risk-taking, according to behavioural...
Asset ManagerWealth ManagerBroker Dealer
Innovation Markets Decentralised Finance (DeFi): IOSCO publishes its consultation report
The AMF publication announces IOSCO's consultation report on Decentralised Finance (DeFi), highlighting ongoing global efforts to regulate DeFi activities under IOSCO's 2023 policy recommendations. This matters for compliance professionals as it signals intensifying scrutiny on DeFi platforms for investor protection, market integrity, and financial stability risks, potentially leading to harmonized rules that bridge traditional finance and crypto assets. Firms involved in DeFi must monitor this to align with emerging "same risk, same rule" standards across jurisdictions.
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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 frame
What You Need To Do
- Review and comment
- Gap analysis
- Enhance compliance
- Monitor cross-border
- Pilot participation
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 - IOSCO consultation comment deadline on related reports (e.g., FMIs’ management of general business risks). DEADLINE
6 February 2026 - CPMI-IOSCO consultation comment deadline on FMIs’ general business risks guidance, relevant to DeFi infrastructure. DEADLINE
starting 2026 .
Compliance Impact
Urgency: High – While not yet binding, the report underscores incomplete global implementation (e.g., enforcement gaps, regulatory arbitrage risks), with IOSCO/FSB calling for swift action amid 2025-2026 reviews. This matters as DeFi's growth amplifies systemic risks, prompting "same risk, same rule
Asset ManagerCrypto ExchangeFintech Sanctions & settlements Journalists Listed companies and issuers The AMF Enforcement Committee fines Rallye and its chief executive officer, Franck Hattab, for market manipulation
The AMF Enforcement Committee sanctioned listed company Rallye and its former CEO Franck Hattab for market manipulation via dissemination of false or misleading information about Rallye's liquidity position on 11 occasions across 14 communications from March 2018 to May 2019, in violation of Articles 12.1(c), 12.4, and 15 of the EU Market Abuse Regulation (MAR). Rallye was fined €25 million and Hattab €1 million due to the repetition of breaches, prior AMF warnings, and potential investor harm from artificially inflated share prices. This case matters as it demonstrates AMF's aggressive enforcement of MAR disclosure rules, holding both issuers and senior executives personally liable for financial communications that misrepresent key risks like liquidity.
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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 com
What You Need To Do
- Review historical/current financial communications for liquidity/debt portrayals; ensure they explicitly address dependencies (e
- Enhance governance
- Audit trails
- Monitor appeals
Key Dates
March 8, 2018 - May 15, 2019 - Period of infringing communications (11 occasions, 14 media).
2016 - Prior AMF Deputy Secretary General warning to Rallye on financial communication quality, specifically liquidity risk presentation.
September 2023 (inferred from context) - AMF Enforcement Committee decision imposing fines.
September 18-19, 2023 - Rallye appeals the AMF decision.
Compliance Impact
Urgency: High - Reinforces personal accountability for executives in debt-heavy listed firms, with fines scaled to repetition and centrality of misrepresented risks (liquidity as Rallye's primary exposure). Matters amid ongoing Casino restructuring (€6.4B debt), signaling AMF scrutiny of retail sect
All Firms
Fixed income Markets Financial services providers The AMF publishes a study on the margins applied by brokers in the French bond market
Broker DealerBank
Crypto-assets Innovation Market infrastructures Post-trading infrastructures Market infrastuctures on blockchain technology: adaptation of the French securities laws
BankFintechCrypto Exchange
Regulatory developments Post-trading infrastructures Market infrastructures Central counterparties’ recovery and resolution: AMF complies with ESMA guidelines
Asset ManagerBroker DealerBank
Risk and Trend Mapping Markets Europe & international Asset management Other professionals Market Infrastructures Journalists Investment services providers Investment management companies Listed companies and issuers ...
Asset ManagerBroker Dealer
MAR Anti-money Laundering Pump-and-dump practice: market manipulation sanctioned by the Paris Tribunal Correctionnel
The Paris Tribunal Correctionnel sanctioned a pump-and-dump market manipulation scheme, where perpetrators artificially inflated small-cap stock prices via social media hype before selling off, violating France's Market Abuse Regulation (MAR). This enforcement action by the AMF underscores aggressive judicial backing for anti-manipulation efforts, signaling heightened scrutiny on coordinated trading schemes, especially in illiquid assets. Compliance teams must prioritize surveillance enhancements to mitigate similar risks amid rising digital promotion tactics.
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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 effe
What You Need To Do
- 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
- 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
Key Dates
30 December 2024 - MiCA mandatory licensing for CASPs; pre-registered PSANs enter 18-month transition .
30 June 2026 - End of PSAN transitional period; full MiCA authorization required, with AMF oversight on manipulation risks . DEADLINE
Compliance Impact
Urgency: High - This case demonstrates swift judicial enforcement (Tribunal Correctionnel conviction), amplifying personal liability for individuals in manipulation schemes and pressuring firms to bolster pre-trade/post-trade surveillance. It matters amid MiCA deadlines, as unlicensed crypto operato
Broker DealerCrypto ExchangeAll Firms
Innovation Markets Derivatives or structured products The AMF revises position limits applicable to agricultural commodity derivatives
Broker DealerAll Firms
Supervision MIFID Financial services providers Other professionals Journalists Investment services providers Provision of market data: the AMF conducts a series of SPOT inspections and identifies shortcomings in compliance with requirements
Asset ManagerBroker DealerWealth Manager
MiCA Crypto-assets Innovation Crypto-asset markets: the MiCA regulation adopted by the European Parliament
Crypto ExchangeFintech
Long term investment Equity Savings Plan Retail investors Journalists Slight recovery of retail investor activity in the stock market
Asset ManagerBroker DealerWealth Manager
Sanctions & settlements Journalists The AMF Enforcement Committee fines the head of consolidation of a listed company for insider dealing
The AMF Enforcement Committee fined the head of consolidation at a listed company for insider dealing, highlighting the regulator's aggressive enforcement against misuse of privileged information by senior finance personnel. This case underscores the personal liability of executives with routine access to inside information and reinforces the need for robust internal controls in listed entities. Compliance teams should prioritize this as a reminder of heightened scrutiny on insider networks and trading restrictions.
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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. Recent EU Regulation 2024
What You Need To Do
- Enhance insider lists and training
- Implement/enforce black-out periods
- Strengthen policies on gifts/invitations and whistleblowing: Formalize in codes of ethics; monitor for corruption risks in information sharing
- Monitor and report transactions
- Conduct risk assessments
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 - PDMRs must report transactions to issuer and AMF.
Compliance Impact
Urgency: High – This demonstrates AMF's focus on executive accountability in insider dealing, amid rising "insider networks" concerns noted in 2024/2025 reports, with joint AMF/AFA warnings amplifying detection risks. Firms face fines, reputational damage, and procedural enhancements under strengthe
All Firms
Sanctions & settlements Journalists The AMF Enforcement Committee fines three legal entities and eight individuals for insider dealing breaches and failure to maintain and update insider lists
The AMF Enforcement Committee imposed fines totaling over €3 million on three legal entities and eight individuals in its 30 January 2023 decision for insider dealing in Terreïs shares based on two pieces of inside information, and for Terreïs's failure to maintain and update its insider list. This case matters because it exemplifies AMF's rigorous enforcement of market abuse rules under the Market Abuse Regulation (MAR), highlighting indicators like atypical trading timing, order placement methods, and information transmission channels that trigger sanctions, serving as a deterrent and educational tool for compliance programs.
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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 breac
What You Need To Do
- Review and strengthen insider list management
- Enhance market abuse surveillance
- Conduct insider trading risk assessments
- Update compliance training and policies
Key Dates
30 January 2023 - AMF Enforcement Committee decision date, imposing fines for insider dealing and insider list failures.
Compliance Impact
Urgency: Medium - This 2023 decision reinforces longstanding MAR rules without new mandates, but its detailed analysis of enforcement indicators demands immediate policy reviews to mitigate fines up to €1M+ per breach. It matters for firms handling listed securities, as AMF prioritizes educational e
All Firms
Long term investment Equity Equity Savings Plan Retail investors Journalists Investment services providers Investment management companies Listed companies and issuers Over 1.5 million retail investors bought or sold shares in...
Asset ManagerBroker DealerWealth Manager
Sanctions & settlements Journalists Investment management companies The AMF Enforcement Committee fines a portfolio asset management company for breaches of its professional obligations
The AMF Enforcement Committee imposed a €150,000 fine on **Inocap Gestion**, a portfolio asset management company, for multiple operational and compliance failures between 2022 and the enforcement decision date. This case demonstrates the AMF's enforcement priorities around liquidity risk management, market abuse detection systems, and anti-money laundering (AML/CFT) procedures—critical control areas that asset managers must operationalize effectively to avoid substantial penalties.
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 onboar
What You Need To Do
- assessments across these areas
- *Liquidity Risk Management
- *Market Abuse Detection
- *AML/CFT Compliance
- *Compliance Monitoring
Key Dates
21 December 2022 - Enforcement Committee decision date against Inocap Gestion
No specific implementation deadline stated - The decision addresses historical breaches; however, firms should immediately remediate similar deficiencies
Compliance Impact
Urgency: HIGH
Asset ManagerWealth Manager
Markets Financial disclosures & corporate financing The Autorité des marchés financiers (AMF) has requested the resumption of listing of ORPEA’s securities today
Asset ManagerBroker DealerBank
Markets Periodic & ongoing disclosures The AMF has requested the suspension of ORPEA's financial instruments
On October 24, 2022, France's Autorité des marchés financiers (AMF) suspended all financial instruments (shares, debt securities, and related instruments) issued by ORPEA S.A., a major European care homes operator, pending disclosure of material information under the European Market Abuse Regulation. This enforcement action reflects serious governance and disclosure failures at a publicly listed company facing allegations of operational malpractice and undisclosed financial difficulties.
What Changed
The AMF's suspension order represents a temporary halt to all trading in ORPEA's financial instruments across regulated markets. This is a precautionary measure under Market Abuse Regulation (MAR) protocols designed to protect market integrity when material non-public information exists. The suspension was lifted on October 26, 2022, upon market opening, following ORPEA's disclosure of an amicable conciliation procedure and anticipated asset impairments.
The underlying trigger was ORPEA's failu
What You Need To Do
- *For ORPEA (and comparable listed companies)
- *Immediate disclosure obligations
- *Ongoing periodic updates
- *Governance remediation
- *Creditor communication
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
Compliance Impact
Urgency: CRITICAL
All Firms
Long term investment Shares Executive & other private individuals Retail investors Fintech Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services providers ...
Asset ManagerWealth ManagerBroker Dealer
Financial disclosures & corporate financing Financial products Executive & other private individuals Professional investors Journalists Listed companies and issuers The AMF publishes a study on the share price performance of companies using dilutive...
Asset ManagerBroker DealerWealth Manager
Short selling Markets The AMF urges market participants to notify it of any anomalies found in net short position notifications
Broker DealerCrypto Exchange
Bids Financial disclosures & corporate financing The AMF reviews the key issues raised by the Veolia-Suez public offer
BankAsset ManagerBroker Dealer
Sanctions & settlements Journalists The AMF Enforcement Committee fines one natural person and five legal entities, including a management company, for failing to comply with several reporting obligations in relation to a concerted action carried out in the context of a takeover bid and, in the case of the...
The AMF Enforcement Committee imposed fines on one natural person and five legal entities, including an investment management company, for failing to comply with multiple reporting obligations related to a concerted action during a partial takeover bid.[User Query]. This enforcement action underscores the AMF's strict enforcement of transparency rules in takeover scenarios, serving as a critical reminder for market participants to adhere to disclosure timelines to avoid significant financial penalties and reputational damage.
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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 (actions concertées) and reporting in takeover bids. Key requirements reinforced include:
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. 233-10 of the French Commercial Code and AMF General Regulatio
What You Need To Do
- 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
- Implement pre-trade alerts for threshold breaches and conduct periodic audits of historical filings
- For management companies
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.
in 2025 (e.g., 16 July 2025 for inside information breaches).
Compliance Impact
Urgency: High - This matters due to the AMF Enforcement Committee's pattern of fining reporting failures (e.g., €1.89M in July 2025 for late disclosures, €1.7M in June 2025 for shareholder breaches), signaling intensified scrutiny on M&A transparency amid volatile markets. Non-compliance risks fines
Asset ManagerAll Firms
Derivatives or structured products Journalists The AMF has published a study of the profile of participants and their positions in the Matif agricultural commodities derivatives market
Broker DealerAsset Manager
Supervision MAR Journalists Investment services providers Investment management companies Publication of the SPOT inspection campaign summary on market abuse prevention systems in asset management companies
Asset Manager
Risk and Trend Mapping Markets Europe & international Asset management Executive & other private individuals Journalists Investment services providers Investment management companies Listed companies and issuers The...
Asset ManagerBroker Dealer
Innovation AMF activity Journalists Investment services providers Investment management companies Listed companies and issuers The AMF continues its data strategy with the release of short selling data to the public
Asset ManagerBroker Dealer
Institutional AMF activity Appointment Journalists Appointments to the Legal Affairs Directorate and Enforcement Assistance Directorate of the Autorité des Marchés Financiers
This AMF publication announces internal appointments to its **Legal Affairs Directorate** and **Enforcement Assistance Directorate**, signaling potential enhancements in legal oversight and enforcement capabilities within France's financial markets regulator. Compliance professionals should note this as it may indicate a renewed focus on rigorous enforcement of market rules, though it imposes no direct regulatory changes on firms.
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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 san
What You Need To Do
- *No specific actions are required for regulated firms, as this does not introduce obligations
- Review ongoing AMF interactions (e
- Update internal AMF contact lists with confirmed governance details from https://www
- Track AMF news releases for enforcement trends at https://www
Key Dates
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.
16 October 2023 - Appointment of Sébastien Raspiller as AMF Secretary General.
Compliance Impact
Urgency: Low. This matters peripherally for firms anticipating AMF enforcement, as new leaders in Legal Affairs and Enforcement Assistance could signal stricter scrutiny or faster processing of cases, similar to past leadership transitions (e.g., Secretary General appointment in 2023). However, abse
Asset ManagerBroker DealerBank Financial disclosures & corporate financing The AMF ensures compliance with major holding reporting obligations
Asset ManagerBroker DealerBank
Warning Savings protection Forex and binary options Warning The AMF and the ACPR warn the public against unauthorised Forex trading offers from Omega Pro Ltd
Broker DealerWealth ManagerFintech
Sanctions & settlements Journalists The AMF Enforcement Committee fines a Dutch trading firm and three Dutch traders for price manipulation
The AMF Enforcement Committee fined a Dutch trading firm and three Dutch traders for price manipulation on French markets, demonstrating the regulator's cross-border enforcement reach against market abuse. This case underscores AMF's aggressive stance on manipulative trading practices, serving as a deterrent for international firms and individuals active in EU-linked markets. Compliance teams should note it as evidence of heightened scrutiny on trading desks handling correlated instruments.
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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). No new requirements are introduced, but it highlights
What You Need To Do
- Enhance surveillance
- Trader training
- Internal controls
- Compliance reviews
Key Dates
4 December 2019 ; EcoR1: 13 December 2024; SMCP: 10 June 2025).
30 June 2026 .
16 September 2025 .
Compliance Impact
Urgency: High – This signals AMF's expanding cross-jurisdictional enforcement (Dutch firm/traders), with fines on firms and individuals, amid proposed powers enhancements (e.g., penalty payments, communication on probes). Firms face personal accountability risks and market reputation damage; non-EU
Broker Dealer
Market infrastructures Post-trading infrastructures Review of the central clearing framework in the EU: the AMF publishes a position paper
BankBroker DealerAsset Manager
Supervision Fixed income Journalists Investment services providers The AMF publishes a summary of its SPOT inspections on post-trade transparency in the bond market
Broker DealerBank
Sanctions & settlements Journalists The AMF Enforcement Committee fines a biotech company for failing to disclose inside information as soon as possible, and one of its co-founders and one of its shareholders for unlawful disclosure or use of inside information
The AMF Enforcement Committee sanctioned a biotech company for delaying disclosure of inside information, and fined a co-founder and shareholder for unlawfully disclosing or using it, violating EU Market Abuse Regulation (MAR) obligations under Articles 7, 10, and 17. This case underscores the AMF's strict enforcement of timely public disclosure and insider handling, highlighting risks of personal liability for executives and shareholders in listed biotech firms. Compliance teams must prioritize robust information barrier procedures and insider list management to mitigate similar penalties.
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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 ensured, no public misleading).
Prohibition on unlawful disclosure/use: Persons with inside information cannot disclose it except per
What You Need To Do
- Assess information promptly
- Implement controls
- Maintain insider lists
- Train personnel
- Archive disclosures
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.
Compliance Impact
Urgency: High - This demonstrates AMF's willingness to impose personal and corporate fines for disclosure failures, particularly in volatile sectors like biotech where trial data qualifies as inside information. Firms risk market disruption, reputational damage, and escalating penalties (e.g., hundr
All Firms
Warning Savings protection Warning The AMF warns the public against fraudulent offers to buy listed shares at preferential prices
Broker DealerWealth ManagerBank
Market infrastructures Order Retail investors Market Infrastructures Journalists AMF publishes an analysis of retail investor order execution on French stocks
Broker DealerWealth ManagerAsset Manager
Sanctions & settlements Executive & other private individuals Journalists Listed companies and issuers The AMF Enforcement Committee sanctions a media company and its director for making investment recommendations without mentioning conflicts of interest and for price manipulation
The AMF Enforcement Committee sanctioned a media company and its director for issuing investment recommendations without disclosing conflicts of interest and engaging in price manipulation, highlighting the regulator's strict enforcement against market abuse and transparency failures. This case underscores the AMF's focus on protecting investors from misleading practices by non-traditional actors like media outlets, with penalties serving as a deterrent amid rising digital fraud. Compliance teams must prioritize conflict disclosures and surveillance to avoid similar actions, as it reinforces ongoing AMF priorities in conduct and market integrity.
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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, non-misleading information.
Prohibition on price manipulation: Practices artificially influencing security prices, including through coordinate
What You Need To Do
- Conduct conflict of interest audits
- Enhance surveillance for market abuse
- Update compliance policies
- Training programs
- Inducement reviews
Compliance Impact
Urgency: High - This matters due to the AMF's escalating enforcement (e.g., record 12 sanction decisions in 2024 affecting 60 entities, €26.5M fines), targeting non-authorized actors like media amid digital fraud surges (181 sites shut down in 2024). Media and advisory firms face director-level liab
All FirmsBroker Dealer
Short selling Equity Financial Crisis Executive & other private individuals Market Infrastructures Post-trade Infrastructures Professional investors Journalists French and Dutch market authorities publish a joint analysis of the...
Asset ManagerBroker DealerWealth Manager
Sanctions & settlements Journalists The AMF to call for an amendment of the law on obstructing investigations and inspections
The AMF announced its intention to propose legislative amendments to the French Monetary and Financial Code following a January 28, 2022 Constitutional Council decision that found dual prosecution for obstructing AMF investigations and inspections unconstitutional. The amendment aims to eliminate the possibility of simultaneous administrative and criminal penalties for the same obstruction conduct, while preserving the AMF's enforcement authority.
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, violating the constitutional prohibition against double jeopardy.
Proposed solution: Legislative amendments will eliminate the possibility of dual prosecution while maintaining
What You Need To Do
- *For compliance professionals and regulated entities:
- *Review cooperation policies
- *Assess ongoing proceedings
- *Monitor legislative developments
- *Counsel on cooperation
Key Dates
January 28, 2022 - Constitutional Council decision declaring dual prosecution unconstitutional
No specific implementation deadline stated - AMF committed to proposing amendments "as soon as possible"
Current status (as of January 2026) - Amendments appear to be in legislative proposal stage; no effective date yet announced
Compliance Impact
Urgency: MEDIUM
Asset ManagerBroker DealerAll Firms
Financial disclosures & corporate financing Executive & other private individuals Journalists Listed companies and issuers Takeover listed companies The AMF proposes targeted measures to make financial markets more attractive for companies
BankBroker DealerAsset Manager
Sanctions & settlements Journalists The AMF Enforcement Committee fines an issuer's Chief Financial Officer for insider dealing
The AMF Enforcement Committee fined an issuer's Chief Financial Officer (CFO) for insider dealing, highlighting the regulator's aggressive enforcement against market abuse by senior executives. This case underscores the personal liability of insiders who trade on privileged information, reinforcing the need for robust internal controls in listed companies. Compliance teams must prioritize insider trading prevention to mitigate similar sanctions risks.
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What Changed
This enforcement action does not introduce new regulatory changes but exemplifies ongoing application of existing Market Abuse Regulation (MAR) rules under EU Regulation 596/2014 and AMF General Regulations, including Articles 223-9 and 221-3 on inside information disclosure and trading bans. It aligns with AMF Position-Recommendation No 2016-08 on managing inside information, emphasizing black-out periods (e.g., 30 days before annual/interim results) and trading restrictions for Persons Dischar
What You Need To Do
- Maintain insider lists and notify affected persons of trading restrictions; train staff on MAR Article 17 (disclosure) and Article 19 (PDMR dealings)
- Strengthen monitoring of gifts, transactions in derivatives/index products, and whistleblowing mechanisms, as urged in AMF/AFA joint guidance
- Ensure PDMR transaction reporting within 3 trading days via AMF portal
- Conduct regular compliance inspections on insider networks and corruption risks, formalizing prohibitions in codes of ethics
Key Dates
3 trading days - PDMRs must report securities transactions to issuer and AMF. DEADLINE
December 4, 2024 - EU Regulation 2024/2809 amending MAR entered into force.
June 5, 2026 - Certain amendments in sample insider policies apply (e.g., Groupe Casino policy).
June 30, 2026 - AMF General Regulation updates effective.
Compliance Impact
Urgency: High - This demonstrates AMF's focus on holding executives accountable, with fines signaling zero tolerance amid rising "insider networks" linked to organized crime, as noted in AMF's 2024 report and 2025 AMF/AFA warnings. Firms face heightened inspection risks, reputational damage, and per
All Firms
MIFID Market Data: the AMF applies ESMA Guidelines
Asset ManagerBroker DealerBank
Financial products Bids Shares Financial disclosures & corporate financing Markets The AMF publishes a study on the development of the SPAC market and its challenges
Asset ManagerBroker DealerBank Warning Savings protection Miscellaneous assets Warning Miscellaneous assets: the AMF adds to its black list and, for the first time, has access blocked to unauthorised websites
Asset ManagerWealth ManagerBank
Warning Savings protection Crypto-assets Derivatives or structured products The AMF and the ACPR warn the public against the activities of several entities proposing in France forex investments and investment services in crypto-assets derivatives without being authorized to do so
BankFintechCrypto Exchange
Warning Savings protection The AMF is warning the public against several companies proposing atypical investments or offering binary options trading without being authorized to do so
Broker DealerFintechAll Firms
Warning Savings protection The AMF draws the public’s attention to pyramid structures proposing training courses in trading
Asset ManagerBroker DealerWealth Manager
Warning Savings protection Crypto-assets Derivatives or structured products Forex and binary options Warning The Autorité des Marchés Financiers and the Autorité de Contrôle Prudentiel et de Résolution warn the public against the activities of several websites...
BankBroker DealerWealth Manager Warning Savings protection Forex and binary options Warning The Autorité des Marchés Financiers (AMF) is warning the public against several companies proposing atypical investments or offering binary options trading without being authorized to do so
Broker DealerFintechAll Firms
Warning Savings protection AMF warns the public about an aggressive marketing technique called "boiler room"
Asset ManagerBroker DealerWealth Manager Warning Savings protection Warning The Autorité des marchés financiers (AMF) issues a public warning against the activities of unauthorised websites offering binary options trading
Broker DealerFintechAll Firms
Warning Savings protection Crypto-assets Warning The Autorité des marchés financiers (AMF) and the Autorité de contrôle prudentiel et de resolution (ACPR) warn the public about a number of unauthorised online investment services in France for derivatives whose underlyings include crypto...
BankFintechCrypto Exchange
Warning Savings protection Crypto-assets Warning The Autorité des marchés financiers (AMF) and the Autorité de contrôle prudentiel et de resolution (ACPR) warn the public about a number of unauthorised online investment services in France for derivatives whose underlyings include crypto...
BankCrypto ExchangeFintech
Warning Savings protection Crypto-assets Warning The Autorité des marchés financiers (AMF) and the Autorité de contrôle prudentiel et de resolution (ACPR) warn the public about a number of unauthorised online investment services in France for derivatives whose underlyings include crypto...
BankFintechCrypto Exchange
Warning Savings protection Crypto-assets Warning The Autorité des marchés financiers (AMF) and the Autorité de contrôle prudentiel et de resolution (ACPR) warn the public about a number of unauthorised online investment services in France for derivatives whose underlyings include crypto...
BankCrypto ExchangeFintech
Warning Savings protection Forex and binary options Warning The Autorité des marchés financiers (AMF) issues a public warning against the activities of unauthorized websites offering binary options trading
Broker DealerFintechCrypto Exchange
Warning Savings protection The Autorité des marchés financiers (AMF) and the Autorité de contrôle prudentiel et de résolution (ACPR) would like to warn the public about a number of unauthorised online investment services in France for derivatives whose underlyings include crypto assets.
BankFintechCrypto Exchange
Warning Savings protection Warning AMF warns the public about aggressive "boiler room" direct marketing
Asset ManagerWealth ManagerBank
Warning Savings protection Warning The Autorité des marchés financiers (AMF) issues a public warning against the activities of unauthorized websites offering diamond investments
Asset ManagerWealth ManagerBroker Dealer
Warning Savings protection The Autorité des marchés financiers (AMF) warns the public against the company International Markets Live LTD (IMarketsLive)
Broker DealerWealth ManagerFintech
Warning Savings protection Forex and binary options Warning The Autorité des marchés financiers (AMF) issues a public warning against the activities of unauthorized websites offering binary options trading
Broker DealerFintechCrypto Exchange
Warning Savings protection Miscellaneous assets Warning The Autorité des marchés financiers (AMF) issues a public warning against the activities of unauthorized websites offering diamond investments
Asset ManagerWealth ManagerBroker Dealer
Warning Savings protection Forex and binary options Warning The Autorité des marchés financiers (AMF) issues a public warning against the activities of unauthorized websites offering binary options trading
Broker DealerFintechCrypto Exchange
Warning Savings protection Forex and binary options Warning The Autorité des marchés financiers (AMF) issues a public warning against the activities of unauthorized websites offering binary options
Broker DealerFintechAll Firms
Warning Savings protection Warning The Autorité des marchés financiers (AMF) issues a public warning issues a public warning against the activity of unauthorized websites offering binary options trading
Broker DealerFintechAll Firms
Warning Savings protection Forex and binary options Warning The Autorité des Marchés Financiers (AMF) issues a public warning against the activities of unauthorized websites offering binary options trading
Broker DealerFintechCrypto Exchange
Warning Savings protection The Autorité des marchés financiers (AMF) issues a public warning concerning communication from BLUE STONE LTD and companies related to it with respect to diamond investment offers
Asset ManagerWealth ManagerBroker Dealer
Warning Savings protection The Autorité des Marchés Financiers (AMF) warns the public about the 'KEYSTONE FUND'
Asset ManagerWealth ManagerBroker Dealer
Warning Savings protection Forex and binary options Warning The Autorité des Marchés Financiers (AMF) issues a public warning against the activities of unauthorised websites offering binary options trading
Broker DealerFintechCrypto Exchange
Warning Savings protection Forex and binary options Warning The Autorité des Marchés Financiers (AMF) issues a public warning against the activities of unauthorised websites offering binary options trading
Broker DealerFintechCrypto Exchange
Warning Savings protection The Autorité des Marchés Financiers (AMF) issues a general public warning about sites touting the benefits of an algorithm and linking to a trading platform, and a specific warning about Preditrend
Broker DealerWealth ManagerFintech
Warning Savings protection Forex and binary options Warning The Autorité des Marchés Financiers (AMF) issues a public warning against the activities of unauthorised websites offering binary options trading
Broker DealerFintechCrypto Exchange
Warning Savings protection The Autorité des Marchés Financiers (AMF) warns investors about binary options platforms copying the official information of duly regulated companies
Broker DealerCrypto Exchange
Warning Savings protection The Autorité de contrôle prudentiel et de résolution (ACPR), the Autorité des marchés financiers (AMF) and the General Directorate for Competition Policy, Consumer Affairs and Fraud Control (DGCCRF) warn the public about "Plan B" and the website BourseBinaire.fr
BankWealth ManagerBroker Dealer
Warning Savings protection Forex and binary options Warning The Autorité des Marchés Financiers (AMF) issues a public warning against the activities of unauthorised websites offering binary options trading
Broker DealerFintechCrypto Exchange
Warning Savings protection The Autorité des Marchés Financiers (AMF) warns investors about GLOBAL METAL BROKER
Broker Dealer
Warning Savings protection Forex and binary options Warning The Autorité des Marchés Financiers (AMF) updates the list of unauthorised websites offering binary options trading
Broker DealerFintechCrypto Exchange
Warning Savings protection Forex and binary options Warning The Autorité des Marchés Financiers (AMF) updates the list of unauthorised websites offering binary options trading
Broker DealerCrypto ExchangeAll Firms
Warning Savings protection The Autorité des Marchés Financiers (AMF) issues a public warning against the activities of 14 unauthorised websites and operators
Asset ManagerWealth ManagerBank Warning Savings protection Forex and binary options Warning The Autorité des Marchés Financiers (AMF) updates the list of unauthorised websites offering binary options trading
Broker DealerFintechAll Firms
Warning Savings protection Forex and binary options Warning The Autorité des Marchés Financiers (AMF) updates the list of unauthorised websites offering binary options trading
Broker DealerFintechAll Firms
Warning Savings protection Forex and binary options Warning The Autorité des Marchés Financiers (AMF) updates the list of unauthorised websites offering binary options trading
Broker DealerFintechAll Firms
Warning Savings protection Forex and binary options Warning The Autorité des Marchés Financiers (AMF) updates the list of unauthorised websites offering binary options trading
Broker DealerFintechAll Firms
Warning Savings protection Warning The Autorité des Marchés Financiers (AMF) warns the public about the activities of individuals claiming to work for the AMF
BankBroker DealerWealth Manager
Warning Savings protection Forex and binary options Warning The Autorité des Marchés Financiers (AMF) updates the list of unauthorised websites offering binary options trading
Broker DealerFintechCrypto Exchange
Warning Savings protection Forex and binary options Warning The Autorité des Marchés Financiers (AMF) updates the list of unauthorised websites offering binary options trading
Broker DealerFintechAll Firms
Warning Savings protection The Autorité des Marchés Financiers warns the public against pyramid scheme investment offers
Asset ManagerWealth ManagerBank
Warning Savings protection The Autorité des Marchés Financiers (AMF) updates the list of unauthorised websites offering binary options trading
Broker DealerFintechAll Firms
Warning Savings protection The Autorité des Marchés Financiers (AMF) updates the list of unauthorised websites offering binary options trading
Broker DealerFintechAll Firms