AMF Enforcement Committee fines one individual and clears two others for insider dealing breaches
Executive Summary
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. #
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 restrictions during blackout periods (e.g., 30 days before annual/interim results, 15 days before quarterly info per AMF Position-Recommendation No. 2016-08), and the need for issuers to define inside information clearly in policies. #
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
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 immediate policy reviews to avoid fines, especially with EU MAR amendments (Regulation 2024/2809 effec
Who is Affected
Summary
Sanctions & settlements Journalists AMF Enforcement Committee fines one individual and clears two others for insider dealing breaches