The AMF Enforcement Committee clears three individuals and one legal entity for insider dealing breaches
Executive Summary
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. #
What Changed
No new regulatory changes or requirements are introduced; this is an enforcement decision, not a rulemaking. It clarifies application of existing Market Abuse Regulation (MAR) rules under AMF jurisdiction, emphasizing that sanctions require concrete proof beyond timing, atypical trades, or plausible disclosure channels—such as unconvincing explanations alone are insufficient for liability. The ruling aligns with prior cases where the Committee has cleared parties when evidence falls short, as seen in decisions fining some but exonerating others based on similar factors. #
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, where fines reached €1M+ in similar cases; strengthens case for investing in surveillance tech and
Who is Affected
Summary
Sanctions & settlements Journalists Listed companies and issuers The AMF Enforcement Committee clears three individuals and one legal entity for insider dealing breaches