The AMF Enforcement Committee fines the head of consolidation of a listed company for insider dealing
Executive Summary
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. #
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 2024/2809 (effective December 4, 2024) amends MAR on disclosures and inside information management, influencing policies like the cited insider trading policy. #
What You Need To Do
- Enhance insider lists and training
- Implement/enforce black-out periods
- Strengthen policies on gifts/invitations and whistleblowing
- Monitor and report transactions
- Conduct risk assessments
Key Dates
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 strengthened AMF powers (e.g., 2025 Labaronne bill), making immediate policy reviews essential for listed ent
Who is Affected
Summary
Sanctions & settlements Journalists The AMF Enforcement Committee fines the head of consolidation of a listed company for insider dealing