🇫🇷 AMF Enforcement high

The AMF Enforcement Committee fines two individuals for insider dealing breaches

Published 22 November 2023 | France

AI Analysis

Executive Summary

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 those receiving information through plausible channels. No new rules are introduced, but it clarifies evidentiary standards in AMF proceedings. #

What You Need To Do

Enhance surveillance
Insider list management
Training programs
Policies and procedures
Audit and testing
Disclosure protocols

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.

12 March 2025 Clearance in a related insider dealing probe.

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 upgrades to mitigate civil/criminal risks, especially with strengthened AMF powers proposed in 2025 l

Who is Affected

Issuers and listed companieslevel fines (e.g., €350,000 in a related case).Primary insiders*secondary insiders (tippees receiving disclosures).Investment professionalsAll market participantsdealers, and individuals in proximity to corporate events like acquisitions or earnings releases, given the AMF's pattern of targeting networks (e.g., family, partners).French-regulated entities