The AMF to call for an amendment of the law on obstructing investigations and inspections

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 jeo
• Proposed solution: Legislative amendments will eliminate the possibility of dual prosecution while maintaining the AMF's ability to sanction obstruction of investigations and inspections.
• Scope of obstruction conduct: The law covers refusal to allow access to documents, provide copies, communicate information, respond to summons, or grant access to professional premises during AMF investigations or inspections. The Constitutional Cou

Suggested Considerations

• *For compliance professionals and regulated entities:
• *Review cooperation policies: Ensure internal procedures for responding to AMF investigation and inspection requests comply with current legal requirements and anticipated amendments.
• *Monitor legislative developments: Track publication of proposed amendments in the French legislative process to understand final scope of changes.
• *Counsel on cooperation: Advise business units that obstruction remains sanctionable; the amendment eliminates dual penalties, not the underlying obligation to cooperate.
• *Document compliance: Maintain records demonstrating good-faith cooperation with AMF requests to support defense against obstruction allegations.

Key Dates

Who is Affected