AMF France v. Euroland Finance and X (insider trading, 2008)

Judgment entered

✓ Checked against the primary document on October 5, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, in a single reading of the French decision; an independent second reading of 60 of the AMF records agreed on every field for 54 and on the core fields for 59. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

Report an error in this record (amf-fr-san-2008-11-insider-trading-2008) by email

On 3 April 2008 the Commission des sanctions found that a salesman at the brokerage Euroland Finance had passed on to a fund manager inside information about a coming acquisition by a listed client, and that the firm failed on conflicts and call recording. It imposed EUR 50,000 on the salesman and EUR 100,000 on the firm.

The record

What was ordered

Civil penalty

—

Disgorgement

—

Prejudgment interest

—

Total relief

—

Alleged gain

—

Penalty as published

€150k

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars. This regulator states penalties in EUR. The figure is recorded as published and is not converted, so it does not appear in the USD totals or medians used elsewhere on this site.

What is alleged to have happened

The Commission des sanctions decided this matter on 3 April 2008, after an investigation opened in November 2005 and notifications of grievances sent on 22 June 2007. The listed issuer was Business Interactif; the respondents were Euroland Finance, its salesman X and a fund manager Y at a bank, published as Banque A.

The AMF alleged that on 21 September 2005 X told Y about the imminent acquisition of another company, and that Y bought 380,000 shares the same day. It also alleged that Euroland Finance placed X in a conflict of interest by letting him attend meetings with the client under a research and investor-relations contract, and failed to record and keep telephone calls.

The Commission found that X knew of the planned acquisition, kept in touch with the client's managers and analyst colleagues, and passed the information to several investors, including Y, saying the news flow would be very good. It cleared Y on the basis of doubt, saying he did not react to the information and negotiated the price of the shares. It found Euroland Finance had breached the conflict-of-interest rules and had failed to keep recordings for 3 to 18 October 2005, while giving the firm the benefit of the doubt for the earlier period.

It imposed EUR 50,000 on X and EUR 100,000 on Euroland Finance (EUR 150,000 in all), cleared Y, and ordered publication with X, Y and Y's bank anonymised.

This record does not show whether the decision was appealed or why the identity of the first respondent is anonymised in the published version.

This library tags the matter as insider trading. The tagging is ours, not the regulator’s.

For the regulator’s own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the decision.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Insider trading — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2008-04-03 Commission des sanctions decision

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• AMF decision page
• Decision (PDF, French)

The linked release is published by the issuing regulator under its own terms. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added October 5, 2026. submit a correction.