AMF France v. C and D (insider trading, 2014)

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.

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In July 2014 the AMF Commission des sanctions fined two brothers, published as C and D, 50,000 and 12,000 euros for trading Cybernétix shares ahead of Technip's announced takeover. It also dealt with the alleged passing of the information from D to C.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

—

Total relief

—

Alleged gain

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Penalty as published

€62k

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 1st section of the Commission des sanctions of the AMF heard the case on 6 June 2014 and decided it on 9 July 2014. The notifications of grievances had been sent on 5 July 2013 to two individuals, published as C and D, who are brothers.

The grievances concerned shares in Cybernétix, a robotics company then listed on Euronext Paris. Cybernétix and Technip announced on 4 November 2011 that Technip had entered exclusive talks to buy the reference shareholders' 45.7% stake at 19 euros a share, a 36% premium, to be followed by a public offer for the rest. The AMF alleged that C bought 2,559 shares between 6 and 12 October 2011 while holding inside information about the Technip offer, and resold them in November 2011 for a gain of 17,044 euros. It alleged that D bought 740 shares on 14 October 2011 on the same information, resold them for a gain of 4,077 euros, and passed the information to C.

The Commission sanctioned both men. It imposed a financial penalty of 50,000 euros on C and 12,000 euros on D, and ordered the decision to be published on the AMF website. It set the amounts by reference to the gravity of the breaches and the profits drawn from them.

The record does not show how the information reached D, and it does not show whether either man later appealed or whether the decision was upheld, because the document is silent on that.

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. 2014-07-09 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.