AMF France v. Faiveley Transport, A, B, C and D (insider trading, 2015)

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 2015 the AMF Commission des sanctions fined Faiveley Transport and four individuals a total of 670,000 euros after executives sold shares in March and April 2012, before an announced fall in operating profit.

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

€670k

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 case on 23 July 2015. The AMF's inquiry, opened in October 2012, concerned Faiveley Transport, whose shares fell about 12% after it announced on 26 April 2012 an expected fall in operating profit linked to problems in its platform-door business in China.

Notifications of grievances were sent on 19 March 2014. The AMF alleged that Faiveley omitted a risk from its half-year report and failed to disclose inside information promptly from January or at the latest March 2012. It alleged that four executives or board members, published as C, D, A and B, sold Faiveley shares in March and April 2012, after learning in mid-to-late March of the coming fall in operating profit, avoiding losses it estimated at 45,190, 80,124, 49,709 and 15,365 euros respectively, and that B did not declare transactions.

The Commission sanctioned the company and all four individuals. It imposed 300,000 euros on Faiveley, 70,000 euros on C, 160,000 euros on D, 100,000 euros on A and 40,000 euros on B, a total of 670,000 euros, and it ordered publication with the individuals anonymised.

The record does not show how the Commission treated the competing methods of calculating a loss avoided, which D disputed, and it does not show whether the decision was appealed.

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. 2015-07-23 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.