AMF France v. C, D, E, F, G, A, B and Banque Transatlantique (insider trading, 2016)

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 December 2016 the AMF Commission des sanctions fined five Ubisoft executives and staff and Banque Transatlantique a total of 1.275 million euros over sales of Ubisoft shares and fund units ahead of a delay to the game Watch Dogs, and put a couple out of the case.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

—

Alleged gain

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Penalty as published

€1.3m

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 decided this case on 7 December 2016. The AMF's inquiry, opened in February 2014, concerned Ubisoft shares and units in a company savings fund, the Ubi Actions fund, run by Amundi. Notifications of grievances were sent to seven individuals, published as A to G, and to Banque Transatlantique, which managed Ubisoft's stock-option plans.

The AMF alleged that executives and an employee of Ubisoft used inside information about the strong likelihood that the release of the game Watch Dogs would be delayed. It alleged that C switched fund units into a money-market fund on 27 September 2013 (164,520.90 euros) and that F, D, E and G sold shares from exercised stock options between 23 September and 7 October 2013. It alleged that B redeemed most of his wife A's fund units and that A had passed the information to him. It alleged that Banque Transatlantique failed in its duty to detect and report suspicious transactions.

The Commission declared void the interviews of F, D and E held on 15 and 16 October 2014 and ordered the passages that relied on them struck from the record. It put A and B out of the case, because the sales preceded the messages that showed A held the information. It imposed financial penalties of 200,000 euros on C, 700,000 euros on F, 100,000 euros on D, 200,000 euros on E, 15,000 euros on G and 60,000 euros on Banque Transatlantique, a total of 1,275,000 euros.

The record does not show what the delay information was beyond what the decision states, 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. 2016-12-07 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.