AMF France v. M. Jean-Louis Roy (insider trading, 2021)

Judgment entered

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In December 2021 the Commission des sanctions fined a former finance director of Fleury Michon EUR 60,000 for selling his 9,000 share warrants in March 2017, using the knowledge that the group's 2016 results would fall sharply.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

—

Total relief

—

Alleged gain

—

Penalty as published

€60k

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 of the AMF, first section, heard the matter on 10 December 2021 and decided it on 29 December 2021. The respondent is Jean-Louis Roy, then administrative and financial director of the listed food group Fleury Michon, who left the company in 2021.

The notification of grievances alleged that by 8 December 2016 at the latest the expected significant fall in Fleury Michon's 2016 results was inside information, and that Mr Roy used it when he sold all 9,000 of the redeemable warrants (BSAAR) he had acquired in 2013. The sales ran from 6 to 10 March 2017.

The Commission examined whether the information was precise, non-public and price-sensitive at that date and whether he held it. It upheld the charge under articles 8 and 14 of the Market Abuse Regulation. It noted that the warrants traded thinly, so their value could only be assessed by reference to the share price less the exercise price of EUR 47.58, and it fixed the fine on that footing.

It imposed a fine of EUR 60,000 on Mr Roy and ordered the decision published without anonymisation.

The record does not show the profit or loss avoided, whether Mr Roy appealed, or any criminal case.

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. 2021-12-29 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.