AMF France v. Quotidien de Paris Editions and others (newsletter scalping, 2022)

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 March 2022 the Commission des sanctions fined a financial newsletter publisher EUR 600,000 and its director EUR 200,000 for recommending Mauna Kea Tech shares in October 2017 without disclosing that group companies held the stock. It found the recommendation moved the price, and it cleared the parent company.

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

€800k

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 and decided it on 4 March 2022. The respondents are the publisher Le Quotidien de Paris Editions (QPE), its 99.89 percent parent Nicolas Miguet et Associés (NMA) and their chairman, Nicolas Miguet.

The notification of grievances said that issues 1570 and 1571 of the newsletter La Bourse, available online from 24 and 31 October 2017, recommended Mauna Kea Tech without declaring the conflict of interest or the time of first publication, and that QPE and NMA held the shares. It alleged manipulation through deceit or artifice by a person with media access who held a position and did not disclose it.

The Commission found the disclosure failures proved against QPE and Mr Miguet. It also found manipulation proved: the price rose 14.91 percent on 24 October 2017 to EUR 3.16 on about 2.7 million shares, against an average daily volume of about 368,000 that year, with no company announcement in the days before. It held that the recommendation had at least a potential effect on the rise, and a measured one of 3.64 percent on the first purchase by a subscriber at 13:14. It held Mr Miguet gave the buy and sell orders for both companies and knew of the conflict.

The Commission put NMA out of the case, fined QPE EUR 600,000 and Mr Miguet EUR 200,000, and ordered publication without anonymisation. The record's figure of EUR 800,000 is the sum.

The record does not show what the group's trades earned, or whether the decision was challenged on appeal. It does not describe any criminal case.

This library tags the matter as newsletter scalping. 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.

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

Timeline

1. 2022-03-04 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.