AMF France v. M. Rémi Guillet and M. Yohann Catherine (insider trading, 2023)

Judgment entered

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In November 2023 the Commission des sanctions fined a senior executive of a listed home-furnishings group EUR 80,000 and a second individual EUR 120,000 for passing and using advance knowledge of the group's first-quarter and half-year 2019 figures.

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

€200k

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, decided the matter on 10 November 2023. The respondents are Yohann Catherine, who sat on the executive committee of company X, listed on compartment B of Euronext Paris, and Rémi Guillet, who traded in X's shares.

The notifications alleged two items of inside information: first-quarter 2019 revenue up close to 10 percent, inside information by 11 April 2019, and a 4.9 percent fall in half-year EBITDA, inside information by 17 July 2019. They charged Mr Catherine with disclosing both to Mr Guillet on 17 April and 22 July 2019 and with recommending that he trade, and Mr Guillet with using them.

The Commission held that the revenue information was inside information from 11 April to 9 May 2019 and the EBITDA information from 17 July to 29 July 2019. It found Mr Catherine had disclosed both and recommended a purchase on the first, and that Mr Guillet used the first to buy 4,000 shares. For the second it found that only knowledge passed on by Mr Catherine could explain Mr Guillet's sales of 17,000 shares on 22 and 23 July 2019. It rejected the defence arguments on the legality of the connection data used.

It fined Mr Catherine EUR 80,000 and Mr Guillet EUR 120,000 and ordered publication without anonymisation.

The record does not show the profits or losses avoided, any appeal, or any criminal case, although the decision notes in general terms that such conduct can also be prosecuted in court.

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. 2023-11-10 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.