AMF France v. Talence Gestion (SAS) (marking the close, 2017)

Settled

✓ 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.

Report an error in this record (amf-fr-tra-2018-01-marking-the-close-2017) by email

In November 2017 the AMF agreed a settlement with the asset manager Talence Gestion over closing-auction orders placed for two funds on 31 December 2014 in four thinly traded shares, and over its failure to report them as suspicious; it agreed to pay EUR 100,000.

The record

What was ordered

Civil penalty

—

Disgorgement

—

Prejudgment interest

—

Total relief

—

Alleged gain

—

Penalty as published

€100k

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 AMF published an administrative settlement (accord de composition administrative) with Talence Gestion, dated 30 November 2017. This is not a contested sanctions hearing. The agreement took effect only once the AMF Collège validated it and the Commission des sanctions homologated it; the document gives the signing date but not the homologation date, so the signing date is used here.

The AMF opened an investigation in July 2015 into the largest price moves on the last trading day of 2014. It concerned orders placed that day for two funds managed by Talence Gestion in SQLI, CAFOM, Prodware and Pierre & Vacances.

The agreement says the manager reserved a large share of each order for the closing auction, supplied nearly all (90.5% to 100%) of the buying at that auction and 39% to 97% of the day’s volume, and in two cases added orders shortly before the fixing while earlier ones were still unfilled. The AMF said the orders lifted the closing prices by 2.90% to 6.34%, against rises of 0.64% and 0.72% in two market indices, and improved the valuation of three funds by 0.08% to 0.38%. A second grievance was that Talence did not report the trades as suspicious and had a weak detection system with no staff training or second-level control.

Talence agreed to pay EUR 100,000 to the Treasury and to change its organisation and procedures so that suspected abuse is reported. The agreement records that the Parquet national financier told the AMF on 26 June 2017 that it did not wish to bring a prosecution against Talence for these facts, so no criminal case is stated.

What the record does not show: the agreement describes conduct that the person "could" or "would" have committed, so it records allegations and undertakings, not a finding of breach, and it is not styled as a fine. It does not show whether any later challenge occurred.

This library tags the matter as marking the close. 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.

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

Timeline

1. 2017-11-30 Settlement agreed (homologated by the Commission des sanctions)

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 settlement page
• Settlement (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.