AMF France v. Régis Lefort (marking the close, 2017)

Settled

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In November 2017 the AMF agreed a settlement with Régis Lefort, the fund manager at Talence Gestion, over the closing-auction orders of 31 December 2014 in four thinly traded shares; he agreed to pay EUR 20,000.

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

€20k

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 Régis Lefort, 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.

This is the individual counterpart to the settlement with his employer, Talence Gestion. The AMF alleged that on 31 December 2014 Mr Lefort, a manager at Talence, placed orders for two funds in SQLI, CAFOM, Prodware and Pierre & Vacances that set their prices at an abnormal level at the closing auction.

According to the agreement he asked that much of each order be held for the closing fixing, his buying made up 90.5% to 100% of auction purchases and 39% to 97% of the day’s volume, and in two cases he added orders just before the fixing while earlier ones were unexecuted. Prices rose 2.90% to 6.34% against index rises of 0.64% and 0.72%, and three funds gained 0.08% to 0.38% in valuation.

He agreed to pay EUR 20,000 to the Treasury within thirty days of homologation. 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 him 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.