AMF France v. Pascal Chevalier (insider trading, 2018)

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.

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In May 2018 the AMF agreed a settlement with Pascal Chevalier, chairman of an Alternext-listed company, over the sale of 159,110 shares in September 2015 ahead of weak half-year results; he agreed to pay EUR 150,000.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

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Alleged gain

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Penalty as published

€150k

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 Pascal Chevalier, dated 9 May 2018. 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.

Mr Chevalier chaired the board of an internet marketing company (anonymised as X) listed on Alternext Paris. The AMF alleged that he sold 159,110 of its shares between 15 and 23 September 2015, after receiving by email on 11 September a near-final set of consolidated accounts for the first half of 2015 showing a 23% fall in revenue and a loss of EUR 0.4 million.

The AMF said the information was precise, not public and price-sensitive; the shares fell 20.79% on the day it was published, 8 October 2015. It put the avoided loss at EUR 56,630. A second grievance was that he reported the sales to the AMF only on 15 December 2016.

He agreed to pay EUR 150,000 to the Treasury within fifteen days of homologation. The agreement records that the Parquet national financier told the AMF on 6 November 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 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. 2018-05-09 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.