AMF France v. Christophe Cambournac (insider trading, 2024)

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-2024-07-17-christophe-cambournac-insider-trading-2024) by email

In July 2024 the AMF agreed a settlement with Christophe Cambournac, an executive committee member, over the sale of 6,728 shares on 24 September 2021 before news of a governance crisis, and unreported transactions; he 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 Christophe Cambournac, dated 17 July 2024. 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 Cambournac headed the Asia, Middle East and Africa subsidiaries of a company listed on compartment A of Euronext Paris and sat on its executive committee. The AMF alleged that the chief executive appointment had been called into question by 21 September 2021, news not made public until 27 September after the close; the shares fell 9.6% on 28 September.

On 24 September 2021 he sold 6,728 shares, all his available shares, for EUR 286,554 gross, avoiding a loss of EUR 17,434 to EUR 26,853. He confirmed speaking to a board member about the matter on 23 September. The second grievance was that none of his 2021 transactions was declared to the AMF, and he had made no declaration since 2013 despite a 2017 reminder.

He agreed to pay EUR 100,000 to the Treasury within fifteen days of homologation. A settlement with a colleague on the same facts is recorded separately.

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. 2024-07-17 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.