The AMF Enforcement Committee clears twelve individuals for insider dealing breaches
In its decision of 31 January 2024, the Enforcement Committee clears Sergio Val Allue, Francisco Javier Val Aznar, Amir Manuel Chabbar Boudet, Sami Alfredo Chabbar Boudet, Maruan Chabbar Youd, Joaquin Aladren Bueno, Miguel Angel Eusebio Fustero, Francisco Jose Blasco Nonnay, Raul Mora Lopez, Angel Manuel Velazquez Ripoll, Jorge Valls Campos and Jean-Luc Biamonti for insider dealing breaches.
The respondents were accused of transmitting, using and/or attempting to use inside information relating to Total's acquisition of Direct Energie at a price that included a significant premium to the Direct Energie share price, to acquire or attempt to acquire Direct Energie shares between 10 and 17 April 2018.
The Enforcement Committee first considered that the information in question was an inside information at the latest on 6 April 2018 and remained so until 18 April 2018, the date of the press releases published by the concerned companies to announce Total's takeover of Direct Energie.
The Commission then examined, for each of the respondents, the indicators of possession of inside information presented by the prosecution, in terms of the atypical nature of the trading in Direct Energie shares, the propitious timing of this trading, the fact that it coincided with trading by several close persons geographically concentrated in Spain, the unconvincing justifications, together with the plausible channels of transmission. The Commission considered that only some of these indicators had been verified and that it was not sufficient to prove that only the possession of the inside information in question could explain the orders. Consequently, the Commission considered that the respondents could not be accused of having used, attempted to use or transmitted this information.
Finally, it ordered the publication of the decision without anonymisation.
An appeal may be lodged against this decision.
Main appeal lodged by the Chairman of the AMF before the Paris Court of Appeal against decision SAN-2024-03
The Chairman of the AMF has lodged a main appeal before the Paris Court of Appeal against the decision of the Enforcement Committee of 31 January 2024 insofar as it concerns Sergio Val Allue, Francisco Javier Val Aznar, Amir Manuel Chabbar Boudet, Sami Alfredo Chabbar Boudet, Maruan Chabbar Youd, Joaquin Aladren Bueno, Miguel Angel Eusebio Fustero, Francisco Jose Blasco Nonay and Raul Mora Lopez.
About the Enforcement Committee
The Enforcement Committee, which is made up of judges and professionals, has total freedom to make decisions. It can impose sanctions on any person or company whose practices contravene laws and regulations that fall within the jurisdiction of the AMF. It ratifies settlement agreements signed by the Secretary General and respondents. And it takes part in the AMF’s educational efforts by clarifying financial regulations when explaining its decisions.
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