The AMF Enforcement Committee fines a financial investment advisor and its two directors for breaches of their professional obligations

The objections against Financière Fonds Privés, a financial investment advisor, were in relation to the unauthorised exercise of the non-guaranteed placement service and several breaches in its advice business between January 2021 and October 2024.

The Enforcement Committee held that Financière Fonds Privés had engaged in the activity of non-guaranteed placement, thus exceeding the limits authorised by its status as a financial investment advisor. It considered that Financière Fonds Privés had sought subscribers on behalf of issuers, in particular by soliciting clients, prospects or partners by email to offer them the opportunity to subscribe to securities issued by companies seeking capital.

The Committee also found that Financière Fonds Privés, which had declared itself as being independent, had received remuneration from issuers whose securities it advised to its clients. Furthermore, it held that Financière Fonds Privés had failed in its obligation to provide accurate, clear and non-misleading information as regards the independence of its advisors.

Finally, the Committee noted that Financière Fonds Privés had failed in its obligation to provide its clients with a written suitability statement formalising its investment advice and that it had not provided pre-contractual information about the costs, fees and remuneration related to the investment and its business introducer partners.

The Committee considered that all these breaches were attributable to Mr Deléglise and Mr Chambure, in their capacity as senior managers.

An appeal may be lodged against this decision.

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.