The AMF Enforcement Committee fines a former manager of a listed company for failing to disclose inside information as soon as possible and for failing to disclose major shareholdings

After dismissing a procedural argument raised by Mr Sapet alleging that the investigators had failed to act fairly and that his rights of defense had been irremediably infringed, the Committee found the information that the listed company, of which he was Chairman of the Management Board, would not achieve its sales target announced to the market for 2018 was privileged as of 14 November 2018. It considered that this information had not been communicated to the market as soon as possible, as it was only made public on 7 December 2018. The Committee therefore found that Mr Sapet had breached the obligation to disclose inside information as soon as possible. 

The Committee also found that Mr Sapet failed to declare that he had fallen below the 5% threshold of capital and voting rights in the listed company when he sold 20,000 shares of that company in November 2020.

The statements of objections sent to the listed company and to Mr Sapet were accompanied by a proposal to enter into a settlement procedure. As the settlement procedure was unsuccessful in the case of Mr Sapet, the matter was referred to the Enforcement Committee.

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.