The AMF Enforcement Committee fines an investment services provider and its director a total of €850,000
In its decision of 23 June 2026, the Enforcement Committee fined Bourse Direct €800,000 and its director, Ms Catherine Nini, €50,000 for failings in the system for reporting transactions to the AMF and in the system for monitoring and detecting market abuse.
Proceedings were brought against Bourse Direct, an investment services provider, and its director, Ms Catherine Nini, for breaches of their professional obligations committed between 1 January 2021 and 30 November 2023.
The Enforcement Committee found that Bourse Direct had failed to report the transactions carried out by its trading desk and those carried out on behalf a bank’s clients to the AMF, representing 0.58% of the transactions carried out during the inspection period. It also held that Bourse Direct had submitted transaction reports to the AMF that contained a significant number of incorrect Trading Venue Transaction Identification Codes.
Furthermore, the Committee considered that Bourse Direct’s system for monitoring and detecting market abuse was not effective. It held that this system failed to generate alerts where there were grounds to suspect that a client in possession of inside information might sell their securities to avoid a loss. It also noted that the system did not take sufficient account of current financial and economic developments and the sensitive status of certain clients.
The Committee further noted that Bourse Direct had not carried out regular assessments of its system for monitoring and detecting market abuse and had not updated it, even though it had identified that such an update was necessary.
The Committee held that the breaches committed by the company were attributable to its director, Ms Nini.
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.
